BirdManMike
Well-known member
If there is a correction coming to the housing market, it will be to townhomes in Bozeman not to places with any acreage within an hour or even two of it. I think that must be true of any larger, western town.
A lot of blame is put on the pandemic, tech, and work from home, but what I see is in my area (Im not in town) is almost entirely boomers buying their retirement home. I am 40 years old this year, and other than one other family of professionals (she is, at least, not sure what he does) a couple properties down, I am probably the youngest person in a 10 mile radius (and further going in certain direction) by about 10 years (or more). Some of the homeowners are older locals that have lived here forever, but most are retirees, or soon-to-be retirees, from elsewhere, some of them living in here only part of the year.
Look at all the relocation topics here and elsewhere. Its usually along the lines of, 'I am getting ready to retire, looking for a place near good hunting, outside of town, has acreage, can see mountains, close enough to town for good supermarkets, close enough to hospital, (maybe) close to airport'. The competition would be stiff even were there an inventory of homes on the market, but there arent and at this point youre waiting for a generation to start dying off (people that may be the same age as you if youre one of those looking to retire) and who know what the demand will be like once they do. Either that, or you are willing to get into an all out bidding war to outpay the other guy(s).
Its better where there is no 'mountain tax', ie one cant see the mountains. Billings, for instance. But even there, there are retirees moving in. I just helped my little sister move into a new place she bought in a town near-ish Billings 2 weeks ago. More affordable over there, but its basically at Livingston prices of 4-5 years ago and Bozeman of 10 years ago for an equivalent place. Was talking to the neighbors, a younger couple, who were joking they were just trying to guess how old the new neighbors, sure to be retirees, moving in next door would be. Cant even see the mountains from town.
Ive a hard time imagining any real price correction coming.
A lot of blame is put on the pandemic, tech, and work from home, but what I see is in my area (Im not in town) is almost entirely boomers buying their retirement home. I am 40 years old this year, and other than one other family of professionals (she is, at least, not sure what he does) a couple properties down, I am probably the youngest person in a 10 mile radius (and further going in certain direction) by about 10 years (or more). Some of the homeowners are older locals that have lived here forever, but most are retirees, or soon-to-be retirees, from elsewhere, some of them living in here only part of the year.
Look at all the relocation topics here and elsewhere. Its usually along the lines of, 'I am getting ready to retire, looking for a place near good hunting, outside of town, has acreage, can see mountains, close enough to town for good supermarkets, close enough to hospital, (maybe) close to airport'. The competition would be stiff even were there an inventory of homes on the market, but there arent and at this point youre waiting for a generation to start dying off (people that may be the same age as you if youre one of those looking to retire) and who know what the demand will be like once they do. Either that, or you are willing to get into an all out bidding war to outpay the other guy(s).
Its better where there is no 'mountain tax', ie one cant see the mountains. Billings, for instance. But even there, there are retirees moving in. I just helped my little sister move into a new place she bought in a town near-ish Billings 2 weeks ago. More affordable over there, but its basically at Livingston prices of 4-5 years ago and Bozeman of 10 years ago for an equivalent place. Was talking to the neighbors, a younger couple, who were joking they were just trying to guess how old the new neighbors, sure to be retirees, moving in next door would be. Cant even see the mountains from town.
Ive a hard time imagining any real price correction coming.
