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A Sellers Market...Really???
Many of you may have noticed if you are in the market for a new home that the pickings are slim, and what is available is moving fast. It seems like just overnight we went from having a surplus of homes for sale that we never thought we would sell, to todays market where buyers are fighting fast and furious for every house that comes on.
Is this temporary? That of course is anyone's predication, however, if you believe everything that you read the answer would be yes. The experts tell us that this is a temporary situation while the banks gather forces and begin the new wave of foreclosures. While at the same time the rate of shortsales has not slowed down. So what is a buyer to do, wait it out until there is a bigger and better selection again? The numbers say the time to buy is now. While a buyer may be in more competition than they have seen in some time, rates are the story. With interest rates still being at all time lows a buyer stands to save thousands of dollars in interest by buying today vs waiting and taking the risk that rates may rise....For Example
A buyer that buys today at 3.5% interest over 30 years on a 150,000 loan will pay 92,484.13 in interest.
That same buyer could wait for a surplus of housing choices and maybe pay 5,000 less for the house due to supply and demand, but rates may have raised to 4%. That same 150,000 loan is now costing them 107,804.26 in interest. An increase of 15,320.13.
Lets take it one step further and rates raise to 5% (still a fantastic rate). That same loan is now costing 139,883.00 in interest over the same 30 year period. A difference of 47,398.00, all in order to save 5,000.
You do the math...Now is the time to buy.
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B of A Short Sale Time Lines Shorter...Fingers Crossed
Most of us have been through or heard of the old B of A paper short sale system where short sales could take 6-9 months, files disappear and homes just seem to go to auctions that have been "postponed". Then the great Equator happened and honestly it has been fabulous. I know there are those out there who would disagree with me, but personally I find it a great tool and it has made short sales so much faster with B of A. Well, guess what? It is being improved again and B of A is claiming that shortsales will be approved in 20 days. REALLY? I am extremely excited about this, but am also a realist and will wait and see. For more info click below. click hereLabels: B of A, short sale, Short Sales
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Debt Relief Act Expiring...YIKES, Act Now
We wanted to reach out to everyone and make sure that this valuable piece of information was not overlooked. Sometimes, because we do this "Real Estate Thing" everyday, we assume that you all know what's going on. Occasionally one of you reminds us that we may be just a bit more tuned in and that we need to share our knowledge. So, as we were sitting around talking about all of the changes with short sales and the increase in foreclosures coming in 2012 (it's not over yet), it occurred to us that many people are either still finding themselves, or people they know in a tough situation regarding their mortgages. That led us to this email, as it is critical that people who are even thinking they may have to do a short sale sometime in the future, look at it very carefully RIGHT NOW. Why, you ask? Many of you may remember that Bush put into effect the Debt Relief Act when he was in office. That act saved homeowners who had to short sale or were foreclosed on from paying tax on the deficiency amount of that transaction. This was a huge deal...without this, that amount is considered income and you are liable for the taxes on it. Well...the Debt Relief Act is expiring this December, and any shortsales or foreclosures that are not CLOSED by the end of the year will miss this opportunity. The big message here is...DON'T WAIT and don't keep this information to yourself. Please let everyone that you love and care about know this information or call us for more info. The worst thing you could do is to not address this now. Please remember that calling in November in a panic is only going to set us all up for failure, as we need time to compile info, talk about options, market the property and negotiate with the banks. These things take time and we don't want you falling victim to a timing issue. Please remember that we are here not only to help you buy and sell but as a resource. Leigh and Ed We are not tax accountants, advisors or consultants so please contact your personal tax advisor to determine how this may affect you personally. Labels: Avoiding Foreclosure, debt relief act, Foreclosure, short sale, Short Sales
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It's time to invest
Ok...so you have all heard it, rates are down, prices are down and the time is now to invest in Real Estate. Well, the 1st Qtr reports are out for vacancy rates in both Ada and Canyon Cty and even though you will see a dramatic difference in rental amounts in Ada vs Canyon Cty the vacany rates are very close. Ada County is boasting just a 2% vacancy rate for singe family while Canyon Cty is showing 3%. Although rental amounts may be lower in Canyon County there are over 300 houses available for under 70,000 right now, so the cash flow is still great. To top it off the risk is lower as well. It is really fun to be able to show investors property that is affordable and cash flowing nicely in the Boise area. The time is now!! Labels: Boise, boise idaho real estate, boise investment
