Kuna, ID

Short sale listings contribute 35% of the active listings in Kuna. But in this year only 16% of the sold listingsare short sale listings.There are several reasons why short sales are difficult. One of the most frequently overheard complaint would be....long waits, causing the buyer to give up and look elsewhere.

Everyone dealing with short sales would do well to understand what is taking place behind the delays and how to address the most common causes.

#1 Lack Of Staff Many banks are simply short on staff and unable to keep up with growing demand. Make it easy on overwork workers in every way possible; not only will they appreciate the reduced work but it certainly helps to present our offer in the best light possible.

#2 Failure of the Homeowners/Real Estate Agent to Properly Handle Paperwork Keep the lines of communication open and help the homeowner provide the appropriate paperwork in a timely manner. While it might seem a bit obvious, don't expect every homeowner to have the motivation required to follow up even on something that is likely to help their own situation. Many people simple shut-down when overwhelmed.

#3 Believe it or not....Multiple Offers One of the main reasons for a lender to take their precious time before approving a short sale is to consider multiple offers.

#4 Lack of Other Offers! While entertaining multiple offers is more frequently the cause of delays when processing short sale offers, the lack of any other offers especially on an otherwise, "attractive" property may also result in longer approval times or outright procrastination on the part of the lender.

There are ways to elpyour short sale be a success! Knowledge and sing a team of skilled professioals is what I have found to be a winning combination.

If you live in the Kuna area and think you may need to do a short sale on your home, please give me a call. I have options for homeowners. Once you know what your options are, it will be easier for you to make the right decision.

Why do gyms get away with contractual agreements that require people to pay for 2 years to use their gym and unless you die or move, you can't change your mind? I can't think of another business run this way. It's because they all have the same strategy and the consumer has no choice!

Excessive gym dues and long contracts are the standard.I don't know how many times after joining, management changes and pretty soon there is an environment that I didn't sign up for. Or I joined, looking forward to some great classes to motivate me to move, and then find them to be uninspiring, without enough equipment or are down right dangerous.

What a breathe of fresh air at Freedom Fitness! No Contracts! Low membership monthly dues and sign on fees. Lots of top of the line quality equipment, daycare,tons of classes and helpful staff.

I love their motto....Freedom Fitness strives to give the greatest gift of all; that of good health.

The building quickly became too small, as the community drank in this wonderful opportunity like a cool drink.

Already they are looking to moving into a new larger building. I think this business will only get bigger and better.

My favorite class is the yoga class, run by a professional yogi, who does this for a living, not just to pick up some extra spending money. Everyone that joins quickly feels comfortable and welcomed. We even get an invite out to his farm to join his gracious wife and have a free class surrounded by the natural beauty of the farm. Only in the country!

Check out their website for more classes and info Kuna's Yoga Class

We are all watching the politics unfold, as the White house continues to unveil it's plan to help our struggling economy. Everyone is asking what's in it for me?

Many homeowners bought their home in Kuna within the last three years and have seen the value of the home decline below the amount of the loan. This is where I think most Kuna residences will benefit.

You may be qualified to refinance or modify your loan. Guidelines and more details will be available after March 4th.

Here is some interesting aspects I pulled off the The White House Blog

• What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value?

Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.

• I owe more than my property is worth, do I still qualify to refinance under the Homeowner Affordability and Stability Plan?

Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.

• Do I need to be behind on my mortgage payments to be eligible for a modification?

No. Borrowers who are struggling to stay current on their mortgage payments may be eligible if their income is not sufficient to continue to make their mortgage payments and they are at risk of imminent default. This may be due to several factors, such as a loss of income, a significant increase in expenses, or an interest rate that will reset to an unaffordable level.

• How much will a modification cost me?

There is no cost to borrowers for a modification under the Homeowner Affordability and Stability Plan. If you wish to get assistance from a HUD-approved housing counseling agency or are referred to a counselor as a condition of the modification, you will not be charged a fee. Borrowers should beware of any organization that attempts to charge a fee for housing counseling or modification of a delinquent loan, especially if they require a fee in advance.

There is some good news. An unexpected improvement in home sales in December provided a rare dose of welcomed economic news amid so much gloomy news.

AS WITH ANY statistics, we need to look at the overall picture and that's why it is so hard to "time the market". By the time trends are developed, we may miss the best buying opportunity. Though this is encouraging, most are waiting to see if those numbers will continue to improve.

So what is happening in Kuna's market? I like to seperate our numbers from the rest of Ada county.

Kuna's sold numbers did improve, selling almost 24% more single family residential than Dec 2007. But what really surprised me was the ratio of new to existing that sold. 2007 saw almost 50-50. This December, almost 3x the number of existing homes sold compared to new.

The average sold price in Dec 2008 fell about 10% from $178,431 to 161,477.(Ada county, as a whole, experienced a 15% drop in average price)

No one likes to see their home lose that much value, but compared to my retirement accounts numbers..... real estate is still a pretty good investment.

The numbers are out for this weeks Kuna Real Estate statistics. From the looks of it inventory is still declining and buyer activity is still on the increase. As I mentioned last week, these are positive indicators, but I don’t think we are out of the woods on this one so to speak.

A Closer Look

In the coming months keep your eyes out for continued decreasing inventory in the more affordable price ranges as financing continues to be at record lows. There’s a lot of pent up demand and with the $7500 Tax Credit, there should be quite a few First Time Home Buyers that will be shopping with the July 09′ Deadline in mind.

If you are buying, the fact that the prices are decreasing but the price per square foot is increasing means that you’ll pay less and get less. That alone could be an indicator that we’re bouncing along the so-called ‘bottom’ of the market.

For a more detailed analysis, send me a request and I’ll get you one same day.

To see this and others like it: Kuna Real Estate Market Update