In our current Boise real estate market, most of our sales include FHA financing because it requires only 3.5% down.

And, most buyers are also asking the seller to pay their closing costs and prepaid escrow items as part of the deal.

If you’re a seller, you may not like the idea of paying your buyer’s closing costs, but complaining isn’t going to help.  If you want to sell your home, you will need to deal with it.

We’re also seeing a lot of offers with the buyer asking the seller to provide a one-year home warranty (insurance policy) as part of the transaction.

Such warranties are a good idea, especially for older homes where the buyer wants to avoid costly repairs during their first year of ownership.

Visualize this scenario: A slowing real estate market, fewer sales, and a builder with lots of unsold homes and deteriorating cashflow who finds it difficult to pay his subcontractors.

In many states, including Idaho, subcontractors can file a lien for work they have done, even after the buyer has closed escrow.

The problem for the buyer is that those liens are secured by the property if the builder fails to pay the subcontractor.

Hmmmm  .  .  .  . wonder if there are any builders in your market who match that description these days?

The end result?

An innocent homebuyer can end up the proud owner of a brand-new home with liens filed against it and a contractor who is unable to pay the liens.

And, if those liens don’t get satisfied, the subcontractor can collect them from the homeowner.

The solution?

Simple ~ the buyer can purchase “expanded coverage” title insurance at minimal cost when purchasing a new home. That coverage insures the new owner against that risk and guarantee clear title for the homebuyer.

In the Boise area, such coverage costs less than $100.

Advice to Buyers: Spend the money and get expanded coverage ~ it’s a bargain!

The locals describe Boise as the biggest small town you will ever experience, and it’s true.

Despite having a population of around 200,000, there is a feeling of community for those of us fortunate enough to call the Boise area “home”.

There are many distinct neighborhoods of Boise, including the older North End, The Bench, Southeast Boise, and various other areas. Each has its own unique flavor and neighbors seem to get to know each other despite the overall size of the city.

One of the first things new residents experience is how friendly people are here.

Boise residents seem to expect you to look them in the eye and speak to them on the street. To the uninitiated, it is a startling experience to have a stranger smile and speak to you when you pass them on the street.

In stark contrast to other major metropolitan areas, Boise’s crime rate is surprisingly low. We have somehow managed to avoid the problems of other major cities. It is indeed refreshing to be able to walk the downtown streets late at night without being afraid for your safety.

The Boise River runs through downtown Boise and offers dozens of miles of riverside greenbelt complete with walking and biking trails. Ann Morrison Park, Julia Davis Park, and Kathryn Albertson Park interconnect alongside the Boise river to provide ample places for river rafting, family picnics, sporting events, fishing, and other outdoor activities.

And, our beautiful four-season climate provides enough variety to make things interesting without having to deal with tornadoes, hurricanes, blizzards, earthquakes, and other challenges common to many areas of the country. Our summer weather is warm, but not unbearable, thanks to our arid, high desert environment. Winters are usually mild with a few dustings of snow that disappear by midday. Spring and Fall in Boise can only be described as delicious!

A multitude of recreational opportunities exist within an hour’s drive of downtown Boise. For skiers, there’s Bogus Basin Ski Area, located about 45 minutes above downtown Boise. The terrain is everything from bunny slopes to black diamonds, offering ample challenges for even the best skiers. If you enjoy flyfishing or camping, the nearby Payette River, Stanley, and Sun Valley all offer abundant recreational sites.

Perhaps best of all is our relatively affordable housing. Entry-level homes start around $125,000 in many segments of our real estate market, and you get a lot of house for $250,000 in many upscale subdivisions with ample common areas and nearby shopping. For a little more, you can expect to get a very high-quality custom home in a gorgeous planned community.

For more information, download my free Moving To Boise e-book at the upper right corner of this page.

In a previous post on June 11th, titled “How I Work With Buyers”, I described how I was preparing for a buyer who was coming to Boise from California to buy a home.

They came, they bought, we closed escrow a week ago Thursday, and they are now here!

Check out this blog post by Brian Heffley, describing their move and what it’s like to become immersed in the Meridian, Idaho lifestyle!

Brian says it better than I ever could!