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At the coffee house the other day I over heard part of a conversation. The first one said "I want to buy a house again. It's been three years since the short sale of my home, I have a new job, a new wife and I'm ready to quit renting. What do I need to do to become a home owner again?" They walked away before I heard the answer so I thought for a moment and came up with the: Five steps you need to take to buy a home if you have had a short sale or foreclosure. 1. Interview several real estate professionals - Choose the one that gives you alist of lenders that will review your history and tell you what needs to be repaired if anything. They should also be able to give you a list of credit repair experts. 2. If there are still a large number of items that need to be repaired or removed from your credit, then interview your credit repair experts - Choose the one that reviews your lenders list and informs you of what it will take to "fix" these items that you need to be able to buy your next home. 3. Commit to your goal - buying a new boat because your credit score is up won't help you buy a home 4. Take your pre-approval letter to your Real Estate Agent and dream out your new home - If you look at more then 5 houses one of you is unclear of what the home should be. 5. Make your offer - Your agent will be able to guide you smoothly into your new home Everyone is different so this process could take a day, a week, a month, or over a year. By choosing the right professionals you'll get the job done correctly and quickly. Need More Information Leigh Wilson is a licensed real estate professional with over 7 years experience and 530 closings. She has offices in Boise, ID and Spokane, WA and close personal contacts in almost every major market in the US Labels: boise idaho real estate, Buying Tips, credit restoration, home loans, Home Values, loan modification, short sale, Short Sales
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URGENT SHORT SALE TIMELINE
We know that all of you have heard more about short sales than any of us ever wanted to. Unfortunately, they have become an everyday part of our Real Estate world. However, something that we are realizing is that not everyone realizes that in order to get THE MOST HELP FROM A SHORTSALE you need to react soon. Bush's Debt Relief Act that was put into effect to help homeowners who have to shortsale or end up losing their homes in foreclosure. It provides tax relief on the deficiency amount to those who find themselves in this situation as long as it is their primary residence. However...THIS ACT EXPIRES ON DECEMBER OF 2012. That means that a short sale or foreclosure must BE COMPLETED by this deadline in order to realize the benefits. If you or someone you know needs information about a shortsale please pass this information on, as time is running out. We must get started soon in order to have time to compile info, review options, market the property and negotiate with the banks. Please don't be one of the ones who waits and misses out. There has to be something positive about all of this. You can get more info at www.boiseshortsaleinfo.com We are not tax accountants and can not give tax advice. Please consult your accountant to see how this may individually affect you and your tax situation.Labels: Avoiding Foreclosure, boisesbestshortsaleinfo, debt relief act, Foreclosure, short sale, Short Sales
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HOME VALUE INSURANCE...A NEW THOUGHT
Home value insurance is it right for you? In 2008 we thought the party would never end, and the value of our homes would climb to the heavens. Then the recession hit and our investment lost its value and many of us lost our homes or were unable to sell them because we were upside down. So welcome to the world of Home value insurance. It's an insurance policy that will pay you the difference if your home drops in value from when you bought it to when you sell it. Home value insurance has some fine print. The first two years are the hardest to recover losses and it uses a complex system to determine value of your home. However, as we have all been touched by crashing home prices the peace of mind this insurance offers may be just the extra comfort we need when we purchase our new dream home. Labels: Avoiding Foreclosure, Home Values, insurance, recession, short sale
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Buying a Short Sale in Boise? Watch This First.
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Boise Homes for 1/2 price - Really??
 Would you be a good neighbor if we sold you a home for half price?Okay you can only buy a house from HUD for half of the listing price if you are employed as: 1) A law enforcement officer 2) Teacher (pre-kindergarten through 12th grade) 3) Firefighter 4) Emergency medical technician 5) You are not a current homeowner or have not owned real property in the past year What is the Catch?Here's the fine print.
You must commit to live in the property for 36 months as your primary residence.
Select single family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program.
You have to act fast. These properties are only available for purchase through the program for five days.
The property is sold Lottery Style to one of the HUD bidders.
How to Participate in Good Neighbor Next Door
Call our office and we will check the listings that are currently available. You must be ready to act fast! The listing is for only 5 Days. As with all real estate transactions there is some paper work that needs to be filed, certified funds of an amount equal to one percent of the list price, but no less than $500 and no more than $2,000 must be attached to the offer and you must be pre-qualified for your new loan.
If more than one person submits a bid on the same home, the new owner will be made by random lottery. Again, you must be employed as law enforcement officer, teacher, firefighter or emergency medical technician and live in this home for the next 36 months.
What if I move early?
HUD requires that you sign a silent second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided that you fulfill the three-year occupancy requirement.
Are all HUD homes part of this Program?
The number of properties available is limited, and the list of available properties changes weekly. If nobody buys the home at half price then it's offered to the general public at full price.
What else can HUD do for me?
