What Open Houses Are Revealing About Today’s Buyers in Billings, MT
We recently hosted an open house in Billings and by the end of it, we were absolutely shook by some of the conversations we had.
So much so that we knew it had to be a blog post, because there was such a clear, common theme happening – and it’s one that is 100% avoidable as a buyer in today’s market.
So let us set the scene:
It was a 3-hour open house and within that window, we had around 15–20 groups walk through the door. And these weren’t just casual “let’s go look at a house for fun” kind of visitors.
The majority of them were genuinely interested. They were asking thoughtful questions, walking through the home multiple times, talking through details with each other… you could tell they were picturing themselves living there.
It was even more telling that NONE of them were unrepresented – every single person we spoke with was already working with a real estate agent.
And yet, despite all of that, most of them had a very similar story:
“We’re really interested in this house, but we need to get our finances in order first.”
“We want to make an offer, but we need to sell our house first… do you think they’d consider that?”
“We haven’t been able to get in touch with our lender yet, so we’d have to wait.”
And in real time, we watched the same thing happen over and over again…
Buyers finding a home they loved and realizing they weren’t actually in a position to make a move on it.
Allll of these scenarios told us one thing: these buyers didn’t lack interest, they lacked preparation.
And in a market like this, that small gap is often the difference between getting the house and missing it entirely.
But again, this is something that you can 100% avoid, so to help you do just that, this blog post is going to cover the reality of today’s market, the first step to take before you start house hunting, and how a buyer strategy session can make all the difference in your buying process.
The Reality of Today’s Real Estate Market in Billings, MT
Before we really dig into how to solve the issue we’re seeing at open houses, it’s important to fully understand the reality of today’s real estate market in Billings, MT.
If you’re casually keeping an eye on the market right now, there’s something important you need to understand:
We are not technically in a full-blown multi-offer market. But, we’re also not in a slow, predictable one either.
What we’re seeing in Billings right now is a shift and it’s creating two very different experiences depending on the home.
For the past few years, most of the mindset adjustments in real estate have been aimed at sellers. They’ve had to price more strategically, adjust expectations, and be patient with longer days on market.
But lately, that shift is starting to happen on the buyer side too! Because while yes, some homes are still sitting… others are moving fast. Like, days on the market fast.
Same market. Very different outcomes.
And that means buyers can’t rely on the same strategies that worked when every home had room for negotiation and plenty of time to think.
When a home is priced well and positioned correctly, it’s attracting serious attention almost immediately. And in those situations, the buyers who win aren’t the ones coming in way under asking with multiple contingencies.
They’re the ones who understand the moment and write offers that reflect it.
Even with higher inventory, competition still exists – it’s just more selective now.
One of the biggest reasons for this shift is that we’re seeing a new wave of buyers (and even agents) who didn’t experience the intensity of the 2020 market – where timelines were tight and decisions had to be made quickly.
So if you’ve only known the slower pace of the past couple of years, it’s easy to assume that’s still how things work.
But right now, the market has two distinct lanes:
1️⃣ Some homes allow for slower, more flexible negotiations.
2️⃣ Others are priced and positioned strategically… and they move quickly.
So what does all of this actually mean for you as a buyer?
It means that when the right home comes along, you don’t have time to get ready… you have to BE ready.
The First Step To Take Before You Start House Hunting in Billings, MT
The biggest red flag we saw at that open house is that some of those buyers weren’t in a position to actually buy.
Why? Because they hadn’t yet been pre-approved. 🫣
This is one of the biggest mistakes you could make when wanting to buy a home!
What many people don’t realize is that without a pre-approval, you’re not in a legitimate position to make an offer on a home – even if it’s the perfect home for you!
A pre-approval tells you (and sellers) exactly what you can afford, what your financing looks like, and what price range you should realistically be shopping in.
But more importantly, it allows you to act quickly when the right home comes along.
Without it, you’re left trying to get answers, connect with a lender, and pull everything together after you’ve already fallen in love with a home.
(This is exactly what happened at the open house for some people!!)
In a market where some properties are moving fast (like what we’re seeing in Billings lately), that delay can cost you the opportunity entirely.
So if you’re even THINKING about buying a home, this is your first step.
Now, that’s not to say you can’t connect with an agent prior to pre-approval! You absolutely can and in fact, your real estate agent is often the one who can connect you with a local lender to walk you through the pre-approval process.
Your lender will work with you to assess your financial situation and determine your eligibility for a mortgage by gathering your income information, credit history, assets and debts.
Once they have all of this information, they can issue a pre-approval letter to you as a borrower, which states the maximum loan amount that you qualify for.
During this process, they will also be who helps you navigate which loan programs you qualify for and which ones will be the best fit for you!
In addition to pre-approvals and loan options, your lender is also the person who will provide all of the information about current interest rates and help you choose between a fixed or variable rate option.
Overall, your mortgage lender is truly the FIRST person you need to get connected with before you can start the home buying process!
How a Buyer Strategy Session Changes Everything (and What to Expect During One)
Once you’re pre-approved, the next step is sitting down with your agent for what we like to call a buyer strategy session. And this is the piece that so many buyers tend to skip (unless you work with us because it’s not optional 😉).
A buyer strategy session is a key piece of our buying process here at The Tounsley Group because from experience we know that it’s what often makes the biggest difference!
This is where we take everything from “we’re thinking about buying” to “we have a clear plan.”
In a buyer strategy session, we walk through:
What you’re actually looking for in a home (and what matters most to you)
What your financial picture looks like beyond just the purchase price (because yes, there’s more involved than just the purchase price in a home buying transaction)
What submitting an offer actually looks like in today’s market (there’s some strategy to this to help your offer WIN!)
How we approach negotiations depending on the situation
What your options are if you need to sell a home at the same time (buying and selling at the same time is our bread and butter and we have a tried and true process for it!)
But don’t get it twisted – a buyer strategy session isn’t just for the agent! It also gives YOU a chance to ask questions and ensure that the agent is qualified and able to represent you well.
For a closer look at some of the things that we encourage you to ask an agent before signing a representation agreement, CLICK HERE!
Overall, the entire point of this part of the process is to avoid trying to figure all of this out when you’re already standing in a house you love and not knowing what to do next.
We want to figure that out BEFORE you get there!
A lot of buyers often try to skip this step because they think that reaching out to an agent means you’re committing to buying right away. But that’s truly not the case at all!
A good agent is going to meet you where you are, help you understand your options, and allow you to move at your own pace without feeling pressured.
We always say that if you know you want to buy within the next year or so, reach out NOW. Get prepared NOW.
We’re not here to rush you through the process – we’re simply here to be your guide through it all every step of the way!
Ready to start the home buying process in Billings, MT?
So if you want to buy a home in Billings, MT (or think you might want to in the next year or so) the time to start preparing for that is NOW.
The biggest mistake we’re seeing with buyers at open houses is that they’re almost ready. They’re interested, they’re paying attention, and they’re even actively looking.
But when the right opportunity shows up, they’re just a step behind And in today’s market, that one step can make all the difference.
With the right preparation, meaning you’re:
✔️ pre-approved
✔️ have a clear buying strategy
✔️ are working with a local agent who helps you think a few steps ahead
you can put yourself in a position to move confidently when the time comes!
Whether you’re planning to buy next month or later this year, the best thing you can do right now is start the conversation.
Because remember: being ready doesn’t mean you have to act immediately. It just means that when the right home comes along, you CAN!