Real Estate Falling

I haven’t researched the national market, but I am hearing that in “hot” places like Bozeman that there is a substantial fall-off happening. I first noticed it when I heard of two investors and builders that were unloading. Then I got wind of another guy dumping his property for “under market value.” Gee….do you think it might have been over-inflated to start with?

Yesterday my roommate, some of his friends and I checked out a house around the corner. I think his friend is going to buy it. It’s a very modern and interesting house, but like most houses around here they did some thing architecturally that I don’t care for. But, get this….they wanted $489,000 for the house and they are going to “let it go” for $412,000. A $77k difference? That’s not good negotiation. That’s the market starting to puke. But let’s see what happens come February. This is traditionally a bad time of the year for sellers so it may not be surprising, but that’s a significant difference in “adjustment.”