Welcome to Idaho Windermere Real Estate, your premier source for Real Estate in Boise, Eagle, Meridian, Nampa, Garden Valley and other areas throughout Idaho. Whether you are looking to find a statewide Idaho Realtor, or a local Boise Realtor, we have the knowledge and resources to help you find, buy, or sell a home throughout Idaho with the West’s Best Real Estate Agency. Our Real Estate agents can help you select a home from Idaho MLS, Boise MLS, and other MLS lists throughout Ada County and Canyon County.
July 12th, 2010
What is the Ada County Real Estate market actually doing?
If you have been reading the local newspaper lately like I have, one might wonder what is actually happening in the real estate market. In the past month I have seen the following headlines:
“Low prices, cheap loans: But where are all the home buyers?”
“Home-sale contracts fall off cliff in May”
“Home prices rise in 20 major cities as buyers rush to obtain tax credit”
“Foreclosure sales decline, but housing recovery still has far to go”
“Foreclosures in the Treasure Valley fall for second straight month”
“Home sales rise slightly in Treasure Valley”
Confused? So are many other local buyers and sellers. The June market statistics are out on the table and the results look surprisingly positive. Despite the end of the government backed tax credit, June pendings in Ada County rose. Buyers are still entering the market with other incentives available like low interest rates, low prices and investment opportunities. As the Ada County for-sale inventory drops and the foreclosure rates decline, current homeowners can look forward to a more stable market. Buyers, don’t miss your opportunity to buy into the rock-bottom market.
In short, the Ada County real estate market is becoming slightly more stable everyday. Higher June pendings without a government stimulus gives me comfortable optimism that the market is beginning to recover. Look for market statistics provided by your Realtor for the most up to date information on the market specific to your area. Regardless of market conditions, real estate deals are made everyday in Ada County. Real Estate still is and will always be a fantastic investment in your local economy, a great way to build memories, and a starting point to the American Dream.
For more detailed information on market condition specific to your area…send me an email at cbaldwin@windermere.com, or visit my website http://chrisbaldwin.mywindermere.com . Happy Selling and Buying!
July 1st, 2010
Great news for buyers who missed the deadline!!!
Late last night, the Senate passed the homebuyer tax credit extension bill, which will extend the closing date deadline until September 30. This will allow first time homebuyers who already had a property under contract to receive an $8,000 tax credit if they close before the deadline. The bill also extends the closing deadline to September 30 for qualified existing homebuyers with a property under contract.
Although this bill will not help buyers currently looking for a home, it is great news for many people who already had a property under contract and were unable to close their transactions by June 30, the previous deadline. The bill is on its way to Obama and he is expected to sign it.
June 7th, 2010
Windermere agents committed to our communities…..
Every so often I am asked by friends, clients and relatives; why did you choose Windermere? Of all the brokerages available in Boise, why did you choose Windermere Capital Group? I chose Windermere because I enjoy being a part of a professional community minded company.
The anchors of the Windermere way are the Foundation and Community Service Day that agents participate in annually. Did you know that upon successful close of a transaction your Windermere agent made a contribution to the Windermere Foundation? This year alone, the Windermere Foundation raised over $1.2 million dollars to put back into the communities in which you live. Since 1989, the Windermere Foundation has raised over $21 million dollars. The Foundation is funded by agents, owners and staff, contributing dollars to organizations committed to fighting homelessness, with less than two percent going to administrative costs. Every time you buy or sell a home with a Windermere agent, you are making a difference in your community!
To follow the Windermere Foundation blog and find out how your money is at work, visit: http://windermerefoundation.wordpress.com/
Since 1984, the Windermere Community Service Day has allowed Windermere agents the opportunity to put in more than a half million hours of community service. The 2010 Windermere Community Service Day will be held Friday June 18th, 2010 at the Marian Pritchett School. Agents, owners and staff from the Windermere Capital Group office will participate in cleaning, construction and organization of the Booth Boutique, a point system store that provides young pregnant teens with vital living essentials. As an office we are honored to partner with a school that has rescued and provided for woman that would otherwise miss out on an education. Thank you to the staff of Marian Pritchett School for finding a need in the community and serving with faithful hearts.
For more information on the Marian Pritchett School, visit: http://www.boiseschools.org/schools/booth/
Thank you for supporting your Windermere agent as we give back to the communities in which we all live and enjoy!
To follow my blog visit me on Facebook at ‘Chris Baldwin Real Estate‘ for more real estate related facts and information.
May 28th, 2010
East Parkcenter Bridge Revisited
This past summer we posted an article giving our readers an update on the East Parkcenter Bridge. In the piece we were complimentary about the bridge under construction - project sighting, the user friendly design and its’ ample attention to both pedestrians and bicyclists. Now that the project is complete, we are happy to report that our earlier predictions about the traffic, Bown Crossing and the minimal neighborhood invasiveness have been born out.
