Homestead 2018

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Homestead 2018

Homestead 2018

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publisher mike gulledge

editor ashley klein Homestead is a special publication of Lee Enterprises and the Missoulian.

Copyright 2018.

Missoulian.com

Index: On the Cover: Berkshire Hathaway We have been a part of the Montana area real estate landscape since 1958. From humble beginnings in Missoula, we have become a leading full-service, statewide brokerage by consistently providing high quality representation and outstanding service to generations of home buyers and sellers. A business model of strong local leadership backed by the resources of the Berkshire Hathaway HomeServices network, has created a brokerage that will precisely meet your needs. We connect our neighbors from Big Sky to Bigfork, offering unmatched professionalism and warm Montana hospitality. Let us help you buy or sell your residential, commercial, land, ranch or luxury property. You’ll receive the combined benefit of local expertise plus the exposure our alliances with pre-eminent brokerages give us. Our commitment is your advantage. When you work with a Berkshire Hathaway HomeServices Montana Properties agent, you can expect they will work with you during every step of the process.

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Homestead 2018

Tiny homes Local reuse resources Bitterroot housing market Multigen homes Staging your home Negotiating a rent increase Avoiding a money pit Making moving easy Expert essay: Superior Hardwoods Missoula Housing report

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Alan Bateman pulls protective material off the kitchen cabinets in one of the tiny homes recently. The homes are designed for energy efficiency and privacy while still being 495 square feet, one bedroom and one bath. TOM BAUER, for Homestead

Developer of tiny home community discusses obstacles to affordability DAVID ERICKSON for Homestead As the developer of what appears to be the first true tiny home cluster in Missoula County, Nicholas Cole feels sort of like a guinea pig.

Cole and his business partner are in the process of finishing up construction on eight 495-squarefoot single-bedroom, one-bathroom homes on a small lot in the 200 block of Speedway Avenue in East Missoula. The little dwellings are on foundations and each includes high-efficiency heating and cooling, Ikea furnishings and a window layout that’s designed for both privacy and lots of sunlight.

But as the first person to actually construct the type of village that’s gaining traction across the country and in Missoula as a possible way to solve the housing affordability/shortage crisis, Cole feels like there are a lot of kinks to work out before tiny homes truly catch on.

That’s because, due to county regulations, he says he was forced to spend roughly $40,000 in building permit fees and had to dedicate almost twice the amount of space on his lot to parking as he did to living space.

County regulations also require two parking spots for every home, so instead of putting in a garden, communal park or even a hot tub

area, Cole was forced to pave a huge swath between the homes to make way for parking. It was only through creative design that he found a way to save two huge pine trees from being cut down to make way for the last four of the 16 required spots.

“We couldn’t imagine cutting these trees down,” he said. “It would have made it a Walmart parking lot out here. We applied for a variance to get out of having to cut those trees down, and we got shot down because we would only have 12 parking spots. We feel like one spot per unit should be satisfactory.”

The Mountain Line bus stops Homestead 2018

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Nicholas Cole outside the cluster of eight tiny homes he’s building with a business partner in East Missoula recently. Cole said he’s finding that county regulations are forcing him to spend as much on building permit fees and parking space as he would if he were large homes. TOM BAUER, for Homestead

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Homestead 2018

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right near the development and he’s planning on marketing the homes to single occupants, so he was hoping he could design a community that was a little less asphalt and cars and more of an affordable green oasis.

“I don’t blame the county at all,” he said. “It’s not the county’s fault. But it was a burden. Each one of these has the same impact fees as a mansion, like a big full house. It’s just the zoning regulations are behind because nobody’s done them yet in Missoula. The laws aren’t yet geared toward these types of homes, so we’re sort of the guinea pig.”

Cole, who owns NC Design Studio, says he paid about $3,600 for each of the eight homes for the Everyone sewer impact fees, plus likes to talk an additional impact fee.

Cole said all his permit about tiny fees are built into the cost houses, but he has to charge for rent and is quick to point out the rich guys that he doesn’t consider his homes low-income at that are all.

“A lot of these rentals in developing town are run down,” he this stuff, said. “A lot of developers the numbers come and they build the cheapest thing possible, aren’t there. and we’re trying not to be like that. But also our rent is going to reflect that.

Our rent is higher than a lot of people are charging. I think we’re going to be $1,000 a month plus some utilities. I bet if I put these for rent on Craigslist, I’d have all of them rented out in a day. We’ve already had people asking about them.”

He said he could have built a multiple-story block of apartments, but as an architect he wanted to design something unique that fit in with the neighborhood of single-family, one-story homes. He believes he found the reason why more developers aren’t building tiny homes: It’s cost-prohibitive.

“People aren’t doing these because they don’t pencil out,” he said. “Everyone likes to talk about tiny houses, but the rich guys that are developing this stuff, the numbers aren’t there. That’s why you don’t see them everywhere.”

He said he hopes that in the future, builders and the county can figure out creative ways to make smaller housing units more affordable.

