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The Real Blogger
Real estate Blog for Boise and Southwest Idaho
The return of the First Time Home Buyer

What has been missing the last few months? The base of the real estate market, the first time buyers have been waiting it out.  Where did they go and why are they back?

 

The last year and a half have been on a steep upward climb in prices and availability. If you were saving to enter the market things were very different and difficult to maneuver.  Everyone will tell you that purchasing a home was at most tricky to get your foot in the door.  Home prices skyrocketed mainly because of the low inventory of homes being placed in the marketplace.

 

Buyers needed to be at the top of their game in order to compete for the small number of listings. Get your team together; start planning right away if you have a desire to purchase your first home. What is your team?   Get your real estate agent, choose a Realtor that knows how to work their way through the maze of paperwork, timelines, setbacks and contract to closing expertise.

 

Find your lender that works well with first time home buyers. Knowledge and experience is the difference when it comes down to you or the other people.  Yes it is possible to get that home and live the dream.

 

Plan now and talk to people in the know! Jump in and join the happy group of home owners!

 

Navigating acceptable loans for your home sale!

In preparing to sell your home, there are lots of considerations to think about.  Who will sell your house, do you sell it yourself or do you hire a professional?  Then comes the work of doing whatever is needed to get the house ready to take pictures and show. Planning the staging the advertising and the excitement of finding a buyer that loves your house enough to make you an offer!

 

Hopefully, you have taken into consideration everything you can think of to make the sale to smooth.  Let’s take a step back and talk about an area of the sale that is sometimes skimmed over as not important in the beginning.  Depending upon the price of your home, it will attract different buyers with different loan options.  A cash deal would be the pinnacle and what every seller dreams.  What about the other 75% of us that needs to go to the bank?

 

If your home is within certain lender guidelines such as the price and condition it could either go with a conventional or FHA.  I am not going to go into the different qualifications for each loan.  If you are in good standing financially and have great credit scores, you will probably go with a conventional type of loan.  This type of loan is more forgiving when it comes to underwriting.  FHA, on the other hand, can be sticklers for condition and underwriting guidelines.

 

First time home buyers are most likely going to go for the FHA loan that has more protections for the buyer and can allow asking for closing costs from the seller and getting a down payment gifted by some nice relatives or great best friends. 

 

Purchasing as a first-time buyer you probably have saved and worked hard to delve into the home ownership club.  If you are searching for your first property you will need to look at homes that are in move in and livable ready.  As a buyer with an FHA loan, you will not be searching for fixer-uppers thinking this will save money. The fixers are not allowed on FHA loans.  Leave those for the cash buyers.

 

As a home seller accepting an offer from an FHA purchaser, your house will need to have different thinking.  Here are some thoughts:

1) Your house will need an FHA inspection; this means it will be picky and very complete.

2) Your house will need an FHA appraisal, that can be sticklers for underwriters.

3) FHA buyers will in most cases ask the seller to pay up to 3% of the closing costs.

4) Closing time may take up to 45 days.

 

When selling and accepting an FHA understand that the home needs to be in very good condition and needs to be up to code in most cases.  This means that a resale home that maybe 20 to 30 years old could cost the seller some additional money to make repairs that the underwriters decide would be a problem for their lender.

 

When placing your home on the market with your Realtor, make sure you cover the type of loans you will accept. If your home will not meet FHA guidelines then make sure the buyers know this fact.

July Housing Market Stats

ADA COUNTY EXISTING/RESALE HOUSING INVENTORY INCHES UP IN JULY

July 2018 marked four consecutive months of gains in existing/resale inventory in Ada County when measured month-to-month. More inventory is the key to bring balance back to the residential real estate market, and while this recent uptick was not enough to stop the nearly four-year trend of year-over-year decreases, we’ll certainly take it.

Read More Here

The Demand of Real Estate

The talk of Boise is the home sale rates and how they have ballooned in the last couple of years.  Most Realtors get asked all the time why home prices are climbing so fast and high in the Boise Valley.  If you speak with Idahoans that have lived in the Treasure Valley for any length of time they will most likely tell you that it is the people relocating to Idaho that have made the home prices skyrocket.

 

Now specifically many are going to tell you the influx is from California and to some degree this is true. However, in real estate, there is always an underlying factor that causes price fluctuations and demand seems to be the reasoning behind the sharper increase in median home prices.  

 

It is a combination of a few facts that are old and true that have caused the increase in values.  Yes, many Californians are making their way to the Gem State.  But the real underlying reason for house price increases is the old American way of “Supply and Demand”!  Nationwide the realty business is working with a very low supply of homes. That low supply of property causes the demand to go up and thus the price of homes go up at the same time. Now even in midsummer, the number of homes listed on the MLS is still low in volume.  Here we are and many say it is the Californians, but really they are only one portion of the game. The other is buyers willing to purchase the homes.   

Boise the city that stands for something!

As we all celebrated Independence Day in our city of trees this year, it was a feeling of being under a cloud. The whole time I have lived in Boise it has always been the laid-back summer holiday you can take time out to say thanks to our military, watch the parade, do the barbeques and feel good about yourself and your town.

 

This year that feeling was relatively reserved and some of the joy was gone.  That’s because Boise and really all of Southwest Idaho became a victim of violence when multiple people were injured by a knife-wielding criminal fatally injuring a child and injuring 8 other children and adults.  This week our city became one of those towns that “would never think could happen”.

 

With that being said, the response of the citizens was overwhelming and amazing. Not only did our emergency personnel respond in a professional manner, but you can tell it touched everyone in a personal way. Because the victims were immigrants made it that much more unexplainable.

 

I am proud of the City of Boise and her citizens the way everyone without cares chipped in if needed to assist the families.  This is what our nation was founded on; this is what our nation should be like!

silvercreek realty

Silvercreek Realty Group
1099 Wells St Meridian, ID 83642
PH: 208.631.2754 | FAX: 208.401.1114

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