Prices are still rising and the overall number of sales in Bozeman continues to outpace previous peak years.

The effect of foreclosures and short sales has dwindled considerably. Short sales and foreclosures were a significant factor in pricing declines. During the period of January 1 through August 1 of 2011, distressed sales including short sales and bank owned properties made up almost 25% of single family home sales in Bozeman, then decreased to approximately 15% of total sales in 2012. For the same time period in 2013, they have made up only 8% of Bozeman single family home sales.

A lot of homeowners have been looking to sell their current home in order to get into something else in the area. Many have found difficulty navigating the sale and simultaneous purchase when their offer to purchase is contingent upon the sale of a home. If a seller receives two or more offers and one of them is contingent upon the sale of a home, an offer that is not contingent upon the sale of a home will almost surely win out.

Some options that those looking to sell and buy should consider: Can you afford to purchase your next home before your current home is sold? If so, this can greatly ease the transition and will make your offer to purchase much more attractive. Another option is to try to put your home on the market and see if you get any offers. Some sellers are more likely to accept a contingent offer if the buyer’s home is already under contract. You can also market your property contingent upon finding a suitable replacement property. In this situation, a seller could accept an offer for the sale of their home and buy some time to put a replacement home under contract. And finally, another option is to try to get the current home sold, move in with friends, family, or a rental, while the new home is purchased or built.
As usual, I have included data for the number of homes sold during the first 7 months of 2013. In addition to the 472 homes sold during this time period, another 165 homes are currently pending, or under contract, as of the date of writing this article.

The included data reflects sales of homes on less than and more than 1 acre in the greater Bozeman area, including Four Corners, Gallatin Gateway, Bridger Canyon, and Bozeman city limits. The data includes home sales reported through the local Southwest Montana MLS, and does not include private party sales, Condominiums, or Townhouses.

Tim Ford is a Realtor ® with Vellinga Real Estate in Bozeman Montana. He can be contacted at 406-209-1214.