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Judy Kivela
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    Years of Experience: 26

    CRS: Certified Residential Specialist
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    WHS: Workforce Housing Specialist

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Kivela Montana Realtors
3100 Harrison Avenue
Butte, Montana
406-491-5777

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Posts Tagged ‘Butte Housing Market’

A FIRST TIME FOR EVERYTHING

Wednesday, May 5th, 2010

First time buyers… excited to find a good deal, afraid of overextending themselves, confused by all the conflicting reports about real estate.  Well, that might describe any or all buyers right now, but those making their very first purchase may feel elevated levels of all these emotions.  It helps to have someone offer you some guidance.

Don’t be afraid to make your move now, regardless of what you’ve been hearing about the market.  With affordability so high, you’ll find a flurry of activity out there, so you’re not alone in making the right decision to begin your home search.

Just try not to exercise excessive caution, or you may suffer what has been termed “paralysis by analysis.”  Your real estate representative will present you with all the facts and figures you need, and help you to interpret the data so that you can make a sound choice.

Now is not the time to vacillate about whether prices or interest rates will still drop.  There is nowhere to go now but up.  If rates rise to 7.5% (still historically low), the home’s price would have to be reduced nearly 20% to offset the difference in monthly payments.

Set aside your uncertainties.  Chat with an agent who can help you determine your financial footing, and show you an inventory of well-suited homes matched to your particular goals.

For responsible service in all your

Real Estate needs call, Judy Kivela 406-491-5777

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Posted in Buy House | No Comments »

2010 Trends for Butte Homes

Saturday, February 6th, 2010

Even though it may sometimes seem like it, home building and design trends are not conjured up using a crystal ball. They are the result of surveys, observations, lifestyles, socioeconomic issues, entertainment, technology, and most importantly, the needs and desires of buyers.

Here are some of the national and Butte homes trends to expect in 2010.

Green is growing.

A study conducted by Burst Media in late December, 2009, found that 90 percent of Web users surveyed have incorporated some aspect of going green into their lives, and overall, they are willing to pay a premium for environmentally friendly products.

Homes are getting smaller.

For 2010, home builders say they will focus on lower-priced and smaller homes. More than 95 percent of home builders surveyed by the National Association of Home Builders (NAHB) in January said that was the way they saw their businesses evolving.

Single-story homes are in.

Because of the rise in homebuyers who are 55 years of age and older, more single-story [Butte] homes are being purchased. According to NAHB, barely over half of new homes today are built with two stories or more. Two-story homes peaked at about 55 percent of the market in 2006.

Lower cost, more practical homes are being purchased.

In an attempt to respond to consumer demands for practicality, as well as hold the line on prices, home builders surveyed by NAHB are most likely to include these features as standard in their houses this year:

  • Walk-in closets in the master bedroom
  • Laundry rooms
  • Insulated front doors
  • Great rooms
  • Energy-efficient windows
  • Linen closets
  • Programmable thermostats
  • Energy-efficient appliances and lighting
  • Separate shower and tub in master bathrooms
  • Nine-foot ceilings on the first floor

Here are the features builders said they are least likely to add to houses in 2010. You’ll notice a lot of the items being eliminated are luxury features, as builders try to lower costs.

  • Outdoor kitchens
  • Outdoor fireplaces
  • Sunrooms
  • Butler’s pantries
  • Media rooms
  • Desks in kitchens
  • Two-story foyers
  • Multiple shower heads in the master bath
  • Smaller kitchens

Want to buy one of the new Butte homes in 2010? Call me today at 406-491-1234 or email me at judy@montana.com to get started.

