Taunya Fagan Bozeman Real Estate Blog: SW Montana Information & Listings: Let the Economy Experience Some Tremors...

Let the Economy Experience Some Tremors...

Although the increasing tremors of recession and economic instability have been agitating the national landscape, Bozeman and southwest Montana have experienced only minor trepidation; the landscape here  remained pretty steady during the tremulous year of 2007.

So the upward growth was slower than in recent years, but upward it still moved, resisting the shakeup the national scene was experiencing. The steadiness of growth just couldn't continue, even here; the whole land is connected; the whole land eventually had to shift...

According to Paul Polzin, chief economist at the University of Montana's Bureau of Business and Economic Research, in Missoula, Montana, "Even if the U.S. goes into a recession, we think most of Montana will not be impacted," he was quoted as saying in a January 2008 article in The Missoulian, Missoula Montana's chief newspaper.  

Within the Bozeman, Montana city limits, the 2007 average sales price for a home was $337,683, which is down a bit more than $10,000 from 2006, but since 2005 the figure has increased almost $25,000. Belgrade, Montana's increase for the same period, between 2005 and 2007, was almost twice that; sales prices rose $45,702.

The growth will continue in the vibrant areas, the areas where people want to live. Regardless of the economic shifts, upward growth will continue; it may just be a slower upward pace for awhile. The economy needs to shift and restabilize.

 

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Comment balloon 5 commentsTaunya Fagan • February 14 2008 10:57PM

Comments

If one chunk of ground moves, the ones around it have to move a little as well.  If the movement at the epi-center is big, the ripples will go farther.  There are more than a couple of epi-centers.  One of the nice things is that GA is in a similar condition.  Strong underpinnings are a good thing.  
Posted by Lane Bailey, Realtor & Car Guy (Century 21 Results Realty) over 9 years ago

Taunya, I like your optimism.  I am sure you guys might be some what shielded from some of the major problems of the rest of America.  Do you guys use american dollars or Canadian?  :) just kidding.

Tell me this, on average what is the percentage of down payment your customers make?

Thanks

Posted by John Cookman, Sr. Loan Officer (Cole Mortgage) over 9 years ago
Thanks for sharing!  It is good to hear there is still a real world out there!
Posted by Jim Crawford, Jim Crawford Atlanta Best Listing Agents & REALTOR (RE/MAX Paramount Properties) over 9 years ago

John,

You were probably expecting this: Downpayments vary depending on the buyer's financial state. We see the full spectrum of financial prowess here: cash buyers, big downpayments, zero down, 5-10% down, etc. There are many different economic types coming in: second home buyers, young couples, and Baby Boomers, to mention a few--all with different monetary depths, all differently impacted by the downturn...

Posted by Taunya Fagan, Montana Real Estate: Bozeman Luxury Real Estate: (PureWest Properties, Christie's Bozeman Real Estate) over 9 years ago

Taunya, actually I was wondering what the average downpayment of your clients are specifically.  Your comments are actually applicable to every city/town in america.  I am in search of good hard numbers.  For instance, I have an aquaintance that is a realtor in Wyoming, and he tells me that 60% of his clientel puts down 20% and 30% put down more and only 10 percent actually seek the higher LTV's.  So I was wondering if that is what its like in Montana. 

I am licensed natiowide and I am looking for new opportunities and new places to pursue growing my business.  Montana is very intriquing to me.  Also I would like to know, are there a lot of log homes being built there? 

Thank You,

John Cookman

Posted by John Cookman, Sr. Loan Officer (Cole Mortgage) over 9 years ago

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