May 2009

There are 6 blog entries for May 2009.

First, let me thank you for visiting www.BoiseRealEstatePlus.com.  My goal is to make this the best site available for buyer's and seller's in the Boise, Idaho area.   I would love to hear your feedback and suggestions for improvement!

Thank you for your time! Search Boise Idaho real estate.  If at anytime you have questions or can't find what you're looking for, don't hesitate to call me on my cell (208) 484-2560 or email me.

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The most commonly used approach when valuing Idaho income properties is the capitalization approach.  Most residential sales use the sales comparison approach by finding sold "comps".  The capitalization approach on the other hand looks at the potential annual net operating income and market "cap rates" to determine value.  Below is an overview of how this process works.

There's three parts to the formula: Income, Rate, and Value.  I remember this by thinking "IRV" and having memorized this formula:

Income  / Rate = Value

Step 1: Determine Income (Annual Net Operating Income: "NOI").

To determine a property's annual NOI, you'll take gross rents less expenses.

Here's an overview of how this looks:

A) Gross Operating Income:

- Less

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When searching for Idaho real estate or Boise Idaho short sales you'll see a criteria line that says "Status".  Below are the definitions for the terms you may see.  Please note: Agents are allowed 3 business days to make status changes.  You can call or email me to find out the most up-to-date status on a particular property.

Active:The Idaho real estate listing does not have any accepted offers.

Within the "Active" status, there are a number of "contingent" sub-categories:

-Contingent short sale: This status means the seller has at least one offer on the property and they are waiting for lien holder approval (which generally takes several months).  When a short sale is in this "contingent short sale" status the homeowner will typically only

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The 2009 Ada County real estate assessments are to be mailed out Friday (5/29/09).  According to the Ada County Assessor, the average median price declined 12% from the previous year as of January 1, 2009 ($187,500 from $212,800).  The largest percentage decrease in median price was Star (20%) and the lowest Garden City (4%).  To see a map of Ada County real estate values (source: Idaho Statesman) please visit the link.

Want to dispute your Ada County real estate assessment?

- First contact your deputy assessor. Be prepared with documentation to support your valuation.

- File an appeal with the Ada County Board of Equalization.  These forms must be filed by the 4th Monday in June (June 22, 2009).

- Visit the Ada County Assessor website for

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Boise Idaho Foreclosure starts fell by about 10% compared to March (for Ada & Canyon County).  March had recorded 795 notice of defaults and April was down to 712.  The decline in Boise foreclosures breaks a 3-month streak of record setting foreclosure starts.

It should be noted that not all the homes that start the foreclosure process actually go to the auction.  Many are sold before the auction as short sales, loans modified, etc.

Data Source: IdahoDataProviders.  Information not guaranteed.

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The Boise real estate market had 213 home sales, up from 199 in March.  The increase in home sales seemed to be spurred by the $8000 tax credit, interest rates, home prices and the historical increase of sales during the spring.

The majority of the Boise real estate sales were in the lower price ranges with a median sale price of $163,000.  The highest median price was in NE Boise at $265,000 and lowest in Garden City ($122,000) and the Boise Bench ($127,500).

The area of Boise where homes were selling most quickly was in the North End at only 55 average day's on market.  North West Boise had the higest day's on market with 132.

The Boise real estate foreclosure market (short sales or bank-owned) made up 39% of the home sales.  This is down

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