Links:

Study conducted by Burst Media

http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=120962

National Association of Home Builders

http://www.nahb.org/

Energy-efficient windows

http://www.efficientwindows.org/

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Posted in Housing Market | No Comments »

2010 Forecasts for National and Butte Real Estate Are In!

Monday, January 4th, 2010

From national and Butte real estate to the U.S. economy, the predictions for 2010 are in. Like any predictions, they vary from somewhat bright and cheery to doom and gloom:

CNBC’s Realty Check predicts:

  • the beginning of a housing market recovery mid-year
  • higher foreclosure inventory
  • rising mortgage rates, probably leveling off around six percent.
  • suffering commercial real estate

The National Association of REALTORS®’ (NAR) chief economist is projecting:

  • A sustainable recovery. The tax credit expansion will help to relieve extra housing supply through mid-2010.
  • A rise in existing home sales. The NAR is expecting existing home sales to rise as high as 5.69 million, even with continuing unemployment issues. That’s a 13.6 percent increase.

In fact, the U.S. forecasts for national and Butte real estate are overall positive for 2010.

Housing Predictor, one of the first places to predict the wave of foreclosures, also forecasts positive numbers for 2010. They anticipate rising home sales, market improvement and even value appreciation for some places. Again, the magic period for the start of stabilization is the middle of the year.

Although no one knows for certain what will happen in the future – especially for such struggling sectors as national and [city] real estate – we can all gain a little hope from the 2010 forecasts. There is one thing that is fairly well agreed upon according to these predictions: there will be a real estate recovery in 2010.

If you’re struggling to sell your home, I can help. Call me at 406-491-5777 or email me at judy@montana.com for more information.

Realty Check

http://www.cnbc.com/id/34110130

Existing home sales

http://www.realtor.org/press_room/news_releases/2009/11/hopeful_leading

Housing Predictor

http://www.housingpredictor.com/better.html

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Posted in Housing Market | No Comments »

Butte Housing Market: Unemployement Up

Saturday, November 7th, 2009

The Labor Department says the number of newly laid-off workers filing claims for unemployment benefits fell last week to the lowest level in 10 months, but companies are reluctant to hire and economists expect the unemployment rate will tick up to 9.9 percent when October’s figure is reported Friday. The jobless rate hit a 26-year high of 9.8 percent in September.  First-time claims for jobless benefits fell by 20,000 to a seasonally adjusted 512,000. That’s better than economists’ estimates of 523,000. The four-week average, which smoothes fluctuations, dropped to 523,750, its ninth straight decline. That’s 135,000 below the peak for the recession, reached in early April but well above the 400,000 that will signal job creation.  Another 4.1 million people claimed extended unemployment benefits in the week ended Oct. 17, the latest data available, an increase of about 100,000 from the previous week. Congress has added 53 weeks of emergency aid on top of the 26 weeks typically provided by states.

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Posted in Housing Market | No Comments »

The Laws are Changing for Butte Real Estate

Wednesday, October 28th, 2009

Not just Butte real estate, either. Since the end of 2007, as the real estate market started to decline, new rules, regulations, mandates and more have come down the pipeline.

State Specific Laws

Take Michigan, for instance. Ranking sixth in the nation on the number of foreclosures, Michigan legislature enacted the “Lifeline Law.”  This law gives an extra 90 days for homeowners to work with banks to come up with solutions other than foreclosure.  California did the same, with the California Foreclosure Prevention Act.  In New York, judicial hearings are mandatory for both borrowers and lenders before foreclosure can go through.

Nationwide Laws

Other laws have been enacted throughout the United States, such as Congress lowering homeowners’ tax deductions.

Before 2009, if you used your Butte real estate as a primary residence for at least two years out of the last five, you could keep up to $500,000 (married couples – $250,000 if single) in real estate gains on your tax return. That exemption is now pro-rated to the time you spent in the house, which could be quite substantially less than what your tax exemption would have been last year.

As well, new appraisal rules went into effect May 1, and, although they aren’t government rules, they do affect Fannie Mae and Freddie Mac loans. With the Home Valuation Code of Conduct (HVCC) put into place, every lender that goes through Freddie or Fannie has to follow the HVCC to the letter. The HVCC stops mortgage brokers from having home appraisals done themselves. Instead, the home appraisals must be done by a third party appraisal management company in the same area as the home.

