Housing Market Effect: Boom, Bust, Flip

Clients & Friends,
Here is a link to a very interesting article that was in the New York Times recently. It sheds some economic light on what happened in our US Housing Market- cause & effect; ramifications & repercussions.


http://www.nytimes.com/2013/10/06/magazine/boom-bust-flip.html?pagewanted=all

Looking out for your best interests in real estate and in life,
Rick Bennett
Your Best Boise Area Real Estate Agent
208-412-2507
www.id-buy.com

Independence Day Inspiration & Pride

American pride growing in our next generation...

I am one of the proudest U.S. citizens you will ever meet! Every day I count my blessings...

This Thursday, July 4, we celebrate our birthday, 237 years, our liberation from tyranny, our Manifest Destiny, our independence!  This celebration did not come without sacrifice or suffering, or without joy. 

The United States of America is a shining light on top of the hill, a light that provides a bright beacon of hope, prosperity and freedom for many around the world.  We seemingly move year to year in a divisive nature. But all things considered, our hopes, dreams and lives are intertwined with the respect and love we share for this great country.

America’s constitution protects and upholds or daily rights and freedoms.  We must forever protect and defend this doctrine so uniquely crafted by our founding fathers.  The principals for whom it stands, providing for three separate and unique balances of power, requires constant enforcement for the protection of the union that was formed and has grown to the United States.  The single greatest documents every created were born with the Declaration of Independence, the Constitution and the supporting Bill of Rights.  Without these pillars of diplomatic guidance we would be lost and floundering. Without this order there would be chaos.  We all must work to abide by the outlines given to us some 237 years ago.

As Idaho celebrates the 4^th of July, it will also celebrate 150 years in statehood.  Let us never forgot the brave pioneers that settled this wild and uncharted land, providing all of us with the foundation for opportunity and growth we have today.  Our individual obligations to respect and serve the citizens of the state and the republic are enhanced each and every day through hard work and an environment that promotes fairness, freedom and growth.

I wish each and everyone one of you a great day, this Fourth of July, may you remember why we celebrate, remember, pray and thank those that gave the commitment and ultimate sacrifice so we might live in freedom, be safe and continue to support the founding principles that make our state, and country the best place to live on the planet!

Don't forget the words like Christina Aguilera did!!!
Below are links to the words for:

Our National Anthem 

The Star Spangled Banner

God Bless America  

The Pledge of Allegiance -"I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all."

 Be safe! Have fun and enjoy YOUR American Dream!

 Rick Bennett

Boise' Best Real Estate Agent

208-4107-0532

www.id-buy.com

Idaho Fly Fishing and Real Estate Adventures

My wife Ceci and I are headed out on a long over-due fly fishing vacation in Idaho and over to Montana. I leave filled with confidence in my ID-BUY Team. They will give you the utmost care and professionalism, as always! I have worked very hard to pull together the best team and I know they will stay on top of everything and hold down the fort while I am gone. I am proud of this team!
Rick Bennett
"The Closer"
Your Best Boise Area Real Estate Agent
208.407.0532
www.id-buy.com

KIM TERRY
208.955.6442
kim@id-buy.com
Realtor (R)
Office Manager
ASP Staging Consultant
Client Care Specialist





WENDY ALEXANDRE
208.412.2109
wendy@id-buy.com
Associate Broker

CORY POTTER
208.955.6454
tc@id-buy.com
Transaction Coordinator

CARLY FLOREZ
208.955.6447
208.350.8477 cell
carly@id-buy.com
Realtor (R)
Buyers' Showing Specialist







ERIN HART
Buyers' Agent                                       
208.841.2331                                          
                                       

CECI BENNETT
208.412.2507
ceci.idbuy@gmail.com
Photographer
Graphics & Images

Boise Area Housing Market Insight

I just wanted to keep you up on the latest---

Locally:
Homes prices and market values are rising in our Treasure Valley communities. 
Demand

Multiple Offers & Sold Over Asking

is up due to impressively low mortgage rates and an improving local economy. 
Local employers are hiring and our unemployment rate is dropping, although still high. 
The supply of homes for sale is on the rise, bolstering a low inventory, and multiple offers are becoming a reality. Distressed and foreclosed home numbers are WAY down. 