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Homestead 2018

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Homestead 2018

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Missoulian file photo

Ravalli County

Real estate market continues to stabilize PERRY BACKUS for Homestead The Bitterroot Valley’s real estate market continued its rebound in 2017 with homes selling a bit faster and for more money.

Licensed real estate agent and certified residential appraiser Darwin Ernst expects that trend will likely continue in 2018.

“It’s a seller’s market right now,” Ernst said.

“That’s been unusual in the last decade.”

A combination of a steady decline in the number of discounted bank-owned properties on the market and a steady increase in the numbers of people from outside the area interested in retiring in Ravalli County has helped solidify the market.

On a national level, Ernst said people have been in recovery mode from a recession that drove down home prices and created a great deal of uncertainty for many.

“A lot of people had planned to move here to retire, but when the recession hit, they pulled back,” 10

Homestead 2018

Ernst said. “Didn’t retire or spend money on discretionary things. Now those people are still wanting to move. We remain on that Top 10 list of where they might want to retire.”

Six or seven years ago, people moving to Ravalli County often were drawn to the large number of discounted homes owned by banks or the government.

That option no longer exists.

The number of bank- or government-owned residential properties for sale has dropped to 3.16 percent of the real estate market from a high of 30.52 percent in 2012. Those properties typically sell at a discount.

“You used to be able to buy basically a new house at discount that was sometimes up to 20 percent,” Ernst said. “It was hard to compete against, but that inventory now is basically gone.”

That’s resulted in increasing property values in the Bitterroot Valley as people moving here focus on a tightening supply of homes for sale, or opt to buy land to build their own home.

Ernst said other appraisers in the valley estimate was less than 2 acres. Thirty percent of the sales were that property values have increased by about 6 perparcels ranging from 2 to 11 acres, and the remaining cent over the last year.

10 percent were larger parcels.

26229_2_Layout 1 3/23/18 10:39 AM Page 1 The median prices of homes sold in 2017 jumped Even with the uptick in land sales, Ernst said there by more than $20,000 from the year before, from is still about a two-year supply of the most desirable $234,700 to $259,500. The median smaller tracts available on the sale price means that half of all the “There are a lot of market. homes sold for more; half sold for “There are a lot of tracts of land tracts of land left left over from the subdivisions less.

On average, it took about six over from the subdi- that occurred during the last peak months to sell a home last year. in the market,” he said. visions that occurred Construction of new homes When the market bottomed out in 2012, the average time was 369 bottomed out after the recession during the last peak days. in 2012 when seven homes were “When you start getting back to built in the valley. In 2017, that in the market. that six-month period, it shows number had jumped to 37. the market is recovering,” Ernst Unlike the last building boom said. “At this point, if a property is listed right, it will that topped out in 2007, Ernst said there aren’t as usually sell between three and six months. There are many multimillion-dollar “McMansions” being conalways properties that are overpriced that won’t sell structed now. that quickly.”

“People looking to retire now are not necessarily Sales of bare land also increased in 2017, with most looking to make that kind of statement any more,” that activity focused in and around local community he said. “They are OK with a cozy home rather than hubs. building a five-bedroom mansion. There’s not as About 60 percent of the land that sold last year much demand for that kind of home anymore.”

Homestead 2018

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Overall, Ernst said he doesn’t expect to see housing prices soar anything like they did in the early 2000s.

“What you want to see in a real estate market is stability,” he said.

“There were a whole lot of people willing to list their homes in 2001 to 2005 because property values were going up at an extraordinary rate. When that happens, investors get involved. They are certainly trying to hit that peak and then sell.”

In 2005, the market topped out about 800 residential sales and then plummeted to a little over 300 in 2008.

That number has stabilized close to 500 annually since 2013, which is nearly the same as 2001.

“We’re looking at a fairly stable rate in sales because property rates aren’t depreciating at a rapid rate and not appreciating at a rapid rate,” he said.

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Tribune News Service

Multigen homes fit bill for extended families PAT SETTER Tribune News Service Multigenerational housing, a trend borne out of need that took hold during the Great Recession, is still going strong 10 years later.

Not since the 1950s have this many U.S. households included two or more adult generations.

According to the Pew Research Center’s latest data, taken in 2014, more than 60 million people – about 19 percent of the U.S. population – live with more 14

Homestead 2018

than one generation (not including minors) under one roof. In the 1950s, it was 21 percent.

These households often include young adults living at home or older parents living with their adult children and their grandchildren. Increased longevity and a growing immigrant population in which this living arrangement is more common are both contributing to this shift in family dynamics, as is the rising cost of housing, which is keeping millennials home longer.

Homebuilders are responding by including flexible living space and downstairs guest suites that offer privacy.

While some may shudder at the thought of having their mother-in-law under the same roof, the benefits are numerous, especially if there are private spaces for everyone involved. Not only is there significant financial savings, but a household with an extended family provides additional emotional support for children. Built-in childcare eases stress on parents and helps grandparents stay active both physically and mentally.

Close family connections can also help keep our aging population healthier.

