Archive for the ‘ First Time Home Buyers ’ Category

Canyon County Real Estate Market Statistics- April 2013

Below are the Canyon County Real Estate Market statistics for April 2013. These numbers reflect the single family/single family homes on acreage that are active, pending, or have sold in the Canyon County area during April 2013. Canyon County consists of Caldwell, Nampa, Middleton and the surrounding area. All data is from the Intermountain Multiple Listing Service.

Canyon County April 2013 Market Statistics

Available Homes
# Available: 933
# Vacant: 490 (53%)
# Short Sale: 167 (18%)
# Bank Owned: 39 (4%)
Median Asking Price: $151,990

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Pending Sales
# Pending: 596
Median Asking Price: $125,000

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Closed Sales – April 2012
# Closed: 279
# Short Sale: 78 (28%)
# Bank Owned: 89 (32%)
Median Sales Price: $87,300
Median Days on Market: 42

Closed Sales– April 2013
# Closed: 241
# Short Sale: 38 (16%)
# Bank Owned: 39 (16%)
Median Sales Price: $121,650
Median Days on Market: 2

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Spring Market Staying Strong!

The frantic pace that we saw in April has finally settled down a bit! Normally this time of year we see an increase in homes coming on the market. However, the inventory has only risen by 21 homes! Due to the lack of inventory, the median asking price is up by another $6K.

With the continued strong spring market, Pending Sales continue to rise as well. April was up (596) from March’s 465. Year over year the Median Asking Price is up by $45,100!

We have seen a slight pull back in the number of homes sold this month. With the decrease of distressed homes on the market we saw an increase in the sold price. The number of distressed homes this month on the market is down to 32 percent. This time last year, 60 percent of the homes sold were distressed.

With the decrease in active distressed listings and the overall lack of listings, it is pretty safe to say that Canyon County has finally entered the “normal” market!

If you would like to know what the current market value is on your home please contact me either by e-mail: mary@BoiseRealEstateChick.com or through my website: http://www.BoiseRealEstateChick.com

 

 

Boise Real Estate Statistics- April 2013

Below are the Boise Real Estate statistics for the month of April 2013. These numbers are pulled from the Intermountain Multiple Listing Service for Active, Pending, and Sold single family homes/single family homes on acreage. The Boise area consists of Boise, Meridian, Eagle, Kuna, and Star, Idaho.

Boise Area- April 2013 Market Statistics

Available Homes
# Available: 1804
# Vacant: 920 (51%)
# Short Sale: 267 (15%)
# Bank Owned: 50 (3%)
Median Asking Price: $237,869

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Pending Sales
# Pending: 1388
Median Asking Price: $209,000

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Closed Sales – April 2012
# Closed: 668
# Short Sale: 141 (21%)
# Bank Owned: 95 (14%)
Median Sales Price: $158,245
Median Days on Market: 39

Closed Sales– April 2013
# Closed: 704
# Short Sale: 86 (12%)
# Bank Owned: 68 (10%)
Median Sales Price: $185,250
Median Days on Market: 20

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Spring Market Staying Strong!

The frantic pace that we saw in April has finally settled down a bit! Normally this time of year we see an increase in homes coming on the market. However, the inventory has only risen by 12 homes! Due to the lack of inventory, the median asking price is up by another $12K.

With the continued strong spring market, Pending Sales continue to rise as well. April was up (1388) from March’s 1239. And yes, another $10k increase in the Median Asking Price. Year over year the Median Asking Price is up by $29K!

Not surprisingly, the number of homes that Closed for April was up for both month over month, and year over year. What was a bit surprising was that the Median Sales Price remained relatively flat. The number of bank owned and short sales homes that closed was up and may be part of the reason that sold prices didn’t rise. If you look at the Median Days on Market, you can see how frantic the market was for April, it was down to 20 days. This means that homes were getting offers on them within 20 days of being on the market. Not sure the last time I have seen the Median DOM so low!

Please contact me if you would like to have an updated Current Market Analysis done for your home in the Boise area. You can either e-mail me: mary@BoiseRealEstateChick.com or go to my website: http://www.BoiseRealEstateChick.com

 

 

 

Boise Real Estate Market Statistics -January 2013

Below are the Boise Real Estate Market statistics for January 2013. These numbers are taken from the Intermountain MLS and reflect active, pending, and sold single family homes/single family homes on acreage. The Ada County area consists of Boise, Meridian, Eagle, Kuna, and Star.

