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Weekly Lender Update for Boise Idaho & the Treasure Valley- Cheri Ure, The Mortgage Place

hydho71 — Sat, 06 Jun 2009 20:57:31 +0000

Interest Rate Update:

The 15-year FRM this week averaged 4.72 percent with an average 0.7 point, up from last week when it averaged 4.68 percent. A year ago at this time, the 15-year FRM averaged 5.47 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.08 percent this week, with an average 0.6 point, up from last week when it averaged 5.06 percent. A year ago, the 5-year ARM averaged 5.34 percent.

One-year Treasury-indexed ARMs averaged 4.86 percent this week with an average 0.5 point, up from last week when it averaged 4.81 percent. At this time last year, the 1-year ARM averaged 4.94 percent.

Low mortgage rates, first-time buyer incentives boost April contracts, NAR says

Pending sales of existing homes rose for the third month in a row in April, boosted by record-low mortgage rates and special incentives for first-time buyers, a real estate trade group reported Tuesday.

The pending home sales index for April rose 6.7% after a 3.2% increase in March, the National Association of Realtors said. The index, based on sales contracts on existing homes, was 3.2% above April 2008. “This is yet another positive indication that the bottoming process is forming” in home sales, wrote Jennifer Lee, an economist for BMO Capital Markets. “Now if only prices would stabilize.”The NAR reports on sales of existing homes in a separate report once a transaction closes, usually six to eight weeks later. In April, existing-home sales rose 2.9% to a seasonally adjusted annual rate of 4.68 million, 3.5% below year-earlier sales rates. With mortgage rates hovering near all-time lows, housing affordability has improved, said Lawrence Yun, chief economist for the NAR. Yun expects existing-home sales to rise about 17% by the end of the year to a seasonally adjusted annual rate of 5.48 million. Sales of new homes, by contrast, are expected to fall another 12% to a 308,000 annual rate. “Since first-time buyers must finalize their purchase by Nov. 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers,” Yun said. The federal government is offering an $8,000 tax credit for first-time home buyers, which can be used for the down payment. Other incentives are being offered by state or local governments. Recently, first-time buyers have accounted for about half of sales, a much larger percentage than in normal markets. With a large number of owners underwater in their mortgage, many are not able to sell their home in order to buy a different house. About half the sales have been foreclosures or short sales. Pending home sales rose about 33% in the Northeast, and about 10% in the Midwest. Pending home sales were flat in the South and rose 2% in the West. “Given that most of the gains in sales were in the more stable Northeast and Midwest markets, it appears that foreclosed properties were less of a factor given that most of the foreclosures have been occurring in the West and the South.

Cheri Ure
The Mortgage Place
Phone: 208.794.0533
Email: cheri@themortgageplace.us

Talk Soon,

Heidi Griffith, Realtor
Realty Executives of Treasure Valley
208-401-5460

Email Heidi

LOOKING FOR SHORT SALE INFO? Visit IdahoShortSaleHelp.com

Weekly Lender Update for Boise Idaho & the Treasure Valley- Cheri Ure, The Mortgage Place

hydho71 — Fri, 15 May 2009 16:35:07 +0000

Primary Mortgage Market Survey (PMMS) in which The 30-year fixed-rate mortgage averaged 4.86% for the week ending May 14, up from last week’s 4.84% average; it averaged 6.01% a year ago, Freddie Mac reported. Fifteen-year fixed-rate mortgages averaged 4.52% this week, up from 4.51% last week; the mortgage averaged 5.60% a year ago.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.82%, down from 4.90% last week and 5.57% a year ago.

And 1-year Treasury-indexed ARMs averaged 4.71% this week, down from 4.78% last week and 5.18% a year ago.

Real Estate Outlook: Key Indicators Point Up

Week after week, the economic signs pointing to a recovery underway in the home

Now that’s not to say everything is improving in the economy overall, or even in housing for that matter. We all know that hundreds of thousands of jobs are still being lost every month across the U.S., and Federal Reserve Board chairman Ben Bernanke says the unemployment rate is likely to rise a little more before the economy digs itself out of recession later this year.

But for housing, most of the key indicators continue to point up. Here’s a quick rundown:

Pending home sales took a 3.2 percent jump last month — the second straight month of positive growth. These are signed home sale contracts that haven’t yet gone to closing, but are scheduled to do so in the next 60 to 90 days.

Mortgage applications for future home purchases also surged again, up five percent nationwide last month, according to the Mortgage Bankers Association. Rates are firming up in response to the rising demand for mortgage money. They rose last week on average to 4.8 percent for 30 year fixed rate loans and 4.6 percent for 15 year mortgages.

Those rates are still close to all-time record lows, but with more people jumping into the home buying market, they could easily go back over the five percent level in the coming weeks, say economists.

The affordability index also continues to hover near its all time best. According to the National Association of Home Builders, the median income American family, earning $61,000 a year, can now afford to buy a $290,000 home with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest, thanks to low financing rates.

The median priced home meanwhile goes for about $175,000.

Equally important, consumer psychology is turning positive on housing, something potentially huge for anyone looking to sell property. When the Gallup polling organization asked a national sample of Americans last month whether this is a “good time to buy a house,” 71 percent said “yes.” That’s an increase of 18 percent in a year, and the highest level in four years.

