Bozeman homes for sale are fast becoming a prized
possession for owners and a great attraction for buyers willing to invest in a
cornerstone piece of the US real estate. These are surely positive signs for
Bozeman real estate.
Bozeman real estate is one of the most sought-after
areas for investors looking for lucrative property investment opportunities in
Montana. Over 56 Bozeman condo units have been sold in the last 90 days,
compared to 206 condos sold last year. With the tourist season to hit in June,
the city is expected to record great sales, being a prime holiday destination.
There has been a remarkable reduction in the number of
distressed properties, including short sale and bank owned properties,
according to reports, which put the total condo units on market at 107, with
the highest priced condo being offered at $447,000 and the lowest active condo
on market at $95,000.
Comparing this with last year, the lowest price condo
unit was sold for $45,000 while the highest priced condo was sold for
$1,200,000. This is clearly an indication that land in Bozeman is beginning to
catch fire.
Home buying has become even more affordable in Bozeman
now, with mortgage rates constantly riding low, thus increasing home buyer
affordability. Forbes, CNNMoney, and Outside Magazine, among other popular
media companies, have been constantly placing Bozeman on the list of "Top
All-American Dream Towns” for several years.
According to Freddie Mac’s weekly mortgage market
survey, for the past few weeks, mortgage rates have remain unchanged while
30-year fixed-rate mortgages have been reducing dramatically, reaching an
all-time low, and 15-year fixed-rate mortgages have remained steady at the
all-time low reached a couple of weeks ago.
No doubt, this has been instrumental in driving home
buyer affordability. Comparing previous year’s median sales price to that of
2012, it has increased from $251,000 to 283,400 this year.
The first quarter itself saw housing affordability
reaching an all-time high. For a long time, cost of housing in Montana was a
big drawback for investment in the Bozeman real estate. However, rising
affordability along with falling inventory seem to be driving the Bozeman real
estate market today. Montana has become affordable for investors looking for
property investment opportunities. In fact, statewide sales in Montana have
been the strongest in the first quarter.
Experts believe with at least 110 condos and 570 homes
for sale, Bozeman is left with approximately six months of inventory, seeing
the number of properties sold during the last month. This is indeed the best
time to invest before the inventory decreases in Bozeman. Investors and buyers must
take advantage of the best deals of Spring and Summer in Bozeman real estate
before somebody else closes in on the deal, especially with the tourist season
around the corner in June-August when she anticipates record sales and expects
median prices on Bozeman homes for sale to be about $285,000.
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