As the Idaho Statesman pointed out in a recent addition, Bown Crossing is booming! With an eclectic compliment of restaurants, specialty shops, professional services and attractions, it seems to have something for everyone. With that said, people, pets, kids, bicyclists and pedestrians seem to be flocking there and why wouldn’t you?
In addition to the already abundant parks in the area, soon we will have yet another. The seventy acre Marianne Williams Park is being constructed on the North side of the river just under and to the East of the bridge. As the new park takes shape, the bike path that presently runs parallel to Highway 21 will be rerouted through the park allowing a closer river experience. More details about the park can be obtained through the Boise Parks Department.
We are thrilled with the changes in our neighborhood and encourage those of you who are unacquainted with Southeast Boise to check it out. It has been well planned out from the very beginning and we cannot imagine living anywhere else!
May 28th, 2010
Spring Showers bring June…WEEDS!
While all the recent rains have been great news for our forests and for gardeners they also have a less desirable effect-they bring out all sorts of weeds, many of them considered noxious or invasive in Idaho. And noxious weeds aren’t just along highways or in farmers fields, they are often right in our own backyards, literally! Now is a great time to identify and take appropriate control measures against un-welcome weeds as many of them have not yet flowered or produced seeds. Landowners in Idaho are responsible for controlling and properly disposing of noxious weeds growing on their property. So whether you just want to “do the right thing” or avoid a fine it would make sense to educate yourself about weeds, survey your property for weeds, and if necessary take steps to control them. While most weeds will be found in vacant lots or in alleyways they can appear almost anywhere. I just removed several thistles that are considered noxious from the edge of my driveway in Boise’s East End. I’ve even had them come up in my raised bed garden.
Fortunately there are some good resources to not only help you identify all types of weeds, but also on proper control and disposal methods. Some weeds spread using rhizomes or runners underground or will re-grow if their tap root is not completely removed so simply whacking weeds down before they go to seed often is not the solution. One great resource here in Idaho is the Erickson Weed Laboratory at the University of Idaho http://www.uiweb.uidaho.edu/weeds/Erickson/Erickson.htm. They have several ways for you to submit weed samples or photo for identification. I recently filled out their form and emailed it to them along with digital photos and I got a positive identification back the same day. Another option is the Ada County extension office on Glenwood St. http://www.uidaho.edu/extension/ada/hcontent/resources. You can take weeds samples to them for ID and they can provide lots of good information on control and disposal as well as general gardening information. If you happen to live in Boise’s North End you may have seen a great article in their most recent Newsletter on common noxious weeds in the North End. The information is thorough and should apply to most everywhere in Boise. You can also view it on line at http://www.northendboise.org/Default.aspx?pageId=267401
And finally, because this is a real estate site, another reason to get out there and deal with those weeds is if you are selling or considering selling your home. The presence of weeds can be a real turn off for buyers and may either consciously or subconsciously lead them to believe the house is not well maintained or may have other issues. For more information on preparing your house for sale and the importance of landscaping and curb appeal please don’t hesitate to contact myself or another agent in our office.
May 14th, 2010
Have you Considered Purchasing an Investment Property in the Treasure Valley? Nine Reasons to Become a Rental/Investment Property Owner:
Have you considered purchasing an investment property in the Treasure Valley? For some, real estate investing is a compliment to traditional investments like mutual funds, bonds or the stock market. Have you heard the saying “Buy low, sell high?” The next ten years of real estate in the Treasure Valley might not yield a better opportunity than now to purchase an investment property. Real Estate prices are low and many existing homeowners are choosing to rent. Here are the top nine reasons why you should consider buying an investment property through your Windermere agent in the Treasure Valley:
1. Diversify Your Investments: Owning your own home is a step toward diversification, owning investment real estate is a step toward protecting your assets from volatility in many areas of the market. With all financial investment comes risk. Talk to your financial advisor to see if real estate investment is an opportunity for you.
2. Windermere Property Management: Windermere Capital Group now offers property management services with the Windermere value, trust and professional atmosphere you expect. Windermere Property Management will professionally manage and protect your investment, making it our first priority. Windermere has a high level of management standards in the industry and we will help you with the whole process from finding the right tenant to marketing and maintaining your property. Our creative programs benefit, tenants, agents and most importantly landlords.
3. You don’t need a lot of Money to Start: Many people believe that real estate investment is only for the wealthy. Real Estate investment is typically available for purchase with 20% or less down, backed by a mortgage. In some instances, sellers are willing to assist the buyer with costs. If you purchase your first home and refinance once you have built up equity, you can leverage that capital for a down payment on a rental property. Some homeowners are even offering seller financing to help you make that investment purchase. Talk to your mortgage representative to find out what financing options are available to you.