By 2035, more than one in five adults will be 65 or older, and many of those feel cut off from society. According to the AARP Foundation’s Connect2Affect website, more than 8 million adults 50 or older are affected by isolation. Prolonged isolation can have the same health risks as smoking 15 cigarettes a day, the site says.

Extended families living together is the norm in many cultures. In the United States, Asian families are the most likely to live in a multigenerational household, according to a Pew Research Center analysis of U.S. Census Bureau surveys. The study, published in 2016, showed that 28 percent of Asian households surveyed were multigenerational; black and Hispanic households, 25 percent each; and white households, 15 percent.

What started as a need during the economic downturn a decade ago has turned into a choice for many homeowners. And with more builders taking note of this trend, the options for peaceful coexistence are increasing.

By 2035, more

than one in five

adults will be 65 or older, and

many of those

feel cut off from society.

Homestead 2018

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Prepare your home to help clinch a smooth, quick sale

Associated Press

PacificNWCouncilCarpenters_1-2_140673_Layout 1 3/23/18 10:50 AM Page 1

Associated Press

PAT SETTER Tribune News Service So you’ve found your dream home. You’re ready to downsize and the only thing that’s keeping you from closing the deal is selling

WE ARE THE

your current home.

Proper staging is one of the most important steps you can take to make a quick sale at the maximum price.

“Statistics repeatedly show that

staged homes sell faster and for more money than homes without staging,” said real estate agent Kyley Christy.

According to the 2017 study, 29 percent of sellers’ agents said stag-

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Homestead 2018

ing increases the selling price from 1 to 5 percent, while 21 percent of those surveyed said the increase is between 6 and 10 percent. More than a third of the respondents also said that staging greatly reduces the amount of time a home is on the market.

Staging your home means transforming it into a space buyers can relate to and see themselves living in. To do that, you’ll need to get rid of the clutter.

If the bathroom counter is covered with an array of makeup and toiletries and the kitchen counter is home to the coffee maker and microwave, it sends a message that the house doesn’t have enough space for everything. It also detracts from architectural features. You also will need to get rid of the family photos. Displaying a picture of your favorite aunt in her muumuu will not make potential buyers feel like it could be their home.

And because homes also need to look their best in photos and videos for today’s internet marketing, more and more sellers are turning to professional stagers to set the right tone for their home.

“If a seller is reluctant to stage, I ask them to consider the next step should they list their home without staging and fail to receive an offer in a timely manner,” Christy said. “If not prepared properly upfront, sellers won’t know if the issue is the price or if the home just doesn’t show well. By that time, they’ve missed their highest traffic/exposure window.

“Buyers can see how many days you’ve been on the market, and they wonder what’s wrong with the home. It’s so much better to take the time – and a little bit of money up front, if necessary – to stage the home for success, blast out a huge marketing campaign to show off the results and wait for the offers to roll in.”

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Most homes can be staged for about $2,500 to $3,000, according to Christy. That’s less than the first price reduction homeowners will consider if their house is still on the market after 30 days.

Sellers should concentrate on staging only the public rooms and the master bedroom. According to one survey, buyers’ agents believed the living room was the most important room to be staged. That was followed by the master bedroom and the kitchen.

Of course, it’s also necessary to give the home a

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Homestead 2018

deep cleaning and to make minor repairs, such as replacing corroded faucet rings in the bathrooms, filling in the chipped grout on the kitchen tile and painting dingy walls. After that, often all that’s needed for a fresh look is a new furniture arrangement and a few key accessories.

“I can’t tell you how many sellers joke that they are rethinking the sale after seeing the finished product, because it looks like the model home they always dreamed it could be,” Christy said.

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On the House:

How to negotiate your rent increase CAITLIN McCABE Tribune News Service Spring and summer are traditionally the busiest times in real estate, for both homes and apartments. Home shopping is more pleasant in the balmier months, moving is typically easier, and longer, sunnier days tend to give people more time to search for new digs.

Yet whether someone is hunting for a new home or staying put, tough decisions could await 22

Homestead 2018

many this spring. For apartment tenants who found a home during the busy months of last year, lease renewals are likely approaching.

And that could mean rent hikes.

But a landlord’s asking price is never final – especially in today’s market. Here are some tips for negotiating.

Know your rights.

In many states, before a landlord can increase rent, a tenant’s lease must be expiring; rent cannot be changed during an active

lease. In addition, your state or city may require landlords to provide advanced, written notice of any rental price change.

Often, individual leases dictate how far in advance landlords must notify tenants – typically requiring 30 or 60 days. Even if a lease does not specify, state law often does.

Understand the market.

Many cities have experienced an unprecedented housing boom in recent years, meaning there’s

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more supply than ever for renters to choose from.

Much of that inventory, including in the suburbs, has been high-end apartments, the kind that demand prices greater than $3 per square foot. And while such inventory has forced prices to jump, many buildings are providing “concessions” – a month of free rent, for example – to lure tenants. Accordingly, the actual price of renting is often cheaper than advertised.

In many places, rent growth has dipped as vacancy rates have gone up.

