Happy New Year! I hope that 2023 was a joy-filled and rich year for you. As we look towards 2024, many are making resolutions and goals for the New Year. For those with aspirations of real estate in their future, it’s a perfect time to come up with a plan.

For those thinking of buying, whether it’s their first home or they’re veteran homeowners, this is a great time to meet with a lender to get pre-approved. Many buyers hesitate at this step, but these days, most local lenders can do almost everything over the phone and via email, making the process fairly painless. I recently met with some buyers whose credit score contained inaccuracies. It’s unusual, but does happen, and getting that cleaned up can take a little time, so it’s vital to get started on that process early. 

Getting pre-approved will also help a buyer better understand the price range they feel comfortable in. Local lenders can help lay out different payment scenarios in multiple price ranges and go over down payment options, so a buyer really knows where they’re comfortable.

From here, a buyer can create a realistic budget that will help them save strategically towards their down payment. Breaking this up into monthly or even weekly goals can help, especially if they can create an automatic transfer plan into a savings account to put it on autopilot.

As many in the Gallatin Valley have struggled with the price of real estate, we’re seeing many buyers considering renting out a room to a friend or co-worker, or possibly looking for a home with an additional dwelling unit on the property that they can use to supplement their income and offset their mortgage payment.

Perhaps, for some, 2024 is the year to make the move into real estate investing by purchasing an income property. Education here really is key. Potential investors could meet with investor-savvy REALTORS, who can help explain the numbers, and how to evaluate the income and expenses of an income property. Understanding the local market for both rent pricing and sales pricing can really help educate an investor up front, so they’re ready to shop for the right income-producing asset.

For those homeowners thinking of selling to get into something larger or smaller, this is a great time of year to look at pricing and marketing strategies. Its also beneficial to come up with a plan of what work needs to be done around the house, and create a reasonable timeframe for getting those projects completed. 

Buyers usually start shopping for homes as soon as the green grass starts to peek out from under the snow. Often, sellers are still working on projects around the house and don’t get their homes on the market until June or July; many buyers start looking much earlier than that. Coming up with a plan and a timeframe early in the season can ensure the home is ready for the market when buyers are looking.

Some homeowners have considered selling and moving across town, but are hesitant, as they wonder what the market may do. For those moving within the same market, it really doesn’t matter.  If prices go up or down, it should affect both properties in a similar manner.    

Whatever your resolutions are for the New Year, breaking those goals down into bite-sized chunks will help ensure your success in 2024. Look for next month’s article, which will go over 2023 year-end numbers for the Bozeman market.

As usual, I have included data for the number of homes sold in Bozeman during the first 11 months of 2023. In addition to the 650 homes sold during this period, another 55 home sales are currently pending, or are under contract, as of the date of
this writing.

The included data reflects sales of homes in the greater Bozeman area, including Four Corners, Gallatin Gateway, Bridger Canyon, and within Bozeman city limits. The data includes home sales reported through the local Big Sky Country MLS, and does not include private party sales, condominiums, or townhouses.