As I told you in my last post I attended the Idaho real estate housing summit sponsored by our Ada County Association of REALTORS® and Lawrence Yun is Chief Economist and Senior Vice President of Research at the National Association of REALTORS®. said that Boise was #2 on the list.

The National Association of Realtors (NAR) recently analyzed economic data for 100 metro areas across the United States to determine where baby boomers that are choosing to delay retirement and remain in the workforce were most likely to move in and buy a home. The NAR reviewed each metro area’s job market, state taxes, housing affordability and inventory, as well as cost of living.

Boise, Idaho was ranked in the top ten metro areas the NAR found to be attractive to baby boomers. Due to Boise’s “solid job growth, share of self-employed workers and affordable home prices,” the NAR identified the metro as a “top standout for baby boomers.” Read more at http://bit.ly/1wjXaXR.

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I attended the Idaho real estate housing summit sponsored by our Ada County Association of REALTORS® .  Our Keynote speaker was Lawrence Yun: Lawrence Yun is Chief Economist and Senior Vice President of Research at the National Association of REALTORS®.  Part of his presentation focused on the next two years and what he saw as future interest rates. In the year 2015 we will see interest rates rise 5%, and in 2016 rates will go over 6%.

Now the question is: do you really want to wait two years to purchase your home?

If you want your payment to be under $1200 per month today you can purchase a home around $200,000. Two years from now with interest rates near 6% to keep your payment around $1200 per month, the home’s value would be $175,000 or less.

If you purchase a home in today’s market with interest rates at 4.5% on a 30 year fixed rate mortgage the principal and interest payment on a $200,000 home would be approximately 1010.00 plus taxes and insurance of somewhere around $150.00 that would make your current payment approximately $1160.00 dollars per month.

Now if you wait two more years and plan to purchase the same $200,000 home but interest rates have increased to say 6%, the principal and interest payment would now be $1194.00 plus taxes and insurance let’s use $150.00 again your payment on that same $200.000 home would be $1344.00 dollars per month.

The difference in the life of the loans $200,000 now at 4.5% or wait two years and 6% interest rate $ 66,240   184.00 x 12 x 30yrs = 66,240

Buy now ? Buy Later?

Posted by: Bill Cady | October 1, 2014

Boise State is on the comeback

I know we all had a hard time with Saturday’s loss to Air Force but we have to give this team time to re-create themselves. Coach Harsin needs more time but the bones are very good at Boise State! Good things will soon be happening on the blue.

Posted by: Bill Cady | September 20, 2010

First Time Buying a Home in Boise?

Thank you for once again visiting my Eagle Idaho Realtor website! It is my hope to help those looking to buy a home in Idaho stay informed on real estate news and information that effects you in your search for the perfect home. Want to find homes in Eagle Idaho or anywhere in Idaho that meet your needs? Visit my Eagle Idaho Real Estate website for the very best home searches online today. In this installment we will discuss tips for first time home buyers in Eagle that can help make buying your first home a bit easier. Are you a first time home buyer in Idaho looking to get into this historically beneficial buyers market? Before you jump in there are a few steps you can take to help you decide whether you are ready to take the plunge.

Price Check!
Check the selling prices of comparable homes in your area. Realtor Websites such as mine can give you a general idea of what you should expect to pay. You can also do a quick search of actual MLS listings in your area.

Can You Afford It?
See what you can afford. Use the mortgage calculator on my website to see what your payment would be. Find out what your total monthly housing cost would be, including taxes and homeowners insurance. To get a feel for the maximum amount you should spend, including taxes and insurance. In some areas, what you’ll pay for your taxes and insurance escrow can almost double your mortgage payment.

Insurance is Good
To get an idea of what you’ll pay in insurance, pick a property in the area where you want to live and make a call to a local insurance agent for an estimate. You won’t be obligated to get the insurance, but you’ll have a good idea of what you’ll pay if you buy. For an idea of what you’ll pay in taxes, most properties on my website have property-tax information in the property features. Just remember that exemptions and the intricacies of local tax law (such as Florida’s Save Our Homes value cap) can create differences between what a homeowner is currently paying and what you can expect to pay as a new homeowner.