Laws that Affect You

Other laws have been put into place that may (or may not) effect the Butte real estate you own or are looking to buy. However, with so many coming down the line, make sure that you ask your real estate agent what laws have been put into place that may affect your purchase, sales or ownership.

If you’re looking to buy or sell real estate and need a professional who keeps up to date on the real estate laws, I can help. Call me at 406-491-1234 or email me for more information.

Links:

Lifeline Law

http://www.wzzm13.com/news/local/story.aspx?storyid=111013&catid=48

California Foreclosure Prevention Act

http://www.corp.ca.gov/FSD/CFP/default.asp

HVCC

https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/pdf/hvccfaqs.pdf

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Posted in Real Estate | No Comments »

Helping Families Save Their Butte Homes

Monday, October 26th, 2009

By now, everyone knows that, just like the Dot Com bubble, the real estate market grew its own bubble to a degree that it finally popped.  Foreclosure numbers went up, sales went down and everyone, from the government to lenders to John Q public, started looking around for someone they could point a finger at and blame.

The hard truth is that placing blame doesn’t do anyone any good, especially those trying to save their Butte homes. The truth is that it’s time to do what Americans have been doing since the country was founded – picking ourselves up off the ground, dusting off and working with what we still have. Thanks to new acts such as the “Helping Families Save Their Homes Act of 2009,” it’s even more possible to do that.

If you’ve been dealing with the possibility of foreclosure, you may have missed the news, so here are a few uplifting highlights that can make all the difference:

  • If you rent your Butte home and the home is foreclosed upon, you have to receive a 90-day eviction notice. You can’t just be preemptively kicked off the property. As well, if you have a lease you have to be allowed to live on the property until the lease is up unless:

a)      the new owner wants to move in and make it his or her residence or

b)      state law says the lease can be terminated on notice.

Although three months doesn’t seem like a lot of time, that’s three months you wouldn’t have had in most states before the Act was passed.

  • Lenders and homeowners are now receiving incentives for successful loan modifications and refinancing under the Making Homes Affordable Program. According to the White House government website, “Servicers covering more than 75 percent of loans in the country have now begun modifications and refinancing under the Administration’s MHA Program.”
  • One of the biggest challenges to homeowners is finding out who owns the mortgages on their homes.  This can make it incredibly difficult to discuss refinancing or modification with the mortgage owner. Thanks to the Act, you have to be informed whenever your loan is sold or transferred to another party. Now, you always know who has control of your mortgage and who you need to talk to.

Dealing in the current real estate market can be hard. If you’re already struggling financially, it can be even harder. Try to keep abreast of the current laws that can help homeowners and families keep their homes!

If you can’t qualify for loan modification or refinancing, and are considering a short sale, I can help. Call me at 406-491-1234 or email me at judy@montana.com for more information.

Links:

Foreclosure numbers went up

http://www.realtytrac.com/foreclosure/foreclosure-rates.html

Helping Families Save Their Homes Act of 2009

http://www.zillow.com/blog/mortgage/2009/05/21/president-obama-signs-helping-families-save-their-homes-act/

White House government website

http://www.whitehouse.gov/the_press_office/reforms-for-american-homeowners-and-consumers-president-obama-signs-the-helping-families-save-their-homes-act-and-the-fraud-enforcement-and-recovery-act/

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Posted in Homes | No Comments »

Can’t Afford the Rent on Butte Homes?

Friday, September 18th, 2009

If you’re looking at Butte homes to rent but think you can’t afford them, you might want to take another look. This is especially true if you have a good credit history. When it comes to finding tenants, landlords have never been more willing to play “Let’s Make a Deal.”

