Posts Tagged ‘ mortgage rates ’

Boise Real Estate Market Statistics for August 2012

Below are the Boise Real Estate Market Statistics for August 2012. These numbers are based on Available, Pending, and Sold homes in the Ada County area (Boise, Eagle, Meridian, Kuna, and Star) for single family/single family with acreage homes. All data is taken from the Intermountain Multiple Listing Service.

Ada County August Market Statistics

Available Homes

# Available: 2144

# Vacant: 1035 (48%)

# Short Sale: 455 (21%)

# Bank Owned: 54 (3%)

Median Asking Price: $209,900

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Pending Sales

# Pending: 1145

Median Asking Price: $178,500

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Closed Sales – August 2011

# Closed: 630

# Short Sale: 104 (17%)

# Bank Owned: 178 (28%)

Median Sales Price: $152,500

Median Days on Market: 38

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Closed Sales– August 2012

# Closed: 710

# Short Sale: 100 (14%)

# Bank Owned: 52 (7%)

Median Sales Price: $180,000

Median Days on Market: 25

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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.

Pending Sales remain strong, but the Median Asking Price on them has gone down by around $6k. This will probably be reflected in September’s Sold Prices.

Number of Closed Sales saw a big increase from July as did the Median Sold Price. We are also seeing the continued decline of distressed properties being sold, down another 2 percent from last month. However, with the slight pull back in Median Asking Price for Pending Sales, I am thinking we will see the Median Sold Price stay either flat or decrease just a bit for September sales.

If you would like to know what the current value of your home is please contact me : mary@BoiseRealEstateChick.com or to see what homes are available to buy in the Ada County area, please go to my website: www.BoiseRealEstateChick.com

 

 

 

 

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Boise Real Estate Market Statistics for March 2012

Below is the Boise real estate market statistics for March 2012. These numbers include all of ADA County (Boise, Meridian, Eagle. Star, and Kuna). The numbers are based on input from the Multiple Listing Service for single family/single family on acreage homes.

Available Homes

# Available: 1870

# Vacant: 927 (50%)

# Short Sale: 567 (30%)

# Bank Owned: 51 (3%)

Median Asking Price: $199,000

Inventory continues to go down, while we are seeing the Median Asking Price continuing to creep up. Currently, only 33% of the active listings are distressed sales, with only 3% being bank owned.

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Pending Sales

# Pending: 1102

Median Asking Price: $165,011

The number of Pending Sales are higher than they have ever been since I started tracking in October of 2010. The Median Sales Price is also up from last months $160K.

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Closed Sales – March 2011

# Closed: 548

# Short Sale: 109 (20%)

# Bank Owned: 209 (38%)

Median Sales Price: $135,000

Median Days on Market: 60

 

Closed Sales– March 2012

# Closed: 512

# Short Sale: 104 (20%)

# Bank Owned: 124 (24%)

Median Sales Price: $152,750

Median Days on Market: 39

While the number of Closed Sales is up for this month over month, the Median Sales Price is down slighlty ($156,750 in February) but we are way up from out year over year number. As a matter of fact at this pint last year we actually hit bottom at $135K. Congratulations to anyone who bought in March and April of 2011! You officially bought at market bottom!

We are continuing to see the shift into a sellers market because of low inventory and seasonal demand. Buyers (and their agents) are becoming increasingly frustrated at having no homes to choose from and when one does come on the market, they have to get in line to see it and make sure to bid above asking price.

With the Pending Sales numbers being so high, I am fully expecting that April Closed Sales numbers are going to be very good. If you would like to see what homes are going for in the Boise area please go to my web site: www.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

 

Boise Real Estate Market Statistics for February 2012

Below are the numbers for the Boise real estate market (ADA County) for February 2012. This area covers the Boise area as well as Meridian, Eagle, Kuna, and Star. All numbers are from the Multiple Listing Service for single family/single family on acreage homes. Buyers take note if you are thinking of buying a home in the Boise area, inventory is still going down and prices are going up.Time to get off the fence and buy!

ADA County (Boise)

February Market Statistics

Available Homes

# Available: 1920

# Vacant: 1,013 (53%)

# Short Sale: 589 (31%)

# Bank Owned: 74 (4%)

Median Asking Price: $184,900

Inventory continues to go down! I feel like I have been writing this every month for the past year and a half! Median asking price is going up (supply and demand). Last month the median sales price was $179.9K.

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Pending Sales

# Pending: 920

Median Asking Price: $160,000

Number of Pending Sales are up again and my guess as we head into spring this trend will continue. Median Asking Price is relatively the same as last month ($159.9K).

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Closed Sales – February 2011

# Closed: 401

# Short Sale: 93 (23%)

# Bank Owned: 147 (37%)

Median Sales Price: $148,000

Median Days on Market: 70

 

Closed Sales– February 2012

# Closed: 444

# Short Sale: 94 (21%)

# Bank Owned: 108 (24%)

Median Sales Price: $156,750

Median Days on Market: 50

The number of sold properties is up month over month (393 -January) and year over year. The Median Sales Price is up very nicely for both month over month ($139K – January) and year over year. The number of percentage of distressed properties that sold are down for this month as well (45%) compared to last month (53%) and Feb. 2011 (60%). Very nice trend to see!

Once again, I want to remind buyers that this is probably about as good as it is going to get price wise in Boise. Interest rates are still low and it would be wise to get ahead of the spring buyers that will be your competition. Sellers, because inventory is low and the spring sellers have not hit, you will get more for your house now then if you wait until you are competing with more sellers that have similar homes. Yes, the market is still in that odd buyer/seller market mode but if you are thinking of buying a home in the Boise area or selling, now is the time!

To see what homes are currently selling for in the Boise Real Estate Market, please go to my web site: http://www.BoiseRealEstateChick.com or you can e-mail me at: mary@BosieRealEstateChick.com if you would like a free Current Market Analysis for your home.

 

 

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!

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

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