It is both (pardon the pun) moving and emotional to hear how Brian, Molly, Nancy, Patik, and Finnegan have already come to love their new Idaho home.

It is immensely rewarding for me to have helped them make their move to Idaho!

Welcome to Idaho, guys !!!!

Here’s what I found:

Year        # Sales        Average Price        Median Price

2004            9,677               $190,359                   $159,900

2005          12,967               $223,003                   $189,830

2006          10,982               $265,267                   $230,000

2007            7,740              $267,047                   $224,983

2008            5,770               $245,056                   $202,790

2009            1,983                $209,387                   $174,900   (1/1/09 – 5/31/09)

Data pertains to single-family homes on lot/acreage, condo, and townhome properties.

U.S. News and World Report has included Boise in its latest “10 Best Places To Live” list !!

I‘ve seen a couple of articles recently about the new, lower assessed values that were mailed to Ada County homeowners last week and they raise two questions in my mind:

1. How does the Ada County Assessor view distress sales when computing assessed values?
2. Will the new substantially-lower assessed values translate into lower property taxes?

Check out the Ada County Assessor’s article and the Idaho Business Review article and let me know what you think, okay?

I’ve heard of some pretty significant decreases in assessed value, many of which were 20% or more vs. last year’s assessed value.

At least the new assessed values are now closer to actual market value in many instances.

I guess you could call me a serious amateur photographer.

I love to capture the essence of a subject through the camera lens.

Now, I now have another outlet for my photography and it’s over here ->->->->

Just click on the “Phil’s Photography” link at the right side of this page to view my eclectic collection of photos.

I will continue to add images to these galleries, so be sure to check back to see what’s new!

P.S. ~ Check out my images displayed for sale at Rembrandt’s Coffee House in Eagle next time you drop in for coffee!

After a thorough examination of the federal bailout programs, I have decided to convert to a bank and apply for federal bailout money.

My bank, The Bank of Hoover, which previously had only my three children as customers, will then become eligible for TARP money.

BTW ~ I have figured out what TARP stands for: Totally Absurd Recovery Program.

This is a rerun of one of my earliest posts, first posted on 9/26/06, just 10 days after I went on the air with www.BoiseBlog.com.

It is even more relevant in today’s market!

Those of you familiar with the work of Elisabeth Kubler-Ross will recognize the parallels from her extensive research on grieving in the following post.

With great respect (and apologies) for Elisabeth Kubler-Ross, I have taken many liberties to correlate her research with the stages of grief many sellers experience in a declining market:

Kubler-Ross established Five Stages of Grief: (as experienced by sellers)

DENIAL

• This can’t be happening ~ the market can’t possibly being going soft when I want to sell.
• My home is the nicest home in my subdivision.
• I know my home is worth more than the identical home that just sold down the street.
• I am not going to give my home away.
• I do not have to sell.
• Geez ~ that first Realtor^® I spoke with about listing my home sure was negative!

ANGER

• What’s wrong with all of those idiot Realtors^®?
• What’s wrong with all of those stupid buyers who won’t look at my home?
• Why doesn’t my Realtor^® get more people to look at my home?
• Why do prospective buyers walk in and out of my home in five minutes?
• Why have people pulled 400 flyers from the flyer box, yet no one looks at my home?
• Why doesn’t someone just make an offer?
• Why doesn’t my Realtor^® hold an open house every day of the week?
• Why doesn’t my Realtor^® run a full-page ad of my home with me standing in the driveway?
• I need to change Realtors^® and find one who is more “positive”!

BARGAINING

• Please ~ just bring me an offer and I will negotiate!
• Perhaps I should listen to my Realtor^® and reduce my price?
• I promise to be good if someone will just buy my home before it goes into foreclosure.

DEPRESSION

• No one is ever going to make an offer on my home.
• If I had listened to my first Realtor^®, I could have sold my home for more than I will get now.
• Maybe I need to reduce my asking price for the 4^th time.
• I may be stuck here forever.

ACCEPTANCE

• I am ready to swallow my pride and take a lower offer than the one I refused six months ago.
• Please Lord; just bring me an offer so I can get out of here?
• My first Realtor^® was right ~ a good price is the best marketing tool there is!