We hear a lot of talk about short sales these days so it got me wondering exactly how much of our existing inventory are short sales. I found the number to be a reasonable 203 homes (5% of available inventory). I do want to make it clear that this is 5% of homes that ARE available for sale and NOT 5% of all homes. I limited this search to Ada County Idaho which includes the cities of Boise, Eagle, Meridian, Star, Kuna, and Garden City Idaho. The price ranges that are available pretty much cover the marketplace and include luxury homes of nearly 2 million and a few in low 100’s with the average price being $335,000 I do have a list of available “Short Sale” properties. Just drop me a line if you would like a copy.
We hear a lot of talk about short sales these days so it got me wondering exactly how much of our existing inventory are short sales. I found the number to be a reasonable 203 homes (5% of available inventory). I do want to make it clear that this is 5% of homes that ARE available for sale and NOT 5% of all homes. I limited this search to Ada County Idaho which includes the cities of Boise, Eagle, Meridian, Star, Kuna, and Garden City Idaho. The price ranges that are available pretty much cover the marketplace and include luxury homes of nearly 2 million and a few in low 100’s with the average price being $335,000
I do have a list of available “Short Sale” properties. Just drop me a line if you would like a copy.
Of the 507 pending home sales 6.7% or 34 are short sales. Short sales represent 5% of the inventory and 6.7% of the pending sales so the short sale properties have a slight statistical advantage over traditional sales. This is due to short sale homes being priced at market or slightly below market values.
Of the 507 pending home sales 6.7% or 34 are short sales.
Short sales represent 5% of the inventory and 6.7% of the pending sales so the short sale properties have a slight statistical advantage over traditional sales. This is due to short sale homes being priced at market or slightly below market values.
Zions bank maintains a statewide small business index that is updated every month. The latest report upgrades Idaho’s business outlook in November to 91.3 from a revised 90.8 in October 2007. The Index includes 14 different factors that influence small business success, including such data as the unemployment rate, retail sales, personal income, bankruptcies, and the strength of the regional economy. Jeff Thredgold (the reports author) was quoted at saying “Even as the economy [nationally] has slowed, the state’s long-term economic potential rivals any in the nation.” Several key factors that were considered in the upgraded forecast were as follows: The average Idaho home price increased 6.87 percent, the sixth highest in the nation. The Idaho economy added 11,300 new jobs, a growth rate of 1.7 percent. Idaho unemployment rate averaged 2.6 percent.
Zions bank maintains a statewide small business index that is updated every month. The latest report upgrades Idaho’s business outlook in November to 91.3 from a revised 90.8 in October 2007. The Index includes 14 different factors that influence small business success, including such data as the unemployment rate, retail sales, personal income, bankruptcies, and the strength of the regional economy.
Jeff Thredgold (the reports author) was quoted at saying “Even as the economy [nationally] has slowed, the state’s long-term economic potential rivals any in the nation.” Several key factors that were considered in the upgraded forecast were as follows:
A “Short Sale” is simply when a seller sells a property for less than what the total mortgage is. In these cases the lender negotiates a short payoff, or said another way the lender takes less than what is owed. For a lender to take less than what is owed they will require several things. Borrower must demonstrate they are in a financial hardship. That they do not have the ability to continue to pay the mortgage. That they do not have other liquid assets (i.e. 401k, etc.) that they can make up the difference with. The lower value must be determined by outside sources. The lender will make arrangements to have a Broker Price Opinion or appraisal completed. If acceptable by the lender then the lender will pay normal closing costs and brokerage fees. Plus it’s important to know that the borrower will get a 1099 for any amount of short payoff.
A “Short Sale” is simply when a seller sells a property for less than what the total mortgage is. In these cases the lender negotiates a short payoff, or said another way the lender takes less than what is owed.
For a lender to take less than what is owed they will require several things.
If acceptable by the lender then the lender will pay normal closing costs and brokerage fees. Plus it’s important to know that the borrower will get a 1099 for any amount of short payoff.
You bet-ya bucko! 40 Offers got accepted on homes right after Christmas. Once again Eagle leads the County in upper end sales. This time at nearly 1.35mil Eagle Idaho Pending Sale 1.35mil, Star came in a close second at nearly $890,000 Star Idaho Pending Sale and Boise at $678,000 in Hidden Springs. All price ranges and ages are covered but new construction consisted of 32% of the sales. This is a trend I have been seeing for sometime and that is reducing inventories of newly built homes. The new home segment has been the softest part of the marketplace and as supplies decrease so will those bargain values. Feel free to call or e-mail if you would like to talk about these bargains – time is limited.
You bet-ya bucko! 40 Offers got accepted on homes right after Christmas. Once again Eagle leads the County in upper end sales. This time at nearly 1.35mil Eagle Idaho Pending Sale 1.35mil, Star came in a close second at nearly $890,000 Star Idaho Pending Sale and Boise at $678,000 in Hidden Springs. All price ranges and ages are covered but new construction consisted of 32% of the sales. This is a trend I have been seeing for sometime and that is reducing inventories of newly built homes. The new home segment has been the softest part of the marketplace and as supplies decrease so will those bargain values.
Feel free to call or e-mail if you would like to talk about these bargains – time is limited.