If you qualify for any FHA-insured mortgage program, your down payment is only $100 and you may finance closing costs. HUD also has FHA Rehabilitation Mortgage (FHA 203(k) program that helps home buyers buy a home that needs some repairs. Repairs must cost more than $5,000. Then the cost of the repairs and the mortgage are combined into a single monthly payment. If the repairs needed are under $5,000.00 HUD has the FHA 203(b) program with a repair escrow. If no repairs are needed then a standard FHA loan is available.
Can I do this without a Real Estate Professional?
No. HUD requires you to use a real estate broker or agent to buy a "GNND" Home
Can I "low ball" my Offer or Overbid to help me win?
No. You must offer the exact HUD list price when bidding on any "GNND" property. The winner will then get a 50% discount off the list price.
What if I leave the employment, that made me eligible, for any reason during the Mandatory 3-year Residency Period?
Nothing happens, but you must continue to live in the home for the full 36-month mandatory occupancy period. If you move out of the GNND home, you will have to repay the silent second on a prorated schedule based on when you move out.
Need more Information?
Contact Us TODAY: Labels: Boise Real Estate, Buying Tips, Discount housing, HUD, News, teachers
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Excellent Reminders for Protecting Your Home [and stuff] Over the Holidays
While most of us are probably more worried about identify theft or online fraud, it's important to remember that thousands of home break-ins occur over the holiday season. Here are some highlights of common sense measures to protect your home and your things.
- First and foremost, lock up! Whether it’s a short trip to the grocery store or a longer haul to finish some holiday shopping, make sure your doors and windows are securely locked.
- Never leave boxes from expensive gifts laying on the curb for trash pickup. Consider crushing them and placing them in a large, black garbage bag.
- Remember that nothing is more effective at deterring a burglar than the impression that the home is occupied. Make it look like it is by installing timers on your lights.
- “Have a friend or a neighbor collect your mail,” Lisle says. He also recommends temporarily stopping newspaper and mail service if your neighbors can’t help you out.
- Store valuables like jewelry in a secure place.
- Keep your garage door closed at all times. Garage doors are a favorite point of entry for burglars.
- Be sure that your trees and shrubs don’t hide windows and doors. Blocked entrances can make it easier for burglars to get into your home unnoticed by neighbors and passers-by.
- Leave spare keys only with trusted family members or neighbors you are close to. Do not hide them outside. Burglars are smart enough to look around and know the common places people hide keys.
- You may also want to consider a home security system. Check online or look in your phone book to find companies specializing in home security.
Most experts agree that your neighbors are your best defense. Get to know them and chances are they will be more likely to watch for suspicious activity around your home while you’re away.
Visit the National Association of Homebuilders' site for the full article.Labels: Articles, Home Maintenance, Real Estate
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America's Seven Spookiest Homes?
H A P P Y H A L L O W E E N!
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Sellers' Market in Boise...Really???
 Boise Idaho: it's a Sellers’ Market! Four years ago that meant sky-high prices and bidding wars as people were desperate to buy any house at any price. Consequently offers way over asking prices and waiting just hours for sellers to respond were the norm. Today's market is different. We are getting multiple offers but from educated buyers not desperate ones. Most properties have back-up offers in place as the short sale listings are a bit more challenging to complete, and REO properties are priced exceedingly well for the most part. The good news for buyers is this sellers’ market has buyers’ market prices so it's a home run for those with cash or financing options. By realistically pricing our properties we have had almost 100% under contract within a few weeks of listing them. Not every home gets realistic pricing as we work with the banks and loan companies and follow their guidelines for some price structure. The driving force of our educated buyers is a mix of investors and first time home buyers who have done their homework and know exactly what they can or cannot spend for the right property. As a homeowner we want you to fall in love with your home. As your agent we won't let you overspend for the right one. In our investment world we live in a great time for investing in real estate. We have a ton of tools available to help our clients make the best choices with the least amount of risk. We provide you with the numbers to help you make an educated decision; numbers that make sense. Our investment strategies paid off in the recession as all of our investors were able to keep their property (except for one who "bought it anyway against our advice" (their words, not ours) and we had to short sale the property they overpaid for). Our crystal ball says this sellers’ market is just starting to show up on the radar as the inventory is lower than it has been it quite some time. We believe it will continue as we find creative ways to move our upside down homeowners and bring our displaced (short sale, foreclosure, bankrupt) clients back into the market. The numbers are right for the sellers’ market to continue for the foreseeable next 10 years.Here are Dad’s words of wisdom. "In panic people sell when prices are falling and buy when prices are climbing." Or people tend to buy high, sell low. Our current market is past the panic time. It's too late to panic; you missed it. So now the smart move is getting educated and buying. Start your search now.Labels: bank owned, Boise, first time homeowners, Investment, reo, Short Sales
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