I hear the stories every day: "We made a full price offer but there were 11 other offers. We didn't even get a counter offer!" Or, "The home went on the market at 1 pm. By 4 pm it was sold. We didn't stand a chance."
These are all too common stories in our overheated Bozeman market today. The good news is there are solutions to these scenarios. Read on.
First, in order to win the buying game, you need to know the rules, the situation you're facing as a buyer. The truth, the Cold Hard Truth and nothing less. First some basic economic realities based on the fundamental concepts of supply and demand.
A well-balanced real estate market, i.e. one that allows buyers and sellers an equal opportunity to buy or sell property without outside pressures of low or high supply and suppressed or exuberant demand, is around six months of housing supply in any given price range.
Today, Bozeman city limits housing supply is at less than one month supply of homes. Low.
Buyer interest is at an all-time high due in part to a flight from metro areas where crime, high taxes and concerns about COVID and government response to the illness have caused people to migrate to areas of smaller populations where these factors are somewhat under control. The result is prices in the Bozeman area last year increased by around 26.3%.
The bottom line is this: You and your broker will need to create a new paradigm for buying in order to be successful in this market. The old days of throwing in a poorly thought out offer are gone. Does this mean you need to always offer full price? No, only if you really want to buy that home. But you have homework to do first. Next I'll give you the critical three steps you need to take prior to making an offer. And I mean WAY BEFORE you make an offer. In the meantime, study this report from the Gallatin Association of Realtors. This will give you a general idea of what you're up against and how to WIN IN BOZEMAN! PEACE.
May 14, 2021
You're disgusted. You lost another bidding war for a home you really wanted, I mean REALLY wanted. It's kind of like you lugged your pasty white 5'6" frame onto a basketball court where NBA star LeBron James took his 6'7" 265-pound finely muscled body, ran over you, dunked the ball and then walked over to you and shouted "LOSER!" in your face. You want to blame people, your mother, your broker, your cousin in Idaho who despite being much dumber than you just bought a house. Well, maybe you could learn something from old Slow Eddie, like how to WIN in this market. Here are some ideas he used in his quest for housing in this absurdly hot real estate market. Pay attention now, read them all. Then call me and I'll flesh out the details behind the big captions. You can win (yes, even you) in this market. Here's how:
July 31, 2017
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