You’ve likely heard by now that we’re in the middle of what industry experts like to call a “sellers market”, and while it’s very much true that right now is a great time to sell your home there are a number of reasons why it’s also an amazing time to buy!
How can it be both?
Granted, sellers are especially motivated right now because of low inventory and high demand – which almost guarantees a better return on their investment – but even with prices likely being higher there are still some great benefits to buyers.
It’s About Timing
Compared to last year home buyers are more ready to buy now. With the cold Winter months and the uncertainty of the elections out of the way many people are feeling more comfortable with finances.
Supply Vs Demand
Home inventory is low right now; even if there wasn’t a rush on listings their general scarcity adds a sense of urgency to the market. What if the home you want gets a better offer? This drives a lot of potential buyers off the fence and to the signing table much faster.
The Sky Is Falling
Many would be mover-uppers and potential home buyers are motivated right now because they’re afraid the mortgage rates are going to go up – and they likely should be. How does that aid in making this a buyers market within a sellers market? Because RIGHT NOW the rates are still low!
Of course money is always a factor, but with inventory being low and demand for homes being high it’s almost a certainty that home prices will also be going up. For the savvy home buyer this is a sure sign that if you’re thinking of buying any time this year it’s likely the sooner the better.
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It may come as a surprise then that those who were satisfied with owning a home, only 24% said it was because the value of their home went up. The majority had many other reasons they were happy with owning a home like: it proves the American Dream is still alive, pride of ownership,and the freedom to control their home environment.
On the bright side, most – three out of four – are very happy with home ownership even in spite of such rocky real estate times where declines in home values have devastated some homeowners.
Maybe you wonder if these results effect your area? The survey shows that the highest percentage of satisfied homeowners came from the Northeast where there is a 77% satisfaction rate according to real estate data provider HomeGain. Pulling in close behind is the Southeast with 73% with the West and Midwest following at 71% and 68%.
Unfortunately, it looks as though those who purchased their homes within a time frame of the past three to eight years were the least satisfied. If they bought more than eight years ago, they tended to be more satisfied. No doubt this is a direct reflection of the real estate bubble popping.
Does price matter?
Turns out the high-end market buyers were the least satisfied with owning a home, especially if they paid over $800k. The luxury homes buyers dissatisfaction rate was up around 59%. Of course, a lot of homes have been sold through foreclosure and short sale; those purchasing a foreclosed or short sale had the highest satisfaction ratings; 79 percent and 83 percent, respectively.
What has been the biggest factor in being satisfied with a home purchase? For many it’s just the fact of owning it. Many have rented homes off and on and are fed up with the hassles of landlords; regardless of market conditions there’s nothing quite like the pride of ownership that comes with a home.
Recently the economy has begun to show it’s first signs of a definite turn around; as such home prices have begun to go up. That considered there really is no better time to buy a home in Idaho than right now! Idaho Properties can help you find the homes in Idaho that you want easily – visit our main website to begin searching for homes.
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With so many great available homes in Idaho right now, it can be hard to make that all important first impression with potential buyers. Smart sellers aren’t deterred from this fact; are getting the most bang for their buck by stepping up the curb appeal.
According to the latest Remodeling Cost vs. Value Report, the National Association of REALTORS® (NAR): “Nine of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects.”
With these exterior projects outperforming their remodeling counterparts, adding a little curb appeal to your home on the market may not only be a good idea but could make all the difference in attracting a buyer and the return on your home.
This is not to say that needed interior updates should be forgotten, as a good second impression within your home may be what seals the deal and can make you stand out from the competition in your area. It is simply that in today’s economy, even according to the National Association of REALTORS: “remodeling projects, particularly higher cost upscale projects, have been losing resale value in recent years because of weak economic conditions.”
The appeal of curb appeal projects, really is that a little money can go a long way. Topping the list? Steel entry doors are returning 102.1 percent of their cost upon resale, these more sturdy exterior doors lending a stability to the homes entrance as well as better insulation value.
