2010—Uplifting news in Real Estate Sales

2010—Uplifting news in Real Estate Sales

There’s no end to real estate in the news. One can purchase the Montana property where the Unabomber lived for $69,500, or read about shoddily documented mortgages that have investors wondering if the housing slump will ever end. More locally, apprehension mounted when one of the Flathead Valley’s most prominent real estate companies went out of business.

However, some Flathead Valley offices claim they are seeing a surge in real estate sales. Trails West Real Estate certainly did. “It was a busy summer followed by an even busier fall,” notes Tom Brown, one of the five owners of Trails West. Buyers from all over the country and Canada seem to feel that this is the perfect place to buy a home. Sales are strong across all of Trails West’s five valley offices. From January 2010 to December 8, 2010, Trails West Realtors closed 236 deals, a total sold volume of $102,010,482. Laura Manning, Business Manager at Trails West credits the agents and owners for the company’s success.

“The owners made a commitment to expand at the onset of the market decline. Not only did they add new office locations, but they also invested in a new website with improved search capabilities for buyers. The 39 agents made commitments to grow their personal business through excellent client service, personal branding, and staying on top of market trends. We now have agents that specialize in short sales, lake properties, land, and workforce housing, just to name a few areas.”

Maintaining focus on growth and evolution has allowed Trails West’s agents to market their listings to a much broader field of prospective buyers and take over market share. Trails West now represents nearly 10% of all the residential sales volume reported by the Northwest Montana Association of Realtors through December 8^th of this year. In total residential sales volume, Trails West is approximately $20 million ahead of its nearest competitor for that same time period.

There’s never a crystal ball, but if November and December are any indication of sales action, it looks like 2011 will continue to show steady growth in real estate sales in the Flathead Valley. Maybe northwestern Montana should be in the national news. But then, no news is usually good news!

One of the luxury properties sold this year

by Trails West Real Estate

2010 Montana Economic Development Summit Update

Dear fellow Montana EconomicDevelopment Summit participant, The 2010Montana Economic Development Summit focused on Montana Solutions for Montana Jobs. One important step in creating jobs here at home is exploring opportunities to boost American exports. During the week of October 10, Senator Max Baucus will be in Beijing and Shanghai tolook for ways to promote American exports, including high-quality Montana beef,wheat, and other products. The trip comes a month after Chinese Ambassador to the United States Zhang Yesui joined Max on a tour of Montana.You can find more information on that visit by clicking here. Montana's relationship with China affects many industries, and presents both challenges and opportunities. We invite you to submit questions for Max to raise with the influential political and business leaders he is scheduled to meet in China. And please let us know if you have business partners in China that Max and his staff should reach out to while they're there. You can submit your questions and comments through our online portal by clicking here. Thank you for helping us continue the important dialogue on Montana exports that we started at the 2010 Montana Economic Development Summit.

This email was sent by 2010 Montana Economic Development Summit, 127 South Excelsior, Butte, Montana 59701,

MANAGING THE STRESSES OF BUYING AND SELLING A HOME

By Stanley Popovich
Many people deal with the anxieties of buying or selling a home. This process can be confusing to many people. As a result, here is a list of ways that a person can use to manage the anxiety of purchasing or selling a home.
The first step is to determine your goals in purchasing or selling a home. Determine what you want to accomplish. It will save you a lot of time and money in the long run if you know what you are looking for. Sit down and think about the overall goal of what you are looking for and convey this to your real estate agent. Some people like to write down their goals on a piece of paper so they have something to go back to when they get stressed.

Educate yourself on the steps of purchasing or buying a home. Go to your local bookstore and find some books that will explain the process of buying or selling a home. There are many books available that can inform you of the process and will help reduce the anxiety of the situation. Most importantly, you will be able to make smarter choices that will save you time and money.
Find a reputable real estate agent that can help you accomplish your goals. Ask some of your friends on who they recommend and get in touch with them. Referrals from people you know are a great way in finding a good real estate agent.

