According to an article published on Monday, October 27th on yahoo.com, New homes sales rose 2.7%, while economists expected sales to drop.
This rise in sales is credited towards many builder offered incentives to help liquidate the glut of inventory. As inventory slowly dwindles down, the natural cause and effect will lead to prices rising.
"Last Friday, the National Association of Realtors said sales of existing homes rose 5.5 percent in September, the largest monthly gain in more than five years," according to the article on yahoo.com .
I am encouraged by this news, especially since my focus is centered around new construction.
Sunday, November 2, 2008
Tuesday, September 30, 2008
Financial Market Bounces Back
As of 4:40 Mountain time today, the Dow has bounced back 485.21 points after the fall that took place in yesterdays trades. With the country in turmoil as the weight of this '$700B bailout' hangs in the balance, I believe it is an ideal time to purchase a home.
I often hear 'buyers' say that they want to wait it out.... wait until things settle.... wait until the election is over. Why? Why wait until every other buyer out there is comfortable? Because there are so many uncertainties out there, why not take advantage of this Buyer's Market, and take the leap of faith. I have seen it is price drops and heard it in seller's voices the willingness to negotiate to sell a home. Contrary to popular belief, one can still obtain a loan for a home. It is not as easy as it once was, but it is still possible. The lenders won't even prick you for a blood sample. (Bad joke). While it can be scary to get preapproved and open up yourself to that vulnerability, it is best to know now, rather than later, if there are any items on your credit report that you need to take care of. Who knows, you may even be pleasantly suprised by how much the bank is willing to lend you.
While there is uncertainty in the housing market, the beautiful thing is that the housing market has always bounced back. We have gone through slumps time and time again; It is a cyclical market, and if waited out, buting property will remain a way to make money while providing a 'better life' for ones self and family. I see prices drop, here and there. Some things that the market is doing make no sense to me or the other professoinals I talk to who also work in the real estate sector. It seems that this market is not following by any standard set of rules that we are used to. This is not a bad thing, it is just something we need to be aware of.
If you have any questions and would like to discuss anything further, please feel free to email me or call me directly at (208) 850-1822.
I often hear 'buyers' say that they want to wait it out.... wait until things settle.... wait until the election is over. Why? Why wait until every other buyer out there is comfortable? Because there are so many uncertainties out there, why not take advantage of this Buyer's Market, and take the leap of faith. I have seen it is price drops and heard it in seller's voices the willingness to negotiate to sell a home. Contrary to popular belief, one can still obtain a loan for a home. It is not as easy as it once was, but it is still possible. The lenders won't even prick you for a blood sample. (Bad joke). While it can be scary to get preapproved and open up yourself to that vulnerability, it is best to know now, rather than later, if there are any items on your credit report that you need to take care of. Who knows, you may even be pleasantly suprised by how much the bank is willing to lend you.
While there is uncertainty in the housing market, the beautiful thing is that the housing market has always bounced back. We have gone through slumps time and time again; It is a cyclical market, and if waited out, buting property will remain a way to make money while providing a 'better life' for ones self and family. I see prices drop, here and there. Some things that the market is doing make no sense to me or the other professoinals I talk to who also work in the real estate sector. It seems that this market is not following by any standard set of rules that we are used to. This is not a bad thing, it is just something we need to be aware of.
If you have any questions and would like to discuss anything further, please feel free to email me or call me directly at (208) 850-1822.
Monday, July 21, 2008
GRAND OPENING SAT & SUN June 26th & 27th
This Weekend we will be having a Grand Opening for our Community near the Boise River!
Artisan Village Town homes will be showcasing a fully furnished model home. We will be open noon-6pm both days.
Dropped the price this weekend only. First two will be sold for $174,372 & buyers will also get a 42" flat screen. This is about $11,500 under list price!
ArtisanVillageIdaho.com
Don't miss out!
Artisan Village Town homes will be showcasing a fully furnished model home. We will be open noon-6pm both days.
Dropped the price this weekend only. First two will be sold for $174,372 & buyers will also get a 42" flat screen. This is about $11,500 under list price!
ArtisanVillageIdaho.com
Don't miss out!
Tuesday, July 15, 2008
Buy low, Sell high
I hear often from frustrated homeowners how they would love to buy a new home, but cannot get what they want from their current home to justify the move. Often times, the homeowner can sell for much more than they owe on their current home, yet they have 2005 prices stuck in their mind and feel that their home is worth much more than the current market will bring. Yet, on the same hand, they want to be able to take advantage of this market and purchase now.
I would love to buy low and sell high- I think we all would. It is what makes the most financial sense. Yet, unless you strike it rich and can wait the market out, or play your cards right, you will not be able to do this on a consistent basis.
Did you know that you will make more in equity in the next two years on a new construction home that has never been lived in, that you will in your home that is 5-10 years old in the same time frame?
Why is this? Well, this is due to the principal that homes gain the most equity in their first few years (unlike cars that depreciate the most in their first few years), and then begin to level off at a consistent growth rate.
If you would like to have your home assessed for a fair market value at no cost or obligation, please contact me today.
I would love to buy low and sell high- I think we all would. It is what makes the most financial sense. Yet, unless you strike it rich and can wait the market out, or play your cards right, you will not be able to do this on a consistent basis.
Did you know that you will make more in equity in the next two years on a new construction home that has never been lived in, that you will in your home that is 5-10 years old in the same time frame?