Nationally:
The US housing market is one of the bright spots in the economy, which has been hit by higher taxes and deep government budget cuts.

Home resales rose in May to the highest level in nearly 42 months and more home sellers are re/entering the market to grab the momentum, attracted by rising house prices. More sellers, more inventory... which was elevated to 11.9 percent from March to 2.16 million unsold homes on the market today.

A boon for  home sellers and buyers is the monetary policy by the Federal Reserve, which has held mortgage rates near record lows. This is helping pick the housing market up and putting a smile on the real estate industry in general.

The National Association of Realtors notes existing home sales advanced 0.6 percent to an annual rate of 4.97 million units, the highest level since November 2009.

In April 2013, the median home sales price was $192,800, the highest level since August 2008 and up 11 percent from a year ago.

Time to Sell? You know it!
Give me call,
Rick Bennett
Your Best Boise Area Real Estate Agent
208-412-2507
www.id-buyrealestate.com

rickbennett@id-buy.com

"Good Real Estate Agent?"

You say you want a good real estate agent to help you? Why not a great one?

You need to find an agent who will maximize your experience and results.
With Father's Day in mind, I have used the old acrostic method to list a great agent's attributes...
Go from good to better to BEST with these factors:

R - Respect. There has to be mutual respect between you and the agent. This is a business partnership by all means. Real estate agents often get a bad rap when their services are not respected. You have to have the confidence in him to work hard for you, listen to your needs, requests and input; and you have to have the confidence to take his advice, recommendations, information and direction. Or why else are you paying him that percentage at closing? Go with an agent you'd never diss...thumbs up only!

E- Exposure and "e-marketing." Make sure the agent is well-invested in internet marketing for her listings and agency. The best marketing is electronic- being on the internet Multiple Listing Service (MLS), on sights she subscribes to like Trulia, Zillow, Realtor.com, her own web site, gorgeous photos of listings and thorough virtual tours. The second best exposure after internet? A handsome For Sale sign in your yard.

A- Availability. 24/7. A great agent is always "on call" just like your concierge doctor. To successfully do this he will have an even greater team of staff backing him up.  If you have ever worked for a great businessman, you know much of his success is from hiring and using the best to help him maintain excellence. Weekly updates, showing reports; an agent that keeps you in the loop.

L- Loyalty. An agent should never discriminate. She needs to run an ethical business where every client, regardless of price range, neighborhood, economic status, religion, race, color, gets the same attention and professionalism. A great agent's object is to help people. Period. Why do you think she gets paid for her services?

T- Tried & True. Sometimes "going green" is not so good, especially in real estate. You need an agent who's been around, who knows the art of the deal, often knows the agent at the other end of a transaction, knows the market, knows sellers and buyers out there in the market. Try to avoid using a relative or friend unless they are truly a real estate PRO.


O- Open Houses. Many sellers love open houses. A very low percentage of homes are sold to someone who visits it at an open house, though. More often an open house is a vehicle for the agent to meet perspective buyers he might be able to sell another house to- a great marketing tool. So be wary of an agent who wants your house to camp out and show off every weekend!

R- Routine, Regularity and References. An agent who has a great business plan in place is professional, even, predictable, pulls no surprises and can always be counted on to do what he has successfully done for others. Get references from those who have used this "businessman" and have adhered to his best laid plans to reach their real estate goals with him.


I know a really great Boise-Area real estate agent, the best...
Call me!

