Boise Idaho Real Estate

Absorption rates give you an idea of the supply and demand in a given market for a specific time period.  It is easily calculated for a given month by looking at the number of homes for sale and dividing how many actually sold that month.

For example: If there are 5000 homes for sale and 500 sold in one month.  The absorption rate would be 10months (5000 divided by 500).

A balanced market (or equilibrium area) is usually considered to be around a 5-7 month absorption rate.  Less than that, and it's moving towards a "seller's market" where there's upward pressure on home prices.  In other words, there's more demand than supply.  An absorption rate of more than 7 months is moving towards a "buyer's market", where there's downward pressure on home

1,002 Views, 0 Comments.

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
2,714 Views, 0 Comments.

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

1,168 Views, 0 Comments.

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

902 Views, 0 Comments.

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

937 Views, 0 Comments.

“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

738 Views, 0 Comments.

Your the first to know about an upcoming home for sale in Meridian, ID.  It's located in Sutherland Farms, one S Meridians finest and best selling developments, where the average home price is about $385,000 and you are just seconds from the Eagle interchange.

This high quality home offers a split floor plan & large great room with gas fireplace. Open kitchen with gas range, wainscoting, beautiful maple cabinets & stone tile accents. Lots of natural light, vaulted ceilings & exceptional master bathroom with soaker tub surrounded by stone tile. The 4th room may be converted to a bedroom, office, or formal dining area. Large 3 car garage, vinyl fencing, & great location less than 5 minutes from I-84. A rare find in the highly desired Sutherland Farm

990 Views, 1 Comments.

Home Staging Checklist

Properly staging your home for sale takes some time and hard work but is one of the most important things you can do to sell you home for maximum value and get it sold in a reasonable amount of time.

As you go through this checklist and begin to clear out/reduce the clutter just think of it as getting a head start on the packing you'll have to do when your house sells. Also, quit packing around stuff you don't need or use any more. Make a donation pile and give it to charity.

In every room of the house, look as though you were the potential buyer. What do you see? What would make the room look better? What should be moved out? Could things be re-arranged to make the room look bigger? You don't want the buyer to not be

1,153 Views, 0 Comments.

"Pending Sales" are the best way to track current market activity. A sale goes pending when there is a signed purchase and sale agreement.

In Ada County (Boise, Eagle, Meridian, Star, Kuna, Garden City) pending sale activity has been increasing for existing homes but new construction has remained flat.

Existing Home Graph:

existing.jpg

New Construction Home Graph:

New Construction Pending Sales

This real estate data is from the Intermountain MLS.  Keep in mind, that not all these home sales will reach closing.  Some sales will fall due to financing issues, etc.

Tracking pending sales are important because if you only follow "solds" then you are watching activity that was occurring about 4 weeks earlier.  Pending sales are the best way to keep your finger on the pulse of the

762 Views, 0 Comments.

Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?

  • Don't ignore the letters from your lender
  • Contact your lender immediately
  • Contact a HUD-approved Housing Counseling Agency
  • Toll FREE (800) 569-4287
  • TTY (800) 877-8339

If you are unable to make your mortgage payment:

1. Don't ignore the problem. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem. Lenders do not want your house. They have options to help borrowers through difficult financial times.

3. Open and respond to all mail from your lender.

1,216 Views, 0 Comments.