Wanda's Blog From Billings, Montana

Since the Real Estate Market is often a matter of opinion in conversation, sometimes it's just a good idea to get a handle on the real picture.  Below you'll find an Inventory Supply Chart.  What the heck does that mean?  Let's review.

The number of homes that sell, in a specific time period, compared to the number of homes available for sale, in that same time period, can help us understand the pace or speed of sales.  When you look at the green bars below, the number on top of them reflects the time it would take to sell all of the unsold properties.  You'll see that really high green bar for last October, that was a really slow month of closings.  Then right next to that bar, we had more closings for the month of November.

This graph reflects the Real Estate Market Activity for the Shepherd, Worden, Huntley, Pompey's Pillar, or Area 10 in the MLS for the Billings Montana area.  With some of the inventory rising, we may get some pretty good listings for ready buyers. 

The Quilting Realtor

Many Dream Of Living In Montana I'm One of the Lucky One's That Already Do! Wanda Thomas 2wandathomas@gmail.com Call or Text 406-698-8640 for help with all things Montana. Local MLS Search Link

Monday Night Quilting always brings about some interesting topics of conversation.  Sometimes we solve world problems, like war and hunger.  Sometimes we talk about the price of cotton and fabric.  We also wonder why we can't have quilt fabric manufactured in the USA!

But last Monday night we talked about our move as an American society to act more like an individual, and less like part of a family or community.  What does this have to do with Real Estate?  Are we living in homes that are too big and becoming antisocial?

• the number of bedrooms, and just "room" in a home has increased because kids are more likely to have their own bedrooms instead of sharing
• the need for more spaces to "be" at home, such as more family rooms, more bathrooms (yea!) more eating areas, more decks, more garage spaces
• quilters definitely need more room, I do remember sewing for hours on the dining room table, thank goodness those days are gone

Most of us in our group shared a bedroom with our siblings.  We concluded that it taught us a bit more about sharing, getting along, working things out.  I can remember dreaming of my own bedroom, and I finally did when I got older, but I had to walk through my sister's bedroom to get to mine.

We have many more single people who live alone, and there is a good chance that this could increase.  The social benefits of having a room mate ( because you don't have a spouse) might be better then we like to admit. 

It's interesting to me that there is a move by my parents generation to move to a "community" of people with similar interests.  Even if the whole room mate idea isn't appealing, the idea of living in close proximity to others, having a meal or two together, exercising together, demonstrates the appeal of community.

This concept of groupiness, may be harder for people who have spent years trying to be alone and private, to enjoy the longer life ahead.

Thoughts? 

The Quilting Realtor

Many Dream Of Living In Montana I'm One of the Lucky One's That Already Do! Wanda Thomas 2wandathomas@gmail.com Call or Text 406-698-8640 for help with all things Montana. Local MLS Search Link

I have some clients who are interested in the Billings Heights Real Estate Market Activity, so while doing my search I thought it would be some helpful information to share.

The market areas I searched in Billings Montana for this report include area 1, West of Main Street and area 2, East of Main Street.

• 196 unsold homes on the market
• 22 of these homes have accepted contracts that are pending to close
• 25 of these homes have accepted contracts that are contingent on the successful outcome of contract details such as home inspections and other investigations

The Activity Index for today in the Billings Heights is about 23%.  Which is a pretty healthy number.  Of the homes that are currently under contract, the average number of days these homes were listed before they secured an accepted buy/sell was 93 days.  That's a longer time period than we usually have, which is more like 65 to 75 days.

Keep in mind that only about 43% of all homes that are listed successfully close (which means ownership is transferred).  Heading into winter, we often see a bit of hesitation in the number of sales, depending on our weather.

Our prices for this group of unsold homes looks like this for average:

• $193,758 the average price of all unsold listings
• $186,532 the average price of these homes that are pending
• $171,112 the average price of these homes that are contingent

The selection of homes at this time of the year and in this market is diminished.  This is evidenced by the Activity Index being greater than 20% (favors sellers due to decrease in unsold inventory).

Those homes that have closed in the same Billings Heights areas 1 and 2 over the past 90 days showed the following:

• $181,609 was the average sold price
• 97% was the average list price/sold price
• 89 was the average number of days on the market before a successful offer was agreed to
• 2.22 was the average number of bathrooms
• 4 was the average number of bedrooms
• 2,232 was the average square feet of the properties sold

On a more personal note, this dang wind is driving me crazy, I can't get warm!  For a couple of days now I've tried not to go outside, and the sun is shining!  My plastic trash cans were flying around the neighborhood, along with those of my neighbors, thank goodness they were emptied this morning.

PS  We could use some snow.

The Quilting Realtor

Many Dream Of Living In Montana I'm One of the Lucky One's That Already Do! Wanda Thomas 2wandathomas@gmail.com Call or Text 406-698-8640 for help with all things Montana. Local MLS Search Link

This past summer during my gym exercise, I overheard many local teachers discussing their plans to pull up roots and move to Uruguay in South America.  Sounded like an interesting migration; cheaper cost of living, practically free health care (touted to be better than USA) and just a relief from the "nightmare in School District 2".