Rick Bennett
Best Boise Area Agent
208-407-0532
rickbennett@id-buy.com

U. S. Housing Recovery- Dream or Reality?

Some American Reality for the "American Dream..."
Real Estate all over the country is exchanging hands at a new fast pace, the Boise Area market no exception. But can it last?! What goes up must come down... for these following reasons:

1. It's Investor-Driven-I previously blogged that investors were adding accelerant to the smoking

American Dream or Reality?

hot market and that is making home prices surge with low inventory and creating a renters-only market. When the low interest rates they are jumping on creep on up, the big (and small) investors will pull out. I am already seeing that they are hard pressed to find houses that deliver on the % return they need. When this happens, housing demand will peak and soon wan.

2. It's Hit by Government Sequestration- Any  amount exceeding the budget limit is now being held back by the Treasury and not transferred to the agencies specified in the appropriation bills. It will hit full stride this summer and cuts like unpaid days off for federal workers, reduced unemployment compensation and decreased military spending, combined with the expiration of payroll tax breaks earlier this year, will lead to job and income losses that will drag down the GDP this year. NOT a time for Americans to be flush enough or confident enough to be house hunting...

3. There's Still That Sluggish Employment Recovery- Across the country hiring slowed significantly in March, with just 88,000 jobs added -- the weakest showing since last June, a sign that the economy remains fragile. 500,000 Americans withdrew from the workforce during the month as well, either because they stopped looking for work or retired and stopped drawing unemployment. Discouraged workers threw in the proverbial towel. We all hope the job market forecast is sunny and bright soon.

The Boise Area real estate market is burning for sellers who are ready to list and entertain solid and quick offers!

Buyers looking for homes are practicing their karate- quick reflexes, strong moves and forceful conviction at hitting their target home.

Use a great Real Estate Agent!
Call me,
Rick Bennett
Your Best Boise Area Agent
208-412-2507
rickbennett@id-buy.com

It's a Home Seller's Market in the Boise ID Area

Coming into these last days of April and looking forward to a strong Summer 2013 Real Estate Market, we can look at new statistics from March 2013 and see strong solid trends developing. These trends are favoring the home sellers in our Treasure Valley market as inventory is low but slowing inching up. Listed properties, if priced at fair market value, are moving briskly with days on market just under 70 days AND often with multiple offers coming in as soon as it goes LIVE on our Intermountain MLS! The median home selling price has gone up 3.75% in over just one month in comparison to February 2013. Canyon County was hit harder than Ada County in the housing debacle but promises to rebound slowly and significantly with new construction sales going fast! If you are even thinking of selling, now is a great time to go for it. Home buyers, look before you leap as the market revs up. Let a great real estate agent help you navigate this market so that you don't miss a great opportunity or let it slip through your grasp.

The Idaho Statesman gets credit for the above graphic. To see a larger version click HERE.

The market is a living, breathing thing and I have my finger on its pulse, daily, 24-7!
Rick Bennett
Your Best Boise Area Real Estate Agent
208-412-2507
rickbennett@id-buy.com
www.id-buyrealestate.com

Tricky Wording In Homes for Sale Remarks

I am a grandfather five times over and sport a very noble head of white hair, so it might be hard to believe I still have a junior in high school. We love our son but his first day of college may be more exciting for us than for him?! With much anticipation of empty-nest-hood, my wife and I are starting the process of downsizing our living footprint. We love Boise and will stay, of course. She is starting to search in our same community and general area for a smaller house... with a larger garage. As the wife of a real estate agent and as ID-BUY's professional listing photographer and as a past copywriter of listing remarks herself, she is wise to listing agents creative descriptions; she has heard a lot, seen a lot and is wary of a lot!

My last blog tackled euphemisms in real estate descriptions and what they often turn out to mean. The following are ones she has recently encountered personally while searching HOMES FOR SALE and here are her interpretations:


1. GREAT CURB APPEAL-  inferior interiors
2. PARK-LIKE BACKYARD-  and Park Ranger required for full-time maintenance job!

