Archive for the ‘ Buyers and Sellers ’ Category

Meridian Idaho Real Estate Market Statistics-March 2011

Below are the statistics for the Meridian, Idaho real estate market area for March 2011. I will comment after each section which contains the available homes, pending and sold. All numbers reflect single family/single family with acreage from the Multiple Lisitng Service data.

Available Homes

# Available: 662

# Vacant: 358 (54%)

# Short Sale: 195

# Bank Owned: 39

Median List Price: $169,987

Available homes on the market decreased from February(688) and the number of vacant properties went down as well (Feb. 399). The total number of distressed properties declined from February (280) to March’s (234). Median asking price only rose by $2k.

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Pending

# Pending: 224

Median List Price:$156,450

Median Days on Market: 45

Pending properties are way up from February’s 108 and the median list price is almost identical. The number of pending is a very hopeful sign that the number of closed properties in April will be up yet again.

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Closed Sales

# Closed: 130

# Short Sales: 36

# Bank Owned: 49

Median Sales Price:$142,870

Median Days on Market: 92

While the number of closed sales rose from February’s 105, the number of distressed went up as well. This may explain the drop in the median sales price from February’ $154,875. With more distressed properties closing they continue to drag the median price down. Good for buyers, bad for sellers!

Tomorrow I will post the March real estate statistics for ADA County which encompasses all of Boise, Meridian, Eagle, Kuna and Star.

If you would like additional information regarding the Meridian real estate market please go to my website (no sign in required): www.BoiseRealEstateChick.com

Eagle Idaho Real Estate Market Statistics-March 2011

The numbers are in for the Eagle Idaho real estate market area for March 2011 and they look pretty good. I will give commentary for each section below.

Available Listings:

# Available:256

#Vacant: 108 (42%)

# Short Sales: 66

# Bank Owned: 14

Median Asking Price: $349,375

Number of available is up by 23 compared to February(233), which is actually not to bad considering we are heading into the spring market. I anticipate that this number will go up next month also.

The percent of vacant  homes is down by 2%  from February (44%), but the number of short sales and bank owned are almost identical to last month..

Asking price is up slightly from February’s $344K.

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Pending Sales:

# Pending: 61

Median List Price: $360K

Median Days on Market: 42

Pending’s  went up nicely from February’s 46 but the median asking price fell from $$394,500 to $360K.

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Closed Sales

# Closed: 35

# Short Sales: 14

# Bank Owned: 8

Median Sales Price: $275K

Median Days on Market: 90

Closed sales were up from February (28) with short sales and bank owned doing a flip from last month(February had 7 short sales and 13 bank owned). Median sales price went up very nicely from $234,750 in February. Days on market increased as well though by 26 days (64 DOM in Feb.) but this is probably due to the increase in short sales that closed.

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Overall, the Eagle area looks pretty solid with increases in sold and pending which continues a positive trend for the year. The only area of concern is that the pending list prices are down which could mean that sold prices for April could go down as well.  Tomorrow I will post Meridian’s numbers which look very promising as well. (I will update the Eagle numbers if necessary since some of the solds may not have been entered yet.)

If you are considering buying or selling your home in the Eagle area, please go to my website to see the local Eagle real estate market area homes that are for sale (no sign up required): www.BoiseRealEstateChick.com and if you would like a current market analysis of your home or are interested in purchasing, please feel free to contact me (contact information is on my website).

Tax Advantages of Owning a Home

With tax time coming up (this year on April 18th) I though I would share with you some of the tax advantages of owning your home and possible items that you can use for deductions. Renters take note: you are very limited on your tax deductions when it comes to renting, it is your landlord that is getting the tax write-offs.

Mortgage Interest: All the interest that you pay on  your mortgage payments can be deducted.

Points Paid: If you refinanced in 2010 you may be able to write off the points that you paid on the new loan or if you paid higher points to get a better interest rate on your 2010 home purchase, this can be deducted.

Capital Gains: If you are married and sold your home, you can exclude up to $500K ($250K if you are single) of the profits of the sale if you lived in the home for two of the last five years.

Home Improvements: Hold onto the receipts of any improvements that are done. You may not  be able to deduct them, but you can use them to offset any taxable gain when you sell.

Moving expenses: If a new job requires you to move more than 50 miles you may be able to write off the cost of the move.

These are just some of the ways that home ownership can be beneficial for tax shelter purposes, but if you would like to know what the exact guidelines are for the IRS please contact a  tax specialist such as H&R Block or your local tax accountant. If you would like additional real estate information in the Boise area, please go to my website (no sign up required): www.BoiseRealEstateChick.com

Shadow Inventory in the Boise Real Estate Market

In today’s local newspaper they did their usual hype style headline, “Shadow Inventory could still  Haunt Treasure Valley Market”. It seems at least once a week, the local paper and national  news media feel the need to run a negative real estate story. This particular story on Shadow Inventory has been run before and it seems not that long ago.

So what is “Shadow Inventory”? These are the homes that have been foreclosed on and have not as of yet been put on the real estate market. Generally speaking these homes are owned by the lenders who have first lien position (usually the original loan).

The way the news stories are written one would think that the banks are just waiting for an orchestrated time to dump all the homes onto the market. Does that seem to make any sense? No, and banks are not in the business to lose money. If they were to put all the homes that they have  in their inventory on the market at the same time they would crash the market, forcing prices to go even lower.

