NewHomeIdaho.com Real Estate Blog

New Year Same Idaho

It seems each week we see a new article about how great Boise is. It's no surprise! We live here. We have all chosen to live here. The lifestyle of this great state is why we are making the top lists. It's also why we call Idaho, home. In my almost 42 years of calling Idaho my home, so much has changed. But recently, it seems, the landscape has changed a lot. We have a responsibility with this continued growth. One responsibility I want to mention is social responsibility. 

When I help clients move here from out of state, the one thing that is mentioned when they come to visit, "everyone is so nice". It's true! We have a culture of being kind. That has taken generations to perpetuate and nurture. In fact, my great grandpa owned a saw mill down in SE Idaho in the early 1900's, He was a kind man and...

4 Things to Know About the Current Shift. Protect Your ASSests

We know that real estate is cyclical. The up and down of real estate is somewhat predictable. The crash of 2007-2008 was on track with the trend but far more devastating than could have been anticipated. While many people lost their homes, retirement and loads of cash, we all gained some crucial knowledge. Some of them being, don't get into extreme amounts of debt (even when times are good), when the market crashed, there is opportunity (flipping, auctions and foreclosures were excellent opportunities for the investor with cash.) and third, listen to your gut. 

The crash created low inventory because apprehensive home owners were and are hanging onto their houses longer before deciding to sell. This has created a shortage of inventory around the country. Locally in Boise, Idaho, we have had historically low inventory for the past three years. So how can we have historically low inventory and...

Frustrated Buyers

Home/Hands

The excitement of buying a home can be a pivotal moment.  The decision was made...it's time to move! You've gone throught the process of getting pre qualified.  Seemingly mountains of documents that your lender has asked for, to finally be ready to make an offer on your dream property. You have seen properties come and go. Your Realtor said you must be pre qualified first before you could make any offers.  She also said you needed to have your house on the market and it MUST be pending for you to make an offer.  Done, done and done!  You are READY!

You look at the few homes on the market and finally find "the one".  It is perfect, you make that big decision to make an offer.  You think it's a pretty great offer. You even included a picture and a nice letter for extra persuasion.  The escalastion clause your Realtor...

BUYER AND SELLER MARKET?

Spring buying season starts the day after Christmas in Boise, Idaho.  Going into 2018 is proving to be an exciting time to buy and sell!  How can that be you ask?  Let me explain.

If you plan to finance the purchase of your new home you may be interested to know a few things. With interest rates still historicall low, buying a home with rates under 5% means you can buy more house with your money.  When rates go up, that means your ability to buy a higher priced home goes down.  To get mathmatical on you, as an example at a 4.5% FHA loan with a minimum of $7,000 down for a $200,000 home, your payment (principal, interest and mortgage insurance) would be about $1350.  Depending on your cirucumstance (credit, debts, etc) you would need to make a minimum of $55,000 a year to qualify.  As rates are expected to go up this year as the economy has improved let me give you another scenario.  At a 5% FHA insterest rate, you would need to put a minimum of...

Renters Have the Advantage Over Home Owners

Good Morning Friends!  It's Friday!

I have just been thinking a little bit about renters.  I am geeking out on real estate facts here.  So, I just wanted to share with you a little bit of what I have been thinking about and why renters have the advantage in buying a house over current home owners.

There are a couple reasons for this:

1. Renters are free to act. They see a home come on the market, they are pre qualified.  They can get that house, the can put an offer in.  Usually in a multiple offer situation, a seller is going to choose a buyer that doesn't have complications.  A renter that dosent' have to sell a home first is pretty appealing, especially if that home owner is wanting to buy a house as well.  They don't want to be contigent upon a contigency.  So renters look much more apeealing in that situation.

2. ...

First Time Buyers Face Obstacles On Path to Homeownership

First-Time Buyers Face Obstacles on Path to Homeownership

For people with good jobs and strong credit, today’s real estate market is an attractive one - with low mortgage interest rates and continued affordability. However, some buyers, especially first-time buyers, are struggling to enter the market and don’t always find the home buying process easy.

According to the National Association of Realtors...

10 Ways To Prepare for Homeownership

10 Ways to Prepare for Homeownership

  1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
  2. Develop your home wish list. Then, prioritize the features on your list.
  3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
  4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
  5. Get your credit in order. Obtain a copy of...

Yes, It's Time to Sell!

The first question people ask when considering to sell their home is “What the value of my home?”.  After the crash in home values five years ago, we are seeing a progressive recovery.  Property values around the Treasure Valley are up a conservative 15% each year for the past two years.  With that increase, homeowners who were once “upside-down” are now able to sell their homes and pay off the mortgage.  That is a positive note!  So my question for you is, is it time to sell your home?

Of course, if you were to sell and buy a new home, your next question becomes “What are the current interest rates?”  Still historically low!  Currently hovering around 4.5%.  Which means you can afford more home for the money.  That’s great news for anyone wanting to sell and buy a new property.  I have one lender I work with, Mike McLean with Gateway Funding in Boise, who offers a home warranty with any new loan...

Boise - Time Magazine Says 'Getting It Right'

Boise - Time Magazine Says 'Getting It Right'
The City of Trees has made more than its fair share of top ten lists in various national publications.
 
However, the most recent issue of Time includes an impressive addition for Idaho's capital city.
 
Under the magazine's "Solutions for America" header, Time ranked Boise no. 1 out of 9 cities for what it called "getting it right."
 
The criteria for cities to make the list includes a thriving economy, a booming cultural scene, quality health care, and a growing university. See the article here

Article Courtesey of ACAR

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January Ada County Market Report: This Will Take the Chill Off

January Ada County Market Report: This Will Take the Chill Off

Single family home sales in January 2014 were 406 in Ada County, an increase of 10% compared to January 2013.  January sales were strong, and, when linked with December gives us two months in a row or double digit year-over-year increases.

Dollar volume for January was up 23% to $96 million.

Days on Market for January were 70.  Yep. You read that right…70. In December we were at 59. In January 2013, Days on Market was 53. Is this a one time “blip” or something more. Check back in March.

New homes sold in January totaled 99; up 27% from last year.

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