Here’s a look at our October market and what it means for you.

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In October, there were 171 homes for sale in all of Missoula County, and in Missoula proper, there were only 101 homes for sale. That is unbelievably low compared to previous years. For sellers, this is very good news, and for buyers, it’s frustrating.

In Ravalli County, there were 158 active homes, which is almost as much as Missoula County, though Ravalli has only a third of the population. The mean list price in Ravalli is $575,000, which is higher than Missoula County, and the median pending price is $419,000, which is lower than Missoula County. The average sold price over the last 12 months is around $340,000. Right now, the market is hopping. There’s a lot of confusion about whether this time of year is a good time to buy or sell, so today I’ll go over some reasons why selling right could be advantageous to sellers.

1. There’s less competition for buyers. Somewhere between 20% and 30% of people take their homes off the market this time of year, meaning you'll have to compete with fewer homes. That causes people to fight over the few homes that are on the market, which means your for-sale home could get a very good price.

2. Interest rates are at historic lows. Since many people didn’t put their houses on the market this year due to COVID, they likely will next year, meaning that interest rates could go up in 2021. Inventory will also likely increase, meaning that prices will go down. I don’t have a crystal ball to tell me how much prices will drop, but that could well be the case.

"Right now, the market is hopping."

3. Buyers are serious this time of year. If buyers are braving the weather and balancing holiday plans to go out looking for homes, they are probably serious about making a purchase.

4. Your home looks amazing during the holidays. Holiday decor and scents tend to appeal to peoples emotions and make them feel homey in your house, which can help entice them to make an offer.

5. This time of year has one of the highest percentages of list-to-sale price ratios. In short, that means homes tend to sell for more money this time of year. That has a lot to do with the competitiveness of the market. 

6. You can restrict showings. If your concerns revolve around balancing showings with your holiday plans, know that you can restrict showing times to suit your needs, and people will understand.

7. Buyers have more time to look at properties. People have more time off at this point in the year, which means they can dedicate more time to looking for a home.

8. January is traditionally one of the biggest months for moving.

9. You can sell your home now and delay the closing. If you want to sell now for a high price, we can find you a buyer who is flexible enough to let you wait until the spring of next year to move.

10. There are fewer showings this time of year, but the ones you’ll have will be higher quality. 

11. Corporate transferees can’t wait until the spring to buy a home. There’s a certain subset of people who need to buy a home in order to move for their work. Other people might be trying to buy a rental property for their kids who go to school. Others still might need to buy before the end of the year to take advantage of tax benefits.

As we face political and social division across the nation, just remember that our differences are what make us great. Stay safe (and sane) out there, and if we can help you in any way, don’t hesitate to reach out to us. We’d love to help you.

Here’s why it’s a great time to sell in our Western Montana market.

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Our Western Montana real estate market is absolutely insane right now. I can’t speak for the rest of the country, but there’s been no COVID-related slowdown at all in our marketplace. Interest rates are low, as is inventory. Today I’ll tell you how this affects buyers and sellers and share the latest MLS stats from Missoula and Ravalli counties.

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety, or use these timestamps to browse specific points at your leisure:

0:27—How low interest rates and inventory are affecting buyers

1:20—Why now’s a great time to sell

2:11—Why we should see an uptick in inventory soon

3:20—The latest MLS numbers from Missoula and Ravalli counties

4:51—Why you shouldn’t worry about struggling to find your next home (we can help!)

5:24—Wrapping things up

As always, if you have questions about our market or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.  

Here are the latest trends to be aware of in our Montana market.

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With social unrest, COVID-19, and high unemployment, it’s hard to keep in good spirits, it’s hard to think of a way to make these times we live any more uncertain than they already are (though I should probably knock on wood when saying that). That being said, the best way to deal with uncertainty is to take control of the things that you do know for sure. Now, when it comes to real estate, the market is changing, but there are three main reasons why selling or buying makes sense right now if you want to maximize your level of control.

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to skip to topics that interest you most: 

0:23 — Interest rates will start rising soon, and our current high unemployment rate 

1:47 — Reason #1 to jump into the market now: low interest rates

2:55 — Reason #2 to jump into the market now: prices are at their peak 

4:38 — Reason #3 to jump into the market now: you’ll net more money today than you will in the coming months 

5:30 — An option for sellers who want to skip all of the rigamarole of selling 

6:20 — My thoughts on how the country can heal (taking my Realtor hat off for just a moment)

As always, if you’re thinking about buying, selling, or investing, or if you’re simply looking for a resource to answer your real estate questions, I’m here. Give me a call or shoot me an email, and I’d love to talk more about your situation (also, if you need a bad joke to cheer you up from the heaviness of the times, I’m your guy). Have an awesome day! 

There’s no need to panic about our real estate market. Things have changed, but it’s still a good market.