January Market Statistics

Available Homes
# Available: 1668
# Vacant: 956 (57%)
# Short Sale: 358 (21%)
# Bank Owned: 54 (3%)
Median Asking Price: $209,700

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Pending Sales
# Pending: 878
Median Asking Price: $189,900

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Closed Sales – January 2012
# Closed: 402
# Short Sale: 94 (23%)
# Bank Owned: 120 (30%)
Median Sales Price: $138,000
Median Days on Market: 57

Closed Sales – January 2013
# Closed: 358
# Short Sale: 47 (13%)
# Bank Owned: 41 (11%)
Median Sales Price: $182,995
Median Days on Market: 28

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Spring Market?!?

It may feel like winter but the spring market seems to be arriving early! Homes priced correctly are being snatched up in a matter of days as inventory continues to decline. Ada County is down to just 1668 homes available and if we remove the contingent sales, it is down to 1360. Because of the lack of inventory and the buyer demand, the median asking price jumped $10k!

Pending sales increased this month as did the median asking price for Meridian and Eagle. I expect we will see an increase in Closed Sales for February.

Closed Sales for January saw another decrease in the number of units sold. However, the median Closes Sales Price went up, as Days on Market went down. We continue to see a decrease of distressed homes on the market. If we look at January 2012 we see that 53 percent of the homes that sold were distressed, while January 2013 is only 24 percent.

I do believe that if there were more homes available the Pending and Sold numbers would be higher. We are seeing a large number of buyers from California looking to move here over the next few months. Unfortunately there is not much inventory to show them. So, if you or someone you know are thinking about selling, please let me know!

If  you are considering selling your home or know someone who is, please contact me via e-mail: mary@BoiseRealEstateChick.com or go to my website for other contact info.,  www.BoiseRealEstateChick.com

 

 

 

 

Why Buying a Home Now in Boise Makes Sense!

Have you been thinking about buying a home in the Boise area but are waiting for the prices to hit bottom? Well, sadly that time has come and gone. The bottom of the real estate market came about in April of 2011 with a low of $135,000 (median sales price)!  It is now up to $179,900 (January 2012 median sales price) and the inventory continues to drop. As we know, when inventory is low, prices go up (supply and demand)!

But let me show you some important reasons as to why buying a home in the Boise area now, instead of waiting a few months, makes sense:

  • Less buyers currently looking (less competition, and even with that we are starting to see multiple offers becoming the norm. This means that the homes are going for at least the asking price and in many cases above it.
  • Interest rates are low, like 3.75% low for FHA!
  • Prices will continue to creep up.

Let me show you another way that will hopefully drive home my point:

We will look at the cost of a 3 bedroom/ 2 bath home with variable interest rates and a 3.5% down-payment.

1. $160K (purchase  price) – 5600(3.5%) =$154,400 (loan amount) @3.75% = $715.05 (monthly payment)

2. $150K (purchase price) -5250 (3.5%)=$144,740 (loan amount) @ 4% =$691.06 (monthly payment)

3. $140K (purchase price) -4900 (3.5%) = $135,100 (loan amount) @ 5% =$725 (monthly payment)

As you can see, how much house you can afford is directly related to your interest payments. You may look at the 4% interest rate and feel the monthly payment is actually lower but the house price is actually $10k less. This means that you are probably getting less square footage and giving up a few extras. Then when you look at the 5% rate, not only do you get a higher monthly payment but you are getting $20k less house to get a similar payment as the $160k home.

Interest rates are low right now and will more than likely not go any lower. Banks can not make any money if they did! The rates will rise slowly but surely as will the home prices. The thing is, we know what the prices are now, we can not be so sure going forward. However, we do know that the prices are not going down! Buy here, buy now!

If you would like to see how much home you can afford, please go to my web site: http://www.BoiseRealEstateChick.com. Use the mortgage calculator and then go to My Dream Home tab and see what your new home is going to look like!

First Time Home Buyers- Rent vs. Own

Hello, home buyers! Especially you first time home buyers! It is one of the best times historically to buy a home right now in the Boise area. Interest rates are very low with an FHA loan coming in at 3.75% and only 3.5% of the purchase price required as a down payment. Even better news, credit score minimums have been lowered to 600! Top all this off with home prices that are at historical lows as well.