Cheri Ure
The Mortgage Place
Phone: 208.794.0533
Email: cheri@themortgageplace.us

Talk Soon,

Heidi Griffith, Realtor
Realty Executives of Treasure Valley
208-401-5460

Email Heidi

LOOKING FOR SHORT SALE INFO? Visit IdahoShortSaleHelp.com

HOMES ARE SELLING!!! PART II

richnesbit — Mon, 27 Apr 2009 17:37:15 +0000

Rich, I am way confused. Last week you were excited about homes that were selling and you were very positive. You ended by saying that the number of sales was less than last year. What has you so excited? The rest of the story dear reader is the amount of activity that is going on. Since January of this year I have put together 10 deals buyers and or sellers. WOW! This is something I am hearing all over the Treasure Valley. Realtors are writing and receiving offers. Several properties have had multiple offers being submitted on them. Dear Reader let me tell you, THAT IS EXCITING!! First time homebuyers are buying, investors are buying. THAT IS EXCITING!!, things are heating up! Once the first time buyers and the investors start buying that means people can begin moving up to a bigger home. The wheels are starting to move! THAT IS EXCITING!! New construction homes are selling. THAT IS EXCITING!! Hey Rich, if that is true why are the number of sales down? Great question. Speaking personally less than half the deals I had going on closed. UGH! Some fell due to the buyers not being able to obtain financing (the credit they once had gotten was no longer available), some fell because the lien holders (sometimes the first, sometimes a junior lien holder) did not want to take such a low offer and/or the buyers did not want to pay more. This is also something I am hearing throughout the Treasure Valley. It is a very different market and will continue to be so. However it is very exciting. Next week find out how to receive your own bail out from the Government.

HOMES ARE SELLING!!!

richnesbit — Mon, 27 Apr 2009 17:33:56 +0000

Many people approach me and ask this question or some variation of it. Hey Rich, Can I sell my home? The answer is always yes. The real question they are asking is how much can I sell my home for and will it truly sell or must I buy it myself? The answer is yes it will sell. Oh, you need proof you say. Well as of Friday morning 4/24/09 according to the MLS search a total of 364 homes had sold so far in just Meridian alone. Of those that sold 103 were indicated as bank owned or REO and another 43 were short sales. Which means that 60% of the homes in Meridian that sold were not bank owned, reo, foreclosure, short sale type properties. Well if they weren’t bank owned, reo, foreclosure, short sale type properties than what were they Rich? They were homes owned by people like us. 81 of these were brand new homes that had never been occupied, 17 were under construction or to be built. People I have to tell you, HOMES ARE SELLING!!!

Now as Paul Harvey would say, the rest of the story. In the same time frame last year we sold 44 more homes. Darn the luck. That means about an 11% decrease since the previous year. But Rich, you sounded so positive. HOMES ARE SELLING!!! you said. They are selling dear reader, however; things have changed. What you ask? More on that next week.

If You Are Going To Buy, Don’t Rent

richnesbit — Mon, 27 Apr 2009 17:31:03 +0000

Sounds simple enough doesn’t it. If you are going to buy, don’t rent. But Rich, you ask, where am I going to live? I have to live somewhere you say. I agree. You do need to live somewhere, however; do you necessarily need to be locked in to a lease for a year? Perhaps; that decision is up to you. What I am saying is that you need to plan your move so that when your lease is up you can leave and you have time to move into your new home without crashing at a friend’s place for a couple of weeks. Trying to buy a home, especially your first home, can leave many without the resources to afford to pay a mortgage and a rent. Some rental managers refuse to let tenants out of their leases. I actually heard of one that said the tenant was responsible for finding a new tenant. Hmmm, if you own a property do you truly want the tenant that is trying to get out of a lease to find the new tenant and show your property? The liabilities just make me shudder. Let’s get back to buying a home. So get with your Realtor and plan the move. The most frustrating of times is when you think that everyone will accommodate your schedule and then horror of horrors they can’t. They actually have their own schedule and they are going by what is written in the contract. Very frustrating to everyone involved. To avoid this you need to plan. Find out what the terms of your lease are and what can be done if you would like to get out of your lease early. Ask if you can go month to month if you are house hunting and need some extra time to close on a home. Most landlords are willing to help a good tenant out but keep in mind they need to protect themselves and keep the property rented. Try finding a solution that works for both of you. As a landlord I tried my hardest to not have a vacancy during Thanksgiving through January. Not so many people looking to move into rentals then however plenty of home buyers wanted to be in their home before the holidays. Other than that I was fairly open and accommodating if the tenant was working with me. So let everyone know what the plan is and then incorporate it into the contract. A good plan makes it easier on everyone and helps prepare for what is coming. Happy House Hunting, Rich

More Reasons To Buy a Home

richnesbit — Mon, 27 Apr 2009 17:26:54 +0000

If all the other reasons have not caused you to buy home, such as incredibly low prices and just as incredibly low interest rates, (who knows when that will change? I have actually heard of lenders raising rates because they have too much business??) To an excellent selection of homes to choose from then perhaps these reasons will help you decide.

I attended an economic meeting put on by a local building association. Their economist was actually quite fun to listen to as economists go. He did provide one segment of interesting information that I would like to share with you about the benefits of home ownership. He stated that the following things occur with home ownership:

1- There are less pregnancies (I believe/hope he was referring to our kids) when you own your home.

2- There is a decreased rate of incarceration when you own a home.

3- The school drop out rate decreases when you own a home.

4- There is an increase in the care and pride of a neighborhood when you own a home.

5- For our elected officials the amount of people who vote goes up with home ownership.

It makes sense to me dear reader. When you have a vested interest in something, time and/or money, you want to keep whatever it is you have and keep it in good shape. So go buy a home, meet your neighbors, set up a neighborhood committee, and work with your elected officials to make your neighborhood a better place to live.

