Boise Real Estate | Boise Homes For Sale

Boise Real Estate Sales – December 2011

kgeselle — Thu, 12 Jan 2012 22:21:06 +0000

Sales continue to be strong in the Boise real estate market. In December, 467 single family homes sold. Although that is down about 10% from December 2010, the good news comes from the increase in median price and average price. December median price is up 1.22% over December 2010 and average price is up 3.47% in the same time period.
Days on Market is continuing to drop – 86 days in December 2011 compared to 94 days in 2010.
My daily experience is telling me that some price points – less than $150,000 – have a pent up demand as most homes in that price range are commanding multiple offers. There also seems to be a lack of single level homes in the Meridian area and those coming onto the market are selling within just a few days.
If you’re an investor or have been thinking that you’d like to acquire some rental properties, it isn’t too late. It is still possible to find rental properties that can cash flow in this tight rental market. If you’d like additional information about purchasing rental properties, give me a call.

Sales numbers broken down by area:
Boise
North – 18 homes with a median price of $210,000
Northeast – 9 homes with a median price of $387,646
Southeast – 38 homes with a median price of $164,100
Bench – 35 homes with a median price of $106,900
South – 26 homes with a median price of $130,000
Southwest – 51 homes with a median price of $135,990
West – 28 homes with a median price of $130,000
West/Garden City – 31 homes with a median price of $120,000
Garden City – 3 homes with a median price of $339,000
Northwest – 34 homes with a median price of $169,900
Meridian
SE Meridian – 15 homes with a median price of $216,000
SW Meridian – 7 homes with a median price of $308,000
NE Meridian – 45 homes with a median price of $168,000
NW Meridian – 58 homes with a median price of $154,000

Eagle – 30 homes with a median price of $333,000

Star – 13 homes with a median price of $170,000

Kuna – 26 homes with a median price of $112,000

Statistics provided by Intermountain Multiple Listing Service

Speculators and the housing bubble

kgeselle — Sat, 17 Dec 2011 20:13:58 +0000

Recently, the Idaho Statesman ran a front page article detailing how spectulators contributed to the housing bubble and the record number of short sales and foreclosures that have not only hurt the housing industry but have contributed to the economic downturn in Idaho and across the nation. According to the article, the Federal Reserve Bank of New York found “that investors who used low-down-payment, subprime credit to purchase multiple residential properties helped inflate home prices and are largely to blame for the recession.”

My take on this – tell me something I don’t already know. Anyone who worked in the housing sector during the “boom” must have, like me, recognized that the way home prices were increasing due to the number of out-of-state investors was unsustainable and that at some future time, something would have to happen.

I remember the onslaught of investors who called me wanting to buy rental properties. When I started telling them that buying rentals in the Boise area might not be a good idea due to the number of investors purchasing investment properties (and thus turning them into rental properties), I was accused of not wanting to sell properties to out-of-state investors.(Yes, that’s right, a real estate agent that doesn’t want to earn a commission.) And as it turned out, the rental signs went up, vacancies rates increased, and then the bust because the investors couldn’t find tenants for their rentals or because their monthly mortgage payments were higher than the rents they could collect causing a unsustainable negative cash flow.

That aside, I think the Federal Reserve Bank of New York also needs to point a finger at those who provided those “low-down-payment, subprime” loans to the investors. Yes, we’ve been focused on finding a way to move past the recession and jumpstart the economy including the housing industry. Now that it appears that we’re on the right path to doing that, someone in Washington needs to pay attention to the findings of this report to make sure that this doesn’t happen again.

Boise Real Estate Sales – November 2011

kgeselle — Tue, 13 Dec 2011 23:08:25 +0000

Boise real estate sales are continuing to hold up well with 471 sales in November 2011 compared to 438 sales in November of the prior year. Year-to-date sales are also ahead of 2010 – 5763 homes sold through November 2011.

The median price of homes sold continues to be lower than a year ago although most real estate agents would agree that we’ve seen the bottom for prices and seen appreciation in some areas and in some price points. It would appear that short sales and foreclosures continue to skew the numbers somewhat.

