MARKET UP DATE AT GLANCE JANUARY 2009 FORECAST AND

2008 END OF YEAR NUMBERS

 

FIRST I’D LIKE TO START BY THANKING ALL MY CUSTOMERS FOR MAKING 2008 ANOTHER RECORD YEAR. WITH THE OPPORTUNITY TO SERVE ALL MY FRIENDS, CLIENTS AND CUSTOMERS I INCREASED THOSE  SERVED BUYING AND SELLING BY 15% OVER 2007 WHILE THE NUMBER OF UNITS SOLD IN YELLOWSTONE COUNTY DECREASED BY 16% IN THE PARLANCE OF STOCK BROKER TALK I BEAT MY MARKET INDEX BY 31%. YET THIS IS ONLY POSSIBLE BECAUSE OF MY GREAT CUSTOMERS LIKE YOU.

 

NOW ON TO 2009 THE FIRST PLACE TO START IS LOOKING TO 2009 ARE THE “BIGGIES” THAT WILL BE AFFECTING THE HOUSING MARKET.

 FIRST AND FOREMOST WILL BE THE INTEREST RATE AS OF JANUARY 9TH 4.75% FOR A 30 YEAR LOAN WAS AVAILABLE. THIS MAKES HOUSING VERY REASONABLE AND IS A HISTORICALLY LOW RATE. IF YOUR CURRENT INTEREST RATE IS ABOVE 5.5% YOU SHOULD SERIOUSLY CONSIDER REFINANCING YOUR HOME.

TO ILLUSTRATE THE IMPACT OF THAT RATE IF YOUR PURCHASED THE MEDIAN PRICED HOME (CURRENTLY AT $185,000) WITH A MAXIMUM FHA LOAN THE PRINCIPAL AND INTEREST PORTION OF YOUR PAYMENT WOULD ONLY BE $965 PER MONTH CONTRAST THAT AGAINST THE MEDIAN ASKING PRICE OF HOME FOR RENT AT $1000 PER MONTH AND YOU CAN SEE THE IMPACT THAT INTEREST RATE HAS ON THE AFFORDABILITY OF PURCHASING A HOME.

THE SECOND LARGE IMPACT THAT RUNS THROUGH APRIL IS THE FIRST TIME HOME BUYERS $7500 TAX CREDIT ON A HOME PURCHASED. THIS TAX CREDIT IS REFUNDABLE TO THE PURCHASER IF IT EXCEEDS THE FEDERAL TAX LIABILITY THE PERSON HAS. YET WITH IT’S TIME LIMIT THE TIME TO ACT IS NOW, SO THE PURCHASER CAN TAKE THEIR TIME SELECTING THE RIGHT HOME FOR THEMSELVES.

THE THIRD “BIGGIE” WILL BE WHAT I CALL THE “NATIONAL NOISE” AS I WRITE THIS THE EMPLOYMENT FIGURES NATIONALLY JUST CAME OUT AT 7.2% WITH THE HEADLINE OF “2008 WORST YEAR FOR JOBS IN 45 YEARS” CONTRAST THAT WITH YELLOWSTONE COUNTY AT 3.3% UNEMPLOYMENT AND YOU CAN SEE WHY YOU ARE GLAD TO LIVE IN BILLINGS MONTANA. WITH THESE TYPES OF HEADLINES AND WHAT LOOKS LIKE A CONTINUATION OF THE STOCK MARKET UNDER PERFORMANCE A LOT OF INDIVIDUALS WILL BE CAUTIOUS ABOUT OBLIGATING THEMSELVES LONG-TERM. THE REACTION THAT I SEE IS THAT THOSE THAT ACT ARE LOOKING FOR GOOD VALUE IN THE MONEY THEY SPEND.

I  DO BELIEVE THE HOUSING MARKET IN YELLOWSTONE COUNTY WILL HAVE IT’S CHALLENGES IN 2009. I AM EXPECTING TO HAVE TO REDOUBLE MY EFFORTS TO INCREASE THE BUYERS AND SELLERS THAT I WILL BE ABLE TO HELP ACCOMPLISH THEIR GOAL IN 2009, BUT I AM NOT AFRAID OF HARD WORK AND ENJOY THE SATISFACTION OF HELPING PEOPLE COMPLETE THE PURCHASE OR SALE OF A HOME.

IF YOU NEED AN ADDITIONAL L INFORMATION PLEASE CALL OR E-MAIL