Why are Bozeman homeowners selling their properties below market value?

Bozeman, Montana – For most people, it doesn’t make sense to sell your house for less than it is worth, but one Bozeman couple pounced at the chance.

“We’ve been asked a couple of times, ‘Why are you losing money on this?’ said Bob Wall. “I tell them, well—we’re not losing money.”

State Senator JP Pomnichowski of Montana and her spouse Bob Wall have had an apartment off of West Olive Street for eleven years.

“It was super important to us when we bought the condo to make it affordable housing, which we did while we owned it,” said JP.

They claim that keeping it reasonably priced is crucial to them now that they are selling it.

They chose to collaborate with the HRDC and its land trust to assist develop and preserve affordable homes for this reason. More than sixty houses in Park and Gallatin Counties are currently under the land trust’s care.

The condo owned by JP and Bob is one of the three newest properties up for sale.

“We want to keep the cost within reach of a lot of people who live and work in this community who increasingly can’t,” said JP.

To be incorporated into HRDC’s land trust, they decided to sell their condo for about 25% less than the going rate. Future buyers will be able to afford the house because of a deed limitation.

“We plan on selling it for $300,000 flat,” said JP.

They easily could have sold it for $425,000 to $550,000, according to her.

“We’re not making as much as we could have, but I think it’s more important to think about the community,” said Bob.

And they believe that by making this choice, others will be motivated to follow suit.

“There’s a lot of housing inventory that is coming online, but it’s going to be high priced, which doesn’t help,” said JP. “If we can inspire others to do what we’ve done, there is a great way to do it.”