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These are crazy times we’re living in, and I’m getting a ton of questions about our real estate market. Today I’ll give you the full update and hopefully alleviate any anxieties you may have. Our market is different, but it’s still good, and people have adapted. 

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety or use these timestamps to browse specific points at your leisure: 

2:03—Inventory is low, showings are down, and internet buyer activity has skyrocketed

3:15—Why a spring rush is on the way

4:11—Why it’s important to support local businesses at this time

5:45—Why we’ll see more commercial space and buildings go up for sale

6:53—More and more people will be moving to Montana

7:25—Market activity under $400,000

8:33—Market stats from Missoula and Ravalli counties

10:32—Wrapping things up

As always, if you have questions about this or any other real estate topic, or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.

Even if you’re a buyer in a hot seller’s market like ours, you can still win. Here’s how.

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Our market in Missoula is insane right now. There are only 141 single-family homes for sale at the moment, which is an incredibly low number. Dave from Montana Family Mortgage joined me recently to discuss this lack of inventory, interest rates, and most importantly, seven different ways to help get your offer approved as a buyer in today’s strong seller’s market.

Here’s an outline of our full discussion, with timestamps so that you can skip ahead to the section(s) that interest you the most:

2:00- No. 1: Get pre-approved

4:09- No. 2: Don’t ask too much of the seller

4:35- No. 3: Offer more earnest money

5:30- No. 4: Make sure your current home is under contract before making an offer

6:18- No. 5: Sellers are able to be choosy, but an agent can help you craft the best offer

6:40- No. 6: Be quick and be decisive

9:15- No. 7: Write the seller a letter

9:25- Wrapping things up

To get in touch with Dave for answers to any mortgage-related questions, give him a call at 406 926 6388 today.

If you have any other questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

When’s the best time to sell? Right now, and there are five reasons why.

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Here are the five reasons you want to list your home now instead of waiting until next year: 

1. Inventory is very low. As of the recording of this video, Missoula has only 240 single-family homes for sale. As you know, fewer homes + more buyers = higher prices. 

2. The next couple weeks are your last chance to take great listing photos. Right now, the foliage looks great and the sky has a cool, crisp look to it. Don’t wait until everything is brown and dead to snap a few photos. If you list with us, we’d be happy to come out to your home at your earliest convenience and get this done for you. 

  "It’s a great market to buy or sell in."

3. Interest rates are in the low-to-mid 3% range. This means more buyers can afford your home. If you wait until next year when rates are between 4% and 5%, not as many will be able to afford it. It all boils down to supply and demand, and the higher rates climb, the less demand there will be for your home. 

4. There’s less competition. A lot of other would-be sellers are taking their homes off the market right now. I don’t know who told them winter is a bad time to sell, but regardless, when do you think you’ll be able to sell for more money: Right now when there are only 240 homes for sale, or next spring when that number doubles?

5. Next year is an election year. During election years, consumers are more indecisive (and interest rates can be more volatile). Put your home on the market before this indecision affects your sale. 

If you’d like to know more about the benefits of listing now or you have any other real estate questions, don’t hesitate to reach out to me. I’d love to help you.

When you’re looking for the perfect agent to sell your home, there are five questions you should ask.

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When the time comes to sell your home, you’ll need an experienced agent by your side to help make that happen. But how do you decide which agent is right for you? Actually, one of the best ways is by asking them a few key questions. We’ll cover each of these questions today. 

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure: 

0:11 - Introducing today’s topic and offering a word of thanks to our clients

1:49 - Question No. 1: “How many homes did you sell last year?”

2:45 - Question No. 2: “How many of the homes you sold (if any) were ‘listing sold?’”

3:03 - Question No. 3: “Do you have a team or a full-time assistant?”

4:34 - Question No. 4: “What are you going to do to sell my home?”

5:16 - Question No. 5: “Are you a full-time agent?” 

6:17 - Concluding today’s message

If you have any other questions or would like more information, feel free to give me or my team a call or send us an email. We look forward to hearing from you soon.

Our market has slowed down significantly here in Western Montana. Here’s everything you need to know.

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People ask me all the time to explain what’s happening now in our Western Montana real estate market, so today I’ll do just that. 

This July we saw some fascinating changes take place in our market. For one thing, inventory is incredibly low. There are only 241 single-family homes available in Missoula right now. 

But, strangely enough, the average number of days homes are spending on the market in our area has actually gone up. This is partially due to the lack of buyers searching for homes in our area right now. Prices have risen by about 6% in the last year, which is still enough to deter some homebuyers, even though this rise still indicates a slowdown in appreciation rates. 

Some buyers simply don’t qualify to purchase a home at these higher prices. Their debt-to-income ratio is too great. 

Back on the subject of inventory, Missoula County as a whole doesn’t have much available, either. There are just 409 active listings available across the entire county. Currently, the average sales price is $589,000 and the average days on market is 142 days. This means properties are taking about five months to sell.

"For sellers, marketing matters now more than ever."

