Boise Real Estate Blog

Boise First Time Buyers ARE The Market!

With 65% of all Ada County sales under $200,000, it is apparent that first time buyers comprise most of our sales activity.

Many of those eager buyers are confused by the apparent abundance of listing inventory.  They see thousands of homes offered on various websites without realizing that many (most?) are short sales that would be nearly impossible to close in time to qualify for the first time homebuyer tax credit that expires on April 30^th.

I recently worked with buyers who e-mailed me a list of 30 homes they had seen on the internet, but when I researched them in MLS (I can see data you can’t see), 25 were short sales that already had (multiple?) offers on them.

One of my biggest challenges in this market is finding a clean, sharp, well-maintained home that is a closable property.

By closable, I mean it is owned by a seller who can deliver the property; not a short sale with an unresponsive lender.

I helped a first time buyer purchase a brand-new home last week after reviewing nearly 200 properties and narrowing the field to about a dozen viable candidates.

I negotiated a good price with seller-paid buyer closing costs and an incentive package we used for rear landscaping, fencing, and appliances.

Are you a serious, qualified first-time buyer?

If so, give me a call ~ I will help you find the right home, at the right price, that we can close in time to get the $8,000 first time homebuyer  tax credit.

I enjoy helping first time homebuyers achieve their dream of home ownership!

February 18th, 2010 Posted in Inside Real Estate |  Print | 1 Comment »

My New Book Has Been Published!

My new book, 101 Real Estate Success Secrets, has been published and it’s already receiving favorable reviews from fellow agents.

This book includes best practices I have learned or developed during my 37 years in real estate that allow me to provide a high level of personal service while handling a large number of sales.

Check it out at www.Phil-Hoover-Books.com !!

February 17th, 2010 Posted in Inside Real Estate |  Print | No Comments »

Interest Rates Are Likely To Rise

We can expect higher interest rates when the Feds stop buying mortgage-backed securities (MBS in real estate lingo) on March 31^st.

The Feds have purchased $1.25 Trillion (yes, with a “T” !!) worth of MBS paper in a successful attempt to keep mortgage interest rates low.

Some experts predict that we will see rates rise to 6% by the end of 2010.

February 9th, 2010 Posted in Inside Real Estate |  Print | 1 Comment »

Boise First-Time Homebuyers – Wait or Buy?

Several upcoming changes will soon increase the cost of buying a home.

On March 31^st, the Fed will stop buying mortgage-backed securities.

The Fed has purchased $1.25 TRILLION (yes, Martha, that’s a “T”) of MBS in a successful effort to keep mortgage interest rates low and thereby “stimulate” the economy.

(dunno about you, but I’m not feelin all that stimulated!)

No one knows for sure, but removing this “liquidity” from the mortgage market is forecast to result in mortgage interest rates rising to as high as 6% by the end of 2010.

On a $200,000 mortgage, going from a 5% to a 6% interest rate increases your monthly payment by $125, which totals a stunning $45,000 over the term of a 30-year mortgage.

But, if you only keep your home for the typical 7 years, that 1% increase in your interest rate will only cost you $10,500.

On April 30^th, the $8,000 first-time homebuyer tax credit ends.

This incredible (free money to first-time homebuyers!) program has helped thousands of Boise first-time homebuyers, with roughly 65% of all Ada County home sales occurring in the under-$200,000 price range.

On April 5^th, FHA upfront mortgage insurance will increase.

It will rise from the current 1.75% to 2.25% of the loan amount, which will increase the buyer’s closing costs by $1,000 on a $200,000 loan.

On April 5^th, FHA monthly mortgage insurance will increase.

This will also increase the borrower’s monthly payment.

The bottom line?

Waiting for “the bottom” could end up costing you dearly because your increased financing costs could easily exceed what you (might) save by waiting for a lower price.

If you’re buying a home for the long term as your personal residence, this may be as good as it gets.

Are  you a serious first-time homebuyer who would like some straight talk about buying now?

Call or e-mail me and let’s talk!

I will tell you the truth and help you achieve your dream of home ownership without the usual sales talk.

February 8th, 2010 Posted in Buyer Stuff |  Print | No Comments »

Boise, Idaho Real Estate Stats – January 2010

Here’s a snapshot of January’s real estate activity for Boise, Idaho (Ada County):

February 7th, 2010 Posted in Boise Market Stats |  Print | No Comments »