2020 Market Trends & Statistics

The following statistics were gathered in September of 2020 from Big Sky Country Multiple Listing Service (MLS) InfoSparks using Gallatin Valley and class specific filters (listed in each category title) with a one-year rollover.

Gallatin Valley Housing Market Trends

Median sale prices have increased 6.4% to $485,500 since August 2019. Gallatin Valley had a 3.5% new listing count decrease from August 2019 to August 2020. The number of sales closed during the month increased by 6.6% between August 2019 and August 2020. Overall, residential properties spent an average of 2 days less on the market in this time frame.

Gallatin Valley Residential Single Family Homes Under 1 Acre

Median sale prices have increased 5.8% to $437,000 since August 2019. Gallatin Valley had a 7.3% new listing count decrease from August 2019 to August 2020. The number of sales closed during the month decreased by 2.2% between August 2019 and August 2020. Overall, residential properties spent an average of 8 days less on the market in this time frame.

Gallatin Valley Residential Single Family Homes Over 1 Acre

Median sale prices have decreased 4.4% to $747,000 since August 2019. Gallatin Valley had a 8.8% new listing count decrease from August 2019 to August 2020. The number of sales closed during the month increased by 11.2% between August 2019 and August 2020. Overall, residential properties spent an average of 8 days less on the market in this time frame.

Gallatin Valley Residential Condominiums & Townhomes

Median sale prices stayed at $310,000 since August 2019. Gallatin Valley had a 17.2% new listing count increase from August 2019 to August 2020. The number of sales closed during the month increased by 18.6% between August 2019 and August 2020. Overall, residential properties spent an average of 1 day less on the market in this time frame.

Gallatin Valley Land Under 1 Acre

Median sale prices have increased 18.8% to $135,900 since August 2019. Gallatin Valley had a 38.7% new listing count decrease from August 2019 to August 2020. The number of sales closed during the month decreased by 7.5% between August 2019 and August 2020. Overall, residential properties spent an average of 27 days more on the market in this time frame

Gallatin Valley Land Over 1 Acre

Median sale prices have increased 18.3% to $235,000 since August 2019. Gallatin Valley had a 5.8% new listing count decrease from August 2019 to August 2020. The number of sales closed during the month decreased by 27.1% between August 2019 and August 2020. Overall, residential properties spent an average of 2 days less on the market in this time frame.

 

View more market trend statistics here:

May 2020 Rollover Market Trends

June 2020 Rollover Market Trends

July 2020 Rollover Market Trends

August 2020 Rollover Market Trends

If you are interested in learning how your home fits into these numbers, contact your Broker, they will be excited to hear from you!

Home Office Importance

Was your job moved from the work office to your home office during the pandemic?

Our world is rapidly changing in some irreversible ways – so is our nation’s workforce. According to Workplace Analytics – prior to the 2020 Covid plague – approximately 43% of the workforce was able to work from home occasionally and only 3.5% of the workforce worked from home full time.

This quarantine has more businesses accepting the idea that their employees can work remotely. It is estimated that 25-30% of the workforce will work from home a couple days a week when this is all said and done.

If your company switches to remote work, will your home office be ready? Can you honestly say that your office is equipped to help you be productive? 

Here are a few things to keep in mind when purchasing a new home and a couple items that will help transform your office into a productive space.

Pick the right location

Some people work best in quiet, some thrive in chaos. It is important to know which kind of person you are.  Pick a room in your home that melds well with your working habits. Pay attention to things like air vents, proximity to play areas, noisy pets, outdoor construction, etc. You’d be surprised how many small things can become large distractions.

Pay attention to lighting and background

Natural light and fresh air are a great way to help with mental health. Position your desk so you get plenty of light, but won’t be blinded for hours a day. Keep in mind, light can cause glare streaks on screens. If your company utilizes video calls, make sure your background is not distracting from your presentation and try not to sit with a window directly behind you. It silhouettes you and blinds your co-workers. Layer artificial light with natural light – it should help with eye strain and glare streaks. A new coat of paint can be helpful in a new office as well! Light green tones have been proven calming in office spaces. Get a plant to help oxygenate the room and don’t forget to open that window for a bit of fresh air every once in a while!

Make it ergonomic

Get comfy! If you feel uncomfortable, or start to develop pains from repetitive motions, you will become distracted. You should consider spending a little more to get a chair, desk, keyboard, and/or mouse that is ergonomically correct. 

Eliminate clutter

Clutter causes distraction. Eliminate unneeded items from the office and only keep essential items on your desk – computer, notepad, pen – things you need for your job. Before you start your workday or workweek try your best to eliminate clutter and chores in the rest of your home. 

Keep distractions handy but hidden

Taking short breaks away from work can be beneficial to your mental health and physical health. Take a few minutes a day to look away from the computer – check the news, have a snack, do a light workout, call your mom, or down a cup of coffee. Whatever it is, it should help you refocus and destress. Make sure the distraction is handy to grab when it’s break time, but put away for work time.

Establish office schedule/rules

Distractions can be a great way to reboot the brain when you’re stuck on a problem, but hold yourself accountable to a “distraction time frame” – even the best of us can get lost in the world of social media and forget about time. Communicate do not disturb times with others in the house – it can be a sign, a closed door, or a specific time of day. Rules and schedules should help keep you in the right mindset for the job, so if that means snacks, screentime, mandatory breaks, visiting time, etc then you do you and stick to it!

