by Phil Hoover, Real Estate Broker

Boise Real Estate's First-Time Buyers

As we approach the November 30th deadline for the $8,000 first-time buyer tax credit, it’s becoming more and more difficult to find a sharp, clean, well-maintained home under $200,000 in the Boise real estate market.

I am currently working with several first-time buyers who want to take advantage of the tax credit and I’m having trouble finding what they want in various MLS areas despite searching MLS each morning for new listings.

Buyers in this situation cannot consider short sales because they take forever and there’s little certainty of closing.

I am finding that roughly 1 in 10 homes on the market is in good condition, priced correctly, and “closable”.

If you are a buyer in the under-$200,000 price range and find a sharp, clean, well-maintained home that’s not a short sale, I recommend you pull the trigger and get it under contract.

It’s safe to assume that you’re not the only buyer who’s interested.

August 21st, 2009 Posted in Inside Real Estate | Print This Post Print This Post | No Comments »

Boise Real Estate – 2009 Mid-Year Stats

2008             2009

Active Listings                              5,052             4,215

Months’ Supply                               11.1                10.4

Average Asking Price             $343,965     $284,782

Average Sales Price                 $262,381     $206,604

Median Asking Price               $262,000    $212,500

Median Sales Price                   $210,000    $175,900

YTD Closed Sales                          2,732              2,445

The small print:

  • Data pertains to Ada County single-family homes on lot/acreage and does not include condo or townhome properties.
  • Data is for the first half of each year.
  • Months’ supply calculated by dividing the average number of YTD closed sales per month into the number of active listings.
August 19th, 2009 Posted in Boise Market Stats | Print This Post Print This Post | No Comments »

Boise Real Estate's High End Still Lagging

Sales above $500,000 are still relatively stagnant with only 89 year-to-date closed sales above $500,000 in Ada County.

44 of those sales were in Eagle.

Data pertains to single-family residential sales on lot/acreage that closed between 1/1/09 and 7/31/09. Data does not include condo or townhome properties.

August 18th, 2009 Posted in Boise Market Stats, Eagle Market Stats | Print This Post Print This Post | No Comments »

Boise Real Estate – Home Inspections

In the Boise real estate market, most homes are purchased contingent upon the outcome of one or more inspections, usually including:

Home Inspection

In the Boise area, the buyer typically pays for a home inspection to be performed by an inspector of their own choosing.

The cost for a home inspection can range from $175 to $300 or more, depending upon the size of the home and the items to be inspected.

After the inspection, the inspector will prepare a report with his findings and deliver it to the buyers or their agent. If there are no significant defects noted on the report, the transaction will proceed normally.

If, however, the inspection report notes problems, the buyer will have the option of asking the seller (in writing) to correct those items.

At that point, the seller can agree to complete the requested repairs, in which case the transaction will proceed normally. The seller, however, can refuse to complete the requested repairs, thereby giving the buyers the option of canceling the purchase and having their earnest money returned.

Some sellers opt to have their home “pre-inspected” by a home inspector of their own choosing prior to listing their home. This tactic allows them to control the selection of the inspector, and a positive report can be used as an effective marketing tool.  Most buyers, however, will want the inspection done by a an inspector they have chosen.

Appraisal Inspection

If you are financing your home, your lender will have the home appraised by a licensed real estate appraiser to confirm the fair market value as a condition of making the loan. This further assures you that the price you are paying for the home is reasonable, because the lender wants to be assured that they are not putting themselves at risk by lending more than they should.

The appraiser looks at the physical characteristics of the home, as well as the condition. Depending upon the type of loan, the appraiser may note items needing repairs.

In the Boise real estate market, the seller usually pays for the appraisal.

Yeah, I know ~ why in the world does the seller need to pay for the buyer’s appraisal.  I have railed against this for years to no avail; it is just customary in our market.

The typical cost of a residential appraisal in our area is usually between $350 to $450. Appraisals for non-owner occupied properties typically cost more due to the additional economic analysis required.

August 16th, 2009 Posted in Inside Real Estate | Print This Post Print This Post | No Comments »

Boise Real Estate – Boise Community Profile

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.

August 15th, 2009 Posted in About Boise, ID | Print This Post Print This Post | No Comments »
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