April 2008

There are 5 blog entries for April 2008.

The total closing costs associated with buying a home can vary greatly.  Generally speaking, a $200,000 loan will have approximately $5,000 to $6,000 in closing costs.  Keep in mind that you can negotiate to have the seller to pay these.  Many buyer's I work with prefer to do this so they can keep more money in savings or use for improvements to the home.

Costs Associated With Your Loan

  • Loan Origination Fee -  Typically 1% of the loan amount. This is usually how the loan officer is paid.  If they don't charge you an origination fee they're making it up on the interest rate.
  • Doc Prep Fees -  ($300+/-).
  • Miscellaneous Lender Fees - ($200+/-).
  • Appraisal - ($350+/-).  It's customary in the Boise area to ask the seller to pay this.
  • Loan
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What is the Federal Housing Administration?

The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family, multifamily, manufactured homes and hospitals. It is the largest insurer of mortgages in the world; insuring over 34 million properties since its inception in 1934.

What is FHA Mortgage Insurance?

FHA mortgage insurance protects lenders against loss if the homeowner defaults on their mortgage loan. The lenders bear less risk because FHA will pay the lender if a homeowner defaults on their loan. Loans must meet certain requirements established by FHA to qualify for insurance.

Why does

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Boise Idaho Real Estate Quarterly Market Commentary Quarter 1 2008

As a service to my valued clients, I would like provide you with quarterly market snapshots of the Ada County real estate market. There's a lot of information floating around out there relating to the current market conditions, some of which is true and some is not. In this blog I want to provide you accurate information so you know the facts. If at any time you would like to receive more detailed and regular statistics just let me know, I would be glad to provide them.

Market Summary For many sellers, it's a very tough real estate market: a lot of competition, low offers, and longer day's on market. Generally, the higher the price range the more difficult it is to sell. Home

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How much does it cost to work with a Realtor?

Working with most Realtors as a buyer is completely free!  How is that? Well, when a seller lists their home with an agent they usually pay a commission to the listing agent and the listing agent offers a portion of that to the buyer agents in the area. 

How much of a down payment do I need?

It depends on the loan program but there are many where you don’t need any down payment.  If this is your first home you will want to make sure you talk to a lender who works with IHFA loans.  These are government loans offering 100% financing at discounted rates, down payment assistance, or closing cost assistance.

How much house can I afford?

When people begin thinking about how much of a house payment

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“Pending Sales” are the best way to track current market activity. A sale goes pending when there is a signed purchase and sale agreement.  However, keep in mind that not all sales that go pending will actually reach closing.  Some will fall due to financing issues, etc.

The second half of March pending home sales increased for both existing homes and new construction.

The average home listing price was $259,802.  The median home listing price was $212,945. Existing, Pending Home Sales Graph:

existing.jpg

New Construction, Pending Home Sales Graph:

new.jpg

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