Get your finances organized. Make sure you have an idea on what you can afford and also make sure that your credit is good. The financial aspect of buying or selling a home does not have to be scary if you have a sound business plan and a realistic budget. Some people may buy a home that they can't afford and this can cause problems down the road. Determine what you can afford and develop a budget where you will be able to keep up with your bills.
In addition to using the services of a good real estate agent, try to get a friend who is more experienced to help you. Chances are good that you know someone who has purchased or sold a home. You could ask them for their assistance and ask them questions on what to do and what not do. Having a friend who can assist you along the way can really help reduce the anxiety of the process.
Read the fine print on everything before signing and do not assume anything. Ask questions if you are uncertain on some aspects of buying or selling a home. A good real estate agent will not mind if you ask questions, however you should do your part and try to educate yourself on the entire process.
There will be times when everything happens all at once. When this happens, a person should take a deep breath and try to find something to do for a few minutes to get their mind off of the current situation. A person could take a walk, listen to some music, read the newspaper or do an activity that will give them a fresh perspective on things. Once you calm down, you will better able to make the right decisions.
Purchasing or selling a home does not have to be a bigger deal than it has to if you take the proper steps. There is help out there if you get stuck or confused. The most important thing is to do your homework. Determine your goals, educate yourself on the steps to reach your goals, ask questions, and take it one step at a time. If you follow this advice you will be better able to reduce the stresses of purchasing or selling a home.

BIOGRAPHY:

Stan Popovich is the author of "A Layman's Guide to Managing Fear Using Psychology, Christianity and Non Resistant Methods" - an easy to read book that presents a general overview of techniques that are effective in managing persistent fears and anxieties. For additional information go to: http://www.managingfear.com

Flathead Lake Waterfront Sales Rebounding

Flathead Lake Waterfront Sales Rebounding

Flathead Lake waterfront properties have arguably been the hardest hit in the current recession. Significant media attention was given to the fact that no waterfront residences sold for the first 6 months of 2009, followed up by the hype of a multi-million dollar waterfront auction. Once prices adjusted accordingly, the second half of 2009 finished with a respectable 20 waterfront sales compared to 23 in 2008, and total sales volume down only 26% from the previous year.

Assuming 2009 was the low point of this cycle, the second-half rebound has continued into the first part of this year. Pricing pressure continues to keep Flathead Lake properties affordable, and sales continue to pick up. Extrapolating the current sales rate (through May, 2010) to the end of 2010 results in an annual increase of 80% in transactions and 63% more in total sales over 2009. Even if this rate does not continue, the fact remains that 15 properties have changed hands for a total of nearly $13M in sales volume in the first 5 months of this year, compared to the big goose egg in the first half of 2009!

Waterfront inventory has steadily been on the rise since the first of the year as sellers ramp up for the summer selling season, and sellers have been encouraged by sales activity. List prices have been flat to falling over the same period for residential waterfront, and land prices have been holding steady with very little activity.

I expect the current prices to hold steady for the rest of this year if the existing economic environment persists. If interest rates make a sharp rise, we could see prices drop a bit further. Given there will always be a limited supply of waterfront land on Flathead Lake, and a persistent demand for the unique enjoyment of waterfront living, the trending data gives us an idea of where the bottom of the lake market really is.

Please visit www.DavidFetveit.com for more updated market information, and subscribe to the Waterfront Market Report – a monthly electronic publication containing up-to-date sales and market information for Flathead Lake waterfront.

Montana Economy - signs of turnaround

The Montana Department of Labor and Industry: Research and Analysis Bureau just released an update on the Montana ecomony. Their report states that while the U.S. economy appears to be in recovery, the signs are not so clear for Montana. Unemployment rates continue to rise, but job growth is also being reported. Their report also states that "using personal income data, Montana has joined the nation in its economic recovery" which is a good sign. The continued growth in unemployment is not unusual. Job growth normally doesn't occur until months after a significant turnaround in the economy. For the full article and charts to help visually explain the state of the economy, visit their website at www.ourfactsyourfuture.org.

More specifically, we are noticing a significant upswing in business in the real estate industry. Both 4th quarter 2009 and 1st quarter 2010 showed significant improvement over prior years. For market information specific to your neighborhood in the Flathead Valley visit our website at www.trailswestrealestate.com and visit the Market Stats section under the About Us tab.

Laura Manning is the Business Manager at Trails West Real Estate and enjoys crunching numbers almost as much as boating, hiking, camping, and playing outdoors during the long beautiful days of summer. She can be reached at 406-837-7050 or laura@twre.com if you would like additional market information.

