It’s all about selection. When we buy a car we have 8 different color options to choose from. Picking out cereal at the grocery store is like trying to pick a favorite Star Wars character. And selecting a paint color at the home improvement store?
You get my point…in society today we are bombarded with tons of choices. Decision after confusing decision. Home buyers in Bozeman may be left wondering, “What’s up with that?” The truth is our inventory is quite low at the moment. This is not to say there are no options available. However, it does mean those looking for real estate have to get creative, act quickly, and work with professionals who know the market and will work hard to dig for deals.
Seven years ago the Bozeman market was flooded with tons of, and often distressed, inventory (I think we’d all love to get a hold of Doc Brown’s Delorean and take a ride). Back then it was relatively easy to find desirable deals. Prospective buyers didn’t have to act as quickly for fear their home would get swept out from under them.
However, fear not potential buyers. There are still many pieces of good news. Banks are lending again, especially to those with good credit and a stable job history. Rates, although modestly higher in recent months, are still near historic record lows. Seriously, in 1981 my parents would have given me away (or at least would have donated my brother) to exchange their 16% mortgage for one 11 points lower.
Also, many would argue the economy is in much better shape than it was a few years ago. Our Bozeman economy is certainly more stable and diverse than it used to be. Plus, buyers here get to experience something amazing: they get to own a piece of Bozeman! I love owning a home in this beautiful valley and more and more people are saying the same thing.
So my point is, if you’re a potential buyer in the Bozeman market please don’t get frustrated and give up! Get your financial house in order, keep an objective mentality (I know, tough when the emotions of buying are involved), and pair up with a professional who will work hard and guide you through the process. Once you find your slice of heaven, pop some bubbly (alcoholic or non, depending on how the process went), and enjoy the majesty of Bozeman real estate.
And please call me when you find that Delorean.
Trivia question: What Bozeman elementary school has the largest student population? (See answer in next week’s article)