Boise Real Estate | Boise Short Sales | October 2008

Posted by Jace Stolfo on Saturday, November 29th, 2008 at 12:01pm.

The Boise real estate market has some incredible deals right now.  If you've been looking through the Boise short sales, you know what I'm talking about.

However, you may be surprised to hear that Boise short sales only made up 7% of sales in October 2008.  Of the 240 sold homes, approximately 17 were short sales.  Currently there are 267 homes offered as a possible short sale in Boise.

Why do short sales make up such as small percentage of the Boise real estate sales? There are actually quite a few obstacles to buying short sales but here are just a few:

  1. Time.  It generally takes 60 to 90 day's to find out if a bank will approve a short sale.
  2. Unrealistic offers.  The banks make their primary decision on market value and contrary to what you may have heard, banks will not sell homes 50% below market value.  They may be discounting the loan amount for pennies on the dollar, but not market value.
  3. Agents.  Many agents have not adapted to the current real estate market and do not know how to get their buyers the best deals.

1. As for the time issue, if you want to buy a home in a timely manner, it may be more effective to pursue bank-owned real estate.  A good buyer's agent should be able to look at the home and give you a good idea what they home may go for and how long it may take.

2. As for realistic offers- In my experience, you can generally expect to get 10% to 15% below current market value.  In the higher price ranges, and harder hit areas it may be 20% to 30%.  By way of disclaimer, please understand this is not a guarantee or warranty in any way.

3. It's important to have an agent who knows how to find the best deals and someone who has your best interest in mind.  I specialize in helping buyers locate short sale and bank-owned real estate in Boise, Meridian, Eagle, Kuna, and Star Idaho.  If I can be of assistance, please let me know.

Jace Stolfo

208-484-2560

Data Source: Boise MLS (Intermountain MLS). Disclaimer:  The accuracy of this information, while deemed reliable, is not guaranteed. No representations or warranties are made as to the past or future appreciation or depreciation of property values.

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