I’m Twitterless and That's OK!

richnesbit — Mon, 27 Apr 2009 17:21:07 +0000

I hear it around the office and on the news. Who is twittering who and what they are twittering about? The things people say and do. And now the twitter has gone from a social networking thing into a new way to do business. Need a job? Twitter. Employee needed? Twitter. I haven’t heard of selling a home yet however I can believe it has happened so please, no need to send the information. Is it new and unique? Nope! I believe similar things must have occurred previously when the telegraph was invented and the phone and so on. Different from anything else we have seen before? Not really. It is just a different delivery system. The concept works because it is based on a social networking that exists prior to the deal being struck. Say What Rich?! I said it works because you know the person, and you rely on the trust built in that relationship. Which brings me to the point of this article? Many deals happen or don’t happen because of who you know, who knows you and who they know. I would venture to say that many more deals occur because of a relationship that exists prior to the deal being struck. This is why MLM systems work so well initially, you rely on your family and friends to help start the business. So Rich, if this is true why don’t you twitter? Because dear reader I prefer the old fashioned way of meeting people and getting to know them. Face to face. It has nothing to do with whether or not I am technologically savvy or not, (Yes I can turn on my own computer). It has to do with everything else that goes into establishing a relationship. Body language, expressions, tone of voice. These are not things you can learn from an IM, text, chat, email or twitter. When it comes right down to it, ya gotta meet face to face. So I invite everyone to set aside the cell phones, Blackberry’s, palms, Treo’s etc etc and let’s get back to basics. Let’s see who the people are we are doing business with. Let’s find local businesses that hire local people, who spend money where they live. Stop in and say hi to them. Get to know your neighbors where you live instead of the cyber neighborhoods you surf. I still visit with my neighbors over the fence. They know me and I know them. Instead of playing online I take my kids to the parks. I still go into the bank instead of using the ATM. I will never forget how a banker friend of mine introduced me to a loan officer. He said “This is Rich, I don’t know what he wants to do but whatever it is you will like it” WOW! After looking at my deal the lender said “Rich I don’t know if this business you want to buy will work or not but after what Floyd said I’ll give ya the loan” A computer can’t do that. But what do I know, I’m twitterless.

Bank Owned Properties For Sale, Some Not So Cheap

richnesbit — Mon, 27 Apr 2009 17:16:53 +0000

Everybody would like a deal. Homebuyers included. There is nothing wrong with that. The question is just what is a good deal these days. As of March in Ada County on our MLS there are approximately 251 bank owned properties for sale. Boise leads the list with 96, Meridian with 84, Eagle 34, Kuna 22 and Star with 15.** That seems like quite a few to choose from. And Yes I have gone and looked at some of these. I have looked both online and in person. Some offer a real opportunity for a home owner and some just miss the mark. How come you ask o wise reader? The answer is because real estate is truly a subjective thing. Lending institutions assign value to a property many different ways based upon their rules that they have established. This can sometimes lead to a good buy for a person. It may not be such a great deal for others. Sometimes the lender will assign a value based on information that has not been updated. Sometimes the lender picks a number that will entice multiple offers. The result is a bidding war between potential buyers. The best way you can help yourself is have someone represent you. Yes dear reader I am talking about a Realtor. In addition to the price the lender may have additional addendums and requirements that they want you to sign and do. Some lenders actually have an addendum that replaces the purchase and sales agreement and you can bet the addendum is written in their favor. Is this a bad thing you ask? I don’t know. Sometimes lenders want a form that they can use everywhere they have property to make it easier on them. They don’t want to be on the hook for something in the original contract they didn’t catch. Sometimes they are looking to make themselves additional profit. One lender demands that the buyer get a loan approval through their organization. Hmm what do you think reader? Happy House Hunting, Rich

**(As of 2/23/09. The Intermountain MLS just started a system to identify these properties so the numbers may be off some while the listings get caught up with the new requirement.)

Should The Government Be Our Banker?

richnesbit — Tue, 31 Mar 2009 14:33:21 +0000

No, they should not be our banker. Do I really need to say more? Probably not but let’s look at what they are trying. Originally our Federal Government funded loans for homes mostly through Fannie Mae and Freddie Mac programs that were administered by private institutions. Policies were set up that made for good business decisions that led to good loans being made to people who for the most part are keeping up with their payments and not being foreclosed on. This is still happening today. I would estimate that 75% of all loans being written are using these programs and I have heard that possibly more than 90% by years end. That is a good thing. Now what’s not working? Bailouts, giving money to large institutions that are not doing so well because of poor business decisions without any guidelines and or rules does not work. Everyday the public is shocked to hear that the money is apparently being misused by these institutions. Not so surprising I say. The Hope for Homeowners Program is not working. I read a report and here is what it said. This report was sent to me in February. 25 Total number of loans that have closed under the Hope for Homeowners Program. There have been 451 applicants. The hope was to help 400,000 families. No comment needed. Source: http://www.realtor.org/RMODaily.nsf/pages/News2009020503?OpenDocument&WT.cg_n=RMO&WT.cg_s=RSSDaily

What about the new programs? Here are some highlights. The new refinance program from the Feds is for Fannie Mae loans only. It may be used for investment properties. You are allowed up 105% loan to value (current market price). You must have a stable income, a stable payment history, and limited cash out, with up to 40 years to repay. On the new loan modifications from the Fed the loans must be currently Freddie Mac or Fannie Mae. They are for 1^st liens only, must be owner occupied and the borrower must prove their income. If you want to find out if you qualify for the programs or not contact your favorite lender. If they can’t help you or don’t know call me. If you would like to check for yourself you can call 1-800-7FANNIE for Fannie Mae OR 1-800-FREDDIE for Freddie Mac.

www.richnesbit.com

Featured Home of the Week- 2494 Brierfield Drive, Eagle, Idaho

hydho71 — Mon, 23 Mar 2009 22:08:44 +0000

Lexington Hills Living at its Finest…

2635 Sq. Ft.
4 Bedrooms
3 Baths
Large Bonus Room/ Flex Space
3 Car Garage

This Charming four bedroom home is nestled quietly away from the hustle and bustle, yet minutes from shopping, dining and entertainment.

