NewHomeIdaho.com Real Estate Blog

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...