Closing Costs

Find out how much you’ll likely pay in closing costs. The upfront cost of settling on your home shouldn’t be ignored. Closing costs include origination fees charged by the lender, title and settlement fees, taxes and prepaid items such as homeowners insurance or homeowners association fees.

Budget!
Look at your budget and determine how a house fits into it. Fannie Mae recommends that buyers spend no more than 28% of their income on housing costs. Go much past 30% and you risk becoming house poor. Talk to reputable real-estate agents like me about the real-estate climate. Do they believe prices will continue falling or do they think your area has hit bottom or will rise soon? This insight into how the market is behaving could save you big money.

The Big Picture
Remember to look at the big picture. While buying a house is a great way to build wealth, maintaining your investment can be labor-intensive and expensive. When unexpected costs for new appliances, roof repairs and plumbing problems crop up, there’s no landlord to turn to, and these costs can drain your bank account.

The best step you can take is to work with a qualified Boise Realtor like Bill Cady. I can help you find homes you are qualified to buy that meet your needs quickly and easily, as well as help you avoid common mistakes and pitfalls that can bog down your home buying process. Don’t delay, call me today!

Posted by: Bill Cady | July 27, 2010

The Final Walk Through

In this article I will go over some of the last minute items you might want to keep an eye on while doing your final walk through. Closing on your new Idaho home can be one of the most exciting times of your life, a new beginning in a new home – what could be better!? But it is before the final paperwork is signed that you have the chance to make sure all your ducks are truly in line; a final walk-through is one of the best ways to do just that.

There’s no putting it off, there will come a time during your home buying process when you will need to do a final walk through of the home before closing. Usually about a week before you close on your new home take the time to visit it one last time before it’s yours – this is a great opportunity to spot any last minute items that may need attention. Check to make sure the terms of your contract have been met and that the condition of the property has not change significantly since talks began. It doesn’t hurt to bring your a copy of your purchase contract as a reference guide during this visit as it can help you track down the little details without losing sight of the whole picture.

Here are a few things you should be on the lookout for:

1. Major appliances: Be sure that any items that were to remain in the home are still there, and that they are in good working order.

2. Major systems: Do the air conditioning, heat, and plumbing still function properly?

3. Repairs: As part of your purchase contract, the seller may have been required to make repairs. Be certain that these have been completed, or that the seller has a written timeline for when the repairs will be completed.

4. Walls and floors: Has any damage occurred to the floors or walls during the sellers move? Were rugs, artwork, or carpets covering water damage that was not disclosed? Dings in the walls?

5. Screens and Storm Windows: If it is the season for these items to be in storage, be sure they have indeed been left in storage and that they are in good shape.

6. Remotes: Garage doors, alarms,and sound systems likely all use a remote, some of which can be very expensive to replace. If these items were part of your agreement, be sure they have been kept with the house.

7. Cleanliness: The home should have been cleaned and all debris removed. Moving is stressful enough without having to clean up other peoples mess the first week you are there.

8. Fixtures: Light fixtures, curtains, and other items that were agreed upon should still be in the home. If they are not, let your agent address the conflict.

9. Landscaping: It may seem hard to believe but yes, some sellers may try to run off with your shrubs and plants! Check your contract to see what is supposed to stay; if plants were taken, let your agent handle the situation.

10. Exterior: Has there been any storm or other damage to the home since your inspection or first visit? Be sure to visually inspect the exterior of the house for damage. Once you have signed on that dotted line, the house is yours — and that could mean storm damage and all.

Closing time can be very hectic. Take the time for your final walk-through. It’s the smart thing to do in order to make sure no last minute items have been forgotten and that nothing has changed regarding the property during the time since your first visit.

