Boise Homes For Sale

The end of the tax credit for the home buyer seems to have slowed the increase in home sales we were seeing.  We are still flooded with short sales and foreclosures but prices of existing homes seem to be rising.  Interest rates remain low which means you can buy more house for your dollars.  More and more sellers and especially the short sales and bank owned properties are asking for letters of loan approval with any offers so it is a good idea to talk to a lender before you begin your home search.  This way you know exactly what you can afford and your offer is stronger.  It is still a good time to buy.  If you have any real estate questions, please contact Trish Stephenson 208-388-4653 Silvercreek Realty Group.  There are many affordable homes out there.

Today’s mortgage rates still remain at all time lows.  30 year fixed rate is at 4.5%,  15 year fixed rate is at 4% and a you can find an ARM rate  as low 3.5%.   You may contact Judy Bauer  with Prospect Mortgage for more information on loan programs.

Just because it is a buyer’s market does not mean it is not a good time to sell.  For more information on buying or selling please contact Trish Stephenson Silvercreek Realty Group 208-388-4653.

People often ask what is the difference between a “real estate agent” and a “Realtor”.  Both are licensed but a realtor belongs to a membership requiring a higher ethical behavior.  They pay dues to be a member.  Some things to expect from a realtor are:  1. Loyalty to clients, 2. Fiduciary (legal) duties to clients, 3. Cooperation with competitors (other listing agents), and                  4.  Truthfulness in statements and advertising; and non-interference in exclusive relationships that other Realtors have with their clients.  When buying or selling, it is a good idea to look for a Realtor, not just a licensed real estate agent. 

Some information provided through Realty Times

There seemed to be an increase in sales in April in both existing homes and new contruction.  This may have been due to the tax credit  which ended April 30.  We have yet to see what May has in store for us.  Interest rates continue to slowly drop which is helpful for buyers.  Short sales and foreclosures are still flooding the market making it hard on the sellers.  But that makes it an excellent time to buy a home at a very low price.  If you are interested in buying or selling, please contact Trish Stephenson Silvercreek Realty Group 208-388-4653.

There are several things to consider when getting ready to buy a home.  Your credit is one of the most important things.  To help you with your credit score, there are several things to avoid.

1.  Don’t move assets from one bank account to another.  This can complicate the application process because the transfers show as new deposits.  You must then explain to your lender the source of funds and it can slow down the process.  You can do any consolidating later after you have closed on your loan.

2.  Don’t change jobs.  Most lenders prefer that you have been with your present employer for at least 2 years.  If you must change jobs, it is best to stay in the same line of work.

3.  Don’t assume your credit is good.  Inaccurate information can occur without your being aware of it.  Or sometimes, an item that you believe to have been taken care of will still show up on your credit report.  Experts say you should review your credit report at least once a year.

4.  Don’t attempt to consolidate bills. Consolidating and closing credit cards can lower your cumulative credit history and therefore can lower your FICO score.  Contact your lender, or Judy Bauer with Prospect Mortgage with any questions before making any financial changes.

5.  Make sure you don’t pack or ship information needed for your loan application. When packing, don’t pack important paperwork such as W-2 forms, divorce papers and tax returns.  Duplicate copies can take weeks to obtain and this can stall the closing date on your transaction.

6.  Don’t make a major purchase. Don’t buy new furniture or major appliances for your new home.  A large payment can greatly impact your debt to income ratio and prevent you from qualifying for a home loan.  This has  happened the day before closing when the buyer’s credit was rechecked.  At the last minute the loan was denied.   If you think you can afford it, make the purchase after the transaction has closed.

If you have any questions regarding financing, please call Judy Bauer with Prospect Mortgage 208-377-7246 or if you have any real estate needs please contact Trish Stephenson with Silvercreek Realty Group at 208-388-4653.

A short sale is when the sale of a home sells for less than what the borrower still owes on the mortgage.   In 95% of the cases, the debt is usually forgiven.  In a foreclosure though, the borrower may be obligated to pay the difference between the amount the home sold for and what the borrower owes.

If you find yourself in a situation where your dream home has become a financial burden, please give your lender a call.  They are almost always eager to get started on a short sale rather than starting foreclosure proceedings.  If you find yourself in dire straights, this seems to be a much better way to solve your mortgage problems.  But do talk to your lender as soon as you realize there may be problems.

Last month has brought some more good news.  Numbers of sales for homes rose significantly in March, and the average price has  increased a bit.  This is a definite change from the trends of the last few years. More good news includes a drop in new construction inventory, and a slight decrease in the days on market for all homes.  This  include short sales and foreclosures. These are all positive indicators, and we can hope we keep going in this direction. Remember that to receive the wonderful buyer tax credits, you must have an accepted offer by April 30 with a closing by June 30. It still seems to be a good time to buy.  Interest rates are still low, there is money out there and plenty of homes to choose from.  For more information and any help on your real estate needs, please contact Trish Stephenson Silvercreek Realty Group 208-388-4653.

If you or anyone you know is interested in looking for property for sale in the Boise area, please contact Trish Stephenson Silvercreek Realty Group 208-388-4653.  I can set you up with your own personal password protected website which gives you access to all the listings in the area 24 – 7.  It is user friendly and those buyers that have used it love it.

For the first time in a year, according to the National PMI Index, the overall risk in 384 metropolitan real estate markets has decreased.  The PMI Index is produced quarterly by a private mortgage insurance giant, the PMI Group.  It is one of the most accurate forecasters of the housing value movement.  It examines local employment, household income, economic growth, demographic changes and other factors to predict where home values are headed in these market areas.

The PMI risk index was among one of the earliest warning us about the housing crash, so its quarterly findings are followed closely by mortgage analysts.  According to the latest index released last week, home values are increasing in dozens of major metropolitan markets, causing the average risk rating for the U.S. to drop by 2.6 percent.  That’s not huge, but it shows the direction we are headed.  But, the index did find risk levels elevated in some areas such in California, Nevada, Arizona and Florida.  It also documented a slight worsening of affordability conditions in 81% of metropolitan markets.  This is mainly due to the higher home prices and slightly higher mortgage rates last year.

Another key market barometer was released last week with encouraging numbers.  The Zillow Index found that the national average of home owner’s negative  equity rate dropped to 21.4 percent in the last quarter of 2009.  This is down from 23 percent in the second quarter.  The federal reserve’s quarterly study, measuring the nation’s finances, also found that after 3 years of decline, American’s are building positive equity in their homes again.

According to the feds, between the 1st quarter of last year and 3rd quarter, home owner’s equity increased by almost 1 trillion.  This is believed to be primarily caused by the rise in home values and principle paydowns on mortgages.

Home builders are also reporting an ease in their financial woes.  Several major publicly traded builders announced last week that they are seeing higher numbers of orders along with reduced cancellation rates of contracts.  In one company, DR Horton, in it’s most recent quarter, orders for new homes were up 45% above the earlier year’s levels and the cancellation rate dropped from 38% to 26%.

Mortgage rates continue to be helpful as well.  30 year fixed rate dropped to 4.9% last week and the 15 year remains at 4.3%.  This is according to the Mortgage Bankers Association.

(information in this article is according to the Realty Times)

What does the seller leave when selling? In some areas it is customary to leave the washer and dryer, some the refrigerator. Local customs are not set in stone but if you are a buyer, make sure you specify what you expect to stay. And if you are a seller, make sure you aren’t selling an item you plan to take. For fixtures, ask your broker to be specific and have a purchase and sale agreement that reflects your preferences.