New construction is continuing to look better with 67 new homes sold in November – 22 more homes than in November 2010.

Sales numbers broken down by area (comparison with October 2011):
Boise
North – 26 (32) homes with a median price of $212,500 ($225,000)
Northeast – 17 (17) homes with a median price of $319,675 ($336,900)
Southeast – 35 (33) homes with a median price of $155,000 ($170,000)
Bench – 23 (32) homes with a median price of $109,900 ($93,600)
South – 17 (15) homes with a median price of $169,000 ($139,000)
Southwest – 39 (45) homes with a median price of $138,000 ($140,100)
West – 16 (25) homes with a median price of $109,000 ($124,000)
West/Garden City – 52 (56) homes with a median price of $124,900 ($135,250)
Garden City – 1 (3) homes with a median price of $62,900 ($160,150)
Northwest – 33 (27) homes with a median price of $213,500 ($179,900)

Meridian
SE Meridian – 14 (22) homes with a median price of $202,500 ($195,000)
SW Meridian – 9 (7) homes with a median price of $253,750 ($317,500)
NE Meridian – 51 (47) homes with a median price of $160,800 ($172,500)
NW Meridian – 65 (62) homes with a median price of $140,000 ($147,000)

Eagle – 29 (41) homes with a median price of $282,900 ($257,300)

Star – 13 (13) homes with a median price of $137,000 ($169,900)

Kuna – (31) 31 homes with a median price of $108,000 ($105,000)

Statistics provided by Intermountain Multiple Listing Service

Mortgage Insurance Premium Deduction

kgeselle — Mon, 28 Nov 2011 17:48:10 +0000

Are you taking all the deductions off your income taxes that you’re entitled to? If you itemize your deductions, you are entitled to deduct mortgage insurance premiums – just as you do mortgage interest.

Back in 2007, the federal government enacted a provision to allow for homeowners to take mortgage insurance premiums as a deduction on their income taxes. The deduction is phased out at certain income levels – if AGI exceeds $109,000, however, a single taxpayer or couple may make up to $100,000 and still get the full deduction.

The deduction expires at the end of 2011 and may not be extended. So, at this time, only payments that you make during 2011 are deductible.

The deduction should appear on the mortgage interest statement that you receive from your lender. So be sure to check the form before you do your taxes and take the deduction.

HARP Loan Limits Removed

kgeselle — Tue, 22 Nov 2011 19:39:16 +0000

The Federal Home Finance Agency (FHFA) recently made changes to the HARP (Home Affordable Refinance Program) that will help homeowners who are current on their mortgage and wish to take advantage of lower interest rates by re-financing but have been unable to do so due to being up-side-down in their mortgage.

The extended program – now available until December 31, 2013 – removes the maximum LTV (loan to value) ratio limit on loans secured by fixed rate mortgages with terms of up to 30 years. That means that if you owe more on your home than it would currently appraise for, you would be eligible under this program to re-finance your home regardless of the value established by the appraisal. But there are a couple of requirements:

the borrower must have a loan secured through either Fannie Mae or Freddie Mac,
the borrower must be current on their loan and not been delinquent in the most recent 6 month period,
the borrower must not have had more than one 30-day delinquency in months 7 through 12, and
the borrower must receive a benefit of either a reduced monthly mortgage payment (principal and interest) or a more stable product – such as changing from an adjusted rate mortgage to a fixed rate loan.

To see if your loan is secured by Fannie Mae or Freddie Mac, check out the following websites: Freddie Mac or Fannie Mae. If your loan is with either, contact your mortgage lender for further information.

For more information on the new guidelines and requirements: Fannie Mae website

Boise Real Estate Sales – October 2011

kgeselle — Sun, 13 Nov 2011 01:59:42 +0000

Real estate sales in the Boise area continue to be strong with 514 homes sold in October 2011 compared to 456 in October 2010. Of the 514 homes sold, 79 homes were new construction with most sales happening in northeast and southwest Boise and northeast, northwest and southeast Meridian.
Year-to-date sales numbers are also looking solid with 5271 homes sold in 2011 – up from 4897 homes in 2010.
Active listings continues to trend lower with 2280 homes for sale – down from active 2721 listing in 2010.
Days on market also is looking favorable – 75 days compared to 90 days in 2010.