Posted by: Bill Cady | July 19, 2010

Good News for Idaho Real Estate

Thank you for once again visiting my Eagle Idaho Homes blog and Realtor website! Whether you are looking to buy a home in Eagle Idaho or sell your home I can help make your next move a success! This Eagle Idaho Real Estate Blog is just one of the ways I offer real estate news and information to prospective clients – contact me, Bill Cady, or visit my Eagle Idaho Realtor website for more information, the fastest Eagle Idaho Home Searches online and more! Meanwhile enjoy this latest real estate news:

Consumer confidence plays a huge role in economic recovery, it’s a basic rule we all can understand: people just aren’t going to buy anything in an economy where they don’t feel safe – this holds especially true in the real estate market where such large amounts of finances are involved. A new national poll holds some encouraging new for the months ahead.

The survey was conducted by the Certified Financial Planning Board of Standards in early July, and involved interviews with a statistically representative sample of more than one thousands households.

This survey revealed that despite nervousness about the stock market and unemployment some 66 percent of all consumers believe the economy will hold steady or even improve over the next six months. Eighty-three percent believe their own personal finances will get better or at least hold as is.

According to researchers most consumers are looking for a “long and slow return to economic growth”, meaning slow gradual improvements in major sectors of our economy including home sales and real estate.

Does that slow and steady theme sound familiar (to anyone other than the tortoise or the hare) ?

Without a doubt it is old territory to real estate analists at MDA DataQuick in San Diego. Their latest report on the housing markets of Souther California describe a “continual slow crawl towards normalcy”.

It might seem sort of hard to get excited about that news, but despite its slow progress: it is in fact progress in the right direction even though home sales in that area only rose some seven percent.John Walsh, president of MDA DataQuick, said the market there is still “out of kilter” by historical standards – with lots of foreclosures and short sales acting as a restraint on prices. However despite all the challenges more money was spent last month in SoCal than in the past two years, and more money was also loaned for home mortgages.

This is highly significant as the six counties of southern California are often considered the “canaries in the mineshaft” for the housing markets nationwide. They were hit extremely hard during the recession and they still have a long way to bounce back, but it IS happening.

Meanwhile there are growing indications of similar patterns underway in other major markets around the country — even some gains in home values. According to Corelogic, a large real estate date company, found last week that prices on a national basis are now 2.9 percent higher than they were this same time last year, including distressed sales! Prices overall were up in 60 of the top 100 real estate markets nationwide which is a big change from a year ago when all 100 were negative.

There is hope! That light at the end of the tunnel just might not be a train after all! And while the increase of home prices and sales is good it should also be a signal to you, the prospective home buyer, in the fact that the historically low home prices you’ve been seeing may be slowly on their way out! NOW is the time to buy!

These historically low home prices and mortgage rates will not last! If you have been thinking of buying a home in Eagle or anywhere in Idaho now is the best time! I can help you find homes by city, price, closest school, or any number of other criteria! Use my Eagle Idaho Realtor website to find the home of your dreams in Idaho today!

Posted by: Bill Cady | July 8, 2010

Don’t Walk Away from Your Idaho Home

Thank you for once again visiting my Eagle Idaho Homes web-blog. I strive to keep my Eagle Idaho Realtor website visitors informed and aware of developments in the local and national real estate markets as part of my outstanding Idaho Real Estate Services. These are some of the most interesting times for real estate that we’ve ever seen, both as Realtors and as home buyers in Idaho, but thankfully there IS some good news on the horizon thanks to federal home buyer tax credit extensions as well as the hard work Idaho Realtors like myself are doing to help keep real estate on the move! Here’s just a little glimmer of hope:

Positive news from the real estate market amidst the overall somewhat dismal economic times we are in:

When it comes to single family homes the average sales price of a home in Ada County has gone up by about $6,000. Even better news is that Canyon County has seen that number increased to nearly $12,000, with April’s 573 closings setting a new high water mark in Idaho real estate.

Let’s look a little closer at the sales numbers. While the volume of sales hasn’t returned to the golden levels of 2005 and 2006, these latest figures do show promise. Even though Ada County closings are still down 9% it is likely due to a continued supply of distressed properties saturating the market. Distressed properties went through the roof in Ada County by 48 units – with 56 in Canyon County. Pending sales weren’t all they could be either, but despite those figures things may still be just getting ready for a much needed turn around.