"Lodge-like"    "Custom Stonework"

3. TREE HOUSE-LIKE FEELING- that bats, owls and nesting squirrels can only appreciate
4. EASY HIGHWAY ACCESS or EASY COMMUTE- you can hear the freeway or see a traffic light over the back fence or from the second story bedroom
5. TASTEFUL- solely created by the seller's personal property that the buyer can't have
6. LOTS OF CHARACTER- with split personalities and some serious character flaws
7. TWO-CAR GARAGE- for two Mini Coopers and some very slim homeowners
8. FANTASTIC VIEWS- overlooking a sprawling middle school and its outdoor sports complex
9. YOUR OWN PRIVATE IDAHO- the part of Idaho no one else wants, circa 1970
10. COZY- that will cause cabin fever or claustrophobia


Our search continues. We have plenty of time to find the right place for our next chapter!
Let ID-BUY Real Estate help you find yours...

Rick Bennett
208-407-0532
rickbennett@id-buy.com

Home Buyer Beware.. of these Euphemisms!

I often get questions about what a remark might mean on a listing...
Listing agents can get pretty "creative" when it comes to describing a home's attributes and qualities or lack-there-of. A good Buyer's Agent, the pro representing your best interests as a buyer, can often read between the lines but might not want to disqualify a perspective home for you since your personal needs might match up.

Anyway, here are some of classics descriptions and what they often turn out to be:

" CHARMING NEIGHBORHOOD... BUNGALOW ..."

1. AS IS: See the bargain for what it is, put on your rubber gloves and mask and dare to enter
2. DESIRABLE NEIGHBORHOOD: but this house is the least desirable in it
3. CARPET ALLOWANCE: because it is so disgusting even the sellers don't want to deal with it or they never finished the flooring or the pet was never trained to "go" outside
4. ADD YOUR PERSONAL TOUCH:  it is so dated & odd you're going to need to
5. BRING AN OFFER: Take it off our hands, please!
6. UPDATED: lipstick on a pig
7. CHARMING: drafty, old, not up to code, unsafe even for the likes of a hobbit
8. VERSATILE FLOOR PLAN: and you will have no idea where furniture goes or the use of certain spaces
9. NEWLY INSTALLED APPLIANCES: the appliances are not new though, they are still old but not as old of the ones that were replaced
10. POSSIBLE 4TH BEDROOM: room with tiny or no closet, tiny or no window, in an odd space that a twin bed can kind of fit in

And here is the key acronym a home buyer needs to know:
B/BATVI- "Buyer/Buyer's Agent To Verify All Information" and aspects of the buyer's transaction.

As ID-BUY's listing agent, I have separate Buyer's Agents working for ID-BUY to represent our buyers so there is no conflict of interest should a buyer want to make an offer on one of our listings. They are handled independently to preserve the best interest of both parties.
We are ready to work for you!

Call me,
Rick Bennett
Your Best Boise Area Real Estate Agent
208-407-0532
rickbennett@id-buy.com
www.id-buyrealestate.com

FORBES Ranks Boise in Top 20%

FORBES Magazine has listed Boise, Idaho, # 40 among 200 U.S. cities for Best Places for Business and Careers 

Also among its rankings against the top 200:

• # 8 in Cost of Doing Business--- very impressive!!!
• # 143 in Job Growth
• # 101 in Education

***************************************

• Metro Population: 629,100
• Major Industries: Technology, Tourism, Mining, Farming
• Gross Metro Product: $24.1 B
• Median Household Income: $48,113
• Median Home Price: $119,700
• Unemployment: 7.7%
• Job Growth (2011): %
• Cost of Living: 5.6% below national average
• College Attainment: 28.3%
• Net Migration (2011): 6,210

Its brief overview of Boise :

"The high-tech industry has become increasingly important to Boise over the years, though the economy remains diversified with its government and business sectors continuing to be strong influences. The city is home to Boise State University as well as a wide range of technical schools. University of Idaho and Idaho State University each maintain a satellite campus in Boise. Boise is also a regional hub for jazz and theater, with the Gene Harris Jazz Festival hosted by the city annually. The city is also home to a number of museums, including the Boise Art Museum, Idaho Historical Museum, the Basque Museum and Cultural Center and Idaho Black History Museum. Downtown Boise features a vibrant section known as the ""Basque Block"" representative of the second largest ethnic Basque community in the U.S."

