![]() ![]() How do we make it the nicest looking house possible? Over the last two years, we didn’t have to use stagers at all. Let’s reevaluate price, condition, location, and marketing. You host a broker’s open - where it’s like, “Stop by for lunch and a raffle drawing!” You go old school and market your house really creatively to try and make it stand out.Įveryone wants to blame the Realtor. I try to tell them that you can’t just sit around and sulk. This particular client is in a panic because her neighbors’ house - a mid-century ranch near Bozeman - sold in a day, for $200K over asking price, all cash, just three months ago. ![]() Things in Montana went from absolutely insane to kind of dead! In the last few weeks, it’s like someone turned the tap off. I am on the phone with a nervous seller trying to explain the latest crazy shift in real estate here. My husband sometimes rolls his eyes, and I’m like, “What?! Maybe there are a few inconvenient phone calls, or midnight emails, all for a … $30K check!” I mean, come on. ![]() I have no issues with late-night emails or any contact whatsoever from my clients. I get up and check my phone, have my first cup of coffee, and respond to people who were up at midnight emailing me. Today, an hour-by-hour glimpse into the working world of Chad, 58, a power broker in southwestern Montana.Ħ a.m. In this biweekly series, “ Realtor Diaries ,” we hear from the people at the center of a wilder-than-ever market. If that doesn’t happen, we could see the return of bidding wars just as brutal as those buyers faced during the pandemic, and sky-high home prices to boot.Photo-Illustration: Curbed Photos: Getty Images, Shutterstock The question now, according to Hartman, is whether enough inventory will be added to the housing market to make buying a home affordable again - for millennials or otherwise. Millennials are now in their prime homebuying years and have bought more houses over the last few years than any other age group. When housing demand outstrips inventory, it translates to a lack of available homes and a spike in competition (and prices) for the paltry few homes that are on the market.Īlec Hartman, CEO of the homebuilding company Welcome Homes, says demand is likely to continue to go up, at least for the foreseeable future. And in the words of a recent report from Redfin: “Buyers can’t buy if sellers won’t sell.” Right now, new listings are down 25% year-over-year. New inventory is critical to a market recovery “So many folks refinanced, they’re not enticed to move out of their homes when they’ve got a 2.75% mortgage rate,” Sturtevant says. According to a recent survey by, 82% of these seller-buyers feel "locked in" by the rate they're currently paying. Current mortgage rates are hovering between 6% and 7% - which, for many, is twice as high as the rate on their current property. Now, homeowners who want to sell their house and buy a different one face a dilemma. That gap widened after the pandemic hit: Buyers flocked to the market to take advantage of low mortgage rates and snapped up homes at breakneck speed, which created even more scarcity. When home sales started to recover in 2011, builders were much more conservative with the inventory they added to the market, which led to a lag between the number of homes for sale and the number of people who wanted to buy one. Millions of people lost their homes to foreclosure, and many houses sat vacant, or sold at rock-bottom prices, for years. ![]() At the same time, there were so many houses on the market from sellers in distress that home values fell by more than 30%. Builders became hyper-focused on unloading their current stock of empty homes, and the construction of new residential properties dropped to about half a million homes. When the housing bubble burst a few years later, a glut of unsold homes crowded the market. In the years leading up to the 2008 financial crisis, single-family homes were built at a rate of 1.3 to 1.5 million units per year - fueled, in large part, by builders and developers looking to capitalize on the home sale boom of the early 2000s. Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas View Rates This has been a long time coming ![]()
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