Sitting Pretty

Why would any landlord be willing to make a deal? The reason topping the list is, of course, the economy. With so many people having lost their jobs, finding tenants who can afford the rent on time isn’t easy. Second, many renters are trying to save money by having roommates. Thirdly, because of the marketing slump there are plenty of homeowners renting out their Butte homes rather than selling them. Lastly, because of the first-time buyer tax credit, many potential renters are becoming homeowners instead.

All of these points add up to a high amount of vacancies, which put landlords in a pickle and have renters sitting pretty.

Taking Steps

Many landlords are trying everything they can to keep their rentals occupied to help pay for the maintenance on the buildings. The steps they’ve taken include such things as:

  • Lowering rents
  • Giving a month or two of free rent
  • Lowering deposits
  • Offering upgrades
  • Offering storage and parking at lower rates
  • Relaxing pet policies
  • Allowing more leniency for breaking the lease

Let’s Make a Deal

So what can you do to take advantage of the renting situation? What points can you base your bargain on?

  • Start with a good credit rating. If you have a history of paying on time, you have a chance at negotiation.
  • Pay attention to the average rent in the area. If the rents on the Butte homes you’re looking at are higher than average, you have a point to negotiate.
  • Look at one-bedroom homes first, if they will work. Many two- and three- bedroom homes are taken by individuals sharing rent and families. There may be a surplus of one-bedroom houses, so you might have a better chance of snagging one of them.

If you’re looking for an affordable place to rent or buy, I can help. Call me at 406-491-1234 or email me at [email] for more information.

Links:

Save money by having roommates

http://waystosavemoneytoday.com/2009/07/24/get-a-roommate-and-save-money/

Take advantage of the rent situation

http://www.moneybluebook.com/home-sellers-pain-is-my-gain-as-a-renter-taking-advantage-of-the-mortgage-crisis/

Average rent in the area:

http://www.rentvine.com/blog/index.php/find-the-average-rent-for-your-city/

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Buyers Beware: Disappearing Homes for Sale in Butte

Wednesday, September 16th, 2009

July saw the largest increase in home sales in at least ten years, which brings hope for all the homes for sale in Butte. What’s the culprit for this more-than-expected rise? The first-time buyers tax credit!

The $8,000 tax credit first time buyers are eligible for expires November 30, 2009. Buyers that otherwise may have stood on the side lines are rushing to find the home of their dreams in time for the closing to happen before the deadline. Thanks to that deadline, one out of three homes for sale are getting that coveted “Sold” sign.

So why should buyers beware?

If you’re holding off for a better time to buy one of the homes for sale in Butte, you might never see it! Mortgage interest rates are at a historical low; housing prices are also much lower than they have been.

The tax credit is another excellent reason. If you’re a first-time buyer and close the deal before November 30, you get a 10% credit on the purchase price. That percentage caps out at $8,000. What can you do in a new house with $8,000?

Many buyers are looking at foreclosures, due to lower costs. While the foreclosures may not be in the best condition, the tax credit has helped them make repairs without taking a huge bite out of their wallet. You may have a foreclosure with $15,000 off the initial price and $7,000 in needed repairs. If you receive the full $8,000 tax credit, you actually end up saving $16,000!

So, if you’re honestly looking for a home to buy, go ahead. Take your time; make sure it’s a home you want. However, don’t take too long, because the homes for sale in Butte are rapidly disappearing. Take advantage of the tax credit and the number of possibilities!

If you’re looking for a great home, I can help. Call me at 406-491-1234 or email me for more information.

Links:

$8,000 tax credit

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Mortgage interest rates

http://www.mortgage101.com/articles/dailyratesurvey.asp

Make repairs

http://www.hometips.com/

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Posted in Homes for Sale | No Comments »

Are You Overwhelmed by Searching for Homes for Sale in Butte?

Monday, September 14th, 2009

Are you looking at homes for sale in Butte and feeling overwhelmed by the choices? Back in the Dark Ages before the Internet (1986 or so), if you wanted to look at a house, you had to call a real estate agent, find out the address and then physically drive to the house. Thanks to the Internet, however, you can start narrowing down your choices before you ever talk to your agent.