As a result, you should study the market, including average prices in the neighborhood or in comparable buildings. And, simply, ask (nicely) to negotiate. Landlords may negotiate with reasonable, informed residents.

Remind your landlord of your record.

“In the business of renting apartments, it’s very costly to turn over tenants,” said Allan Domb, a real estate broker. Turning over a one-bedroom unit, including repainting, carpet shampooing and cleaning, can cost $500 to $600, Domb said. And searching for a new tenant takes time – and money.

Landlords who find tenants through real estate brokers often must pay the agent a commission of one month’s rent. “Landlords really do not want to pay that one-month commission every year,” said Alan Nochumson, a real estate attorney.

A tenant who pays on time, maintains the apartment and complains infrequently should remind their landlord of that. Landlords would rather keep well-behaved tenants than pay turnover costs to find an unknown tenant.

Make a deal.

Often, offering to a sign a longer lease can bring the monthly price down. Or mom-andpop landlords may reduce the price if a tenant offers to pay multiple months upfront, thereby reducing the risk of missed payments.

And if that does not work, ask if a landlord will budge elsewhere, such as on waiving a parking fee or prioritizing maintenance. Your landlord may be willing to fix that hole in your wall if you agree to his or her rent terms.

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Tribune News Service

House hunters, be wary:

7 seemingly small flaws may point to a money pit DANIELLE BRAFF Tribune News Service When Annemarie Kill and her husband, John Duffy, bought their first house in 2003, the duo knew it needed some cosmetic work – in fact, they were excited to redo the bathrooms and kitchen to make the home their own.

Little did they realize that the back of the house had been sinking for the last 75 years, and they would spend hundreds of thousands on unexpected construction. Their inspector hadn’t uncovered the rotting wood posts supporting the back of the house; the couple had no idea they’d eventually have to pour in new concrete to fix the issue, or that they’d have to replace the posts and jack up the back of the house a bit each week, causing the new windows and tile floors they’d installed to crack.

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Homestead 2018

So when Kill and Duffy – along with their two children, now 11 and 14 – were house hunting in 2014, Kill said, they were determined not to land another money pit.

“We got our dream house,” said Kill, a divorce attorney. They got an inspector, too, but didn’t realize they should also consult someone who specialized in fireplace inspections. As it turned out, the lining inside their wood-burning fireplace was falling apart, as was the top of the chimney. If they lit a fire, they could get carbon monoxide poisoning.

A few months after buying the home – and $20,000 later – Kill, 48, and Duffy, 49, were forced to convert their wood-burning fireplace into a gas fireplace.

“It was just like dominoes falling,” Kill said of the fireplace issue.

It would be helpful to know about money pits well

before you fall in love with a home, spend the money on an inspector – costs vary depending on the size and age of the home and the region, but a typical inspection can ring up between $300 and $500, according to the U.S. Department of Housing and Urban Development – and before you start to take on the major projects.

Regular people – that is, those who don’t know anything about construction or inspections – can spot a potential money pit the first time they tour a house. We spoke to realty agents, an inspector and a contractor who shared exactly what to look for. “While many people tend to look at the pretty aspects of a house, there are many issues that can make it a money pit,� said Jerry Grodesky, a managing broker.

Grodesky once looked at a 1960s brick home with a client who had already visited the house with another agent. “We got to see cracking foundaWhile many tion and a rusty electrical box, people tend amongst other issues,� he said. “I sobered the buyer to look at the up that the pretty kitchen was not pretty aspects worth the price with all the poof a house, there tential issues that a home inspector find.� are many issues might Experts suggest that buyers keep that can make it their eyes peeled for these flaws, which hint at more a money pit. dire problems.

Doors that don’t close properly. This – or a crack in the foundation, or uneven steps leading into the home – can signal that the home has settled, and you have an uneven foundation, said Joe Taylor, a contractor. Most commonly, foundation problems can allow water to easily enter the home, leading to water damage. But an uneven foundation also could mean that the house will need to have concrete pumped into the slab (officially called concrete leveling or mudjacking) to bring the home back up to level and fix the water issues. Pipes also may need to be repaired, along with anything else that is altered

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during the settling or movement. “It’s a mess,” Taylor said. A cracked foundation could lead to damages that might cost anywhere from a few thousand dollars to more than $20,000, according to Taylor.

Discoloration. Water is your home’s No. 1 enemy, said Steve Nations, owner of Nations Home Inspec-

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Homestead 2018

tions. “If you could keep your house dry, at least the parts that are supposed to be dry, then it’ll last for a long time,” Nations said. “If it gets wet, it’ll go downhill fast.” To easily spot water damage, Nations said to look at all the walls and ceilings, trying to spot any discoloration – yellow spots on a white wall

– that might signal a water leak. In the basement, scan the bottoms of walls for any signs of water leaks. While you’re down there, take a deep breath.

Do you smell any hint of mold or mustiness? That odor could point to a water problem, Nations said.

