Billings Housing Market Deals

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By Katie Ussin

Story Published: Mar 18, 2010 at 6:23 PM MST

Story Updated: Mar 19, 2010 at 9:04 AM MST

BILLINGS - As the temperature warms up outside, many people are hoping you come inside their home for an open house and hopefully to make a deal.

More homes tend to go on the market in the spring and summer. There are about 830 homes on the market right now in Yellowstone County; about the same as this time last year. Pending sales are up though.

Howard Sumner, a Billings real estate agent, said that is likely because the tax credit for new and existing homebuyers expires soon.

"You have to have a purchase agreement in place by April 30, you don't have to close on your purchase until June 30, so it does give you some time," said Sumner.

He said he has seen some changes in buyers in the last few years. He said they want minor maintenance work completed before closing, and he said more first-time homebuyers are asking the seller to cover closing costs.

"Pretty close to 98% of all the purchase agreements that I see ask the seller to pay the closing costs," he said. "Now what the tradeoff is is that the buyer offers the asking price, but also asks for those closing costs."

Sumner said the market is more favorable to the buyer than seller right now, but not by much. Sumner said prices are holding steady.

Sumner has been tracking housing statistics in Yellowstone County for more than 20 years.

For more information on the tax credit for homebuyers, click here.

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Summers Dream said on Sunday, Apr 11 at 4:37 PM

"Buyers are paying asking price"..no way! prove it please. I have seen discounts of 30 to 40%, ask the bank.

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