Boise Real Estate Blog

Meridian, Idaho Real Estate Stats – January 2012

Here’s a snapshot of December’s real estate activity for Meridian, Idaho:

January 7th, 2012 Posted in Meridian Market Stats |  Print This Post | No Comments »

Eagle, Idaho Real Estate Stats – January 2012

Here’s a snapshot of December’s real estate activity for Eagle, Idaho:

January 7th, 2012 Posted in Eagle Market Stats |  Print This Post | No Comments »

Boise Real Estate: My 2012 Predictions

Predicting the future is risky business.

Stuff happens, things change, and bam! ~ you’re dead wrong.

Nonetheless, here are my thoughts on what I think will happen in 2012.

Interest Rates

Look for interest rates to remain low in this election year while The Fed continues its (insert words like feeble/ineffective here) attempts to stimulate the national economy.

Interest rates could rise moderately if the economy improves.

Boise Real Estate Values

Look for real estate values to remain at, or near, their current levels in the Boise real estate market.

We may see some price appreciation due to our extremely low listing inventory.

Boise Real Estate Sales

Look for Boise real estate sales numbers to remain at, or near, their 2011 levels.

Buyers will continue to buy homes to live in vs. viewing buying a home as an investment.

Most sales (two-thirds or more) will be under $200,000.

20%, or more, of existing homeowners will remain underwater and unable to move up to a nicer home.

Boise Real Estate Listing Inventory

“Real listings” (those that exist and can be purchased/closed in a reasonable time) will continue to be in extremely short supply throughout the year.

There will not be a big surge of new listings this Spring.

Boise Real Estate Foreclosures/Short Sales

Foreclosures will subside somewhat as lenders focus on short sales and loan modifications to avoid the costly foreclosure process.

Loan Modifications

Lenders will (hopefully) finally realize that it’s a good idea to modify more loans (including principal reductions) and keep borrowers in their homes to avoid losing more money by foreclosing.

Economy

There is a chance that we will see a modest improvement in the economy due to continued low interest rates and 2012 being an election year.

Unemployment

Unemployment will likely remain high throughout 2012, but we could see modest improvement.

Congress

Congress will continue to be deadlocked on major issues throughout the year because it’s an election year and both parties want to make the other guys look bad to the voters.

Overall

2012 will be another year of opportunity mixed with challenge.

There’s opportunity behind every challenge.

January 6th, 2012 Posted in Inside Real Estate |  Print This Post | 2 Comments »

Foreclosure Reviews Are Underway

If you went through a foreclosure in 2009 or 2010, you might be eligible for an independent review of your foreclosure.

The reviews will be conducted by the OCC (Office of the Comptroller of the Currency) and “will determine whether individuals suffered financial injury and should receive compensation or other remedies due to errors or other problems during their home foreclosure process”, according to a press release issued by the OCC yesterday.

More than four million letters have already been sent to borrowers explaining the process.

If you experienced a foreclosure during 2009 or 2010 and didn’t receive a letter, you can call (888)952-9105 or visit the foreclosure review website.

Source: DSNews.com article

January 5th, 2012 Posted in Inside Real Estate |  Print This Post | No Comments »

Why I Hate Hot Real Estate Markets

Over my nearly four decades in real estate, I have experienced both hot markets and not-so-hot markets.

Most people think a red-hot market is a Realtor’s^® dream come true.

I can tell you, from personal experience, that it isn’t

Here’s what happens in hot real estate markets:

• Agents become order-takers.
• Everyone and their cat goes into real estate.
• The agent with the wildest story wins.
• Greed rules the marketplace.
• The market becomes unbalanced with sellers unreasonably controlling prices and terms.
• Property values become unreasonably inflated.
• Some buyers get priced out of the market.
• All involved (sellers, buyers, agents) believe current conditions will last forever.
• Perhaps worst of all, buyers buy for the wrong reasons.

My preference is a “balanced market” ~ a market where neither buyer nor seller is unreasonably controlling the market.

January 4th, 2012 Posted in Inside Real Estate |  Print This Post | No Comments »