The real estate market is still very much in recovery mode, and other economic factors contribute to that being an even slower process. It may take a while before we see the numbers moving like they were just a few short years ago, but many real estate professionals are confident that we WILL see those sort of figures again.

One massive problem still hurting the state’s chances of recovering faster is that people are walking away from their homes, even if they are employed and are making their mortgage payments. It’s easy to understand their thinking in living in a home that’s “under water”; many see their dreams as being just some empty hole they are throwing money into rather than the sound investment it may have seemed to be not that long ago. These people need to take a deep breath and look at the longer term market, yes things are very difficult now, but their homes are still very able to be worth their investment once the market returns. It’s hard to realize values WILL go back up, but this market that took so long to build up simply will not bounce back over night. The best advice is that if you are in a home, and are making the payments, buckle down and ride it out – you will only end up ahead of the game in the long run.

Are you facing foreclosure in Idaho? Maybe you don’t understand the jargon of what is really going on and where you stand. Whether you are looking to buy a home in Eagle Idaho to make the most of the lowest prices and mortgage rates in years, or you are a Idaho Home Owner Facing Foreclosure – I CAN HELP! Contact me today to find out more about what a qualified Eagle Idaho Realtor can do for you!

Posted by: Bill Cady | June 22, 2010

Eagle Idaho Home Buyers Be-Aware!

Providing the latest real estate news and information is just a small part of what I do as a qualified Meridian and Eagle Idaho Realtor. I have been working in real estate in Idaho for years and know the in’s and out’s of the market. You can put that experience to work for you in finding your next home in Eagle or anywhere in Idaho. There are some big changes in how lenders will be handling home loans under Fannie Mae, and they can great change not only how you spend, but when you spend it in relation to getting your home closed. Let’s take a look at these latest developments in Idaho real estate:

Idaho Home buyers and their agents have to be aware about the dangers of added balances to credit lines or opening new lines of credit shortly before they close escrow on their new homes. Most specifically it is wise to avoid these sort of activities during the period of time between applying for the loan and closing. New policies under Fannie Mae’s somewhat questionable “Loan Quality Initiative” that went into effect June 1 of 2010 requires lenders to “refresh” a borrower’s credit report just before closing — if buyers aren’t conscious of this that new skidoo just might sink their ship!

Let’s look at an example: Joe and Cindy are excited to offer on a home in Kuna they just love. They realize going in that they might be over-extending themselves a little but their loan officer has pre-qualified them with confidence that they will receive total loan approval without issue. Joe and Cindy’s formal loan approval comes in and they are thrilled with the prospect of their new home coming true, and in anticipation they visit the local furniture store to purchase (see: CHARGE) a new bedroom set, dining room, and sofa for their new spaces. It’s a little costly but they aren’t worried as they figure they can pay it off in a timely manner – Joe and Cindy are very credit conscious. What could possibly go wrong!?

That’s where the big bad wolf usually strolls into the story isn’t it? According to the new Fannie Mae guidelines the lender will run an updated credit report on Joe and Cindy just before closing. With their new high-end furniture their credit balance has definitely gone up and Joe and Cindy no longer meet the required debt-to-income ratio in order to qualify for their loan. The loan is pulled out from under their feet and their dreams of owning that new home crumble.

Fannie Mae’s “Loan Quality Initiative” was introduced in a letter to lenders February 26,2010. In this letter it was noted that during the past three years the need has been elevated for “an improved approach for working with lenders to deliver loans that meet Fannie Mae’s underwriting and eligibility guidelines”. To put it plainly, the loans that had been given to Fannie Mae previously too often turned out not the meet their guidelines. Sadly, this tended to be discovered well after Fannie Mae purchased the loan which of course but their own profit earning on those loans in jeopardy. The idea of this new initiative is to focus “on capturing critical loan data earlier in the process and validate it before,during, and immediately after loan delivery”. Yes, my friends, big brother IS watching and they want to know if you bought that 56 inch plasma flat screen instead of shelled over that cash to them.