In fact, just 692 homes have sold in Missoula County year to date, with an average sales price of $366,000. 

As for homes currently under contract, there are 285 pending properties in Missoula County. These properties spent an average of 108 days on the market and had an average sales price of $391,000. 

So, as these numbers indicate, the low inventory hasn’t made it easy to sell, as you might expect it to. Instead, many sellers are forced to reduce their list prices to attract buyers, while buyers may find it difficult to find a home they like to begin with given the lack of available options. 

With all of that said, let’s move on to Ravalli County, where there are currently just 378 active listings on the market. However, given that Ravalli County has a lower population than Missoula County, this means there is a comparatively higher level of supply there. In particular, Ravalli County has a significant amount of high-end inventory available at the moment. This has skewed the average list price in the area (currently $911,000) significantly. 

Also, much like in Missoula County, homes are taking a long time to sell in Ravalli County: 267 days on average. The 144 properties that are already pending, meanwhile, have a lower average price ($467,000) and spent about 100 fewer days on the market (154 days on average). 

So in light of these conditions, what can sellers do to ensure a swift and successful sale? For one thing, sellers must take extra care to declutter, clean, and generally update their home. If there are any deferred maintenance issues you’ve been neglecting, now is the time to take care of them. Also, sellers must realize that marketing matters now more than ever.

You need an experienced, qualified, and knowledgeable agent by your side if you want to succeed in today’s market. As it happens, our team can offer just such an experience. If you have any other questions, would like more information, or want to know what we can do for you and your real estate needs, feel free to give us a call or send us an email. We look forward to hearing from you soon.

There are three myths about the home buying process that you shouldn’t believe.

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I hear buyers tell me all the time that they’re just not ready to buy a home. Then when I ask what’s really bugging them, they oftentimes tell me they don’t know if they can get pre-approved. 

The problem is, there are a lot of myths surrounding mortgages and other aspects of the home buying process that people actually believe, and this prevents them from buying. Here’s the thing: If interest rates are at 4% today but they’re predicted to be at 5% in the near future, you’re much better off buying now because your mortgage payment will be way lower. 

That being said, I’d like to dispel three common home buying myths so that you can be more confident in your own prospects of homeownership.

"There are many options available, and the first step is to reach out to us so we can help you."

Myth No. 1: “I have bad credit, so I can’t get a loan.”

Truth: Perhaps you do have bad credit, but did you know that lenders can pull your credit and give you tips on how to improve it? These can include paying down your credit card balance to below 50% or 25%, or writing to your credit bureau that you have too many inquiries. You can also use Lexington Law, which is a popular credit repair firm that many of my clients have used. Remember: The higher your credit score, the lower your mortgage rate. 

Myth No. 2: “You need a large down payment to buy a home.”

Truth: There are many loan options out there that don’t require you to make a large down payment. For example, if you’re buying in a rural area, you can use a rural development loan that doesn’t require any down payment at all. You can also negotiate for the seller to pay your closing costs. If you’re concerned about saving for a down payment, give us a call and we’d be happy to put you in touch with lenders who can go over all of your options. 

Myth No. 3: “You have to come in with closing costs.”

Truth: I already touched on this myth in the point above, but if you’re worried you won’t be able to pay your closing costs, an agent who knows how to properly negotiate a home purchase will find a way to take care of this issue. For example, as I said, you can always have the seller pay the closing costs for you. Your lender can also help you in this regard. There are many options available, and the first step is to reach out to us so we can help you. 

If you have any questions about this topic, you’d like to know what’s happening in our market, or you’re thinking of selling a home, don’t hesitate to reach out to me. I’d love to help you.

What’s happening in our real estate market right now? Let’s explore this question in today’s market update.

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A lot of interesting developments have taken place in our local real estate market lately, and today I’d like to break down a few important trends. If you’re thinking of buying or selling this year, being aware of what’s going on is key. 

One of the most alarming trends I’ve observed is the increased number of “sale fails.” In other words, there have been a lot of transactions falling apart during escrow this year. This is perhaps due to the fact that lending standards aren’t quite as strict as they should be. 

Price reductions have also become more common. This, in combination with the fact that homes are taking longer to sell in general, is definitely a sign of a shifting market.

"There’s a lot of frustration circulating among people in our Missoula market."

Therefore, even though interest rates are still very low, there’s a lot of frustration circulating among people in our Missoula market—especially buyers.

Because of this, many are choosing to relocate to Ravalli County, where taxes are lower and you can get more bang for your buck when buying a home. 

So what should you do if you’re a seller? Well, I’d love to speak to you if you have questions about how to approach this market.

And if you’re a buyer, I’d get out into the market as soon as possible. If you need someone to help you navigate today’s conditions, my team and I would be happy to help.

If you have any other questions, would like more information, or want to know how we can help you buy or sell a home, feel free to give us a call or send us an email. We look forward to hearing from you soon.