Posts Tagged ‘ interest rates ’

Boise Real Estate Market Statistics for November 2012

Below are the Boise Real Estate Market statistics for November 2012. These numbers are based on the numbers from the Intermountain MLS f0r available, pending and closed sales. Numbers do not include condos or townhomes. Ada County consists of Boise, Meridian, Eagle, Kuna, ans Star.

Ada County November Market Statistics

Available Homes

# Available: 1873

# Vacant: 1029 (55%)

# Short Sale: 409 (22%)

# Bank Owned: 57 (3%)

Median Asking Price: $204,900

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Pending Sales

# Pending: 889

Median Akign Price: $184,900

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 Closed SalesNovember 2011

# Closed: 503

# Short Sale: 105 (21%)

# Bank Owned: 133 (26%)

Median Sales Price: $148,000

Median Days on Market: 46

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Closed Sales– November 2012

# Closed: 571

# Short Sale: 87 (15%)

# Bank Owned: 54 (9%)

Median Sales Price: $177,400

Median Days on Market: 30

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 Winter Market is Here!

Well it looks like our winter market is here! The Available inventory has gone down again with the median Asking Price staying about the same as last month (down by $1k). The number of Bank Owned homes on the market is down to only 57 (3 percent of the market). This time last year there were 158 Bank Owned homes available.

 Pending Sales continue to be on the decrease, also consistent with the winter market. However, the median Asking Price went up slightly for Ada County. We will see if this translates into an increase in the median Closed Sales price for December.

 The number of November Closed Sales was down but the median Sales Price was up. Year over year, 2012 has proven to be dramatically better than 2011. We have seen the number of distressed properties go down, the Sales Price go up and even the number of homes sold go up as well.

 All indications are that we will end 2012 very strong and that 2013 looks to be an even better year. Prices are expected to rise by about 4 to 7 percent, and interest rates are supposed to stay around the 3.75 percent mark for at least another 9 months. So, if you are thinking of buying or selling, 2013 may be the year to do so!

 Please go to my website for more information regarding the Boise area market: www.BoiseRealEstateChick.com

 

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Boise Real Estate Market Statistics – October 2012

Below are the Boise Real Estate Market Statistics for October 2012. These numbers are from the Intermountain Multiple Listing Service for available, pending, and sold, single family home/single family homes on acreage. These stats reflect the ADA County area that consists of Boise, Meridian, Kuna, Eagle, and Star, Idaho.

Ada County – October Market Statistics

Available Homes

# Available: 2019

# Vacant: 1043 (52%)

# Short Sale: 421 (21%)

# Bank Owned: 50 (2%)

Median Asking Price: $204,900

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Pending Sales

# Pending: 987

Median Asking Price: $179,900

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Closed Sales – October 2011

# Closed: 553

# Short Sale: 105 (19%)

# Bank Owned: 127 (23%)

Median Sales Price: $149,900

Median Days on Market: 36

 

Closed Sales– October 2012

# Closed: 641

# Short Sale: 89 (14%)

# Bank Owned: 66 (10%)

Median Sales Price: $176,500

Median Days on Market: 30

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Winter Market Coming Soon!

While the October real estate market did not do too badly, we can see that the winter market is coming in. So what does this mean? For the most part we will continue to see a drop in inventory as sellers remove their homes from the market for the holiday months and into February. Normally when inventory shrinks, prices go up but that is not usually the case in the winter months. Prices generally flatten out, mainly because the bulk of the buyers are not looking actively for a home until March.

However, sellers are at an advantage when selling in the winter because the pickings are few and the buyers are definitely serious. Will the seller get at or above asking price? Probably not above (less buyers means no multiple bids) but more than likely closer to asking. Price it well and it will move quick!

 Buyers have an advantage as well because the homes that are on the market are usually with sellers that really want to sell. There are also less buyers meaning less competition when making offers. Will the buyer get a great bargain? Actually yes, and mainly because the prices are still relatively low as are the interest rates.

So, if you are thinking of buying or selling a home, winter time may be a great time to consider it! For more information regarding the Boise Real Estate market please go to my website: www.BoiseRealEstateChick.com or e-mail me: mary@BosieRealEstateChick.com

 

 

 

Canyon County Real Estate Market Statistics – August 2012

Below are the real estate market statistics for Canyon County – August 2012. These numbers reflect the data taken from the Intermountain Multiple Listing and are based on single family/single family with acreage. Canyon County consists of Nampa, Caldwell, Middleton, and surrounding area.

Canyon County August Market Statistics

Available Homes

# Available: 989                    

# Vacant: 495 (50%)

# Short Sale: 303 (31%)

# Bank Owned: 39 (4%)

Median Asking Price: $129,240

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Pending Sales

# Pending: 490

Median Asking Price: $109,900

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Closed Sales – August 2011

# Closed: 291

# Short Sale: 64 (22%)

# Bank Owned: 133 (46%)

Median Sales Price: $78,500

Median Days on Market: 37

 

Closed Sales– August 2012

# Closed: 292

# Short Sale: 79 (27%)

# Bank Owned: 51 (17%)

Median Sales Price: $105,960

Median Days on Market: 29

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            Here Comes Fall!

August seems to have brought the real estate market back to life! I am also currently seeing the same increased activity for September. Fall time is historically the second surge of the year for buying and selling.

 With the decrease of distressed properties on the market, we are seeing more homes that are generally in move in condition. This is great for buyers because prices are still relatively low, allowing for some great deals. Cash buyers are still in the driver’s seat though, with many sellers preferring the cash deals even if they are the lower bid. This is because cash deals close quicker and do so without the need of an appraisal.

Have you wondered why we are seeing an increase in the number of vacant homes on the market even though the number of distressed properties is decreasing? Looking at the data, I have concluded that the increase is coming from a certain builder, (no names mentioned but you know who he is!) who has increased the number of homes he is building. This is both good and bad. Good because building new homes employs more people, gives more choices for home selection but bad because this particular builder is able to sell below market price, hurting existing home prices. Hopefully during this building boom, he will not over build!

If you would like to see how much home you can afford please go to my website and use the mortgage calculator, www.BoiseRealEstateChick.com

 

 

 

 

 

Canyon County Real Estate Statistics for July 2012

Below are the real estate statistics for Canyon County (Namp, Caldwell, Middleton and the surrounding area). All numbers are based on input from the Intermountain Multiple Listing Service for Available, Pending, and Sold homes (residential and residential with acreage. Condos and Townhomes not included).

Canyon County July Market Statistics

Available Homes

# Available: 991                    

# Vacant: 472 (48%)

# Short Sale: 332 (34%)

# Bank Owned: 44 (4%)

Median Asking Price: $128,590

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Pending Sales

# Pending: 535

Median Asking Price: $110,325

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Closed Sales – July 2011

# Closed: 292

# Short Sale: 63 (22%)

# Bank Owned: 156 (53%)

Median Sales Price: $79,900

Median Days on Market: 40

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Closed Sales– July 2012

# Closed: 251

# Short Sale: 62 (25%)

# Bank Owned: 50 (20%)

Median Sales Price: $105,000

Median Days on Market: 35

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Real Estate Market Stays Strong!

 July is usually a slower month but for the Canyon County area we saw a continued upward trend. The market here seems to be showing no signs of slowing down! We are still seeing homes selling in a matter of days with multiple offers.

 The Median Asking Price for homes coming on the market is continuing to go up and we are seeing the number of distressed properties coming on, going down. While 40 percent of the market was distressed in June, it is down to 38 percent for July.

While the number of Closed Sales remained about the same as last month, the Median Sales price was up again. This is even with a slight increase in distress sales properties moving through, that normally would bring median sales prices down. That increase in short sales is also the reason the Median Days on Market went up a bit.

 Looking at year over year sales, it is incredible to see the difference a year can make. While there were more homes sold during July of 2011, the Median Sales Price was $79.9K, and this year the Median Sales Price is $105K! That is quite the difference and further proof that Canyon County is on the mend!

 If you would like to know what the current value of your home is in the Ada and Canyon County areas, please go to my website: www.BoiseRealEstateChick.com or e-mail me: mary@BoiseRealEstateChick.com

 

 

 

Buyers Beware! Seller’s Market is Here in Boise! (or pretty close to it…)

Ask any Realtor who was out showing homes in the Boise area (Canyon County too!) over the past few weeks in March (2012), and you will hear a certain sense of frustration. One of the reasons is that there is just not enough inventory to show home buyers, particularly in the under $200K price range. Another reason is that the home buyers seem to have come out of the woodwork over the past few weeks and the competition is stiff. Cash is king right now and buyers who are using loans to purchase are losing out in the bidding war. Even short sales are getting multiple offers! These were avoided like the plague until recently and should tell you just how desperate buyers are.

Many of the homes coming on the market (under $200K range) are being snapped up in less than a week with multiple offers. It is even crazier for the under $150K homes which are going contingent or pending within hours of being placed on the market. The majority of homes in these price ranges are not just getting multiple offers but are getting at and above their asking price.

Is this a seller’s market? The next few months will tell when we see the traditional increase in homes being put on the market for spring. I should point out that this did not happen last year. Inventory went down every single month through ALL of 2011. As the homes sellers start to catch on that the pendulum is swinging back into their direction, we may see an  increase in not only inventory, but pricing as well as traditional sellers regain some confindence.

I have been trying to warn buyers that this was going to happen sooner than later. Yet, I have buyers who still think it is okay to offer below asking price and then add their desired concessions as well! Those days are gone for right now. Pricing is out of bottom, so to try to offer less can not be justified, particularly since most properties are already listed at or below market. I realize everyone wants to feel like they got a deal but the reality is, even if you pay full price (or a little over) you are getting a great deal! Couple that with the current interest rates and I do not think that you will find home affordability this great again.

So, once again, I appeal to buyers; if you were waiting to get into the market, wait any longer and you will have passed up a great buying opportunity. And sellers, if you were waiting until spring to put your home on the market, do it now. Get ahead of the competition and sell for a higher price now than if you wait too long. If you want to know what you might get for your home please send me an e-mail at : mary@BoiseRealEstateChick.com    Buyers if you want to see what you can afford go to my website: www.BoiseRealEstateChick.com

 

Great Real Estate Deals in Boise for Under $200K

Are you thinking about buying a home in the Boise area right now or in the not too distant future? Well here are some great deals for under $200k! Inventory is going down but there are still some homes available that are priced right and ready to move into.

This 4 bedroom / 2.5 bathroom brand new home built by Stetson,  is going for $189.9k! It has 1715 square feet with a 2 car garage and all the bells and whistles!  (listing courtesy of Coldwell Banker Tomlinson)

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This split level home has 1894 square feet with 4 bedroom/ 2 bathrooms on a very large yard and is selling for $169.9k! This is a great family home at a fantastic price! (listing courtesy of Silvercreek Realty)

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You will not believe the price on this home! It is a 1478 square foot home with 3 bedrooms / 2 bathrooms on a large yard for ONLY $124.9k!!! Not a short sale or REO, just priced like one. (listing courtesy of Les Boise Realty)

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These are just some of the great deals that are available currently on the market. So if you are looking at buying a home in the Boise area, now is the time. Interest rates are low, prices are great, and the spring rush of buyers are about to hit the market as your competition! If you would like to see more homes that are available, please go to my website: http://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!

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