Outrageous Appraisals: Montana Housing Crisis

The prices of homes are out of control, and I don't know where they are getting these numbers. I was driving on Broadwater yesterday, and the homes on the first six blocks are run down and falling apart. I don't know what the individual stories are behind them and why they are falling apart, but the values are way off.

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We looked at a home this morning at 142 Broadwater, and Zillow had that thing valued at $276,000. No way that home is worth that. In fact, I think it was 2 bedrooms with 950 square feet. Not to mention the condition and everything needing repair from the roof down.

As we went further into the discussion, there is no way that a bank or any lending institution would loan that kind of money on that property. Even if they did, the kind of person who would buy it would no way have $50,000 to put down on that property.

So here's the question: who is buying all of these homes that are selling, especially if you are a first-time homebuyer with no equity in your current home? I saw a map the other day that said the average home price in Montana now is $609,000. If you need 20% down for the loan, who has $120,000 lying around? Again, who would buy these things?

Just think, Mar-a-Lago is only worth 30 times more than the average home in Montana, according to the prosecutor going after Trump. Maybe we should have her appraise all of these Montana homes, then we would all be able to afford a new one.

See you tomorrow at 5.