The Prestigious Community of Lexington Hills is located in Beautiful Eagle, Idaho, and offers its residents plenty of room to enjoy their beautiful neighborhood. Large, landscaped open spaces, waterways and ponds, along with beautiful walking paths are just a few of the reasons families call Lexington Hills “home”.

Large Living Spaces filled with wonderful natural light make this home perfect for entertaining!

Enjoy Holiday & Family Dining in this beautiful Formal Dining Space- with direct access to the kitchen for easy serving!

Welcoming Foyer

Vaulted Ceilings- adding height and drama

Family Room located directly off kitchen- perfect so that everyone can gather together!

Cozy Custom Fireplace with Granite Surround- perfect for those chilly nights!

This gorgeous home boasts a light and airy kitchen that includes granite counter tops , Designer Viking Oven/Range and Hood, stainless appliances & ample custom cabinetry that will delight any chef!

Granite top island with ample storage

Large Owners Suite

Beautiful Owners Suite Bath- complete with over sized soaking tub, granite counter tops, and custom stone/ tile inlay. The perfect spa-like retreat!

Large lower level basement Bonus Room/ Flex Space- complete with built-in desk & closet would also make an ideal 5th Bedroom!

Attention to Detail…

Nothing has been overlooked in this Beauty! Fabulous Touches have been included at every turn!

Wonderful Designer Paint Selections with Warm Accents

For Sale and Offered at Only $323,000!

2494 Brierfield Drive, Eagle Idaho, 83616

Location is EVERYTHING!

Driving Distances:

Seven Oaks Elementary: ………………………. .1 mi.
Eagle Middle School……………………………….2.4 mi.
Eagle High School…………………………………..4.4 mi.
Winco Grocery………………………………………..1.7 mi.
Albertsons Grocery………………………………..2.0 mi.
Home Depot……………………………………………1.7 mi.
Boise Town Square Mall…………………………7.2 mi.
Walmart…………………………………………………3.3 mi.
Target…………………………………………………….3.7 mi.
Reel Theaters…………………………………………3.8 mi.
Eagle Public Library……………………………….1.5 mi.
St. Lukes Urgent Care……………………………..2.0 mi.
St Alphonsus Eagle 24 HR Emergency…….3.6 mi.
YMCA……………………………………………………..3.7 mi.
Eagle Hills Golf Course…………………………….. .7mi.
Boise River………………………………………………3.0 mi.
Eagle Island State Park……………………………4.2 mi.
Hewlett Packard……………………………………..3.5 mi.
Micron…………………………………………………..15.3 mi.
Airport…………………………………………………..15.7 mi.

Home is the sacred refuge of our life.

-Dryden

Talk Soon,

208.401.5460

Email: Heidi@TheGriffithAndKrausTeam.com

LOOKING FOR SHORT SALE INFO? Visit IdahoShortSaleHelp.com

Weekly Lender Update for Boise Idaho & the Treasure Valley- Cheri Ure, The Mortgage Place

hydho71 — Mon, 23 Mar 2009 15:47:43 +0000

Interest Rate Update:

Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.15 percent with an average 0.7 point for the week ending March 5, 2009, up from last week when it averaged 5.07 percent. Last year at this time, the 30-year FRM averaged 6.03 percent. The 15-year FRM this week averaged 4.72 percent with an average 0.7 point, up from last week when it averaged 4.68 percent. A year ago at this time, the 15-year FRM averaged 5.47 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.08 percent this week, with an average 0.6 point, up from last week when it averaged 5.06 percent. A year ago, the 5-year ARM averaged 5.34 percent. One-year Treasury-indexed ARMs averaged 4.86 percent this week with an average 0.5 point, up from last week when it averaged 4.81 percent. At this time last year, the 1-year ARM averaged 4.94 percent.

Washington, March 18, 2009

“The National Association of Realtors® applauds the Federal Reserve announcement today that it would purchase an additional $750 billion in Fannie Mae and Freddie Mac mortgage-backed securities and up to $300 billion in longer term Treasury securities. This is great news for American home buyers and homeowners because mortgage interest rates will continue to remain at historic lows.

“NAR has been advocating since last fall that the Fed be more active in buying mortgage-backed securities. We are excited that the Fed acted on this provision of the stimulus plan that we offered to the government in November.

“Greater numbers of home buyers will be able to purchase a home, and homeowners facing challenges will be able to refinance into better terms. We already are experiencing a great improvement in housing affordability due to historically low interest rates, and the Fed’s move will push affordability conditions to the best levels in 40 years. In addition, continued low rates will lessen foreclosure pressure and help stabilize home prices sooner, as more American buy homes and draw down inventory.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Cheri Ure
The Mortgage Place
Phone: 208.794.0533
Email: cheri@themortgageplace.us

Talk soon,

208.401.5460
Email: Heidi@TheGriffithAndKrausTeam.com

LOOKING FOR SHORT SALE INFO? Visit IdahoShortSaleHelp.com

More on Short Sales

richnesbit — Tue, 17 Mar 2009 18:50:35 +0000

As the number of people trying to buy short sales continues to grow it is probably a good idea to share some thoughts that buyers should consider before trying to purchase a short sale.

Buying a short sale is unlike any other purchase you have ever tried. It can be a long and difficult process. Get professional help! That means a Realtor. There is a great opportunity to buy a home for less than fair market value when buying a short sale. You can save 10-20% of the value of the home. In order to get this you must expect to give up something. The biggest thing you lose is time. Most buyers and sellers like to have a say in the time frames things happen in. The lending institutions don’t listen to these time frames. They have their own and follow them. So you must be patient. If you do not want to be patient don’t buy a short sale. Days can go buy with no contact from the lender. Lenders don’t always return calls in 24 hours; some take 72 hours or longer. Be patient.