Like many school systems around the country, the largest one in Montana, School District 2 in Billings, is facing budget troubles.  The leader of any school district, legislative district, State or Country can have a hard time keeping their job in a tough economy. 

The local school board for District 2 experienced a huge increase in public comment and input during the last few months leading up to the forced departure of the superintendent.  People were gathered together, carrying signs and chanting their cause. 

The school board members, an all volunteer force, were discussing how upset people were and what they could do about it.  It would be fair to say that there was not overall agreement in the school board group about what the cause of the dissent was among the teachers, administration and the public.  In fact, many feathers were being ruffled from several sides.  SD2 Trustees voted to terminate the Superintendent's contract and buy him out.

This whole time, during the public school board meetings, we never heard from the superintendent.  He was there, sitting, with his lips zipped.  He did bring an attorney, which is perfectly reasonable, but still, why so quiet?  Could this be part of the problem?  Communication skills, zip? 

I hope the job search for the next superintendent includes the criteria of "great communicator".  Maybe you need a couple of people to serve in this job, or at least a "press secretary" who can communicate to the public.

A skilled administrator cannot lead without being a good communicator.  People are much more willing to forgive shortfalls if they "feel" like their leader is driving them down the right road.  Sometimes you have to take a couple of turns, but if the pack doesn't know why you're going down that different road, they'll think you're on the wrong one!

Uruguay is a long way from Billings Montana.  We need seasoned teachers in our district, after all, we have some of the highest testing students in the country right here.  They didn't get that way without good teachers, administrators, board and public.

This is just my humble opinion :)

The Quilting Realtor

Many Dream Of Living In Montana I'm One of the Lucky One's That Already Do! Wanda Thomas 2wandathomas@gmail.com Call or Text 406-698-8640 for help with all things Montana. Local MLS Search Link

I follow Nina's blog and she asked a very good question about agency disclosure upon meeting with people to talk about real estate listing and sales.

She was bringing to light that the agency disclosure, from some agents, is not as forthcoming to people as it should be, either delayed or not mentioned at all. 

I think that many agents struggle with the best way to bring this subject up to their clients, and may be hesitant to scare people away by asking them to sign a disclosure paper, our form is 2 pages long!

In our state of Montana, must be made in writing at or before the listing or buyer's agent agreements are signed, and a statutory broker must disclose their relationship at the same time the broker first endeavors to locate property for the buyer.

In simple terms, it's required to let the customer/client know how you work in relation to their needs.

I find that when I disclose this agency practice, many people that I am newly acquainted with, instantly get their guard up worried about commitment.   They don't realize I'm following good practice and Montana Law!

Maybe some folks just want to use me to open a door for them, and they don't have any intention of making a purchase or commit to use me as their REALTOR.  I'm ok with not showing those people homes.

I wonder if one of the first things I said was "Montana Law requires me to disclose to you the various ways I can help you with your Real Estate needs" .  Pretty blunt, and I do work this into the conversation very well when I'm writing listing and buyer's agency contracts.

 If anyone has a favorite script that helps people understand this required disclosure, I'd love it if you could share!

The Quilting Realtor

Many Dream Of Living In Montana I'm One of the Lucky One's That Already Do! Wanda Thomas 2wandathomas@gmail.com Call or Text 406-698-8640 for help with all things Montana. Local MLS Search Link

I found this home for sale in a golf course community that has the kind of charm and upscale finishes I would look to expect in a more upscale price range for the price of $395,000.  The Pryor Creek Golf course is pretty good sized, do you like to golf?

Over 4,100 square feet of open living space, with the backyard right on the fairway.  My favorite part of this home is the open kitchen dinning room, very Montana!  Huge eating bar to saddle up to with friends and family. 

The school system is excellent in this small town community.  You may have heard of Huntley Project School, lots of people want their kids to be a part of this class B school system.  The town of Huntley is actually closer to Billings than the rest of the Project Community, and you can hop on the Interstate and be downtown in about 20 minutes.

Here's a picture of the kitchen:  for more pictures and info follow this link to 1351 Florian.  I toured this home last week, listed by Kellie Saville, and just had to blog about it.  Call me if this is something you'd like more info about. 

The Quilting Realtor

Many Dream Of Living In Montana I'm One of the Lucky One's That Already Do! Wanda Thomas 2wandathomas@gmail.com Call or Text 406-698-8640 for help with all things Montana. Local MLS Search Link

Rural Development Financing is available from many lenders in our area, with rates and qualifying hoops that many people can jump through, but this does not work for homes in Billings Montana.

Not every home can qualify, and not every borrower can qualify, but the adjusted gross income limits are worth a serious look for many home buyers.  This is not just for first time home buyers either!  This program will allow you to buy as much home as you can afford in the country, or even in small towns with a few highlights to consider:

• No down payment
• No monthly mortgage insurance, so this won't be an addition to your monthly payment
• No cash reserves required (but I would have some anyway)
• Credit history doesn't have to be perfect, guidelines that fit  situations other lending programs won't even consider, of course, you can't have terrible credit
• No limitation on source of closing costs, can be gifted, other down payment assistance funds might be allowed
• Repairs may be financed up to 100% of the appraised or "as improved" value, I find this really helpful for people who want to purchase a discounted home that needs some fixing!

