About Ada County, ID

The Boise real estate market is doing better then most of the country. Sure houses have been sitting on the market longer than used to but we haven't had a dramatic price drop. Still we have deals here if you qualify for a mortgage. Here is a secret 90% of the people still qualify. It's only the ones with real credit issues that can't qualify. We have more foreclosures but its not like other places.

Right now the prices are soft and there are bargains to be had. I think they will rise when this mortgage mess is cleaned up. I can find a buyer a wonderful home below market value. If you want a home and qualify for the mortgage it is a great time to buy here in Boise, Idaho.

This house is priced at $199,990

This house in near Boise in Caldwell priced $175,000

This condo is $144,900

Does selling a home in today's market make sense? Many homeowners assume that when they need to relocate to another area or to upgrade or downgrade their housing the wise thing to do is to sell the home. This makes sense in a strong housing market when there's either a balance between supply and demand or when it's a seller's market but in today's market it may not be the best decision.

In many areas there's gluttony of homes, which will take a year if not longer to market and sell. High inventory coupled with a lower demand is generating many price reductions and the potential for a huge loss in home equity built up during the housing boom the past several years. Weighing alternatives makes sense, and then if a homeowner decides to move forward reviewing marketing strategies will help.

Alternatives:

1) Keep living in the current home: If monthly payments aren't an issue perhaps consider staying in the home for another year or two... until the market correction promotes an increase in equity and reduces the current supply. Taking on a few projects such as upgrading some flooring, fixtures, landscaping, painting and clearing clutter during this time may help to increase the value of the home. Getting prepared over the next year is advantageous to obtaining a higher price.

2) Reduce payments through refinancing: If monthly payments are too high talk with your current lender or inquire with a new lender about reducing the payments through refinancing. If the goal is to market the home in a year or two from now consider refinancing to an ARM. It's not such an ugly word depending on the situation and the type of ARM provided. Look for no penalty on prepayments and make sure there's no out of control increases over the next few years. There are many 5/1 ARMS, which means 5 years at a fixed rate and then yearly adjustments. Talk with a lender to find out more information. Contact us as we can provide you with a few lenders our client's work with as well.

3) Consider renting the home: If you must relocate now and you realize that the home may not move quickly consider renting the home for 6 months or longer. This option is a great one and often will provide you with the opportunity to purchase another home. Lenders consider a percentage of the rent collected on your current home in calculating the debt to income ratio. In cases where the rent doesn't cover the mortgage it maybe considered an operating business loss on your taxes. Consult with your tax advisor and lending institution to see how this works and to make sure it works in your favor. Homeowners can either collect rent and manage the property on their own or hire a property management company to find renters at a nominal fee ranging from 6-10% of the rent. The company will collect rent and manage the property. We work with several management companies so let us know if you'd like their names.

Marketing Tips & Strategies

After reviewing the alternatives and deciding that marketing the home would be best here are a few marketing tips and strategies to consider. Homeowners face a tough decision whether to market their home as for sale by owner or to market it with a real estate company. Motivation comes in many forms from cost to customer service, from timely results to customer service. Customer service is mentioned twice for it's probably one of the most important aspects to marketing a home. Timely results can be achieved but when coupled with poor service comes the stress and confusion often causing a greater cost than it was worth. The public is bombarded with advertisements, claims, gimmicks and strong personalities all in a hope to win business. The truth is that it's a combination of factors that help to successfully market a home. Often the fundamentals are overlooked. Here are a few to consider.

1) A well priced home (at or below comparables) #1 factor to consider

2) Exposure through cross platform marketing

a. MLS entry for potential buyers and agents to see

b. Signs, well designed flyers highlighting the excellent features

c. Internet advertising through various web sites not just one or two sources. The home must be promoted to it's full potential.

d. Pictures, pictures and more pictures

e. Visual Tours online and promoted properly

f. Print media (newspapers, magazines, etc.) comes with a word of caution as there are so many books with so many homes often the property is lost and never really seen from this format

3) A clean and attractive home. Past blog topics have covered this topic well but clearing clutter, adding flowers, new paint, updating fixtures and having the home show well is important.

4) Customer service is of utmost importance! When marketing the home please do consider many of the things that go into providing excellent customer service. Customer service items to consider include:

a. Communicating with all potential buyers, buyer's agents, other agents

b. Negotiation of contract including inspection and other contingencies

c. Active marketing as until the home is sold this never stops

d. Adjustments to price and marketing strategies

e. Keeping homeowners informed and working out plan with your input

Potential buyers need to know your home exists and to have a reason to want to view the home before they even consider purchasing your home. It's about pricing the home properly, promoting the homes features, gaining exposure from various sources and providing excellent customer service throughout the process. Remember all it takes is one good offer from one solid buyer. Consider and review all the marketing tips and strategies to provide advantages. Interview agents and see what plan works best for you. Contact us for any support and let us know how we can help you.

Single family home sales in Ada County rose to 371 units in February over January's 302 units. Median listing price was $206,990 while median sold price was $203,000. Here is a good place to take a closer look at "median price". In January, the median price was $217,500. Does that mean that home prices fell by $14,500? Not at all. It simply means that in January we saw more higher end homes sold than in February. Certainly, prices are not what they were two years ago. But we did NOT just lose 7% in one month. Remember that when you read the dramatic headline in the newspaper.

At the moment there are 4061 active single family listings. That is a 163 unit increase from January's inventory level of 3898. These figures do not include townhomes or condos, or single family with acreage. I expect the inventory to continue building into the spring, although there is no way of knowing now just how much more inventory might be out there waiting "for Spring and the good weather". Pending sales figures were very good at 591, increasing from 455 in mid-January. There has been some discussion whether the pending number is being affected by the number of short sales that are potentially out there and "taking forever" to close. A cursory look at a number of the pending listings doesn't seem to bear that out however, but it will be something to check later as the season progresses.

I have had an increase in buyer showings this month, as well as sellers getting ready to market their homes. Well priced homes are selling, and some are drawing multiple offers. I worked with buyers at the end of February to make an offer in a multiple offer situation. Our full price offer wasn't quite enough, as the home sold in less than 12 days ABOVE the asking price! And another buyer missed out on a home that went underr contract while we waited for a lender preapproval letter. Sellers, take a lesson. There ARE buyers out there. Price it right to begin with and you will be successful.

Many of the builders are working on inventory now, at good prices. I'm told that land and lumber prices have gone down enough to make for some attractive builds possible now. Permits are still not being pulled at a rate to make up for the inventory being sold. That sets up a situation where buyers looking for new construction have a great opportunity to choose from plenty of inventory at attractive prices. Once the inventory falls below the demand, and if new starts stay low, expect new home prices to firm up.

March FORBES will again report Boise in the top 5 cities for business, and Micron just announced it is planning a new plan here in the Treasure Valley! The future is bright and it continues to be true that well priced homes in top condition are selling in Ada County.

http://www.findboisehomes4sale.com - http://www.findboisehomes4sale.com/listings.html