You will not out negotiate a lender. They do this everyday multiple times a day. Make a reasonable offer. Trying to go unrealistically low may actually offend the person who represents the lender and they may try to be unreasonable back. They are human too and they get offended as well. I recall one negotiator I was working with getting so upset with me I had to remind him to calm down and not take it personally. Set a realistic value to the home with your Realtor and then send it in. There is nothing wrong with trying to get a deal, just don’t get too greedy. Most short sales are priced attractively to get an offer made. How much of a savings is enough to make the home worth buying?

Be ready to act! After all that waiting the lender may give you a very short time frame to close on the deal. Everyone on the team must be ready, willing, and able to act to get the deal done. Don’t go back to the sellers’ lender and ask for changes once the deal is struck. Keep in touch with your lender. Give them what they need to get the docs ready to submit in order to comply with the sellers’ lenders directions. Most short sales require the new lender docs to be ready 48 hours prior to closing. Don’t wait to the last minute. It may cost you. Be prepared.

Don’t forget you are making a profit when buying a home for less than fair market value. Is the money you are saving worth the extra work?

HOW DO I MAKE MONEY IN REAL ESTATE?

richnesbit — Tue, 17 Mar 2009 18:45:59 +0000

Read carefully my dear readers for I am about to give to you 2 secrets of how to make money in real estate. You can use this technique in any market, up or down. It works all the time and every time. The 1st secret is to buy low. It seems to me that this is pretty self explanatory however it seems more people were buying when prices were going up and now that prices have gone down there are not as many buyers. The investors are coming back and they are beginning to buy. The speculators are just about gone. The 2^nd secret in an investment property is to make certain it cash flows properly. Or you make certain you can afford the loss.

Buy low, sell high. Notice I didn’t say buy at the absolute bottom or sell at the peak. I have talked about this before. Then next item is to make certain that it cash flows properly. This is very important. If a property doesn’t cash flow properly then you are not investing you are speculating. You are hoping that the market keeps moving in the right direction and you don’t get caught short or worse!!! There are many models to choose from on determining proper cash flow as well as many rules of thumb that allow you to take a glance at the property and determine if it may fit your business model. Business model did you say? Yes! You need to formulate a business plan that allows you to make investments in your business that results in your making a profit. What about the rent? Isn’t that my profit? It can be depending upon your business model. For most rental properties rent is cash flow. Some month’s cash flow is good some months not so good. The trick is to have lots more good months than not such good months.

Home Marketing Tips

admin — Thu, 05 Mar 2009 04:08:21 +0000

When selling your Boise home unless you market it to homebuyers you aren’t going to get anywhere. As you market your home, this is the time to make your house stand out from the rest on the market.

When working with a Boise real estate agent he or she advertise and market your home for you. If you have ideas on marketing your home pass them along the realtor so they can help. It is the agent’s responsibility to market your home well and answer questions pertaining to your home. There are several ways a real estate agent will market your home to potential homebuyers.

Real Estate Agents Sell Your Home By…

Having a real estate professional handle your transaction is a good idea. There is a lot involved when selling a home not to mention a bunch of legal contracts to go through. Real estate agents are there to make sure there are no surprises and get your home sold quickly and for the best price possible.

They help sell your home by:

Getting your home listed on the local MLS.
Preparing a flyer and brochure for your home.
Showing your home to local agents.
Answering questions pertaining to your home.
Holding open house.
Setting up showings between you and other realtors and clients.
Put a “For Sale” sign in your front yard.
And much more…

Marketing your home to homebuyers is all about exposure, positive exposure. It is important to remove yourself emotionally from your home and look at it as from a potential buyers’ point of view. Your realtor can give you ideas in this area as well. For the most part they should be able to give an honest opinion about your home.

Boise Idaho Real Estate: Great Time for First Time Home Buyers in Boise

Natasha Kravchuk — Tue, 03 Mar 2009 02:20:09 +0000

The Boise ID Real Estate Market has loads to offer first time home buyers!

We can help you find a beautiful, affordable, well upgraded home in a great location. Prices are close to what they were five years ago when investors first began to make their move on Boise homes because they saw amazing value. It gets better; Boise interest rates are historically low!

We specialize in helping first time home buyers successfully buy homes in Boise, homes in Meridian, homes in Eagle and beyond! Click Here to start your Boise ID MLS Search. The Boise MLS includes the: Boise ID MLS, Meridian ID MLS, Nampa ID MLS, Eagle ID MLS, Star ID MLS, Kuna ID MLS and the Surrounding areas.

Start to Finish

We can assist you in the entire process of purchasing a home, from finding a qualified Boise Mortgage Lender for your home loan to executing an offer to coordinating the closing. The Boise home buying process can sometimes be like a roller coaster ride. It won’t always be smooth, but we do promise to share the seat with our clients and smooth out the ride as much as possible.

If you are unfamiliar with the Boise home buying process, I’d love to visit with you and give you a free consultation on what to expect and how you can “Put Your Best Foot Forward!” You may reach me directly: 208-870-7470.

Boise Idaho Foreclosures: Good Investments?

Natasha Kravchuk — Wed, 25 Feb 2009 23:34:12 +0000

YES!!!

It’s worthwhile to take a look at Idaho bank owned properties currently in the Boise Idaho Real Estate Market.

There are two key advantages to purchasing Boise Bank Owned Homes / Boise Id Foreclosures.

1. Price

Boise Home Buyers who are looking for “bargains” typically start looking at Boise Foreclosures first – and rightly so. Banks are eager to sell their properties. After all, they in the business of banking; not property management. A good way to spot a bank-owned home while searching the Boise Idaho MLS is to note the price. If it stands out (and is lower than “market value”) it may very well be a Boise bank owned home.