While most projects don’t bring the profit returns of steel entry doors, sellers have some other great options for attracting buyers. Here are a few exterior updates that might be worth a look:
Siding and window replacements – 70 or more percent of costs recouped
Midrange garage door replacement – 83.9 percent of costs recouped
Upscale fiber-cement siding replacement – 80 percent of cost recouped
Wood deck additions – 72.8 percent of costs recouped
“It’s important to remember that the resale value of a particular improvement project depends on several factors,” says National Association of Realtors® President Ron Phipps. “Things such as the home’s overall condition, availability and condition of surrounding properties, location and the regional economic climate contribute to an estimated resale value.”
With curb appeal once again reigning supreme it may be a good idea to take a look into what you can do to amp up the outside of your home – what you invest could end up making all the difference in your returns.
Do you need to sell your home in Idaho? Don’t let current market conditions keep you from getting the most on your investment – contact the Idaho real estate professionals at Idaho Properties today to find out how working with a qualified Idaho REALTOR® can help you sell your home or find your next one!
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The Idaho Housing and Finance Association proclaimed it has received only 363 applications since announcing it had $13 million in federal emergency funding from the U.S. Department of Housing and Urban Development.
This money is intended to provided zero interest loans of up to $50,000 for Idaho home owners in danger of losing their homes to foreclosure because of job loss, lack of employment, or medical conditions.
The director of the IHFA is speculating that many Idaho homeowners in financial trouble didn’t apply for the money because they thought it would already be gone. Those in the know find it highly more likely there were not more applications simply because no one even knew the money was available.
What leads one to think most Idahoans have NO idea the money even exists? Just 25 applications have been approved since the program was unveiled in April — committing just $993,185 of the $13 million.
Besides that the application process apparently is not an expedient one: IHFA spokeswoman Katrina Thompson said about 300 applications are still being reviewed. Reviewing them is no small task; unfortunately most of the 38 applications that have been rejected were because of incomplete documentation.
For Idaho homeowners that qualify, the program lends them enough money to get their mortgage current. If the amount is less than the $50,000 cap, the balance can be used to help pay the mortgage for up to 24 months.
The IHFA notes that HUD will forgive 20 percent of the loan per year if homeowners remain current on their mortgage for the next five years.The size of the loan is based on a needs assessed and approved by IHFA.
Idaho homeowners that are rejected for the program aren’t completely out of luck: they can still receive IHFA counseling on what other options exist for staying out of foreclosure. Idaho is full of homeowners in need of this kind of assistance as the Gem State has ranked among the top 10 states for per-capita foreclosures for over 2 years straight. Overall fewer foreclosures on the market will help move out the stagnant inventory and bolster home prices.
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The latest surveys show Idaho leading the nation in home value depreciation; home prices are the lowest they’ve ever been. This may seem like one more nail in the economic coffin but Treasure Valley real estate experts advise us to take a deeper look at the numbers to find a cause for optimism.
It doesn’t take years in the real estate business to see that home prices aren’t what they were even just a few years ago. The latest statistics show Idaho leading a national decline in statewide home prices at a rate of over 15% between this year and last, with the Treasure Valley itself actually being about 5% less than that.
The Ada County Association of REALTORS says that while that is still a large decline there are some things which could be an indication of a stablizing market.
Right now Ada County has the lowest inventory of homes since 2005 and a larger population – this degree of low supply, high demand has helped to stimulate sales; many valley agents are seeing a small increase in property movement.
What’s keeping the inventory low and the demand high? It could be investors. According to one Treasure Valley Real Estate Investment specialist, more and more investors are coming to the Treasure Valley for it’s prime real estate deals. Those investors are here for deals and they are literally buying up the bottom first. With over 50% of foreclosed homes in Boise being priced below $120,000 that’s no surprise!
On the opposite side of the coin however this same low inventory high demand sweet spot could be good news for those still looking to sell their homes in Idaho. With the number of available properties decreasing it is only a matter of time before the price for those remaining properties values will increase.
Is is the right time to sell your home? Maybe you are looking for a home but not sure where to even start? The Boise real estate professionals at Idaho Properties can help you no matter what your real estate needs may be!
The lack of a homebuyer tax credit had many real estate experts worried this Spring, however home sales are seemingly right on track – and even set to out perform last years rate! Some of the reasons for this may be the improving job market, positive economic growth, and excellent housing affordability.
