Feb 05

Average homes sellers 21% better off than builders. Ada County Home Sales Resale vs. New Construction

You see the stats all over the internet and (shudder) the papers about how much home values are down in the Boise area and the U.S.  Make no mistake about it, values are down from 2007 BUT what is often overlooked is the separate markets that resale homes and new construction homes occupy.  Lets face it the rapid rise in home prices was led by land that was snapped up by developers at higher and higher levels because the demand for new homes was at a frantic pace. This literally doubled lot costs from summer 06 to summer 07, thus adding 40-50k in overall costs to average size lots in Meridian Idaho. Labor costs and material costs also added to the end price. So it only logical that new construction would see the same rapid decrease in values with the retreat of all three of these factors and that’s what this data demonstrates. New construction median home values are down 33% over the last two years and resale homes down 12% over the same period.

Resale Homes Median Price 2 yr Average - Ada County Idaho

Resale home 2 years medium price

New Construction Homes Median Price 2 yr Average - Ada County Idaho

Ada County Idaho Ne Construction 2 year Medium Price

Feb 04

A recession is a terrible thing to waste. Tons of opportunities available for investing in Boise Idaho real estate.

The Boise Idaho area is providing many opportunities for investors. We are seeing a lot more tenants get into the marketplace, for obvious reasons - people that cannot afford financing and that is creating a little bit of a surge in rental prices. Just small right now, but we expect that to increase over the next few years. Prices are down. There are some great values to be had. In fact, you may have a CD that is performing at two percent at the most. Why not get a much more significant return in a long-term investment such as real estate.
Feb 04

Helping people in foreclosure in the Boise Idaho area.

How we can all help people who are potential facing foreclosure in the Boise Idaho area.
Jan 27

Foreclosure vs. Short sale in the Boise Idaho area? Have you considered the impact of a deficiency judgment?

 

What is a deficiency judgment? Watch this video to find out or read the transcript below. What you absolutely must know before you decide to let your home go to foreclosure. There are options and this little bit of information can potentially save you thousands. Check out the Foreclosure vs. Shortsale tools for more information.

 

 
Video transcript: Contemplating a foreclosure or short sale in Idaho. Consider the possibility of a deficiency judgment and how to possibly avoid it with the right representation.
 
Hello.
 
Recently I have had to inform a number of clients that there is the potential for what is called a deficiency judgment. And, that is when you lose a property through foreclosure or you sell your property through a process called a short sale. In either case there is a loss incurred by the lender and in which case they can effectively get a judgment against the seller, the borrower, for the balance that the loss was. So, you have a property that had a $250,000 loan; the property sold for $200,000 – the lender could in turn get a judgment against you for the $50,000 loss.
 
There are some restrictions to that. They only have 90 days in which to do so, once the foreclosure sale takes place. The good news is, this doesn’t happen very often on residential mortgages. In fact, in most instances, if we sell the property through a short sale process we can then obtain a release of any deficiency judgment.
 
So, that is the suggestion and recommendation that I make if you have to sell a property – you owe more than it is worth – that we do try to obtain a short sale and a release of the deficiency judgment.
 
Feel free to give me a call any time – 208-287-0400, or email me.
 
Thank you very much!

 

Jan 20

Interest free loan available for home buyers in Boise Idaho and surrounding areas.

 Up to $7,500 is available interest free for the purchase of a home in the Boise.   What most people don't know is that this money can be used as a down payment for FHA and conventional loan programs. That would cover 100% of the down payment for a home up to $250,000 using one of the easiest loans to qualify for (FHA).  As with most programs of this type there are some restrictions - but, hey it's literally a free loan.  Can't get much better than that can it?

  • You must be a first time home buyer or not have owned a home within the last three years.
  • It must be paid back over the next fifteen years (typically 15 annual installments of $500)
  • If your income exceeds the phase out range ($150,000 couples and $75,000 single) then you are not eligible.
These are the most common points about this program. There is more information available here or feel free to give me a call.
 
Oh by the way this program is only available for home purchases prior to July 1, 2009.  So get a move on!

 

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