2. Time

Bank Owned homes in Boise and short sale homes in Boise have one key difference. TIME. Time is crucial in a real estate transaction. It can take anywhere between 2 and 6 months to close a short sale property, whereas a bank owned home in Boise takes roughly 1.5 months to close. If you have locked in a super interest rate, you will likely lose it by the time your short sale closes. If you don’t mind the wait, or are a cash buyer, you should definitely look at both Boise Foreclosures/ Boise REO and Boise Short Sales.

We offer you a free Boise MLS search. No registration required! Click here to Search the Full Boise Id MLS (including Boise Foreclosures)

2009 A YEAR TO LOOK FORWARD TO

richnesbit — Fri, 20 Feb 2009 18:38:43 +0000

What an exciting time for us. As we head into a New Year facing the uncertainties of our past I am excited about our future. Whenever there have been bad things happen to us as individuals, a community, a country I generally find that things get better. It can take time to heal, to grow, to change. However I find that usually we move onward and for the better. I recall when I was having my third back surgery, how much worse could it get? What did I do to deserve this? I was being told that my career as a journeyman electrician was over, I did not have enough money to pay the bills, and my remodel was half completed. Man was it terrible. Here it is 7 years later and I have a great new career, a second child and things have gotten better. And I think, how lucky can one guy be?

What’s this Rich? You ask. Aren’t you a realtor? Isn’t the real estate market in the toilet? Why yes I am a Realtor, thanks for asking. Is the market in the toilet? That perhaps that depends on where you are. Prices are low, probably lower than what 2004 prices were before the huge, I mean mondo huge, explosion of nuclear size proportions huge, price jumps we had. If you bought during that time frame or refinanced than yes things can be bad for you, right now. The truth is 90% of the homes in America today are doing ok. You want proof you say? Ok, take a walk around your neighborhood and see how many homes are short sales, or have been foreclosed on. If you live in a newer neighborhood, look at a more established neighborhood and vice versa. Then tell me what you think. About 90% of the homes are doing okay. I think things are getting back to normal and the future looks promising. How come? The signs are there. 1^st time home buyers and investors are back in the market. This means homes are being bought and sold. In 2003 in Ada County we sold appx 5,800 residential units, in 2008 we sold 4996 residential units. Slow? Yes! When will the official end be? I will tell you 6 months to a year after it happens.

www.RichNesbit.com

Gorgeous Home For Sale on over 1 Acre in Boise, Idaho! $299,500

hydho71 — Tue, 10 Feb 2009 20:08:08 +0000

Welcome Home to 3600 Waldon St. , Boise Idaho!

Gorgeous 1.1 Acre Property for only $299,500!

This Charming four bedroom home is nestled quietly away from the hustle and bustle, yet minutes from shopping, dining, entertainment and freeway accessibility.

Sitting on a neatly manicured 1 acre home site with mature trees, this home boasts a light and airy kitchen that includes granite counter tops , stainless appliances & ample custom cabinetry that will delight any chef!

A stone fireplace in the great room create a cozy atmosphere on chilly nights!

The main level also includes the Owners Suite, complete with corner tub, walk in shower and granite counter top with double sinks, along with another bedroom and full bath!

The lower level has plenty of room to play, study or work, as well as two additional bedrooms, a second wood burning fireplace and bath with shower.

The shop was built in 2007 and is the perfect place to work on projects. Floors are a beautiful stained concrete, there is ample storage/ built in cabinetry, heat, a bar area and large store room. The possibilities in this space are endless! Shop also includes covered pull-through parking- Perfect for an RV!

3600 Waldon was renovated in 2006, with a new roof in 2008 & is truly a gem! Call today for more information, or to schedule a private viewing of this wonderful home and all its fabulous amenities!

FEATURES:

2422 SQ. FT.

1 Acre

4 Bedrooms

3 Baths

Hardwood Flooring

Granite Counter tops

Two Fireplaces

Stainless Appliances

2 Car Garage

Oversized Shop withdouble roll up door

RV Parking

Secluded Homesite

LOCATION IS EVERYTHING!

3600 Waldon is close to:

Costco

Walmart

Shops & Dining

Edwards Cinemas

Downtown Boise

Freeway

Airport

Please contact us today to view this Gorgeous Home and Property!

208.401.5460
Email: Heidi@TheGriffithAndKrausTeam.com

LOOKING FOR SHORT SALE INFO? Visit IdahoShortSaleHelp.com

Weekly Lender Update for Boise Idaho & the Treasure Valley- Cheri Ure, The Mortgage Place

hydho71 — Mon, 09 Feb 2009 15:52:53 +0000

Interest Rate Update:

The 30-year fixed-rate mortgage averaged 5.25% for the week ending Feb. 5, according to Freddie’s weekly survey of conforming mortgage rates. The mortgage averaged 5.10% last week, but is still lower than a year ago, when it averaged 5.67%. Just three weeks ago the loan averaged a little under 5%. Fifteen-year fixed-rate mortgages, a popular choice for refinancing, averaged 4.92%, up from 4.80% last week. The mortgage averaged 5.15% a year ago. One-year Treasury-indexed adjustable-rate mortgages averaged 4.92%, up slightly from last week’s 4.90% average. The ARM averaged 5.03% a year ago. Only 5-year ARMs headed the other direction, averaging 5.26% this week, down slightly from 5.27% last week. The ARM averaged 5.21% a year ago.

Market Update:

People are afraid to buy a home in times like these, with the economy tanking and home prices continuing to fall. But if you’re brave enough to stray from the herd, you might be in for the home-buying opportunity of a lifetime. Ask for price reductions, improvements, closing costs — whatever — and the seller, desperately trying to get a contract, is very likely to work with you, said Jay Papasan, one of the authors of the book “Your First Home.” When the market starts improving, your negotiating power starts to diminish, he added.

“People can get a lot of what they need and almost all of what they want today,” Papasan said.