Rick Bennett

Your Best Boise Area Real Estate Agent

208-407-0532

rickbennett@id-buy.com

www.id-buyrealestate.com

Home Buyers: Ready, Set, Know!!!

As Spring Break and Easter near and I get ready to meet two new grandsons- twins Hatcher and King back in Maryland- I am ready for what spring brings. Renewal, family, getting outside more, greener shoots and grass. It is certainly a time for fresh starts. Boise area real estate agents gear up for our busiest time of the year with home sellers and buyers ready to make new beginnings, transitions and changes to better enhance their lives, reach personal & family goals.

Here is some advice from my friends at CNN Money with the top 10 things you need to know and/or consider when BUYING a home.
1."Don't buy if you can't stay put."
2. "Start by storing up your credit."
3. "Aim for a home you can really afford."
4. "If you can't put down the usual 20 percent, you may still qualify for a loan."
5. "Buy in a district with good schools."
6. " Get professional help. Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process."
7. "Choose carefully between points and rate."
8. "Before house hunting, get pre-approved."
9. "Do your homework before bidding. Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that's about eight to 10 percent lower than what the seller is asking." A knowledgeable real estate agent will be your best adviser and ally on this point.
10. "Hire a home inspector."

Buying a new home is very exciting and fulfilling. Keep it that way by using the best agent possible who works hard for you and gets your deal closed with no loose ends.

I can help you find that agent anywhere in the United States, even if it's not me... Integrity and professionalism are what gives me my well-respected name and reputation in the real estate industry.
ID-BUY with Rick Bennett!
Bring Spring ON!

Rick Bennett
Your Best Boise Area Real Estate Pro
208-407-0523
rickbennett@id-buy.com
www.id-buyrealestate.com

Link to full CNN Money article here...

Take the Real Estate Roller Coaster Ride!

The Real Estate Roller Coaster takes on new heights-------

March 15, 2013 “Dow reaches new milestone.”  The Dow Jones average closed on March 14 with its longest winning streak since 1996, 10 straight days of new record highs.  March 5^th the Dow went through its previous high mark and it has just kept on pace for another 9 straight days.  Catch this, there are only 3 other winning streaks of this variety in the history of the Dow Jones.

March 15, 2013 “Foreclosure rate moving down.”  RealtyTrac reported that U.S. home foreclosure rates dropped 11% in February from January and were down a WHOPPING 29% from the previous year.  Robo signing issues are gone, shadow inventory as an excuse fades, foreclosures are at their lowest level since 2007!  Home inventory is at all-time lows, not just in Boise Idaho but across the country.  Prices are rising and nothing in the immediate future is going to change that fact.

March 15, 2013 “Freddie Mac announced that the average loan rate for a 30 year mortgage crept upwards this week from 3.52 % to 3.63%."  This is the highest borrowing rate that we have seen since August of 2012; the low was November of 2012 at 3.31%.  Guess what?  They are going to continue to rise.

What to make of it all?  When the stock market raises the bond market falls; when the bond market goes lower, interest rates rise. Money leaves bonds, goes to stocks, so to get money back to bonds interest rates have to rise.  If you have been considering selling to buy up or downsize, now is the time to MOVE.  Spring selling season is days away and as yards turn green, flowers bloom and people begin their annual home searches. You should be ready to GO.  Interest rates will rise, they just have to!  The  U.S. Treasury department cannot keep buying bonds to support the lower rates.  When the rates start to rise they can go quickly, history has shown us that rates can rise faster than the ocean tide on a full moon. 

