These days it’s impossible to visit a local brewery, coffee shop, bespoke kombucha shaman, or the ever-growing lift line on a powder day without hearing it. The pains of the Bozeman real estate market have spread across the Gallatin Valley, and are now impacting other communities we once thought were immune to this rapid price inflation.
The ridiculous nature of the current market conditions is apparent to any buyers that have recently logged on to Zillow to play “Realtor roulette.” We’ve created a new social form of stand-up comedy, seeing who can post the most outrageously priced fixer upper listing to Facebook. Not to mention the memes, we can’t get enough of those memes. In today’s hostile social and political climate, this may be the only safe haven in terms of relief.
Housing therapy in the comment sections
Let’s face it, we have a real problem here. To that we can all agree. There is no need for you to study the market stats. No need to open the emails sent from that real estate agent’s spam email list to know the conditions.
So, what’s missing from these conversations? What in fact is the true root of the problem. Is it the developers risking their investors’ capital on slim margins? It’s definitely not the builders trying to bring homes to the market without actually losing their shirts, or their homes. What we are discovering in the trenches of the Bozeman real estate market is there is no safe haven, and no way to bend light to solve this problem by any means.
Since the great recession (**caused by the housing and real estate market) we simply have not brought enough housing supply to the market to keep up with demand. Statistically this very limited supply that has slowly entered the market has been consumed very rapidly by out of state buyers, telecommuters, or landlord/investors. Often these buyers much have more capital or cash on hand to compete with.
This is where the story takes a turn for positive.
The two major conditions causing the pain in the Bozeman real estate market are changing rapidly. The buyers that were once flying in with a bag of cash and some new skis are slowly disappearing. Interest rates are once again falling to favor buyers looking to finance. Most importantly, the supply is coming back to the market.
Stay tuned for our next article where we discuss this new influx of supply coming to the Bozeman real estate market. Hopefully this additional housing can provide the real estate and rental markets some relief, and ease some of the friction.
Can’t wait for it? Give us a call today.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks