Posts Tagged ‘ lenders ’

Canyon County Real Estate Statistics-Dec 2012

Below are the Canyon County Real Estate Statistics for December 2012. Canyon County consists of Caldwell, Nampa, Middleton, and surrounding areas. All numbers are taken from the Intermountain Multiple Listing Service for single family and single family with acreage.

Canyon CountyDecember Market Statistics

Available Homes

# Available: 875

# Vacant: 516 (59%)

# Short Sale: 210 (24%)

# Bank Owned: 51 (6%)

Median Asking Price: $129,900

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Pending Sales

# Pending: 313

Median Asking Price: $104,900

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Closed Sales – December 2011

# Closed: 224

# Short Sale: 56 (25%)

# Bank Owned: 121 (52%)

Median Sales Price: $78,050

Median Days on Market: 29

Closed Sales– December 2012

# Closed: 196

# Short Sale: 41 (21%)

# Bank Owned: 31 (21%)

Median Sales Price: $99,406

Median Days on Market: 30

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The New Year is Here!

Happy New Year! Let us hope and pray that this year will be one of the best we have had in recent years. As the saying goes, “success is 99 percent attitude and 1 percent aptitude”. So let us get our positive attitudes going!

Inventory continues to decline! We are down to 875 homes in Canyon County and if we take out the homes that are contingent short sales, the number of Available homes is around 607. I have not seen this low of an inventory since I became a Realtor over seven years ago!

The number of Pending Sales is down and is to be expected this time of year. Interesting to note is that the median Asking Price is up by $5k since last month for the Caldwell area.

Closed Sales for December saw a pullback as well. I think this is due to the combination of low inventory and the typical holiday seasonal slowdown. With the lower Pending Sales number, we will see if January has lower Closed Sales as well.

Overall, I think 2013 is going to be somewhat similar, sales wise, to 2012. Continuing

another year of it being a good time to be a buyer and/or a seller. Prices will inch up around 5 to 6 percent due to low inventory (good for sellers) and the decrease in the number of distressed properties (35 percent of homes for sale in December 2011 were

distressed, December 2012 was at 25 percent). Good for buyers, is the fact that interest rates are expect to stay at historic lows this year!

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

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Boise Real Estate Market Stats-Meridian-May 2011

Here are the numbers for the Meridian area for May 2011, active, sold and pending. These numbers are based on single family/single family with acreage from the Intermountain MLS. My commentary will be below each grouping.

Available-May 2011

# Available: 666 (yuck! don’t like that number!!!)

# Vacant: 371

# Short Sale: 200

# Bank Owned: 30

Median Asking Price: $175,000

The active numbers have stayed steady from April, particularly the number available (665 in April) and Asking Price is up slightly ($174,900 in April)

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Pending – May 2011

# Pending: 275

Median Asking Price: $172,000

Numbers are up for pendings (246 in April) and the Asking Price is up nicely ($163,753 in April)  This will be interesting to watch for June closings to see if the median sales price continues to inch up.

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Closed Sales- May 2011

# Closed: 176

# Short Sales: 31

# Bank Owned: 59

Median Sales Price: $152,650

Median Days on Market: 49

The number of closed is up from April’s 156 as is the Sale Price ($151,450 in April). Good news also is that Days on Market are continuing to go down (65 in April).

Sellers that price their home correctly can expect to move their home within 49 days or less! With inventory remaining flat, interest rates remaining low, and buyer demand picking up (particularly in the under $200k range), it is looking like a seller’s market (for the under $200k range)!

If you would like to see what the current Boise Real Estate Market looks like please got to my web site (no sign up required): www.BoiseRealEstateChick.com You can contact me through the website!

 

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

Boise Real Estate Listings for Under $140K!!!

Yesterday I posted about real estate listings in Meridian for under $140K. Today I will show you some really great deals in the Boise area for under $140K. This is a great opportunity for not investors but especially renters.

If your rent is $575 -$625 you can afford a home for $100K and under, and there are quite a few to choose from.

If your rent is $640-$745 you can afford a home for $130K and under.

And if your rent is $750-$850 you can afford a home  $140k and under.

Here are some great deals:

Boise Home for $100K

This is a fantastic deal! MLS#98456873

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$110K home in Boise

 Wonderful Boise home with a three car garage! MLS#98445503

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$120k home in Boise

Another great deal in Boise for under $120K! MLS# 98461449

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$130K home in Boise

Two story home with front porch! MLS#98459588

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$140K home in Boise

Lots of square footage for the money! MLS#98432491

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Buyers, now is a great time to buy! Prices are still very reasonable and mortgage rates are still low. It is definitely cheaper to own a home than to rent, If you would like additional information on the homes listed above or any other homes in the Boise real estate market, go to my website (no sign up required) and enter the MLS number, www.BoiseRealEstateChick.com

Is the American Dream Dead?