These factors have some predicting home sales to go as much as 10% higher than last year.
It’s an interesting relationship that we find between the employment rate and real estate. Few people realize over 2.5 million jobs are created every year from the real estate industry alone. Currently the unemployment rate stands at about 9% but many feel if the real estate market continues its recovery we could see as many as 1.5 million new job in 2011 – which would doubtless be a great boon to the economy overall.
Based on the National Association of REALTORS Housing Affordability Index housing prices are still the most affordable that they’ve been in recent history. According to this Index those who earn the national median incom have 170% of the income needed to purchase a home priced at the current nation wide median cost. 2011 marks the fourth year of little price change in homes and many experts expect median home prices to stay around $170,000 for the next couple of years.
Part of this great home affordability can be attributed to the low interest rates. Combined with a large surplus of distressed homes it’s not hard to see why the market is ripe with so many great deals!
Despite both of those facts however some lending experts worry that new overly strict standards may be cause for the present lack of more robust home sales figures.
The best plan for success is to work with a qualified Idaho REALTOR that knows the current real estate market conditions and can advise you of changes that might impact you. By using the services of an experienced real estate agent you can insure your best interests are taken care of. Contact Idaho Properties today for the best Boise Idaho real estate services!
The number of homes receiving foreclosure filings went down 17% in January compared to last year. Foreclosure filings fell sharply the first of this year, but we’re not ready to break out the dancing shoes yet! That’s still over 261k properties and a 1% increase compared to December.
“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James Saccacio, CEO of RealtyTrac.
Even amidst this slow down more than 78,000 borrowers lost their homes in January, which while terrible is still almost 30,000 fewer than it reached last September. Experts debate that this doesn’t necessarily reflect the true number of potential foreclosures on the market since most are just being postponed. The wise advice is to expect a spike in the future quarter; if that doesn’t happen it could mean foreclosures are being pushed back and true recovery could be even further out.
The fact that the number of people who are underwater rose to 27% in December, could be a sign that more foreclosure filings are in the wings as these homeowners have no home equity to draw from should they run into temporary severe finanical problems.
Despite this mixed news the real estate market in Idaho is bustling with activity. With foreclosure filings coming to a slow down the number of available foreclosed homes available will surely shrink; prices could inflate. If you are looking for real estate in Idaho the window of historic low prices and rates may slowly be closing.
Whether you are a seasoned investor or a first time home buyer looking to make the most of this market, Idaho Properties has the skills and experience to help make your next move a successful one. Get started on our website to find homes in Idaho that meet your needs!
Thank you for visiting our Boise Real Estate website. Providing current market information is just part of the services we offer via our website. You can also find homes in Idaho, or use our Auto Home Finder to get homes that match your needs sent directly to you by email. Here’s the news:
Housing prices for March in the Treasure Valley continued to fall, fueled by the tide of bank owned homes and short sale real estate. Depending on who you ask, this is a bit of a mixed blessing but the fact is the 13% drop in prices in Canyon County resulted in over a 50% increase in the number of homes sold overall. Ada county showed similar results with a 7% decrease in median home prices which figures show to have been a large part in the over 30% increase of homes sold there during the same time period last year.
A natural ebb and flow occurs in any market, and those with real estate experience are not shocked by this sort of shift. Another thing to consider is that the sales decrease was very likely due to the lack of the First Time Home Buyer Tax Credit that was in play last year. What is not so commonly reported is that the average sales price of homes in the Boise area have been slowly increasing since last year.
How does this impact you? Without a doubt the market is saturated with excellent buying opportunities; with prices still very low this also means there are many more potential buyers for those homes. This is especially true as some investors are taking advantage of the market and buying multiple properties while they are affordable.
Mortgage rates remain low, inventory is reasonably priced and there is an abundance of good properties throughout the Treasure Valley. While some may argue this makes for a weak sellers market many are realizing that despite lower prices there are exponentially more buyers looking for real estate because of that very reason.
Not sure about what real estate is doing? The best place to start is always to consult with a qualified and experienced Idaho REALTOR. Don’t hesitate to contact Idaho Properties, our team of skilled agents is ready to help you!