In a down market like this location becomes an important issue. More than 6 millon will purchase homes this year and many because they must, due to relocation and other reasons. Buyers are getting savvier, and in this market they have been spooked and are thinking "resale" as they purchase their property; they want to be able to sell if the market continues to fall or they are transferred again.
Smart buyers are looking at zip codes within the region or city in which they want to live or must. Property close to schools holds it value compared to comparable property in the same area. Property with open space, minimal noise, walk-to amenities, and property in built out subdivisions hold their values better. The lack of a downturn in places like Boulder, Tempe, and Santa Barbara is due in part to the fact that these and other towns are built out and have little or no more room to grow.
Here in Bozeman there could be room to grow but because the growth would ruin Bozeman's small town, farming and ranching identity, the community is looking to broader and stricter zoning in an effort to limit unbridled growth occuring away from town, wanting, instead, to encourage "smart growth," highly regulated growth occuring close to the city, with its amenities, like the large Box stores, speciality shops, and stores of neccesity and its infrastructure, like schools, sewers, and water. Growth outside of town could be limited to one house per 160 acres in the near future.
giving you the advantage...®
Taunya Fagan Bozeman Real Estate 406.579.9683 firstname.lastname@example.org