Market Insights by Stan Feagler
All blogs posted by Stan Feagler
In Big Sky Montana, PureWest – Christie’s Great Estates agents have seen a substantial pick-up in activity during the summer months with deals now closing in the October – November timeframe. Median prices in Big Sky and the South Gallatin Valley hit a low of $550,000 last year but have since recovered to $617k at September 15th and with prices now stable and rising, buyers are moving to cash in on the bargains.
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Bozeman real estate now recovering with median prices stable and buyers for luxury properties seeking bargains in a thawing market.
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Unique Asset Class
Real estate is a unique asset class in that every piece is different and as such, there are multiple considerations that go into a purchase or sell decision. For every purchase however, price and investment considerations play a role. The “investment test” is often the first hurdle that must be satisfied before a buyer considers other factors. In the recent past, a rising real estate market was a presumed to be a given so investment oriented buyers focused on finding the “next big project”. Annual appreciation rates of 4% to 15% were assumed by buyers which justified ever higher purchase prices.
A New Market
The eager appreciation seekers of yesterday have been replaced by the eager bargain hunters of today. The good news is that with buyer present, transactions rates are recovering and market prices are being reset. With buyers now more confident in stable prices, we are in the early stages of a recovery.
Setting a property’s price in this volatile ...
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