Stay tuned for more of the real estate roller coaster ride and what to do.

Rick Bennett

Your Best Boise Real Estate Agent

208-412-2507

rickbennett@id-buy.com

www.id-buyrealestate.com

Housing Market Appreciation: Your Best Bet is in the West

"The tide is already starting to turn in some U.S. housing markets, with home prices in these 10 metro areas expected to climb anywhere between 10% and 21% by the end of next year, according to Fiserv." CNN Money Online

If you have been reading my blog articles you might have noticed I love lists. Well, here is the latest one and it is a good one! CNN Money, a service of CNN, Fortune and Money, shows statistics for recognizing the TOP TEN places in the U.S. where home prices are rising the fastest and our own Boise is # 7 of the ten noted. The following is their review:

________________________________________________________________________________

7. BOISE. IDAHO
Median home price: $118,000

Drop since market peak: 36.9%

Forecast gain through 2013: 11%

Boise's housing market has gone through a dramatic rise and fall over the past decade. Home prices almost doubled in the five years leading up to 2006. But once the bubble burst, prices plunged, according to Fiserv. Some neighborhoods were flooded with foreclosures and the metro area had one of the higher foreclosure rates in the nation in April, according to RealtyTrac. All of those distressed properties should start to attract bargain hunters, including investors, said Steven Peterson, a professor of economics at the University of Idaho.

There are plenty of reasons for buyers to stay here. Boise has a diverse economy that includes software makers, medical services and agricultural support companies like J.R. Simplot. Chip maker Micron Technology is also based in Boise. The unemployment is just a tick above the national rate at 8.2% and has dropped a full percentage point over the past 12 months.

"The road back to housing market recovery is less steep [in Boise] than in high-cost areas," said Peterson.
__________________________________________________________________________________
Interestingly enough, almost all other markets noted were western and Pacific Northwestern cities:
1. Madera, CA
2. Medford, OR
3. Yuma, AZ
4. Corvallis, OR
5. Eugene, OR
6. Olympia, WA
8. Billings, MT
9. Lewiston, ID
10. Santa Fe, NM (SW)

We are seeing investors entering our buyers market here in Boise- word is out and that will drive the market even more (see my blog about Big Money swaying the market ).

Call me with anything or email me.
Rick Bennett
Your Best Boise Real Estate Pro & AGENT
208-407-0532
www.id-buyrealestate.com

Family Vacation... Boise's Your Destination

Congratulations, Boise! Livability, an online magazine covering Americia's best places to live and visit, has just ranked Boise # 9 on the list of "Top 10 Spring Break Destinations for Families, 2013: Quick Getaways."

So... we can't offer ocean beaches but we are very laid-back (like Santa Cruz CA at #1); we don't have a lot of Tex-Mex eateries but we have fabulous Basque restaurants and a rich desert culture (Tucson AZ at #2); you can't hang out in Powell's City of Books but indie bookseller Rediscovered Books in downtown Boise rocks and we do have our fair share of microbreweries and artisan beers (like Portland OR at # 3); we don't have Boys Town but our town is full of caring and friendly folks and we do have the highest quality steaks and a humungous Cabela's (Omaha NE at # 4); we might not have the media-darling teams but we have great arenas filled with passionate basketball and ice hockey fans (Indianapolis ID at # 5); we don't have much southern flair or humidity but we do have the always-impressive MK Nature Center and Zoo Boise (Birmingham AL at #6); yes, dad, I'd like to see the NASCAR Hall of Fame, too (Charlotte NC at #7) but your kids would rather go snowboarding or tubing at Bogus Basin; the OK Aquarium looks fantastic next to our now-defunct Idaho Aquarium but we have the river trails, urban wilderness areas, World Center for Birds of Prey, and miles of BLM to explore (Tulsa OK # 8).
Please come visit Boise. We'll treat you right!

