Monday, November 23, 2009

Property Update for Montana

By Kevin Wetherell- Clearwater Montana Properties, Inc.
Within the recreational/farm/ranch market in Montana, there is very little leveraged property. Most properties being bought over the past 10 years have been cash transactions and properties which are owned by historic Montana families remain relatively strong with limited debt. While we see people wanting to sell property in Montana, typically these sellers are wealthier and they tend to resist price decreases of a substantial degree. The Montana Legacy Project is purchasing 310,000 acres of land in western Montana from Plum Creek Timber Co. This will act to limit recreational land availability going forward as those lands are placed with the State, Forest Service and other entities. Following a 20-30% reduction of recreational /farm/ranch values since the highs achieved in 2006, the real estate market in Montana has begun stabilizing and there are some great value opportunities available. As we look back to the historical trends from 1985, one would expect that the Montana market will rebound rapidly once confidence is re-established and buyers begin aggressively buying the bottom. Recent buyers in our market have seen the opportunity created by the availability of special land ownerships that have previously been sought after at much higher values. These holdings are certainly worthy of your consideration for investment or for your personal recreational aspirations or the best combination is to get both!

Monday, November 9, 2009

Update To The Homebuyer Tax Credit

Great News! Congress has extended and expanded the homebuyer tax credit. The tax credit for first time buyers has been extended until April 30, 2010 and remains $8000 (buyers may not have had an interest in a principal residence for 3 years prior to purchase). An additional modification is that current homeowners are eligible for a $6500 tax credit on homes purchased before April 31, 2010. Current homeowners must have used the home being sold as a principal residence consecutively for 5 of the previous 8 years. In addition, as long as a written, binding contract to purchase a home is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. Purchases must be less than $800,000. Income limits for current homeowners are $125,000 for single and $225,000 for married. This is a great time to move up or to down size your existing house! Talk to a Realtor today to find out more information about this tax credit.