Why is this? Well, this is due to the principal that homes gain the most equity in their first few years (unlike cars that depreciate the most in their first few years), and then begin to level off at a consistent growth rate.
If you would like to have your home assessed for a fair market value at no cost or obligation, please contact me today.
Wednesday, May 14, 2008
Prices Drop, while Sales Rise
According to the Idahostatesman, residential sales continued to rise for the 4th straight month in Ada county. Treasure Valley sales so far this year are trailing last years numbers.
January 2007: 463 sales in Ada county
January 2008: 312 sales in Ada county
February 2007: 568sales in Ada county
February 2008: 360 sales in Ada county
March 2007: 727 sales in Ada county
March 2008: 424 sales in Ada county
April 2007: 698 sales in Ada county
April 2008: 452 sales in Ada county
*above figures from Intermountain Multiple Listing Service
According to the above numbers, we are behind 2007 sales figures by over 900 sales, with another seven months to go. That is a lot of ground to make up. However, we are approaching a busy time of the year for sales, with the school year ending soon and the flowers in bloom, hopefully sales will be on the rise as well.
The median price of a home in Ada county has dropped 1% over the last month, and is down 9% from this time last year.
It is a buyer's market out there, and it can be a great time to take advantage of some hot summer deals!
January 2007: 463 sales in Ada county
January 2008: 312 sales in Ada county
February 2007: 568sales in Ada county
February 2008: 360 sales in Ada county
March 2007: 727 sales in Ada county
March 2008: 424 sales in Ada county
April 2007: 698 sales in Ada county
April 2008: 452 sales in Ada county
*above figures from Intermountain Multiple Listing Service
According to the above numbers, we are behind 2007 sales figures by over 900 sales, with another seven months to go. That is a lot of ground to make up. However, we are approaching a busy time of the year for sales, with the school year ending soon and the flowers in bloom, hopefully sales will be on the rise as well.
The median price of a home in Ada county has dropped 1% over the last month, and is down 9% from this time last year.
It is a buyer's market out there, and it can be a great time to take advantage of some hot summer deals!
Wednesday, March 26, 2008
Short Sale 101
The definition of a "short sale" is any sale by an owner that provides a pay-off to its mortgage company that is less than what the full obligation of principal, interest, and fees would be normally.
Who Qualifies?
Any seller who has zero or negative equity in their property;
Can not afford to make the payments on the loan(s) n their property;
Does not have other assets available to pay the difference between the net proceeds on the sale of their property and what is owed on the loan(s) on the property.
Steps in a Short Sale:
1. Owner enters into a Purchase and Sale Agreement with a buyer.
2. Open Escrow with a title company.
3. Seller contacts and negotiates with lender the terms of the short sale and provides a package which includes financial information to prove the inability to make payments.
4. Second lein holders may require some or all of the same information as the first lein holder.
5. Lenders approving short sales generally appear to require:
The sale to be 'as-is'
The seller not recieving any money or items of value from the sale
The sale being an "arms length" transaction and the buyer not being related to the seller.
For more info on how to sell a Short Sale or purchase one, contact Emily today at 850-1822.
Who Qualifies?
Any seller who has zero or negative equity in their property;
Can not afford to make the payments on the loan(s) n their property;
Does not have other assets available to pay the difference between the net proceeds on the sale of their property and what is owed on the loan(s) on the property.
Steps in a Short Sale:
1. Owner enters into a Purchase and Sale Agreement with a buyer.
2. Open Escrow with a title company.
3. Seller contacts and negotiates with lender the terms of the short sale and provides a package which includes financial information to prove the inability to make payments.
4. Second lein holders may require some or all of the same information as the first lein holder.
5. Lenders approving short sales generally appear to require:
The sale to be 'as-is'
The seller not recieving any money or items of value from the sale
The sale being an "arms length" transaction and the buyer not being related to the seller.
For more info on how to sell a Short Sale or purchase one, contact Emily today at 850-1822.
Tuesday, March 25, 2008
Why it is important to get an inspection, even on a new construction purchase
An inspection is a chance to have a licensed specialist go through the home you are under contract to purchase with a fine tooth comb and find any and all inefficiencies in the property.
Items that an inspector looks for may include: mold, foundation cracks, roof issues, settling problems, electical isssues, plumbing issues, HVAC problems... the list goes on.
Having an extra set of eyes out there to see and test for problems on a new home is a great investment. Most inspections costs less than $500- the cost is based on the square footage of the home. This way, when you sign on the dotted line, you know exactly what you are getting yourself into when you purchase the home.
My preferred home inspector is my Uncle, Mike Balch. He can be reached at 208-440-5358 or at mwbalch@msn.com To learn more about Mike and his services, visit www.boiseshomeinspector.com
Items that an inspector looks for may include: mold, foundation cracks, roof issues, settling problems, electical isssues, plumbing issues, HVAC problems... the list goes on.
Having an extra set of eyes out there to see and test for problems on a new home is a great investment. Most inspections costs less than $500- the cost is based on the square footage of the home. This way, when you sign on the dotted line, you know exactly what you are getting yourself into when you purchase the home.
My preferred home inspector is my Uncle, Mike Balch. He can be reached at 208-440-5358 or at mwbalch@msn.com To learn more about Mike and his services, visit www.boiseshomeinspector.com
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