So if you are currently renting, you can probably afford to own. (Please keep in mind that these homes are all located in Boise, Idaho.) Let me show you some examples:

If your rent is between $695-$799 a month,  you can afford to own this home:

This home is only $139.9K and is a 3 bed/2.5 bath, 1470 sq. ft. home. If your rent is between $695-$799 a month you can afford a home between $120K and $149K!

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If your rent is between $800 -$899 a month, you can afford to own this home:

This is a brand new home in southeast Boise and is only $171,400. It is a 1590 sq ft home with 3 bed/2.5 bathrooms with all the bells and whistles.

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If your rent is between $900-$1000+ a month,  you can afford to own this home:

This new home by Stetson Builders is only $189.9K! It is beautifully done and has 1715 sq. ft with 4 bed/2.5 baths.

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After seeing these homes, do you still think it is better to rent than own? Keep in mind these are just some of the homes that you can afford to buy in the Boise area right now.  There are many to choose from and if you go to my web site you can use the mortgage calculator to see how much you can afford and from there you can use the MLS, Quick Search, or My Dream Home functions to find a property that will meet your search criteria. There is no sign in, so feel free to browse as long a s you like! I just ask that when you are ready to purchase, you give me a call!

My web site is: http://www.BoiseRealEstateChick.com

or contact me with any questions you have about getting started: mary@BosieRealEstateChick.com

Boise Real Estate Market Deals for under $150K !!!

While the inventory in the Boise Real Estate Market continues to shrink, there are still some great deals out there for under $150K. With interest rates hovering around the 3.75% mark (FHA)and only 3.5% of purchase price needed for a down payment, you could buy one of these homes and pay around $850 a month in mortgage payments. That beats renting at that price and getting nothing in return for it!

This home is only $150K! It is a 4 bedroom, 2.5 baths, 2106 sq. ft., with a 3 car garage!   MLS#98481313

*listing is courtesy of Idaho States Property

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This home is a great deal at $139,900 and is a 3 bedroom, 2.5 bath, 1632 sq. ft., with a 2 car garage! MLS# 98478685

*listing is courtesy of Coldwell Banker

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Great price in Eagle! This home is only $132.5K and is a 3 bedroom, 2.5 bath, 1781 sq. ft., with a 2 car garage. MLS# 98473300

* listing courtesy of ERA West Wind

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Can you believe this home is only $119.6K? It is a 3 bedroom, 2.5 bath, 1568 sq. ft., with a 2 car garage.   MLS# 98480378

*listing courtesy of LeBois Realty

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As you can see there are some amazing deals still out there, and if you act now, you could be in your new home before the New Year. Please go to my website (no sign up required) at www.BoiseRealEstateChick.com   and type in the MLS# for additional information. If you would like to get a personal tour of these homes please contact me : mary@BoiseRealEstateChick.com

First Time Buyers-Where are You?

A recent article in USA Today showed that only 34% of homes purchased (existing) were made by first time home buyers. In healthy markets they are 40%-45% of all purchases. So where are the first time buyers whom we need to purchase homes so that we can really turn this market around?

Interest rates are still low, housing prices are still low, and yet the first time buyers seem to be hanging out on the sidelines. Is this by choice or is something else going on? Here in the Boise real estate market, activity has really been picking up. But one thing that many realtors are seeing is an increase in cash (investor) buying.

I did a random sampling on 50 homes sold in ADA County (under $100k) in March, and 22 of the 50 homes were cash deals (44%). So are the cash deals pushing out the first time buyers who are waiting on loan approvals? Are the sellers more likely to take the cash deals instead of risking the possibility that the loan for the first time buyer may not go through? Really kind of tough to say but it sure does appear to be the case.

Lenders are continuing to tighten lending standards with increased credit scores (usually 730 and up) and at least 3.5% down. Many first time buyers do not have either of those and quite frankly, if they do no’t then they probably should not be buying.  To get a good deal on  a mortgage  buyers are required to have 20% down. Well that takes most of that particular market out of the picture.

So, I do not think that first time buyers are sitting on the fence, but are actually stuck there by competition from cash buyers and lending standards. How we fix that is not going to be easy or quick. Buyers are just going to have to wait a little longer and save up a bit more to put down on a purchase. This will help them in two ways: to get a better mortgage interest rate and to have more equity in their home. It is too bad that this kind of thinking was not in place in 2005-2007. Maybe we would not be in the mess that we are now if it had been!

If you are a first time home buyer and would like to know  how much home you can afford in the Boise real estate market, please go to my website (no sign up required) and use the mortgage calculator: www.BoiseRealEstateChick.com

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