T
he Bitterroot Valley Board of Realtors recently hosted a panel discussion on the challenges and opportunities in selling commercial property in the area. The event aimed to help real estate agents navigate the current market, which is being impacted by high interest rates and a cooling real estate market.

    Craig Siphers, president of the BVBR and a 38-year veteran of the real estate industry, chaired the panel discussion. Born and raised in the Bitterroot, Siphers has seen many ups and downs in the market. He recalled that during the early 1980s recession, the market came to a near standstill, with only 89 members in the BVBR at the time.

    Today, there are over 255 members, but Siphers notes that very few agents actually make a living from real estate sales. With the median sale price for single-family homes in Ravalli County increasing from $377,000 in 2020 to $600,000 in 2025, and rents skyrocketing by 100% in just four years, it's becoming increasingly difficult for locals to afford housing.

    Siphers emphasized that commercial real estate is a challenging market, with many variables at play. He noted that some sellers are still pricing their properties unrealistically, while others are hesitant to sell due to high interest rates. The National Association of Realtors has recognized Montana as one of the least affordable places for real estate in the country.

    The panel discussion also touched on various pricing models for commercial real estate, including market comparison by sales history, cost approach, and income approach. Siphers stressed that determining a realistic price is crucial, especially when dealing with small business owners who may not keep accurate records of their income and expenses.

    Farmers State Bank representatives noted that while commercial lending rates are high, there are still many deals happening, and owner financing remains a viable option. Storage units and mobile home parks were identified as solid commercial property investments in the valley.

    Siphers emphasized that real estate agents have a significant responsibility in ensuring that properties are valued correctly. He also highlighted the importance of advocating for private property rights and monitoring local regulations that impact affordable housing.

    The BVBR has been actively involved in local issues, including mobilizing against Senate Bill 358, which aimed to protect aquifers but would have effectively closed the Bitterroot basin to new wells. The bill was ultimately stopped due to the organization's efforts.

    Following the panel discussion, attendees toured several commercial properties currently for sale, with prices ranging from $175,000 to $2,975,000.