What do you need to know?

Looking online can give you the information you want to know about the homes for sale in Butte. However, if you just go surfing on the Web, that information can be as overwhelming as the number of choices. Before you start shopping online, make a list of the things that are important to you about the city or neighborhood in which you want to live, such as:

  • What are the average property taxes in the neighborhood?
  • What is the average utility cost for the home?
  • What is the neighborhood like?
  • How high is the crime rate in the neighborhood?
  • What is the average climate of the city?
  • What is the unemployment rate of the city?
  • How good are the schools?

Once you have your list of questions, go online with an eye to answering them. Here is a list of links that might help you on your quest for information:

My Government Website – Sunshine Review: Here you can find a list of cities with official websites. Choose the city you’re looking for and be magically transported by way of the Internet to that city’s official website. You’ll find all the great stuff that calls people to move to a particular city, including attractions, businesses, restaurants and beautiful housing developments.

City Data: City Data is just that – a website with nothing but data on U.S. cities. You’ll find the nice and not so nice information about any city. Crime rates, shortest commute, weather patterns and more, all at your fingertips. The only drawback is that the information is two years old.

Interest: Interest.com will show you the current mortgage interest rates for the area you’re interested in.

By gathering all this information, you have a much better chance of choosing one of the homes for sale in Butte  that fits your needs. Once you have it all, you can search online or take the information to your real estate agent and get help with your house hunting.

Are you looking for the perfect house?  Let me help. Call me today at (406)-491-1234 or email me for more information.

Links:

My Government Website – Sunshine Review

http://sunshinereview.org/index.php/My_Government_Website:_Number_of_cities

City Data

http://www.city-data.com/

Interest

http://www.interest.com/

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Posted in Homes for Sale | No Comments »

Eco-friendly Tax Credits for Butte Home Owners

Monday, August 24th, 2009

Being eco-friendly is an important issue to most people today. Making your home as energy efficient as possible makes sense on many levels, but do you know it makes sense when it comes to federal tax credits too? They’re not small incentives either. These tax credits are another major reason to be serious about going green in your Butte home.

Tax Credits for Existing Homes

Making your home energy efficient will benefit you whether you are planning to stay in your home for years to come or you are considering selling in the near future. Prospective buyers will react favorably to eco-friendly installations.  It will also help move your Butte home faster and get a better price.

In 2009 and 2010, you could get major tax incentives for going green too. When you purchase certain energy efficient items, you may get as much as 30% (up to $1,500) of the cost of the item returned to you as a tax credit.  These items include:

*Energy efficient windows and doors
*Energy efficient insulation (primary use must be for insulation. Items such as insulated siding are not included)
*New Roofs created with Energy Star materials
*Most HVAC products including: central air units, air pumps, furnace for natural gas, propane, or oil, water heaters, main unit circulation fans.
*Geothermal Heat Systems
*Solar Energy
*Biomass Stove
*Wind Turbine System
*Residential Fuel Cells and other Microturbine Energy systems
*Hybrid Cars (hybrid gas, electric, diesel, battery, alternative and fuel cell) May have a much higher tax value between $2,500 and $7,500 based on several criteria

    Tax Credits for Construction and New Homes

    There are also excellent tax credits for consumers building a new home. These credits are up to 30% of cost on acceptable items with NO limit. These items include:

    *Geothermal Heat Pumps
    *Solar Panels
    *Solar Water Heaters
    *Wind Turbines
    *Fuel Cells

      Protecting your Butte home, making it more energy efficient, and saving money has always been important, but there has never been a better time to get started.

      If you would like more information on how to take advantage of the Federal Tax Credit for Energy Efficiency, give me a call today at 406-491-5777 or email me.

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      Posted in Homes | 1 Comment »

      Market Recap

      • Avg. Sales Price: $102,209

      • Avg. Days on Market: 119

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