August 2008

There are 4 blog entries for August 2008.

I find it interesting to look at how much homes sell for vs. their asking price.  In other words, how much was the buyer able to negotiate.  Below are the sold prices for Boise homes from 8/8/08 to 8/22/08.  There were a total of 111 sales during this time.  Keep in mind that this is a relatively small sample of what going on in the County.

You can see that the homes that had the most negotiation were over 10% off the asking price.  The homes that had sold prices over asking prices were mostly REO/short sale homes that were advertised lower than the bank would ultimately took.  On a rare occasion, homes will sell at their asking price if they are new on the market, already priced below market value, or new construction.  Most often though, if a home

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The Boise MLS has 9 homes being offered as a short sale in North Boise (as of 8/18/2008).   To get the full listing data please input the mls # in the Boise MLS Search.

MLS # Status Ask Price Apx SqFt # Beds # Baths Year Built # Acres
98357131 Active $139,900 960 2 1 1946 0.14
98360394 Active $149,900 1609 2 1 1920 0.18
98357122 Active $169,000 1060 2 1 1931 0.13
98370817 Active $232,000 1421 3 2.5 2008 0.14
98370898 Active $235,000 1421 3 2.5 2008 0.14
98343269 Active $237,500 1914 4 2 1995 0.1
98367411 Active $264,777 2000 4 3
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Click here to check for the most current home sale statistics.

According to the Boise MLS  (Intermountain MLS), July posted 494 home sales in Ada County- down 24%.  This is actually one of the smaller declines we've seen over the last year and a half as most months have posted 30% to 40% declines.

Inventory levels also were down from year ago, the first year-over-year decline in 28 months.  Some think this could be a sign of the bottom of the housing market.  While this is a positive sign, the decline in the number of homes for sale is likely not because of homes selling but homes coming off the market to be rented, etc.  They are homes that will be for sale again when the market begins to improve or next spring.

Overall Home Sales

Total

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The recent housing bill that passed has provisions to help first time home buyers.  If you purchase a home between April 9, 2008 and July 1, 2009 you may qualify for a $7500 federal tax credit or 10% of the purchase price, which ever is less.  Not a deduction but a tax credit.  So even if you only owe $3000 you will receive a $4500 refund.  But before you get too excited, it does have to be repaid over a 15 year period.  So really its an interest free loan.  To qualify for the full tax credit you must earn under $75,000 if you are single or $150,000 married and file jointly.

UPDATE: 2/21/09 READ THIS ABOUT THE 2009 CHANGE

For more information on this housing bill you can read this article by U.S. Department of Housing & Urban Development (HUD).

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