4. It can be a Second Income: Real estate investing can become a part time job and offer second income. In a low market like we are experiencing now, many rental properties offer instant monthly cash flow. I have come across listings that have homeowners ready and willing to stay in the home and rent the property from the investor immediately upon closing.
5. You Gain Tax Advantages: Real estate is one of the most favored investments from a taxation standpoint. With a real estate investment you can deduct expenses, depreciation write-offs, tax deferred exchanges and favored capital gains tax rates. Owning a rental is a business, and tax laws allow deductions against your rental income. You can deduct expenses like payroll, property management, advertising, maintenance, utilities, insurance and property taxes. Tax laws change from year to year, so always discuss tax situations with your accountant and attorney.
6. Real Estate Holds its Long Term Value: For some homeowners selling at the moment, it is hard to believe that real estate can hold its value in the Treasure Valley market. In the long-term, real estate is a cyclical value and can change during any given year. We have all seen the ups and downs of real estate over the years, yet in the long-term many manage to make good money from equity buying and selling homes. Many invest in the stock market, yet it goes up and down all the time. Historically, those who invested 35 years ago in the stock market and rode out the lows and highs have seen great returns. If you hold on to a property 30 years and have a renter pay off the mortgage for you, you are most likely to walk away with equity if your investment is worth anything…which all real estate has value. Even in the current market, if you purchased a home and paid it off over the past 30 years you would walk away with equity.
7. You get Leverage: If you purchase an investment property mortgage at a particular interest rate, over 15-30 years, as long as your return/appreciation exceeds your interest rate, you are in a position to gain on your investment. Leverage allows for creative financing that will allow you to grow your investment pool and create returns in the long-term.
8. You get a Positive Cash Flow: In some cases rental property might not cash flow for the first two to three years. If you are fortunate to find the right properties, you could potentially cash flow in the first few months. In the long-term, once an investment property is paid off, you have the potential to have pure monthly cash flow minus your taxes and management expenses. In some cases, the tax advantages pay for the taxes.
9. It can help you Retire: Creating long-term investments can allow for a better retirement when your properties cash flow more with a paid off mortgage. Just imagine having monthly cash just from sitting on a few homes you purchased years before.
If you are interested in real estate investments or looking to buy or sell a home in the Treasure Valley, I would be happy to help you achieve your real estate goals. Email me at cbaldwin@windermere.com today to find out more information. Happy Buying!
Follow me on Facebook at ‘Chris Baldwin Real Estate’ for more information on the Boise market!
A great resource for those of you who are new to real estate investing: ‘Property Management for Dummies,’ Griswold 2001.
April 19th, 2010
How do recent home sales look in Ada County?
See for yourself…
It appears that spring has sprung in our local Boise-area housing market. The graph below demonstrates a significant increase of both Pended and Sold properties in the last several months, with only a modest increase of listed(Active) properties in the same time frame. While this trend is typical due to seasonal implications, it is no less encouraging data in a marketplace with an uncertain reputation. Sales of single-family homes in Ada County(comprised generally of the greater Boise area and the cities of Meridian, Eagle, Star, Garden City, Kuna) have jumped 63% from February 2010 to March 2010, from 339 to 553. The number of transactions that established Pending status increased 59% in the same time frame, while the number of listed(Active) properties only increased roughly 1.4%, from 3412 to 3459. If you look back in the graph to the year-over-year comparison in March of 2009, you will see that the statistics support nearly identical improvements. The notable difference to consider is that the number of listed properties has declined nearly 10% in the last year.
If you would like to know how this trend analysis applies to your specific neighborhood, please contact me for more information. I can also provide statistics that relate to the percentage of list price versus sales price, average number of days on market, average price per square foot and months of inventory. Enjoy the beautiful weather!
April 15th, 2010
Loan Programs Available
Even though the Homebuyer Tax Credit for first time and ‘move up’ buyers will expire on April 30, 2010, buyers should not let that deter them from entering this market. There are many loan programs and low interest rates still available to meet the needs of various buyers.
The most common loan programs are Conventional and Federal Housing Administration (FHA) loans.
General guidelines for a Conventional loan are:
- - A 95% maximum loan-to-value (LTV)
- - Minimum down payment of 5%
- - No income restriction
- - Mortgage insurance is required above a 80% LTV
- - Maximum loan amount is $417,00
- - Borrower needs two months of reserves
- - Debt-to-Income (DTI) at 50%
- - Credit score of 620 or higher
General guidelines for a FHA loan are:
- - A maximum loan-to-value (LTV) of 96.5%
- - Minimum down payment of 3.5%
- - No income restrictions
- - A 0.55% mortgage insurance rate
- - Maximum loan amount of $303,750
- - No reserves
- - Debt-to-Income (DTI) no greater than 43%
- - Credit score of 580 or higher
In addition to these loan programs, the Idaho Housing and Finance Association and Boise City offer affordable housing programs to assist low-to-moderate income households in obtaining financing to purchase a home. Please refer to http://idamortgage.com/ and http://cityofboise.org/housing for more information on these programs.