If you’re qualified to buy a home now, the purchase makes sense for your situation and you’re prepared to live in that home for at least five years, there are five reasons why you may be headed for a great deal:

1. Affordability is better than ever

According to the National Association of Realtors’ housing affordability index, homes were more affordable in December than at any other point since the group started the index in 1970. The affordability index is a measure of the relationship between home prices, mortgage interest rates and family income. Not all markets have experienced huge drops, however, so it’s wise to take a look at how far prices have fallen in your area. The Office of Federal Housing Enterprise Oversight’s Web site has a house price calculator that can help. Visit the calculator.

2. You have a large inventory to choose from

In many places it is taking months to sell a home, creating loads of inventory — from new homes to existing homes to foreclosures. A large selection gives buyers more choices and drives down prices. And home sellers have gotten the picture. It’s fair to say that home sellers have become “increasingly desperate,” Papasan said. “People who have had for-sale signs in the yard for six months are starting to become in tune with the reality of the situation,” he said. Buyers can take advantage.

3. Builders are offering big discounts

Home builders are getting even more aggressive with their pricing. In fact, Fadel recommends looking at completed new homes first because builders are offering such steep discounts. Plus, you’d have a warranty not only on the home itself, but also on the home’s appliances, he said. His advice: Walk in with a preapproval for a mortgage, make an offer, then walk away without making a deal if you have to. Chances are, a builder will call back and reconsider that offer rather than let a potential buyer get away.

4. Mortgage rates are historically low

It’s not just the price of the home that will affect affordability; mortgage terms will also affect your monthly payments. These days, rates are very attractive for conforming loans, those that can be purchased by mortgage agencies Fannie Mae and Freddie Mac. But low rates don’t mean lenders are handing out mortgages easily. You’ll need good credit, a substantial down payment and a willingness to document your income in order to qualify for those great rates, if you can qualify at all.

5. You can get a federal tax credit

There’s currently a federal credit of up to $7,500 for home buyers who haven’t owned a home in at least three years. The credit needs to be paid back, although the repayment feature is removed in the economic stimulus plan that passed in the House of Representatives. The National Home Builders Association is pushing for more help for home buyers, including an even bigger tax credit — the Senate in its version of the economic stimulus bill is proposing a $15,000 credit. And both NAHB and the National Association of Realtors want the incentive to help all buyers, not only those who are becoming homeowners for the first time.

Waiting for further federal developments, however, might sap a buyer’s negotiating power, as more people get back into the market and competition returns, Fadel said. “The more Washington gives, demand will increase,” he said.

Cheri Ure
The Mortgage Place
Phone: 208.794.0533
Email: cheri@themortgageplace.us

Talk soon,

208.401.5460
Email: Heidi@TheGriffithAndKrausTeam.com

LOOKING FOR SHORT SALE INFO? Visit IdahoShortSaleHelp.com

Weekly Lender Update for Boise Idaho & the Treasure Valley- Cheri Ure, The Mortgage Place

hydho71 — Sat, 31 Jan 2009 17:05:48 +0000

Interest Rate Update:

The 30-year fixed-rate mortgage averaged 5.10% this week, down from last week’s 5.12% average. The mortgage averaged 5.68% a year ago. The 15-year mortgage averaged 4.80% for the week ending Jan. 29, as it did last week. The mortgage averaged 5.17% a year ago. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.27%, up from last week’s 5.24%; the ARMs averaged 5.32% a year ago. And 1-year Treasury-indexed ARMs averaged 4.90%, down from last week’s 4.92%; the ARMs averaged 5.05% a year ago.

Market Conditions Update:

Falling prices push existing-home sales up 6.5%

WASHINGTON (MarketWatch) — Bargain hunters snapped up more foreclosed homes in December, lured by the biggest price decline seen in more than 70 years, the National Association of Realtors reported Monday.

Sales of existing homes rose 6.5% in December to a seasonally adjusted annualized rate of 4.74 million, led by a big rebound in the West where prices have fallen more than 30%, the industry trade group said. Sales in December were down 3.5% from the previous December.

About 45% of the transactions in December were considered distress sales, either a short sale or a home in foreclosure, the Realtors said. Many foreclosure sales are handled outside the Realtors’ system and are not reported by the Realtors.

“Rising foreclosures and the large inventory overhang continue to exert downward pressure on prices,” wrote Anna Piretti, an economist for BNP Paribas.

The median sales price fell to $175,400 in December, down a record 15.3% compared with a year earlier. For all of 2008, median prices dropped 9.3% to $198,600, the lowest level since 2004.

Inventories of unsold homes dropped 11.7% to 3.68 million, representing a 9.3-month supply at the December sales pace, compared with 11.2 months in November. Inventories typically decline about 8% to 10% in December, Yun noted. The inventory data are not seasonally adjusted. Homes in foreclosure that are not listed with Realtors are not counted in their inventory figures.

“While supply and demand remain unbalanced, the increase in sales and the reduction in inventories observed in December are important steps in the right direction,” Piretti said.

Sales in December were stronger than the 4.36 million expected by economists surveyed by MarketWatch. The pending home sales index had fallen 4% in the month, signaling fewer contracts signed. November’s sales pace was revised lower to 4.45 million from 4.49 million initially reported.

Home sales typically close two months or so after a contract is signed.

Sales of single family homes rose 7% to 4.26 million, while condo sales rose 2.1% to 480,000. For all of 2008, single-family sales fell 12% to 4.35 million, while condo sales fell 21% to 563,000.

Cheri Ure
The Mortgage Place
Phone: 208.794.0533
Email: cheri@themortgageplace.us

Talk soon,

208.401.5460
Email: Heidi@TheGriffithAndKrausTeam.com

LOOKING FOR SHORT SALE INFO? Visit IdahoShortSaleHelp.com

In today's Real Estate Market, it's all about price... Or is it?

hydho71 — Wed, 28 Jan 2009 18:57:15 +0000

It’s not news that we are in a buyer’s market, right?

