New Years Real Estate Resolutions
by Tim Ford
Happy New Year! I hope that 2019 was a wonderful year for you and that this next decade will be even better. Many people like to make New Year’s resolutions this time of year, and what better time to make some resolutions regarding Real Estate. What goals are you hoping to accomplish through Real Estate in 2020?
Have you been renting and hoping to move up into homeownership? If so, this is a great time of the year to make a resolution and make it happen. One of the best parts of moving from renting to owning is locking in that 30-year mortgage, rather than waiting to see what your landlord raises your rent to next time your lease expires.
The best first step is to meet with a lender and really find out where you stand financially. A good lender can help you lay out some steps in order to qualify for financing. Perhaps you may not be pre-approved today, but with the right action plan, maybe you can be in 3 or 6 months. There are also some great classes through the HRDC for first time homebuyers.
If you own a home but need to move into something bigger or smaller, these chilly winter evenings are a perfect time to start decluttering, painting, and prepping your home for sale. Make a resolution to have your home ready for sale by spring break. Many buyers start looking around as soon as we see a little green grass, but many homes don’t hit the market until June or July, often resulting in an inventory shortage you can use to your advantage.
Perhaps 2020 is the year you resolve to finally pick up an investment property to get a little income and plan for your future. In my career, I’ve met a lot of people who have all their equity tied up in their personal residence. When it comes time to retire, they still need somewhere to live and have difficulty tapping that equity. You can start planning for tomorrow, today, by investing in income real estate and have someone else help you achieve the equity you need for retirement.
Whatever your resolution, I wish a Happy New Year and a prosperous new decade to you! Look for my article in next month’s issue for a recap of the 2019 Real Estate Market.
As usual, I have included data for the number of homes sold in Bozeman during the first 11 months of 2019. In addition to the 935 homes sold during this time period, another 105 homes are currently pending, or under contract, as of the date of writing this article. This compares to 86 pending homes at this same time last year.
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 Big Sky Country MLS, and does not include private party sales, Condominiums, or Townhouses.