Where's that video update?
Spring and summer came too soon, and I haven't been able to devote much time to my next video. Rest assured that I have some good stuff that you will enjoy whenever it comes out!
In the meantime, I would like to hear your stories. What are you seeing in the market? Any significant shifts? Market still hot, or cooling down?
If you have some interesting insights into the Real Estate market or industry, please let me know. I'd like to do some interviews for my next video. All viewpoints welcome. billings @ topoimagery.com
hey doug.....i live in sandiego and i am a billings native...i enjoy this forum and value your insight with the over valued billings real estate market..we have the same probblem here in sandiego...so keep up the good work..and hurry up with that new video...thanks again....
I want to echo Kevin's request...please hurry with that video.
I am currently living in Hartford Connecticut and have signed a contract to start work in the Billings area in July of 2008. My wife and I are a little anxious about buying a home in the current market. We have been searching the housing market regularly and trying to get a feeling for the general trends. We have spoken with a real estate agent and a builder directly and both have been very reassuring that the market in Billings is very stable and probably going to start bouncing back soon. But every time I look at the houses on the market I just don't see a product worth the amount that they are asking. The houses that seem to be most out of touch with what they are worth seem to be the upper middle class homes (high 300K-500K range). They seem to be trying to sell a 3500 sq ft home for 400K, which sounds reasonable. Upon closer inspection, however, the house only has 1800 sq ft finished and a bunch of generic/home depot features. For 1800 finished sq ft at 400K, I would expect a lot more quality.
Another issue that concerns my wife an I is the school district. The real estate agent indicates that the areas in the northwest of Billings are a little pricier because they are located in the more desirable school districts. When we inquired about the schools in that area, we were informed that most are well above capacity and if your children are at the high school age they may be bused to a different school (from West to Senior).
Unfortunately, my wife and I are all over the map with respect to buying a house. We have contemplated buying a cheaper home while building a our dream home, a middle of the road home for a couple of years, or straight to building...anyhow, we are a little anxious about the direction of the housing market. We don't expect to time the buy perfectly, but we also don't want to completely miss the mark...so we too are awaiting your next video.
Don't you think that as coalbed methane drilling picks up in eastern Montana, as it has in Wyoming, that boom will spill over to Billings and help prop up the market?
While Coal Bed Methane has made Gillette home prices go through the roof it hasn't helped Casper much at all. Buffalo and Sheridan have a sellers market but I don't know if CBM is the root cause of that. Besides CBM development is a boom bust thing, it may come on strong for a few years then all those construction jobs will just disappear. It's certainly not a sustainable industry and while it might give us a bump in buyers I think it would be foolish to bank our future on. HQ for most of these companies are already here in Billings or staying in Wyoming or elsewhere. The only new jobs it would give us are drillers, truckers, construction workers etc. Middle class for sure but they may be more interested in staying closer to their work then buying a house in Billings. Mile City, Colstrip, Hardin will probably experience the boom more then Billings. Boom Bust growth and economics is good for a little while but is pretty bad when it busts.
Doug, So what do you think of this story in the Gazette today?
Carol in Missoula
Doug this Duane from Bozeman, check out the Bozeman Daly Chronicle web site today, September 30. It's a story on how Montana has escaped the sub prime meltdown. It is just quotes mortgage brokers. The story is totally bogas. He hasn't even gone down to the Clerk and Recorders Office to see how many Sub Prime loan companies opperated in Bozeman.
housing boom/housingdoom You should get with housingdoom.com It is almost impossible to get the truth about Bozeman but I have seen mortgage lenders start to silently disappear. The corp I work with is already sending out signals of coming layoffs when CRE's hit the fan.
Thanks so much for this valuable info on the Billings housing markets.
I think you are right on when you say the media (who take lots of realtor ads) are lax in reporting the real situation.
Can't wait for the next installment!