The qualification of the borrower was not the only issue of concern. Among other items were determining owner occupancy (how many people you have living in a house), verification of social security numbers (are you who you say you are?), updated quality-control requirements (tracking), and a new policy on excluding certain entities from Fannie May loans (???).

To be quite honest, Fannie Mae guidelines should not require updated “refreshed” credit checks to be performed for borrowers. Fannie May states that “it is the LENDER’s responsibility to develop and implement it’s own business processes to support compliance with Fannie Mae’s requirements on loans delivered to us”. While it seems like Fannie Mae wants to set their own rules or take their toys home and cry if we don’t all play by their rules they do state in the same memo a few tips for lenders to consider: like refreshing the borrowers credit report just prior to closing.

Is it likely that a lender who sells its loans to Fannie Mae is going to ignore such tips? Uh, NO.

Their tips show that not only might a refreshed credit report show newly acquired debt but also that is might show new credit inquiries as well.”Credit inquiries listed on the credit report should be investigated to determine whether the borrower did in fact open additional credit resulting in repayment obligations.” You might want to wait on getting that new car or toy til AFTER  your house closes.

Some say that given recent events it is unreasonable to fault Fannie Mae for tightening their grip on procedures. Buyers need to remember that loan approval is based on statements of income and liabilities at the time of the loan application and if those factors change prior to closing it is likely to be found out and could very well undo any dealing.

Don’t let this news scare you off, it’s just one more little detail to consider and be informed about before you buy your home in Idaho. I can help you steer clear of these possible pitfalls and troubles BEFORE they become an issue and put your dreams of home ownership in Idaho at risk. Contact me, Bill Cady, today to start finding the best real estate in Eagle and Idaho today!

Posted by: Bill Cady | June 3, 2010

Idaho Real Estate Takes an UPturn!

June is off to a flying start and there’s never been a better time to be in real estate in Eagle Idaho than right now! This real estate blog is part of my Eagle and Meridian Idaho Realtor services to help you stay informed on real estate market trends, local Idaho real estate news, and more! Working with a qualified, experienced Idaho Realtor can make all the difference in your next home purchase or sale. Let’s go ahead and get right to the real estate latest news you need to know:

Looking at the latest housing numbers released last week by the Commerce Department and the National Association of Realtors, one has to say that we definitely are seeing some improvement and are on track for an amazing year in real estate sales.

Single family median home prices are up by 4.5 percent for the year. Even in the Midwestern states, where the recession has been an anchor on real estate longer than other regions , prices have jumped by 6 percent.Resales of houses and condos in April were up by almost 8 percent – and now are 23 percent higher than they were the year before.Sales of newly-constructed homes also soared in April, up 15 percent. They’re 48 percent higher than April 2009.

So is there no need for concern? Isn’t all this great, super news for Realtors, home buyers, and real estate developers alike? That there will be no feared “double-dip”, or a fragile bottom waiting to drop out from under the market and send it into the economic sub-basement?

That’s right! These newest figures ARE great news, verging even on the extraordinary….but.

There is a little perspective we need to gain on the situation, the new numbers are great for a reason.

Most economists agree that April sales totals, maybe even March, are distorted upwards because of the expiring federal tax credits, padding the results with a little good old fashioned blue light special frenzy! Thousands of home buyers rushed to complete their contracts in the past two months to get the federal credit before it disappeared.

No one is debating that some real estate purchases were accelerated. “The upswing in April sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback ahead.” said Lawrence Yun, chief economist for the National Association of Realtors.

Many economists and market experts warn that we may see sales fall to another low for a month or two, even during the regularly very active summer months as a natural feedback reaction to the tax credit rush. Regardless of which most agree that in the longer term, if the overal economy can continue to rise even slightly we should see an excellent return to upward moving statistics. Not only do consumers have growing confidence in the economy and their own incomes, but as Yun points out: home buyers no longer fear further price declines — and that’s a crucial turning point in the cycle.

I can help you find the best homes in Meridian Idaho, Eagle Idaho and anywhere in the great gem state! My Idaho Realtor website has the fast home searches, and local area info you need to move or relocate! Call Bill Cady today, or visit my site to start finding the dream home of tomorrow, today!

