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Writer's pictureTracy Walczak

September 2023 Newsletter

Bitterroot Real Estate News by Tracy Walczak

Bitterroot Blessing Baskets

It's no secret that many of our neighbors in the Bitterroot Valley are in need of a helping hand. Food insecurity is a real problem, and many caring residents are looking for ways to assist others. The team members of Aspen Grove Realty are coordinating a Bitterroot Blessing Basket initiative that will bridge the gap between those in need, and those who are fortunate to be able to give back to the community where they live. If you would like to join the effort and donate a Blessing Basket, here is the donation link where you can register and find more information about needed items. It is important that we match the number of donated baskets to the number of recipients, so please fill out the form. Donors will be dropping off the Blessing Baskets between 4:30 p.m. and 7 p.m. on Wednesday, November 15th at Flying S Title & Escrow, located at 1438 N. First Street in Hamilton. Because this is the first year of this giving event, we are unclear what the donation response will be. Our goal is to collect 100 Blessing Baskets, and we are confident the Bitterroot community will rise to the challenge.


Your Home Equity Can Offset Affordability Challenges


Selling your house

Are you thinking about selling your house? If so, today’s mortgage rates may be making you wonder if that’s the right decision. Some homeowners are reluctant to sell and take on a higher mortgage rate on their next home. If you’re worried about this too, know that even though rates are high right now, so is home equity. Here’s what you need to know.

Bankrate explains exactly what equity is and how it grows:

Home equity is the portion of your home that you’ve paid off and own outright. It’s the difference between what the home is worth and how much is still owed on your mortgage. As your home’s value increases over the long term and you pay down the principal on the mortgage, your equity stake grows.”

In other words, equity is how much your home is worth now, minus what you still owe on your home loan.

How Much Equity Do Homeowners Have Now?

Recently, your equity has been growing faster than you might think. To help contextualize just how much the average homeowner has, CoreLogic says:

“. . . the average U.S. homeowner now has about $290,000 in equity.”

That’s because, over the past few years, home prices went up significantly – and those rising prices helped your equity to accumulate faster than usual. While the market has started to normalize, there are still more people wanting to buy homes than there are homes available for sale. This high demand is causing home prices to go up again.

According to the Federal Housing Finance Agency (FHFA), the Census, and ATTOM, a property data provider, nearly two-thirds (68.7%) of homeowners have either fully paid off their mortgages or have at least 50% equity (see chart below):


Americans sitting on tremendous equity

That means nearly 70% of homeowners have a tremendous amount of equity right now.

How Equity Helps with Your Affordability Concerns

With today’s affordability challenges, your equity can make a big difference when you decide to move. After you sell your house, you can use the equity you've built up in your home to help you buy your next one. Here’s how:

  • Be an all-cash buyer: If you've been living in your current home for a long time, you might have enough equity to buy a new house without having to take out a loan. If that's the case, you won't need to borrow any money or worry about mortgage rates. The National Association of Realtors (NAR) states:

“These all-cash home buyers are happily avoiding the higher mortgage interest rates . . .”
  • Make a larger down payment: Your equity could be used toward your next down payment. It might even be enough to let you put a larger amount down, so you won't have to borrow as much money so today’s rates become less of a sticking point. Experian explains:

“Increasing your down payment lowers your principal loan amount and, consequently, your loan-to-value ratio, which could lead to a lower interest rate offer from your lender.”

Bottom Line

If you're thinking about moving, the equity you've built up can make a big difference, especially today. To find out how much equity you've got in your current house and how you can use it for your next home, let’s connect.


How remote work helps with your house hunt

Bitterroot Valley Market Report

Owners selling land parcels in the Bitterroot Valley are facing continued challenges with the median current property for sale on the market for 137 days. Perhaps potential buyers are evaluating the costs of putting in a septic system, a well, electricity, roads, and other costs associated with building a home on vacant land. Often, it is more cost effective to purchase a home that can be remodeled or expanded than building a new home and structures. There are currently 252 homes for sale in the Bitterroot Valley, ranging in price from a low of $99,000 to a high asking price of $11,995,000. The median days on market for these homes is 69 days and the median asking price is $360.05 per square foot. The median square footage for the active home listings is 2,053 square feet. Currently 203 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 $355,000 and the median days on market is 137 days. During August of 2023, 67 homes sold ranging in a sold price of $48,000 to a high price of $2,700,000. The median sales price was $586,000. The median days on market (DOM) was 65 days. Eighteen of the purchasers received closing cost assistance from sellers who received on median 94.31% of their asking prices. The median square footage of a home was 1,771 square feet and the median sold square footage was $329.43 per sq ft. The breakdown of the locations where the 67 homes were sold are as follows: 20 properties in Stevensville; 19 properties in Hamilton; 11 properties in Corvallis; 6 properties in Florence; 6 properties in Florence; 4 properties in Darby; and 2 properties in Sula. During August of 2023, a total of 14 land sales closed in Ravalli County. The lowest priced land listing sold for $175,000 and the highest priced parcel sold for $832,500. The median sales price of land was $375,946. The median acreage sold was 5.99 acres and the sellers of their land received a median 98.73 percent of their asking price. Parcels were sold in five communities: 5 parcels in Stevensville; 4 parcels in Florence; 2 parcels each in Corvallis and Hamilton; and one parcel in Victor. The average days on market (DOM) was 121 days. * Sales information is sourced from the Montana Regional Multiple Listing Service and is deemed reliable, but is not guaranteed.



458 Warp Drive, Corvallis MT

Recently remodeled 1995 manufactured home situated on 2.19 acres located in Corvallis, Montana with easy access to Missoula or Hamilton off a paved road with Bitterroot and Sapphire Mountain range views. The 4 bed/2 bath home features newer windows, new hot water heater in 2021, newer exterior doors, vinyl flooring, plus the shop, home, and chicken coop were fully painted making this a move-in ready property. Front/back fencing with partial perimeter fencing. The detached 32’ x 32’ shop has a natural gas heater + hot water heater, an office space with utility sink, one-car indoor parking, with a carport and chicken coop as well. Two-stall run-in shed for livestock, storage, and beyond. Mature fruit trees. Ravalli Electric Co-Op for electric service, Northwestern Energy for natural gas. 30 gpm well, private septic system for 4 bedrooms. Centurylink high speed fiber optics internet. Listing provided by Heather Lupton, real estate broker with Aspen Grove Realty.

For more information 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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