Bad water pressure. Run the water in every bathroom sink. “Or even better, run the water at the sink and at the tub or shower at the same time,” Nations said. “Is the water pressure good?” Plenty of older houses with old, galvanized steel water pipes have bad water pressure that can only be fixed with a InkRealty_Hilliard_1-4_126791_Layout 1 3/8/18 2:46 PM Page 1 costly upgrade to copper pipes.

Uneven stairs. Pay attention to these. In a flight of stairs, all the riser heights should be the same, as should all the tread depths. “In my experience, if the carpenter didn’t get the stairs right, then he probably messed up plenty of other things that are likely to come back to haunt you later,” Nations said.

Windows that don’t open. Very old double-hung windows are often hard to open, Nations said. And plenty of casement windows (the kind that are hinged on the side and have to be cranked open) that are only 15 to 20 years old have problems with the crank mechanism that makes them very hard to open and close, he added. Replacement windows can be pricey, costing up to $1,000 each.

Dead trees. If any of the trees on the property don’t have leaves in the spring, summer or fall, they may be dead. “Something as simple as a dead tree in a yard in the spring and summer months may not seem like a big deal, but the reason it died could tell another story,” said Kristin Trzoski, a realty agent. Have beetles or ants taken over the tree? Those have plenty of strength in numbers, and they can put the integrity of the tree in danger, causing it to fall over and cause damage to the home. An arborist should be able to offer a free or low-cost inspection to let you know if the tree needs to go – and why. “Something as simple as knocking down a tree may be in order for a few hundred to a few thousand dollars to prevent future mishaps,” Trzoski said. Also, making sure those insects haven’t infested the home is important, and isn’t always easy to know right away, she said.

An uneven floor. Many older homes have uneven floors, which could point to settlement or other issues – even termites, Grodesky said. Typical home inspectors won’t be able to determine the exact cause of the uneven floors. Potential buyers should seek out a structural engineer before purchasing, Grodesky said – that’s the only way to know for certain if there are big problems in store.

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ThinkStock

Steps to make moving less of a burden PAT SETTER Tribune News Service Congratulations! That brandnew house – with the empty closets and the gleaming floors – is all yours. Now all you have to do is move your stuff. Depending on how long you’ve lived in your last home it could be a daunting task.

With a little preparation and a lot of organization, moving into 28

Homestead 2018

your new home won’t break the bank – or your back. Here are some tips to make your move as painless as possible: Start early If you wait until the last minute, chances are you’ll just start throwing stuff in boxes and you’ll take items you don’t need – and you will be unable to find things you do need once you’re there. Start

at least three weeks before your move. With all the other details from the sale plus your daily obligations, packing will take longer than you think.

If you don’t need it, don’t take it Sell, donate or toss anything you haven’t used for a while and isn’t essential to your life. Start with clutter that’s laying around, then work your way through the

QualitySeamlessGutters_1-4_Spec_Layout 1 3/23/18 10:51 AM Page 1

closets. Sort items into piles to keep, sell, donate or throw away. The less stuff you have, the less you need to pack and unpack. It will save you time and money, and keep the new house from immediately looking cluttered.

What to put where Boxes and bubble wrap are great for delicate items. (To save money, check out U-Haul’s “Take a Box, Leave a Box” program where you can pick up free used boxes and leave used ones for others.)

Be sure to place only lighter items in bigger boxes and save heavier items for smaller boxes. You don’t want to break the box – or anyone’s back. Use trash bags for soft unbreakable items such as linens and clothing, which will save money and space, and leave items in furniture drawers, if they’re not too heavy. Don’t forget to label all your containers, preferably on more than one side. Also, pack a suitcase with items you’ll need immediately.

Go pro or do it yourself Although a professional mover will cost more than hiring a truck for yourself, keep in mind all the costs of moving on your own and decide whether the price difference is worth the pain. If you plan to do it yourself, remember to budget for gas, handtruck rentals and the meals you’ll have to pay your helpers. Most moves of less than 100 miles are considered local and are charged by the hour, and some charge less during the week or mid-month. If your belongings are organized and ready to go, the cost will be lower. Get a written, binding estimate from a company that will come and look at the inventory.

Stay organized Get a calendar, make lists (apps such as Wunderlist or the wunderlist.com website can help) and put down everything you need to do, such as changing the mailing address and disconnecting the utilities (you should call a week ahead of the move).

Settle in Be sure to have a set of clean sheets handy. Even if you have to leave your mattress on the floor the first night, it’ll feel great crawling into a fresh bed and getting a good night’s sleep in your new home.

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Superior Hardwoods of Montana

History in every home From magnificent barns, factolike our home is new, but simply ries, mines, bridges and long ago can’t afford it, remodeling is the abandoned buildings come the next best thing. Create a rustic souvenirs of our past written in charming country themed room or wood. Reflecting the battle a blend of clean contempoExpert scars of a previous life – rary and antique materials, Essay where old meets new. nail holes, knots, insect borings, splits, checks The first step to designand saw marks all come ing your own original space together in a dramatic fashion to would be finding an established create truly unique wood weathsource of antique materials with ered to warm, aged, mellow tones a well-stocked lumber yard and speaking of the past. knowledgeable staff. Many people Although antique and repurwho work in the antique recycled posed building materials have lumber industry are passionate long been favorites of high end about the materials they supply builders and designers for new and make sure that they are truly and existing homes this unique antique meaning that the original and impressive style of material application of the material dates at need not be limited to wealthy least 75 years ago. This is imporconsumers in gated communities. tant, because of the quality and For those of us who want to feel strength of the wood. Not only 30

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does it generally rank up to 40 points higher on the Janka scale than its new counterparts, but the timber it came from is old growth with tighter denser growth rings and is a higher clearer grade of lumber. The decades old lumber also has already gone through many cycles of expansion and contraction which makes it a much more dry, stable lumber than the newer wood.