Real estate professionals everywhere are explaining loud and clear to their sellers that the price they set for their home is the driving force for which it will, or will not sell. Price is the motivator.

It makes perfect sense in this buyers market, doesn’t it? I mean, with the plethora of homes a buyer has to choose from, an over-priced home has the slimmest of slim chances of even being considered.

Today’s buyer is price savvy. He or she knows that there are more than plenty of deals to be had, and along with all of these great values comes choice. They can be extremely selective. Knock the over-priced homes off the list before they even make it out to look.

As a seller, if the motivation is to actually sell their property, they are going to have to take a very hard look at how they price it. And they aren’t only competing with Bob Jones, the neighbor around the corner, either. They are competing with unemotional banks and lenders. Competing with distressed sellers who are attempting to sell their home as a Short Sale - where their Realtor has explained that by selling they receive no profit, so they must price as low as their lender will hopefully allow.

These are the homes today’s buyers are looking at.

It all boils down to price then, right?

Hmm… Yes and No.

Yes. Your home must be priced competitively. We’ve already determined that Mr. & Mrs. Buyer will more than likely scratch you off the list prior to even getting in the car and looking if it’s not.

If not priced accordingly, the odds of your home even being viewed are about the same as hitting the lottery (unless, of course, a Realtor shows your house to his/her clients “Just to sell what a great deal that other house they’re looking at is…”).

You want (or even, maybe, need) to sell your house, so you make sure to price it so you have the opportunity to do just that…

But wait just a minute. How does your house SHOW (look)?

Remember all those homes Mr. & Mrs. Buyer have to look at? And they’re all priced really, really well.

How do they choose now?

You can just about bet they’re going to pick the one that’s a great price, fits their families needs, and LOOKS GREAT.

WHAT?!!

So it’s not only about price… A clean home, free of clutter, with great curb appeal & pristine showing presence, plus… a great price JUST MIGHT SEAL THE DEAL.

Now in today’s Real Estate Market, that’s almost as good as hitting the Lottery!

208.401.5460
Email: Heidi@TheGriffithAndKrausTeam.com

LOOKING FOR SHORT SALE INFO? Visit IdahoShortSaleHelp.com

Mortgage Forecasters predict interest rates will rise once government mortgage security purchases ends in late June

hydho71 — Tue, 27 Jan 2009 18:33:09 +0000

We just completed an economic forecast meeting with local leaders in the mortgage industry including a Certified Mortgage Planning Specialist we refer to our buyer clients.

Some extremely valuable information was reinforced from that meeting.

One item we feel is quite important to pass along may help you determine when the correct time will be to purchase a new home.

With all of the varying media reports we see and hear, many of the economic forecasters are predicting that the Boise, Idaho / Treasure Valley housing market is not yet at the bottom- it may continue to slightly dip in average value. That data makes many potential buyers think that now may not be the time to buy. That they might want to “wait out the market”.

Based on the information, as well as the mortgage rate forecasts that we were presented, potential buyers may want to re-think their decisions to wait.

The time frame for the federal government to complete the $500,000,000.00 purchase of mortgage backed securities through TARP (troubled asset relief program) ends on June 30, 2009.

The general consensus from the experts was that interest rates will surely rise.

The figure that was estimated was in the high 6% to 7% range.

If you take a $350,000 loan and compare this months lowest interest rate of 4.5% to a 7%, the monthly difference of Principal and Interest is $555.16.

Over a 10 year period the simple interest saving is $66,619.20

20 year is $133,238.40

30 year $199,857.60

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Weekly Lender Update for Boise Idaho & the Treasure Valley- Cheri Ure, The Mortgage Place

LOOKING FOR SHORT SALE INFO? Visit IdahoShortSaleHelp.com

Weekly Lender Update for Boise Idaho & the Treasure Valley- Cheri Ure, The Mortgage Place

Real Estate Outlook: Key Indicators Point Up

LOOKING FOR SHORT SALE INFO? Visit IdahoShortSaleHelp.com

HOMES ARE SELLING!!! PART II

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If You Are Going To Buy, Don’t Rent

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I’m Twitterless and That's OK!

Bank Owned Properties For Sale, Some Not So Cheap

Should The Government Be Our Banker?

Featured Home of the Week- 2494 Brierfield Drive, Eagle, Idaho

Lexington Hills Living at its Finest…

Home is the sacred refuge of our life.

LOOKING FOR SHORT SALE INFO? Visit IdahoShortSaleHelp.com

Weekly Lender Update for Boise Idaho & the Treasure Valley- Cheri Ure, The Mortgage Place

LOOKING FOR SHORT SALE INFO? Visit IdahoShortSaleHelp.com

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YES!!!

2009 A YEAR TO LOOK FORWARD TO

Gorgeous Home For Sale on over 1 Acre in Boise, Idaho! $299,500

Welcome Home to 3600 Waldon St. , Boise Idaho!

Gorgeous 1.1 Acre Property for only $299,500!

LOOKING FOR SHORT SALE INFO? Visit IdahoShortSaleHelp.com

Weekly Lender Update for Boise Idaho & the Treasure Valley- Cheri Ure, The Mortgage Place

LOOKING FOR SHORT SALE INFO? Visit IdahoShortSaleHelp.com

Weekly Lender Update for Boise Idaho & the Treasure Valley- Cheri Ure, The Mortgage Place

LOOKING FOR SHORT SALE INFO? Visit IdahoShortSaleHelp.com

In today's Real Estate Market, it's all about price... Or is it?

It all boils down to price then, right?

LOOKING FOR SHORT SALE INFO? Visit IdahoShortSaleHelp.com

Mortgage Forecasters predict interest rates will rise once government mortgage security purchases ends in late June

Could it be that the time to purchase a new home may be sooner, rather than later?…