Most banks are losing money as it is with homes being sold at record lows, so homes must be put onto the real estate market in a timely fashion. When they sell one, they put another one on. It is really that simple. The lending industry may have had a big hand in screwing up the housing market but they actually do understand (let’s hope so anyway) supply and demand.

And demand is getting higher as the inventory shrinks and prices have leveled off ,and in some cases has increased. I know I am not the only realtor who seems to feel that there is a certain urgency that has entered the market. I have shown several homes recently and have encountered another realtor trying to come in the door right behind me. That has not happened in several years and I will discuss that in tomorrow’s post.

If you would like to see what the current inventory in the Boise real estate market looks like right now, please go to my website (no sign up required): www.BoiseRealEstateChick.com

New Homes Sales Plunged in February,hmm…

There was yet another doom and gloom real estate story in my favorite local newspaper. Its headline was, “New-home Sales Plunged in February to Record Low”. Now the ordinary reader who is not a Realtor would read that and think,” Wow the real estate market is still really bad”.

One of those ordinary readers was my husband who read the headline and asked me, “Are things really that bad?” I told him, read the rest of the article and you will see that the story is for  the national new-home sales, and not the local Boise real estate area, which has actually been seeing a consistent upward trend.

A few things about the national picture first. Weather has been absolutely horrible in most parts of the country. Winter weather and heavy rains have delayed many new-homes from being completed, therefore, no closing.  If you look at their chart they show sales going back to 1963 till present.  Today’s national numbers are about half of what they were in 1963 but  are about what they were in the late 1960’s and again in the mid 1980’s. But if you look at the numbers from 2005 (height of the market) it looks like a heart monitor that suddenly has no beat. Anything that you compare in the real estate market from 2005 to 2011 is going to look bad. Actually I think that 2010 was the polar opposite of 2005 and as I continue to watch the statistics, 2011 is actually looking very good.

Here in the Boise area, the real estate market is looking very, very good. Existing home sales jumped in February (by 24%) and so did the pending sales which indicates that March sales are going to be even better. I know as a Realtor my phone has started to ring quite a bit from buyers who realize now is the time to buy. Talking with other Realtors in my office and around the Boise area, they are all saying the same thing, “Business is picking up and it is not the spring market yet”. We all feel the same way, this is going to be a good year!

If you are a buyer or a seller and want additional information regarding the Boise real estate market, please go to my website (no sign up needed): www.BoiseRealEstateChick.com

Is Boise There Yet?

A few weeks ago I posted the February statistics for the Boise,Idaho real estate market. All indicators showed that there is a shift going on in the market: sales are up, pendings are up and inventory is down. All signs that we are coming out of bottom.

Yesterday the Ada County Association of Realtors released their numbers which supports my thinking. In this report they show that inventory is down by almost 30% from last year and distressed inventory was also down by 4% from the previous month. They also show that the properties in the $100k-$120K price range are in short supply with only 4.2 months worth of inventory. While on the other end of that spectrum are the homes in the $500k-$700K there is a 24 months supply.

They went on to state that with inventory levels low and not likely to increase, prices should stabilize. So if you have been thinking about buying but have put it off because you need to sell your home first, now may be a good time to both.  Especially if your current home is in the $250K and under range, and if you are a “normal” sale. Many buyers weary from the distressed housing market are looking for a home that they can move into without have to gut the place or do at leat $10K worth of work just to move in, and can move into within a 30 day time period.

If you would like to know what your home may be currently worth or would like information on homes for sale in the Boise real estate market, please contact me through my website (no sign up necessary) : www.BoiseRealEstateChick.com

Credit Score Facts

Okay real estate home buyers, what do you know about your credit scores? Do you know what yours is? Do you know what affects them?  A recent survey with 1000 consumers showed that out of 22 questions about credit scores, on average they got  60 percent of the questions right. So if you feel like you lack knowledge regarding credit  scores, you are not alone!

First off, did you know that to get the very best rates your credit score needs to be around 740? And that with every 20 point drop, adjustments are done causing you to pay a higher interest rate which in the long run can cost you thousands over the history of your home loan. A score of 599 and below is considered poor risk and will not qualify for a loan. The part that is really disturbing is that nearly 43.4 million people right now have a score of 599 and below!

Here is a quick guide to factors that decide your credit score and in turn determines how much extra you will pay for a loan.

1. Payment History – if you pay on time or if you pay late, bankruptcy filings, and liens affect your payment history.

2.Amount Owed – having too many accounts that have large amounts of money owed can be a sign that you have maxed out your credit limit or are overextended.

3. Credit History – different from payment history in that this looks at how long you have had accounts open. The longer the better because it will show your ability to pay over a long period of time.

4. New Credit – it is risky to have new credit cards or loans, even if you are paying them on time because the history has not been established for how you will manage these accounts.

5. Types of Credit – it is a good idea to have different types of credit. For example installment loans (car, student), credit cards, mortgage, etc.  This shows your ability to manage different types of credit with consistent payments.

You are allowed one free credit report once a year from the three national credit reporting companies. It is a good idea to check them annually to ensure that the report is correct. Many times items appear on your report that are  not yours. Better to clear those up now, then when you are trying to get a loan. To check your credit score go to :  http://www.myfico.com  To get a copy of your credit report go to: http://www.annualcreditreport.com

If you would like more information regarding credit scores or would like to be pre-qualified for a home mortgage, please go to my website and email me for lender referrals in the Boise Idaho area. While you are at my website (no sign up required): www.BoiseRealEstateChick.com, you can use the mortgage calculator and look at homes that are available in the Boise Real Estate area.

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