Posted by: Bill Cady | May 18, 2010

Home Improvements to Avoid

Thank you for once again visiting my Eagle Idaho Realtor blog! In this installment we will discuss the value of home improvements for potential home buyers  and how making the wrong home improvements to your Idaho home can end up costing you twice: once when you pay to have them done, and once more at closing time. This sort of information is just a sample of my Idaho Realtor Services that I offer my Idaho Real Estate clients. Understanding what factors can affect your homes selling price, especially in this difficult market, can make all the difference in coming out ahead or ending up with empty pockets on what could be a large investment of time and finances. Lets get to the info…

One of the first things people recommend when asked how to increase the value of a home is to renovate, add features, or upgrade the features. While this is good general advice, you need to be careful, some home improvements could actually end up costing you more than they are worth. You see, when it comes time to sell, those improvements may do nothing to increase the value of the property and may even turn off potential homebuyers.

Over-the-Top Might Push You Over the Edge

Not all renovations will raise the value of your home. Bigger is not always better, and sometimes less IS more.Unless your home is located in Beverly Hills or some other very posh neighborhood, don’t install the bathroom with the supersized steam shower, flat screens over the toilet, or gold plated fixtures…unless you have money to do burn for your own pleasure and enjoyment only. Those kinds of improvement doesn’t typically do anything to increase the value of the average home, and may actually not be what the potential buyers are interested in — translating to extra costs for them.

Real estate professionals suggest that homeowners pour over local home listings to see what amenities are the standard in your area, then upgrade your home to meet it. Overdoing it in the end may only cost you more cost out of pocket and at closing time.

Swimming Pools, Movie Stars

While they are a great feature, especially if you love to swim, a pool may not be the thing to draw in hoards of potential buyers. Some may consider it a perk, but others may perceive it as more trouble than it’s worth when they consider the upkeep and maintenance of keeping it clean.

It’s not uncommon that some homeowners even pay to have their swimming pools buried to create more yard space. Putting in a pool to try and help raise the value of the home could be a huge investment with very little, or possibly even negative returns.

Not Everyone Wants a Home Office

A home office can be a great feature, if you work from home, or own your own company. If you are planning to add an office as an upgrade build it with frugality as potential home buyers very likely will have a different use for the space in mind. Don’t steal usable space from another living area to create a home office. If you do add an office, or renovate the existing one,make sure the space can easily be converted back into a bedroom or other living space if needed.

Unique Construction

These can range from exotic texturing on the walls, curved corners, to wild Star Wars themed bonus rooms (complete with Death Star disco ball dance floors! ). While the builders love these for their

models and parade homes you very definitely want to consider how much you design the spaces to cater to your specific tastes – which likely will not match those of potential homebuyers. (altho who wouldn’t want a Death Star disco ball, right!? )

Avoid making outlandish changes to your home or changes that will be perceived as adding work for a future homeowner to change on their own. Don’t be tempted to incorporate these ideas into your own home, unless you don’t plan on selling anytime soon. Homebuyers may not share your enthusiasm when they are tearing down walls and putting in different flooring.

Raise the Roof!

If your roof needs repair, don’t hesitate to have the work done. It will be one less issue you’ll have to deal with when listing your home. However simply replacing a perfectly good roof with something more custom like cedar shakes or clay tiles, while attractive, may not work in your favor as even though they add appeal to the homes appearance they are not something potential buyers will necessarily see as being worth paying extra dollars for. Keep it simple when preparing your home to be listed on the real estate market, make the upgrades and improvements that make sense and will carry over into actual return on your investment.

Need help selling your home in Eagle Idaho? Maybe you are worried that the real estate market may be still too volatile to make back what you have invested in your home and so you are thinking you’ll ride it out. Eagle Idaho Real Estate is on the move! As one of the top growing cities in the country, and a top rated region to live in, it’s a great time to sell your home. Contact Bill Cady today to learn more about how a qualified and experienced Eagle Idaho Realtor can help you get the most for your home!

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