Sales numbers broken down by area:
Boise
North – 32 homes with a median price of $225,000
Northeast – 17 homes with a median price of $336,900
Southeast – 33 homes with a median price of $170,000
Bench – 32 homes with a median price of $93,600
South – 15 homes with a median price of $139,000
Southwest – 45 homes with a median price of $140,100
West – 25 homes with a median price of $124,000
West/Garden City – 56 (57) homes with a median price of $135,250 ($142,000)
Garden City – 3 homes with a median price of $160,150
Northwest – 27 homes with a median price of $179,900

Meridian
SE Meridian – 22 homes with a median price of $195,000
SW Meridian – 7 homes with a median price of $317,500
NE Meridian – 47 homes with a median price of $172,500
NW Meridian – 62 homes with a median price of $147,000

Eagle – 41 homes with a median price of $257,300

Star – 13 homes with a median price of $169,900

Kuna – 31 homes with a median price of $105,000

Statistics provided by Intermountain Multiple Listing Service

Recast your mortgage

kgeselle — Wed, 02 Nov 2011 18:27:12 +0000

Want to lower your monthly mortgage payment but without the hassle (and cost) of refinancing? You may want to consider “recasting” your loan.
Recasting a mortgage involves paying down the principal amount owed on the loan. If you have funds available that you’d like to invest somewhere other than a low interest savings account, paying down the principal on your mortgage and having the loan recast will reduce your monthly payment fairly significantly.
The definition of “recast” when applied to a mortgage loan means to recalculate or re-amortize your current loan at the same interest rate and over the remaining length of the loan. The savings come due to the change in the amount financed in the loan. Here’s an example.
You bought a house 5 years ago and financed $200,000. The loan carried a 5% fixed rate interest for 30 years. Recently, you inherited $20,000 and would like to lower your monthly P & I mortgage payment of $1074 but can’t refinance because you owe more on the home than its current appraised value. You contact your lender and they offer to recast your loan. (Note: not all lenders will recast loans). Say, for the sake of the example, you paid $12,000 toward the principal during those 5 years and now owe about $188,000. The $20,000.00 would be applied to the principal making your new principal amount $168,000. You have 25 years remaining on your loan. Your new payment would be calculated on a loan amount of $168,000 for 25 years at 5% interest and your payment would be $982. The more you pay down the loan the greater than monthly savings.
Recasting may not be the answer for everyone but it may help some homeowners who need to lower their monthly payment. As always, you will want to speak with your accountant prior to making this decision.

Boise Real Estate Sales – September 2011

kgeselle — Tue, 11 Oct 2011 20:24:01 +0000

Real estate is still moving in the Boise area. The numbers for September 2011 beat the numbers for September 2010 by almost 12% – 554 sales in 2011 compared to 489 for 2010. The year-to-date numbers are also outshining 2010 by 320 sales. And the Days On Market number is down considerably from 81 days in 2010 to 73 days in 2011.

Of the homes sold last month, 475 were existing homes and 79 were new construction.

Sales numbers broken down by area (August 2011):

Boise

North – 30 (28) homes with a median price of $217,000 ($244,888)
Northeast – 23 (19) homes with a median price of $319,838 ($335,000)
Southeast – 36 (38) homes with a median price of $173,942 ($173,579)
Bench – 35 (54) homes with a median price of $109,000 ($99,900)
South – 10 (17) homes with a median price of $142,700 ($165,500)
Southwest – 36 (66) homes with a median price of $150,313 ($165,500)
West – 32 (29) homes with a median price of $100,050 ($131,000)
West/Garden City – 56 (57) homes with a median price of $135,250 ($142,000)
Garden City – 1 (2) homes with a median price of $52,500 ($167,000)
Northwest – 40 (35) homes with a median price of $145,000 ($164,000)

