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November 2023 Newsletter

Writer's picture: Tracy WalczakTracy Walczak


Log home

Much like most of our country, real estate in the Bitterroot Valley during 2023 has experienced fluctuations that I predict will continue into 2024. On the positive side, most homeowners have considerable equity in their properties. This wealth is probably their biggest potential investment. If they were fortunate to lock in low-interest rates, they have affordable monthly mortgage payments. However, homeowners must calculate going forward that they will undoubtedly face tax increases and higher property insurance premiums. The low inventory of available properties is a result of builders over the past 10 years limiting the new homes they put on the market, the mortgage rate lock in effect that propels sellers to stay in their homes, and the fact that nationally people are remaining in their houses longer, upon average 9+ years. Home purchasers are still facing affordability issues, and higher mortgage interest rates. Here in the Bitterroot Valley, we are seeing more sellers willing to help buyers with closing costs and also award funds to buy down their mortgage interest rates. On average in the USA, the median down payment on a home is 14%. According to Redfin, nationally 34.1% of the homes purchased in September of 2023 were cash purchases - the highest percentage in a decade. People will always purchase and sell property. What is needed is sound strategies to maximize profit, minimize stress, and implement creative methods to purchase properties that allow today's buyers to become homeowners and build property equity that will result in increased wealth. If you are contemplating selling or purchasing properties in 2024, the agents at Aspen Grove Realty would be honored to advise you on strategies that would serve you well. We work with industry partners that counsel you about the mortgage process, educate you on the inspection process (both as a buyer and seller), and we also have compiled a preferred vendor list that gives you the contact information for the very best Ravalli County service providers. We work hard to be your best real estate resource.


Bitterroot Blessing Baskets


Blessing Basket Drop Off

We exceeded our goal of 100 Bitterroot Blessing Baskets due to the generosity of our community. On Monday, November 20th, we delivered the baskets to six local organizations, and the gratitude they exhibited was indeed inspiring.


Local businesses and individuals made sure that our neighbors would have a wonderful Thanksgiving meal and some extra food, personal hygiene items, cleaning supplies, blankets, and even a cord of free wood -


A big shout out to my fellow real estate agents at Aspen Grove Realty, Heather Lupton, Kali Hinrichs, and Susana Moore. This was the first year of this initiative and it required team work, hustle, and follow through. We all are grateful we can give back to the community where we live, work, and recreate.


VA Loan Info


Bitterroot Valley Market Report

As 2023 is slowly winding down, the sale of homes is correspondingly lessening. In October, 46 homes sold and the sellers received only 92.54% of their asking price. Homeowners are also being asked to help buyers with closing costs or funds to buy down high-interest loan rates. Sixteen out of the 46 homes sold in October included a seller subsidy to the purchaser. There are currently 224 homes for sale in the Bitterroot Valley, ranging in price from a low of $149,000, a median asking price of $749,000 and a high asking price of $11,995,000. The median days on market for these homes is 87 days and the median asking price is $360.35 per square foot. The median square footage for the active home listings is 2,210 square feet. Currently 199 parcels of land are for sale in Ravalli County, ranging in price from $49,900 to $5,700,000. The median land asking price is $320,000 and the median days on market is 162 days. During October of 2023, 46 homes sold ranging in a sold price of $199,000 to a high price of $2,087,500. The median sales price was $566,000. The median days on market (DOM) was 58 days. Sixteen of the purchasers received closing cost assistance from sellers who received on median 92.54% of their asking prices. The median square footage of a home was 1,818 square feet and the median sold square footage was $317.53 per sq ft. The breakdown of the locations where the 46 homes were sold are as follows: 21 properties in Hamilton; 12 properties in Stevensville; 6 properties in Florence; 3 properties in Corvallis; 2 properties in Victor; 1 property each in Conner and Sula. During October of 2023, a total of 6 land sales closed in Ravalli County. The lowest priced land listing sold for $50,000 and the highest priced parcel sold for $1,115,000. The median sales price of land was $288,500. The median acreage sold was 6.29 acres and the sellers of their land received a median 98.18 percent of their asking price. Parcels were sold in three communities: 3 parcels in Stevensville; 2 parcels in Hamilton and 1 parcel in Conner. The average days on market (DOM) was 47 days. * Sales information is sourced from the Montana Regional Multiple Listing Service and is deemed reliable, but is not guaranteed.

Featured Property


Hone House Lots for Sale

Welcome to the Ravalli Farm subdivision where you can design and build the house you've always envisioned. The lot comes with natural gas and accessible power is available, making the installation of utilities convenient and straightforward for your new home. The property benefits from an irrigation system, ensuring you w/ the means to maintain a lush & green landscape. Embrace the breathtaking views of the surrounding countryside and nearby mountains. Although nestled in a peaceful rural setting, essential amenities are within easy reach. Local shops, schools, and recreational facilities are just a short drive away. Whether you're looking to build a family home, a retirement retreat, or an investment property, this lot provides an excellent opportunity to make your vision come to life. Property listing proved by Susana Moore, real estate agent with Aspen Grove Realty For more details and photos, click here.


Search for Your Home or Land Using the One Home Platform and Mobile App


Knowing the real estate market where you are considering relocating to helps you make informed purchase decisions. Now you can receive ongoing Bitterroot Valley data about our real estate market through a state-of-art property search tool called One Home.


What makes One Home a better home search portal than Zillow or Realtor.com? Let me enlighten you!


While I can email you properties, now you can also create your own saved searches. The One Home program allows you to save custom searches using your own personal criteria; evaluate the home you are considering with other comparable properties; select properties using interactive location maps; and calculate the monthly cost of the home based on current interest rates, your down payment, and the sales price.


You can also select specific criteria for your property search: type of home, price, number of bedrooms and bathrooms, square footage, location, and many other parameters for you to consider. After you enter that information, any new property listings you receive in One Home will automatically rank the property according to your wish list. Pretty sweet!


If you see a property you like and perhaps want more information, you can notify me directly through the One Home portal, which will save you time. Additionally if you want to schedule a tour of the property, you can request that showing through One Home.

I am jazzed that I can now offer you this awesome property search tool. If you prefer to do your search also on your smartphone, there is a mobile friendly application.


If you are a visual learner like myself, check out this short video which will give you an overview of the One Home property search tool (because Montana is a non-disclosure state you will not have access to public sales records.) However, if we have a buyer broker agreement that states I will represent your interests, then I can disclose the sold price of any property that was listed in our Multiple Listing Service (MLS).


When I was searching for my dream home in Darby, I wished the One Home property search program had been available to me. It would have allowed me a better understanding of the local real estate market before I put in an offer. Now you can benefit from the many valuable features of One Home. I'll help you set up the search program - it's that simple.

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Walczak

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