Homebuyer tax credit updates

OK, so by now a lot of people have heard about the Homebuyer Tax Credit, but there is still so much confusion. I can't count the number of people who have said, "Yeah, I've heard of it, but it isn't really getting money, it is just a reduction in taxes if you are going to owe taxes, right?" WRONG! This is real money. If you were going to get $1,000 back on your taxes and you purchased a qualifying property, you would get $9,000 back instead.

Of course, there are a number of things to consider and you should talk to your qualified Realtor and a CPA before jumping in, but this is a tremendous opportunity and it won't last forever. If fact, you must have a property under contract by April 30th, 2010 and it must close by June 30th, 2010 in order to get the credit.

**This is a partial list and should not be used as a complete guide! This can get “messy” when dealing with documentation so be sure to visit with your Certified Public Accountant!!
Here is a brief list of other things to consider when thinking about taking advantage of this opportunity:
1. The credit is $8,000 OR 10% of the purchase price, whichever is less for a first-time homebuyer. The credit is also available for current homeowners (see note below) and is $6,500 or 10% of the purchase price, whichever is less.
2. Current homeowners can purchase a new home and receive a credit by applying for the Long-Time Resident Credit. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. To avoid delays, proper documentation needs to be attached to the tax return.
3. TAX SEASON NOTE: The documentation requirements mean that taxpayers claiming the homebuyer credit cannot file electronically and must file paper returns! Also, you can file your taxes, close on your property and then file an amendment for your 2009 taxes to receive the credit prior to filing 2010 taxes after the 1st of 2011. Because some people (who are these people!!) are filing fraudulent claims, the IRS has a lot of work to do in verifying the claim is real and the credit is taking six to nine months to get processed!
4. The credit does NOT need to be repaid UNLESS the home is sold or turned into a rental within 36 months of purchase.

Well, that is some of the information about the tax credit. On one hand, it is pretty straightforward; the money is there for the taking as part of the stimulus. On the other hand, there are some “i’s” to dot and “t’s” to cross so navigate carefully. We’re happy at Trails West to answer some basic questions. You can also visit our website at www.trailswestrealestate.com and look at a chart we’ve made available under the Buyer Tab that helps answer some of your basic questions. Call or visit us at the following locations:
Bigfork: 420 Electric Avenue (Downtown) or 301 Eagle Bend Drive (Eagle Bend) (406)837-7050
Lakeside: Hwy 93 and Bills Road (406)844-6050
Whitefish: 1399 Wisconsin Avenue (moving soon to 148 Central Avenue Downtown) and our Lake office inside the Lodge at Whitefish Lake. (406) 862-4900

Top Producer 2009

Real Estate not selling in the Flathead Valley? You won’t hear Brett Bennetts of Trails West Real Estate say that. Brett is Trails West’s Top Producer for 2009 and is nothing but optimistic about the real estate market in the Flathead Valley. Other top producers at Trails West include Matt Buckmaster, who joined Trails West in mid 2009, and closed enough volume to be the second highest producer company wide. Janae Donoghue was the company’s third highest producing agent. These Realtors work diligently to serve clients with their knowledge and expertise. The properties they represent range from a starter house in Kalispell, to land in Whitefish, to the most luxurious of lakeshore and view properties. “We couldn’t do it without the support of the Realtors, Brokers and staff in our Trails West family,” noted Brett.
Trails West would also like to recognize the following agents who were top producers in each office. For Bigfork: Brett Bennetts, Janae Donoghue Moore and Steve Dooling. For Whitefish: Matt Buckmaster, Doug McNicoll and Kelly Talsma. And Lakeside: Sandy O’Connell, David Fetveit and Cindy Lanier.
With five Flathead Valley offices, clients receive timely and knowledgeable service. In addition, Trails West is aggressively developing its technology. The new Trails West website offers potential buyers expanded search options, has enhanced online tracking and measuring capabilities, and provides sellers with immediate response and feedback on their listings. Via the website, Trails West Realtors have the ability to create portals for projects and personal marketing. Most importantly, with today’s competitive technology, the new website offers advanced search optimization, and that’s a serious plus for Trails West’s clients. The affiliation and web presence with Christie’s Great Estates is another plus that gives sellers of luxury properties an international presence and referral network for marketing luxury real estate.
With all the chatter about real estate not selling, Trails West begs to differ. The 42 Realtors of Trails West Real Estate closed over 180 transactions in 2009 totaling more than $80 million in sold volume. Who says property isn’t selling in the Flathead Valley? You won’t hear Trails West saying that!

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