R & R Newsletter
8-05-2008

Although summer weather was off to a slow start, property sales were not! Since June 1st there have been 119 single family homes to sell in Bozeman. These homes had an average of 106 days on the market and the sellers were able to see an average of 94% of their original asking price. Condos sales also remained strong with 54 unit sales and sellers also receiving over 94% of their original asking price. Big Sky sales are also holding strong, with 14 residential sales since June 1st.

In recent news, Bozeman was ranked No. 2 in the "Top Ten Dream List" of American Dreamtowns published by Biz Journals. Dreamtowns are classified by their small size and high quality of life….no wonder Bozeman made the list. Read the article here.

Here is a quick update on interest rates. The rates quoted below are for a primary residence based on a 30 day interest rate lock with no discount points. This rate is also based on a 720 credit score with minimum down payment required. Rates can vary depending on credit score and loan to value.

• Conventional Conforming 15 year fixed:  6.25%
• Conventional Conforming 30 year fixed:  6.50%
• FHA 30 year fixed:  6.50%
• VA 30 year fixed:  6.50%
• MBOH 30 year fixed:  6.50%
• Jumbo 30 year fixed:  8.375%

Please note that normal credit requirements do apply and the interest rates are subject to change. All real estate statistics are derived from the SWMT MLS.


R & R Newsletter
6-03-2008

Greetings from the Big Sky Real Estate Guide, a buyer's resource to South West Montana real estate, with the year nearly half-over we have seen some increases in property sales and some favorable conditions appear in the lending market. For example, nationally new home sales rose 3.3 percent in April 2008, with sales price increasing 1.5 percent compared with statistics from April 2007 (msnbc.com, AP). With a more regional focus the Northeast saw a 41.7% sales jump, followed by 8.3% in the West and 5.8% in the Midwest; the South was the only region the see a drop in sales of 2.4 percent.

Bozeman has continued to stay a strong market, with single family homes and condos selling between 85-100% of their original asking value and average days on the market around 100. Big Sky has seen a 15% increase as to the units of condos sold, comparing this time last year to the present market.

Although real estate markets are local in nature, even more so in resort and second home areas, national economic, political and social factors are major influences in market trends. The government has stepped in to help out with the current lending situation. By increasing loan limits (FHA loan limits in Gallatin County have been temporarily increased to $386,250 for a one unit property), offering mortgage counseling, offering incentives to first time homeowners and offering tax rebates and business incentives, the government is helping revive the real estate market.

For the week of May 30, 2008, mortgage interest rates on primary residences 30-year loan are as follows:

• Conventional Conforming 15 year fixed: 5.875%
• Conventional Conforming 30 year fixed: 6.125%
• FHA 30 year fixed: 6.0%
• VA 30 year fixed: 6.0%
• MBOH 30 year fixed: 6.0%
• Jumbo 30 year fixed: 7.625%

R & R Newsletter
3-25-2008

Greetings and happy spring. We excitingly welcome the arrival of spring weather, and with that comes the anticipation of a busy and dynamic year in the ever-expanding realm of real estate. With the seasons of change, Ranch and Resort Group is proud to announce our new office location. As of the middle of March, we will be glad to serve your real estate needs at 707 Bridger Dr. Unit C, on the North East side of Bozeman. Please feel free to stop in and say hello to one of our helpful agents.

Despite the negative attitude from the media on a national scale, the real estate market in Southwest Montana remains strong. It appears that Montana is not the "Last Best Place," but the "Next Best Place" as people continue to relocate to Southwest Montana from all over the Globe. To contribute to the strong market, there are many more options for interested buyers than in recent years. For example, there are currently 112 single family homes and 322 condos or townhouses on the market in the Big Sky area*. In the Bozeman area there are 527 single family homes and 302 condos or townhouses on the market*. In the counties surrounding Gallatin County there are over 250 single family homes currently available*. According to these figures, an interested buyer has numerous options for finding the home of their dreams.

Good News! As part of the Economic Stimulus Act, The U.S. Department of Housing and Urban Development (HUD) has increased FHA and conforming loan limits. To find out more details, and what this means for housing and our economy click here.

For information on the IRS Mortgage Relief Provision click here.

In an effort to be a more Earth-friendly real estate company, Ranch and Resort Group is taking steps to reduce our carbon footprint. First, we recycle all materials in our office to the extent of our local recycling capabilities. Second, as an office, we will be planting trees together this summer to further offset our carbon footprint. Third, we carpool, walk, or ride a bike instead of driving when possible. Last, we try to avoid unnecessary packaging when feasible. For more information on how you too can reduce or offset your carbon footprint click here.

If all of this information is too much and you just want to go fishing, click here.

* Source: Gallatin Association of Realtors