Meridian

SE Meridian – 25 (24) homes with a median price of $215,000 ($189,365)
SW Meridian – 7 (5) homes with a median price of $295,000 ($252,000)
NE Meridian – 43 (50) homes with a median price of $158,000 ($176,100)
NW Meridian – 90 (80) homes with a median price of $139,900 ($144,900)

Eagle – 39 (47) homes with a median price of $271,500 ($330,000)

Star – 11 (22) homes with a median price of $137,409 ($165,000)

Kuna – 40 (31) homes with a median price of $97,500 ($121,000)

Statistics provided by Intermountain Multiple Listing Service

Boise Real Estate Sales – August 2011

kgeselle — Mon, 12 Sep 2011 14:32:40 +0000

Almost every day someone asks me about the state of the Boise real estate market. Without exception, I say that we “bottomed out” several months ago and are moving sideways in most areas and even seeing appreciation in other areas. This month’s sales number confirm that statement. The median price increased in most areas (represented below) – in some areas, it increased significantly. My statement is also confirmed in the number of multiple offer situations my buyers have found themselves in. I continue to believe that we’ve seen the worst and that things are improving and have been for several months.

Sales in the month of August climbed dramatically year over year from 421 sales in 2010 to 604 sales in 2011. The number of active listings has also declined significantly from 3094 listings in 2010 to just 2493 listing in 2011. That’s just a 4 month supply. Average days on market declined from 90 days to 81 days.

Sales numbers broken down by area:

Boise

North – 28 homes with a median price of $244,888
Northeast – 19 homes with a median price of $335,000
Southeast – 38 homes with a median price of $173,579
Bench – 54 homes with a median price of $99,900
South – 17 homes with a median price of $165,500
Southwest – 66 homes with a median price of $165,500
West – 299 homes with a median price of $131,000
West/Garden City – 57 homes with a median price of $142,000
Garden City – 2 homes with a median price of $167,000
Northwest – 35 homes with a median price of $164,000

Meridian

SE Meridian – 24 homes with a median price of $189,365
SW Meridian – 5 homes with a median price of $252,000
NE Meridian – 50 homes with a median price of $176,100
NW Meridian – 80 homes with a median price of $144,900

Eagle – 47 homes with a median price of $330,000

Star – 22 homes with a median price of $165,000

Kuna – 31 homes with a median price of $121,000

Statistics provided by Intermountain Multiple Listing Service

Boise Real Estate Sales – July 2011

kgeselle — Thu, 11 Aug 2011 20:35:23 +0000

Boise real estate is continuing to move. The number of homes sold dipped last month – from 617 in June to 563 in July. The number of “active” listings also dipped to 2560, the lowest its been since April.

From a Realtor’s perspective, it appears that home prices are beginning to move up as it’s becoming increasing difficult to find homes in the less than $100,000 price range – something that was fairly easy only 6 – 9 months ago. I’ve also noticed that some of the bank-owned properties are being renovated with new paint and carpet to make them more appealing to first time home buyers.

Investors are out buying properties to convert to rentals. Given the rental market’s need for additional housing due to homeowners becoming renters, rents are higher than they’ve been in several years.

Sales numbers broken down by area:

Boise

North – 28 homes with a median price of $233,500
Northeast – 13 homes with a median price of $360,600
Southeast – 48 homes with a median price of $161,820
Bench – 36 homes with a median price of $90,000
South – 19 homes with a median price of $163,500
Southwest – 52 homes with a median price of $149,900
West – 21 homes with a median price of $128,000
West/Garden City – 71 homes with a median price of $120,000
Garden City – 2 homes with a median price of $100,000
Northwest – 40 homes with a median price of $174,900

Meridian

SE Meridian – 26 homes with a median price of $203,000
SW Meridian – 9 homes with a median price of $340,000
NE Meridian – 43 homes with a median price of $184,000
NW Meridian – 63 homes with a median price of $165,000

Eagle – 43 homes with a median price of $292,305

Star – 16 homes with a median price of $165,000

Kuna – 33 homes with a median price of $93,885

Statistics provided by Intermountain Multiple Listing Service