Jan 01

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.

Dec 30

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.

Dec 30

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.

Dec 25

It’s true – It’s true.  75 homes home’s had offers presented and offers accepted the week before Christmas.  Now who says homes never sell during the holidays? The pending sales are in all price ranges as from $109,000 - $925,000 with 73 average days on market.  The upper end property at $925,000 was only on the market a total of 32 days and is expected to close before the end of the year.  It is located in Eagle and is on close to an acre.  You may want to read my previous post about upper end market time.

Its another great day in Boise, Eagle and Meridian Idaho! 

Merry Christmas!

Dec 19

The graph below is for all of Ada County (Boise, Eagle, Meridian, Garden City and Star) Homes priced at 500K and above. Even though the months supply of inventory has gone up the days on market for homes that sell is still holding steady. This does not mean that every home sells in 2 months but those that do are on the market a shorter period of time (on average).

See two year running total below.

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