I saw an interesting article on Trulia today by Tara-Nicholle Nelson discussing two very different view points on home ownership. One view was from Suse Orman and the other was from Warren Buffet. Both had valid points  and I believe both are right in some regards.

There was one point in particular that I disagree with though and that was regarding renters. Suse Ormand states  that the American dream is dead because of jobless numbers and the difficulty in getting credit. She tells renters to “save, save, save up every penny” and eventually they may be able to buy a home. While I agree with saving up, it is nearly impossible for anyone to rent and have all the additional expenses that come with just trying to get by and still be able to save up. The rent money and all the other expenses are thrown into the wind and will never be recovered.

Rent in today’s market costs as much as a mortgage on a decent home. So wouldn’t it be smarter to purchase a home while the prices and loan rates are still low? At least your monthly mortgage payments go towards owning your home while rent payments go to the landlord who may not even be paying his/her own mortgage.

Warren Buffet had a different view and I have to say that I agree more with him. He states that now is the time to purchase due to affordability. He does caution homebuyers though to make practical choices with three simple steps: Don’t look for your “dream” home but one that you can afford, when you buy plan on holding onto your home for at least ten years, and get a mortgage that has a fixed rate with affordable payments.  If home buyer’s had been following these three simple steps a few years ago, much of this housing mess could have been avoided!

While I agree with Suse Orman in the sense that not everyone will own a home, I think it is more for the fact that not everyone should own a home. There are certain people who just do not know how to live within their means. They pay everything on credit and have no self-control when it comes to spending (sounds like our government doesn’t it?) Unfortunately, these same people were given home loans and now are the ones defaulting on their loans.

But there are those that are responsible with their money and save up for emergencies and down payments. These buyers should be rewarded with decent interest rates so that they can purchase a decent home.  If you are one of those responsible people and you live in the Boise area, I want to speak with you. Are you ready to buy and keep the American Dream alive? If you would like to see how much you can afford and what the current home prices are in the Boise real estate market,  please go to my website and then contact me (no sign-up required): 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.

Mistakes that Home Buyers Make

In a past post I listed all the steps that a buyer should take when getting ready to buy a home. Today I thought I would list some of the top mistakes a buyer can make when buying a home and suggestions on how to avoid them. Some are obvious and some are a little more subtle.

  • Choosing a Realtor that is not committed to you or their job. Hiring a real estate agent is similar (or should be) to hiring an employee. You are the boss and the agent works for you. It is a good idea to interview a few agents and when you find one that you feel you can work well with, make sure that selling homes is their only job. This economy has been tough on realtors and many have had to get a second job. You need to be priority one! You should not have to wait for them to get off their day job before they can return calls!
  • Not being pre-qualified before you go out looking at homes. This can be a painful mistake because you can fall in love with a home,  make an offer and then find out you are not qualified for that home. Speak with a lender before going out to even look at homes.
  • Getting sticker shock at the closing table. Get an estimate from your lender, or your real estate agent can get you an estimate for closing costs from a title company. Many a buyer gets to the closing table and has never even seen the settlement statement or a HUD-1 form and can not understand why they have to pay so many different fees. Seeing it beforehand helps you the buyer to be better prepared and also helps clear up any errors that may be on the closing statement. (this is where having an experienced real estate agent is important)
  • Trying to find homes on your own. Yes, I realize that today’s buyer is very tech savvy and can do home buying research on their own. So why bother getting a realtor? Because many of the listings that are found on the internet are stale listings or have other offers or contingencies on them. A realtor has access to the Multiple Listing Service and all the up to date information on all the listings in the area. Plus, as I have mentioned in a previous post, a buyer needs representation.
  • Not thinking long-term. Are you buying a home to live in for 5 years or 10 years? This does make a difference when deciding your needs and wants list. The shorter the time you plan on staying in your home the shorter you wants list should be and focus on your needs list. If you plan on staying longer, than your wants list becomes more important and you will look for a home that will come as close as possible to getting everything on both your wants and needs list.
  • Skipping the Home Inspection. Trying to save a few bucks up front can cost you with expensive repairs in the long run. A home inspector knows what to look for that the average home buyer will not. Plus they go in places that most of us hope we never have to, like the crawl space or attic rafters!

These are some of the most common mistakes that buyers make when buying a home. There are others but I think that these tend to be the most important and the most costly. If you are looking to buy Real Estate in the Boise Idaho area please go to my website (no sign in required) http://www.BoiseRealEstateChick.com, there you can see what homes are currently on the market and use the mortgage calculator to get a rough estimate of what you can afford. And do not forget to contact me when you are ready to buy!

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