You still need to be discerning when sourcing these antique materials. If it is painted carefully check to make sure that the paint is not lead based, there are products made to encapsulate the paint making the material safe if needed. The material may also be prone to a larger waste factor than new material due to the historical

defects. If you are buying from an established source they will generally provide 100 percent useable lumber that has already been trimmed back.

Experience the richness of turn of the century material applied in different applications throughout your home. Take on a larger project and craft a faux open ceiling with big beautiful hand-hewn beams or wrap existing rafters with antique lumber and obtain a timeless old-world look. Covering your ceiling with barn siding or corral board is another great idea.

Or opt to use rusted small or large wave roofing tin to produce the most rustic atmosphere. If more refined suits your needs switch to applying antique ceiling tin with a leaf pattern, or egg and dart either choice would be fantastic depending on your décor style.

Antique lumber products are one of the most versatile building materials available today.

Nostalgic soft and hardwood lumber, hand hewn timbers, saw cut beams, corral boarding and barn siding all beautiful in their raw state while communicating the mysteries of days gone by and proudly displaying the passage of time written in wood. Not only is the raw material unique in its original form, but the architectural products produced from this stunning lumber are unrivaled by newer offerings. Shelves, cabinetry, molding, paneling and of course flooring are all applications that will surely become focal points in your space with the pleasing patinas displayed.

The romance and stories of our American heritage are all written in wood leaving interesting historical defects to substantiate the longevity of each piece. Big “As Is” beams lovingly reclaimed from the Fostoria Glass Company in Ohio. Stunning redwood from

Superior Hardwoods of Montana

the 7500-foot-long water flume circa 1890. The flume originated at the headwaters of Flint Creek Montana and supplied water to the mines in Phillipsburg Montana. Dismantling this mammoth flume was a labor in love during the grueling deconstruction process. Water recovery hand hewn timbers daringly recovered from the bottom of the St Lawrence Seaway and pre-dating the civil war – large distinctive white oak hand hewn beams now residing locally in a Missoula reclaimed lumber yard.

If the beauty and strength don’t persuade you of the impactful value gained from using this material the other aspect to be considered is the environmental benefits repurposing old antique lumber and beams offer. Using antique lumber has many benefits – some of the obvious values would be reducing landfill waste. Another advantage would be decreasing demand for newly sourced lumber which would curb deforestation and reduce environmental pollutants to manufacture new products.

Using antique lumber products may also decrease the demand for petroleum-based carpets and linoleum which in turn greatly assist in healthier living.

When manufacturing the petroleum-based products a lot of chemicals are used in the process and will off gas emitting danger-

ous fumes and odors sometimes for weeks creating a toxic environment in your home with levels 5x higher inside your house than outside. The process will continue as the household surfaces absorb these fumes and will re-emit them into the air. All of this means irritated allergies, asthma, runny eyes, nose and raw throat. Sometimes health is further compromised to the extent of causing painful headaches, nausea and fatigue.

With all the beauty, eco-benefits and feel good characteristics associated with antique architectural lumber and beams the trend as time progresses will drive more consumers to re-consider what is being used in their homes. The trend of repurposing antique lumber will increase showcasing the strong, distinctive, appealing completely “green” ageless beauty.

Over 100 years ago barns graced the plains and hills all over America, now today the beams and lumber harvested from these stunning structures live on. These old barns, warehouses, mills, bridges and factories were built for the most part at the turn of the century with hard working hands, long hours of labor and enormous pride. Using reclaimed lumber echoes the American spirit and is a tribute to our heritage.

Shannon Brewer – Superior Hardwoods of Montana Homestead 2018

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2018 Housing Report We are pleased to present the “2018 Missoula Housing Report.”

Our intention is to provide a com‑picture of Missoula housing that can be used as a tool by community members, businesses, nonprofits, and policy makers as they seek to serve Missoula’s needs.

We think these pages reveal a number of opportunities and challenges for our community. When read comprehensively, we hope the data come together to pro-

vide a more complete picture of our community, from affordability challenges to demographics, improvements over the years, and the issues that will require our attention in the years to come.

The is the thirteenth annual report on housing in the city and county of Missoula, and the content has evolved based on trends, available information, and feedback from readers like you.

Please let us know your thoughts

on this report and how we might improve it.

If, after reading this report, you are interested in getting involved in meeting the housing needs of our community, please contact any of the public or private agencies engaged in local housing mentioned in this report. Additional housing resources are listed on the Missoula Organization of REALTORS® website at www.MissoulaRealEstate.com.