Please contact Paula Johnson at paulajohnson@windermere.com to learn more about these programs or for any of real estate needs.
April 1st, 2010
Keep It Simple Sellers!
When preparing your home for the market, borrow another set of eyes. Home staging is the act of preparing a home and its contents for sale with a special emphasis on presentation and appearance. Making small repairs and minimizing furnishings and decorator items are essential to giving your home a facelift and creating the feeling of space. Your goal should be to improve your home`s appearance in the eyes of potential buyers. The extra pair of eyes helps with objectivity in minimizing ones attachment to ones “things”. A neutral second opinion may see needed repairs and ways to optimize space.
March 23rd, 2010
How “distressed” is the Boise Market?
While the national headlines give many indicators of where real estate is headed it is important to remember that real estate is local and what plays in Peoria or Phoenix typically won’t be relevant to the Boise metro area.
One area that is of interest to many who watch the market is how dominant a force “distressed” sales have become in driving prices and activity in our local market. For the purposes of this discussion a “distressed” sale is any transaction involving a property marked by the listing agent in the IMLS as “possible short sale”, “in foreclosure”, or “REO-Bank owned”. The raw data comes from the Intermountain MLS (IMLS), but a local appraisal company, Hennessey Appraisals, has compiled and reformatted the data into a more easily digestible form and I would like to share and discuss some of that information here. So how “distressed” is the Boise market?
14 month summary for Ada and Canyon Counties showing distressed and “typical” sales
Source IMLS & Hennessey Appraisals
What really stands out in these numbers, besides that they are very high, is how dramatically the percentage has risen since January 2009 and that since reaching very high levels in the spring of 2009 there has been little if any retreat in the percentages. If one looks at the latest data broken down by area within the Treasure Valley you can begin to see where the highest concentrations of distressed properties are. Some of this data is misleading however due to the small number of closed sales in a particular area. However the pattern supports the theory that more established areas closer in to Boise show fewer distressed sales than areas south and west of the city that were built up primarily during the last boom. Possibly more of the homes in those areas were originally purchased using sub-prime lending or by investors and speculators.
Source IMLS & Hennessey Appraisals
With a few exceptions the areas that have had the highest percentage of distressed sales also have suffered the largest drop in prices. While Ada County average sold price has dropped 11.8% in the same 14 month period as the distressed sale data covers, in the areas of the county that have seen higher percentages of distressed sales the drop in prices has been steeper. Star (76.2% distressed sales) prices have dropped 21.8% in the 14 month period, while Eagle (67.9% distressed) has dropped 23.8%.
In Canyon County the overall rate of sales price decline has been 18.2% over the last 14 months while 69.6% of all closed transactions in February were distressed. In Nampa (72.7% distressed) average sales prices have dropped 23.3%.
Another trend starting to occur throughout the valley is buyers gradually shifting away from short sales and towards REO and “typical” listings. In the short term this is being propelled by buyers trying to beat the April 30 deadline for federal tax credits, knowing that it is unlikely that a short sale offer will be accepted in time. This has led to an environment where multiple offers, bidding wars, and sold prices over asking are somewhat common on bank owned properties particularly at the entry level. As an example, in Ada and Canyon counties since February 15, of the 1084 properties that have gone pending 400 (37%) of them have been REO’s and 122 (11%) short sales. However of the active inventory of 6270 listings, 1877 (30%) are short sales but only 609 (9%) are REO’s . While recent REO closed sales have averaged 97% of asking prices, prices on short sale listings that closed in the same period were only 93% of asking price.
Buyers in general are frustrated by the short sale process and have found prices on REO’s in many cases just as attractive as for short sales without much of the hassle. Banks, who, under pressure from the White House, have been delaying foreclosures are expected to ramp up foreclosing on properties currently in default this year shifting additional inventory into the REO column. The new HAFA guidelines going into effect April 5 are designed to streamline the short sale process. It remains to be seen whether or not that will actually happen. Regardless, most of the experts agree that 2010 will be a year the Boise market focuses on bank owned properties. Good news for buyers. Not so great for sellers of “typical” listings who find their primary competition is distressed property and whose appraisals also tend to reflect this reality. One thing we can say with certainty– the market will continue to change rapidly and buyers and sellers, and their agents need to continually educate themselves as to the current state of affairs LOCALLY. Please feel free to contact me if you have any questions on this information or would like me to update it for you.