To find homes with room for offices see our listings page or Contact an agent to find a home with a great home office that fits your needs.

 

Find out more about the working from home trend and more ways to spruce up the office:

https://magazine.realtor/daily-news/2020/04/02/home-offices-expected-to-become-essential-for-buyers?AdobeAnalytics=ed_rid%3D400405%26om_mid%3D2285%7CRealtorMagNews_2020_04_06%26om_nytpe%3DREALTOR%20MAG%20NEWS

https://www.lifehack.org/articles/featured/10-hacks-to-improve-your-home-office-productivity.html

https://www.nar.realtor/blogs/styled-staged-sold/sheltering-in-place-keep-your-business-humming-with-the-perfect-home-office

https://globalworkplaceanalytics.com/work-at-home-after-covid-19-our-forecast

 

Items to Become a Pre-Qualified Buyer

When you first start talking to a mortgage lender, they will likely provide you with a list of the specific documents they need to issue a pre-approval. This list can vary from one mortgage company to the next, but here are some of the most common items you will need to become a pre-qualified home buyer.

 

Social security number 

Social security numbers will be needed for all borrowers who are listed on the mortgage loan. This information can be verified through a Social Security card, tax documents, or anything else that shows the SSN. The lender needs this to verify your identity, to request tax returns from the IRS, and to pull your credit reports.

Proof of employment

Your mortgage lender will need proof of employment.  Employer’s name, mailing address and phone number. They want to verify your employment, because it relates to your ability to repay the loan.

Proof of income

This will validate your income for pre-approval and underwriting. It might come in several forms. Usually, it’s your two most recent pay stubs, or the electronic equivalent, that show your year-to-date earnings. It’s your average annual income the lender wants to know about. The lender might also use tax records to verify your earnings.

Tax documents

This is a standard document for mortgage pre-approval. Most lenders want to see your W-2 statements and tax returns for the last two years. Among other things, your W-2s show how much money you earned over the previous year.  

Place of residence

This one is self-explanatory. For pre-approval and underwriting purposes, the lender wants to know where you’ve lived for the last couple of years.

Bank account information

The lender will want to know how much money you have in the bank. They need to ensure you have enough funds for your closing costs, down payment, and cash reserves. So, they will probably ask you for account statements and balances for any checking, savings, or money market accounts. This is another standard mortgage document for pre-approval.

Credit information

Do you have other outstanding loans that you’re currently repaying? If so, the lender may ask for documents related to those accounts. They need this information to measure your debt-to-income ratio, among other things.

Gift letters

Are your family members going to provide funds to help you cover your down payment expense? If so, you’ll need to provide a gift letter along with your other mortgage documents. The lender needs to verify that the money is truly a gift, and that your relatives don’t expect any form of repayment.

Self-employment documents

Do you run your own business? If so, you might have to provide some additional documents during the mortgage pre-approval process. This might include balance sheets, a profit-and-loss statement, or federal tax statements for the last two years.

 

Wow your mortgage lender and real estate agent by coming prepared with these documents. They want to make you a pre-qualified buyer and get you into your dream home! Want more tips about buying a home? Visit our Buyer Tips page to learn more or contact an agent to get started today.

When is the Best Time to Sell your Home in Bozeman, Montana?

Why Bozeman?

There are many draws to Bozeman that make the city a favorable place to live. Beautiful views, safe neighborhoods, and outdoor activities galore. Yet, average home prices nearly double the national average. Many homeowners are finding that now is the best time to sell and capitalize on the active housing market. Working with a local agent who understands the market is often the best decision to maximize your profits.

Seller or Buyers Market

Selling your home at the right time can maximize the price of your property. Zillow.com suggests that we are currently in a seller’s market, but when should you expect to sell your home for the maximum value? What time of the year is most optimal to sell your home the fastest? Let’s look at some data and speed up your sale.

Bozeman Growth

Gallatin County is growing at a rate of nearly 10 new residents a day. It is growing faster than any other city in the state of Montana. From 2012 to 2018 Bozeman has grown 24% adding another 22,225 residents within city limits alone. Bozeman also has the strongest economy among cities its size across the United States, according to a Policom poll. This economic and population growth makes for a better market to sell your home.

Bozeman Home Prices

We are currently in a great seller’s market, with national trends rising steadily since 2012. From January 2019 to November 2019, Bozeman’s median single-family home prices rose ~ 7.23%, from $429,000 and rose to ~$460,000 by late November 2019. During the same timeframe, housing in Gallatin County saw an increase from $517,000 to ~$555,500.

Best Time to Sell in Bozeman

We’ve addressed the market, but when is the right time to sell your home in Bozeman? National trends suggest that February provides the strongest seller’s market, year-over-year. However, volatile Montana winters make February a very difficult month to prep your home for sale. Data from Realtor.com suggests that April is the best month to sell your Bozeman home, followed by March (2nd) and May(3rd).

There are some great benefits to selling your Bozeman home in the spring. Warmer temperatures make cleaning and prepping your home easier. Commuting to view homes is safer. Landscapes are starting to flourish. With 14x more property views and 5% less competition, you could sell your home up to 6 days earlier.

Let us help you sell your Bozeman real estate property this spring. Our brokers give you the advantage of experience and knowledge to provide you with successful negotiation and a smooth transaction. We pride ourselves on having well established, educated and experienced brokers.

References:

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Bozeman Brokers Real Estate

1745 South 19th Suite 2
Bozeman, MT 59718

406.587.5900
info@bozemanbrokers.com