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Number of Homes Sold 1,800 1,500 1,200 900 600 300 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Montana Regional MLS

Number of Sales by Quarter 500 400 300

2015 2016 2017

200 100 0 Quarter 1

Quarter 2

Quarter 3

Quarter 4

Source: Montana Regional MLS

Home Sales

The Missoula real estate market experienced another year of increased activity in 2017, where rising prices and home sales were juxtaposed with a dwindling supply of more affordable price points.

The median price of a home increased 5.2 percent to $268,250 in 2017. In the last ten years, the median price of a home has increased by 24.7 percent. However, it’s worth noting that since 2014, the annual increase has closely mirrored the national average.

Home sales in 2017 were higher than any other year in the last decade, with a total of 1,543 homes sold. Sales for each quarter were also up over the previous year, with the highest activity during the third quarter’s extremely smoky fire season.

Sales of condominiums and townhouses increased by 29 percent in 2017. Most of that surge came from units priced above $200,000. In the last two years, condos and townhouses have increased in popularity among buyers partly due to their costs often being lower than a starter house.

Comparative Trends in Home Prices

The Housing Price Index (HPI) helps us measure appreciation by looking at changes in single-family home prices. The Federal Housing Finance Agency (FHFA) obtains the data by reviewing repeat mortgage transactions on properties purchased or securitized by Fannie Mae and Freddie Mac. When a home is sold, the price is compared to previous sale prices for the same home; the same goes for refinancing. An index value of 100 equals the value in January 1995.

Repeat sales in Missoula in 2017 continued to be higher than other state and national markets, as has been the trend for several years. For the third quarter of 2017, Missoula had an HPI of 263.89, which was 7 percent higher than the third quarter of 2017.

While Bozeman would be an interesting addition to the index, FHFA does not include the City of Bozeman in this dataset because it doesn’t meet their minimum population threshold.

Issue: 4/8/18 Size: 1/8 home Color:LLC 4-color

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Median Sales Price of Homes Sold $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Montana Regional MLS

Percent Change in Median Sales Price 15% 10% 5% 0% -5% -10% -15% -20% -25% -30%

Missoula % Change National % Change 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Montana Regional MLS, National Association of REALTORS

Year-end Interest Rates Housing Finance

6% While mortgage rates re5.50% 5.38% mained affordable throughout 2017 with year-end 4.75% 4.75% 4.50% interest rate of 4.0%, tight 4.19% 4.13% market supply proved dif4.00% 4% 3.75% ficult for potential buyers.

MTBoardOfHousing_1-4_144961_Layout 1 3/23/18 10:52 AM3.25% Page 1 Home mortgage delinquencies and foreclosures dropped to a 10-year low, with only 102 properties 2% being given a notice of sale and just 24 reaching foreclosure in 2017. In addition to a strong economy, those numbers may be due 0% to homebuyer education programs, financial fitness 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 classes, foreclosure prevention, and more conservative Source: Stockman Bank underwriting standards.

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Housing Price Index 1st QTR 2008 - 3rd QTR 2017 280 260 240 220 200 180 160 140

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Billings Missoula Great Falls

Montana Montana Non-metro Mountain States Index = 100 in January 1995 U.S. Source: Federal Housing Finance Agency

Annual Rental Vacancy Rates 5% 4%

4.1%

3%

2.9%

3.0%

2% 1% 0% 2015

2016

2017

Source: Western Montana Chapter of NARPM

Rental Housing

4+ Bedroom

multiplexes

Missoula has encountered several years of low vacancy rates, and 2017 was no exception, with the annual vacancy rate at 3.0 percent. As is typical in a university town, vacancy rates fluctuate by season, going from a low of 1.2 percent in the first quarter of 2017 to a high of 4.8 percent in the third quarter, when summer turnover often occurs.

3 Bedroom 2 Bedroom

2017 2016

1 Bedroom

2015

Studios

Rental Prices

duplexes

4+ Bedroom After 2016’s unexpected decrease in rental prices (despite a AM tight rental supply), rental prices in Missoula increased 3 Bedroom 10:51 Page 1 in 2017 in nearly every category.

However, less than half CarasProperty_1-4_145406_Layout 1 3/23/18 10:48 AM Page 1 2 Bedroom of those categories had average rents that exceeded their 2015 level. Three- and four-bedroom units saw the largest 1 Bedroom increases, of 5 to 6 percent, while one- and two-bedroom Studios units increased by less than 2 percent.

The average rent for a one-bedroom apartment in a mul4+ Bedroom tiplex in 2017 was $632 while the average rent for a 3-bedroom house was $1,130.

3 Bedroom The most recent data available for comparing the aver2 Bedroom age Missoula rent to the average Montana rent comes from 2016. In recent years, the difference between the two has 1 Bedroom lessened. In 2016, Missoula’s average rent of $778 was $46 Studios more than the Montana average of $732.