We have some really nice homes in the rural communities that may work just right for this type of mortgage.  If you want to know if the area you're thinking qualifies, or not, follow the link to the Rural Development website and check this out.  Then call me and we'll see if we can find you a home! 

Once you get to the site, just click Property Eligibility and then Single Family, accept the info and you'll be directed to a place you can enter the zip code of the area you're interested in.

The Quilting Realtor

Many Dream Of Living In Montana I'm One of the Lucky One's That Already Do! Wanda Thomas 2wandathomas@gmail.com Call or Text 406-698-8640 for help with all things Montana. Local MLS Search Link

I think my economics class was about 40 years long, and frankly it's still not over yet.  One thing I have noticed, is  with a tough economy, what was old, is new again!  I'm not talking about making the most out of garage sale prices, I'm talking about living a life that includes a paid off mortgage.

To me, paying off a mortgage before I retire is the best way to save for retirement; how you might ask?  Most financial planners rightfully talk about how much money you'll need, on an annual basis, to live in retirement, and then they try to help you plan for that time.

How simple it is to consider that if you pay off a home, either by using cash to start with, or by paying off your mortgage, you won't have that mortgage expense when you get older. 

I know lots of young people understand this, they didn't hit the real estate market at it's rapid incline, so they understand, quite clearly that when you purchase a home, you are not guaranteed instant tax free cash from rapid appreciation in 5 years. 

Most can look at history and reflect that homes will appreciate over time.  So, even with a hiccup in home prices, if you stay put, you should do better than just putting money into a rental you won't ever pay off (except the owner of the rental usually does pretty good).

It just makes sense that if you're going to pay a certain amount for housing each and every month, to pay off a home with that payment gets you further ahead than if you don't.  Of course, many families, young and old are too mobile to wait out the supply and demand cycles, but if you can, you should.

So, in my humble opinion, save for a home, pay it off, and then retire with less pressure on your other investments to perform.  Oh yea, should you add some rental property to your "holdings" or just hope the wall street gurus are thinking of you first and not their own take home pay?  I like my investments, but I like not having a mortgage in the future as well.

When is a good time to buy a home?  Should you buy when everyone else is in a hurry to buy or should you buy when everyone else is staying away?  The people who make good decisions in any market, always do better.  Would it be better to buy a home when the interest rate is 4% or 8%?  Smart people understand this easy math well.

Of course if you're not moving and moving and moving every few years, I can't sell as many houses.  But then, should it really be about me?  Or should you do things that get you and your family on a secure path to the most comfortable lifestyle, now and in the future, that you can afford.

Rookie home buyers wanted!

The Quilting Realtor

Many Dream Of Living In Montana I'm One of the Lucky One's That Already Do! Wanda Thomas 2wandathomas@gmail.com Call or Text 406-698-8640 for help with all things Montana. Local MLS Search Link

I took this picture of a real bird (house)'s eye view of the Yellowstone River from a log home for sale just east of Billings Montana.  The road is named Bald Eagle Road and while we were viewing this log home listing, right on cue, a Bald Eagle flew right in front of us on it's way to fish in the Yellowstone.

I think it's only fair to mention that this is not riverfront property, there is a railroad track down next to the river.  However, this view is really not to hard to take, lots of wildlife all day long.  Tonight you'll be able to see the Northern Lights on the horizon, looking in the very same direction.

If you want more info on log homes for sale in our area, just email me here 2wandathomas@gmail.com.

The Quilting Realtor

Many Dream Of Living In Montana I'm One of the Lucky One's That Already Do! Wanda Thomas 2wandathomas@gmail.com Call or Text 406-698-8640 for help with all things Montana. Local MLS Search Link

Montana Hay Bale Trail Hobson, Montana, September 11, 2011

In Montana we have a way of just hanging out with the neighbors, especially on days when the neighbors clown around.  That will be happening again this next Sunday just a hundred miles or so north of me in the Hobson-Utica area.  We will be remembering the 10 year anniversary of a horrible event with the celebration of community spirit!  Our towers are made of hay.

One of my favorite things to do in my part of the country, is to hit the highway and go see all the small town fun in our Big Sky Country.  This Sunday will be especially fun, since there will be miles of special hay bale art up and down the road.  This is the 22nd consecutive event for this community, genius way for a fun fundraiser.  We even get to vote on our favorite hay bale design (we've heard some will be mechanically inclined).

Here is a map of the event, gates open Sunday morning at 8am.  Maybe I'll see you there?  I will be posting some pictures and add them to this post, just for fun.  I will be taking my 18 month old grandson on the adventure, he like to ride in the car.  For more info, visit their great website by clicking HERE

The Quilting Realtor

Many Dream Of Living In Montana I'm One of the Lucky One's That Already Do! Wanda Thomas 2wandathomas@gmail.com Call or Text 406-698-8640 for help with all things Montana. Local MLS Search Link