It should be noted that reporting practices do not account $0 for incentives, such as move-in bonuses or other marketing methods, that may be used to attract renters.

houses

ut 1 3/23/18

Average Cost of Rent

$400

$800

$1,200

$1,600

Source: Western Montana Chapter of NARPM

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Home Sales by Neighborhood

Median Sales Price by Neighborhood

E.Missoula/Clinton

E.Missoula/Clinton

2017

2017

2016 Lolo

2016

Lolo

2015

2015 Grant Creek

Grant Creek

Mullan Rd./ Expressway

Mullan Rd./ Expressway

Target Range

Target Range

Miller Creek

Miller Creek

Central Missoula

Central Missoula Lewis & Clark

Lewis & Clark South Hills

South Hills U-Area/Slant

U-Area/Slant

Downtown/ Northside

Downtown/ Northside

50

100

150

200

250

300

350

00 K $1 50 K $2 00 K $2 50 K $3 00 K $3 50 K $4 00 K $4 50 K

0

$1

$5

$0

Rattlesnake

0K

Rattlesnake

Source: Montana Regional MLS

Source: Montana Regional MLS

Number of Sales Price Range Breakout 600

$200-$275,000 400

$275-$350,000 $350-$425,000 $150-$200,000

200

$500,000+ $0-$150,000

0

$425-$500,00 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Montana Regional MLS

Rental Assistance Programs

The Missoula Housing Authority (MHA) has 774 available Section 8 vouchers that subsidize rent to private landlords for eligible participants, helping to make private-market housing affordable for low-income families and individuals. The Montana Department of Commerce provides another 262 vouchers. Federal funding remained sufficient in 2017 to support all available Section 8 vouchers.

However, 2018 may be different; the budget is not finalized but as is currently proposed, it is too low to support all the vouchers.

Nevertheless, the demand for this type of rental MslaCitycounty_1-4_140671_Layout 1 assistance remains high.

In September 2017, 1,637 households were on the Section 8 waiting list, nearly the same as 2016.

3/23/18 10:49 AM Page 1

Conclusion and Outlook

Missoula’s housing market contains the classic triangle of a growing population, a short supply of both homes for sale and rentals, and prices that don’t always prove affordable. With growth in several areas, the data reveal a number of challenges for buyers and renters.

Rental housing recorded a vacancy rate of just 3 percent, and the real estate market had a tight supply, on average, throughout most of 2017.

With a growing population straining the housing supply, construction is on the rise, particularly for multi-family. Missoula was host to an increase in lot sales and building permits in 2017, as well as renewed activity in preliminary plat approvals for subdivisions. This may provide some relief as the Missoula population continues to add residents each year. In 2016, the population increased 1.7 percent, to 116,130.

With a decidedly sellers’ market, real estate sales hit a 10-year high in 2017. The median sales price of a Missoula home also reached a new high, of $268,250. But homes at more affordable price points were starting to disappear from the market, and there was less than a three-month supply of homes under $275,000 in 2017. Many buyers turned to townhomes and condominiums to find more affordable options.

The median income of Missoula residents increased to $46,550 in 2016, although this still remains below the median incomes for Montana and the U.S. The income increase has not matched increases in home prices, but 2017 did mark a year in which the Housing Affordability Index did not decline in Missoula, in part thanks to the median income.

Issue: 4/8/18 Size: 1/8 homes Color: 4-color

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Renters in Missoula, however, have a much lower median income of $31,146, and the impact this has had on affordability played out in several data points this year. Approximately 47 percent of Missoula renters spend more than 30 percent of their income on housing costs—a percentage that makes it difficult to meet other financial obligations.

This trend is further illustrated in the demand for Section 8 housing vouchers; some 1,637 households remain on a waitlist for just 774 vouchers. Homeword and the Missoula Housing Authority were able to add 33 new affordable units in 2017, as well as preserve 257 units that were at risk of being sold, but the demand for these units exceeds actual production.

In addition, Missoula—and Montana in general—faces chal42

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lenges with the number of homeless individuals. A point-in-time survey identified 344 homeless individuals on a single night in 2017, while the Missoula County Public Schools estimated that 438 children were unstably housed throughout the 2016-2017 school year. With a newly designed Coordinated Entry System to help provide better assistance to the homeless and those at risk of being homeless, Missoula is hopeful that in years to come this population will decrease.

In January of 2018, the Missoula Organization of REALTORS® and partners including the City of Missoula, Missoula County, and a number of other organizations released Making Missoula Home: A Path to Attainable Housing. This study provides strategies for local governments, the private sec-

tor, and non-profits to improve housing affordability through regulatory reform, incentives for developing housing in affordable price ranges, capacity building, and advocacy. MOR will continue to work with our partners and utilize Making Missoula Home’s findings to address housing affordability.

As we watch Missoula grow and attempt to adapt to its growth, both the challenges and opportunities are numerous. Affordability and supply continue to strain the housing situation, but at the same time, the area is experiencing growth and an improved economy. Most importantly, as a community, Missoula remains devoted to addressing issues of affordability, homelessness, and quality of life so that this remains a viable home for all.

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