"Spring breakers will find a perfect balance of urban culture and untamed outdoor adventures in Boise, ID. The city's layout makes it easy for families to get around, and hundreds of hotel rooms downtown allow for easy walks to Boise's shopping areas, art galleries, museums and theaters, plus more than 80 restaurants – many with kid-friendly menus. The Boise River and a well-traveled pathway wind through the city as well. Attractions such as the World Center for Birds of Prey, the Idaho Aquarium, Zoo Boise and the Old Idaho Penitentiary entertain and educate parents and children. Local parks provide playgrounds, trails for walking and biking, and open space for relaxing. The Idaho Stampede, a minor league NBA team, charges into the final games of the season at CenturyLink Arena. Skiing, snowboarding and tubing are only 30 minutes away at Bogus Basin Mountain Recreation Area, which plans to keep its slopes open until April 14." See more...

Thanks,
Rick Bennett
Your Best Boise Area Real Estate Agent
208-407-0532
www.id-buyrealestate.com

Home Owners: Sell or Refinance Your Home?

Why is the real estate inventory so tight? Not only in the Boise market but around the United States, real estate agents are reporting record low numbers of homes for sale, increasing prices and rejuvenating new home construction, but why now?  Why are people reluctant to sell?

It’s a great time to refinance. Perhaps one of the single biggest reasons people are not selling is due to the lower interest rates and the federally backed HARP program.  HARP ( the Home Affordable Refinance Program) allows borrowers that have not missed a payment on their house to refinance, even if their home is valued below the current mortgage amount.  Caveats to the program: you cannot short sell.  You have to stay in the home until such time as you can afford to make up the difference or pay off the balance of the loan.  So if a couple owes $200,000 on their home, the interest rate on their loan is 6.25% and its value is now $155,000. They can refinance and the payment goes from an estimated $1,231.43 for principal and interest over 30 years to $558.29 at 3.5% for principal and interest over 30 years.  Who would want to sell?  Many people will not qualify for a short sale; they have good jobs, are not distressed and want to stay in their home.  It is a simple math equation but what a great opportunity.

If your home is not under water it is also a GREAT time to visit the subject of refinance.  All of the aforementioned scenarios can play out, meaning if your home has equity, lenders are refinancing homes at a torrid pace.  Rising prices in real estate account for a good portion of these new opportunities as America refinances its long term mortgage debt in and around 3.5%. 

I have trusted mortgage lender contacts and would be happy to do a comparative market analysis on your home so you can see what you may or may not qualify for, in relationship to home value and loan amount.  If you need more space, an extra bedroom or two, larger house or the other direction, downsizing, consider SELLING NOW.  Act NOW while rates are at historic lows, inventory depleted and buyers are clamoring to get into the market.   

Call me today for more information,
Rick Bennett, Your Best Boise Real Estate Agent

208-407-0532

rickbennett@id-buy.com

www.id-buyrealestate.com

Military Families & Their Real Estate Needs...

Go Navy! Go Army! Go Air Force! Go Coast Guard! Go Reserves!
Everyone on our team is PRO Armed Forces.  We intimately know the sacrifices that families and individuals make with service to our country.  It is with great pride that we provide service and help to active, retired or discharged military & their families.

In the last few years many of our Brothers and Sisters In-Arms have experienced hardships with housing due to the falling price points in the housing market.  Our ability to support and provide information on options to them sets us aside from many within the market place. 

Military relocation is heating up, even with the discussions of sequester or cuts in the Department of Defense. Relocation and new orders may slow down but they will never cease and desist.  Key elements in successful deployments and moves are to identify local real estate agents that know the market, for buying or renting.  Agents that can help identify schools, after-school sports programs that might fit a family’s needs.  Agents can also provide insights on timing, rental opportunities and help in planning ahead.

In finding an agent make sure you get references. Ask if have they closed transactions with the VA...  Ask to speak to their references...Get specific information on the service level an agent provides...  Do not just take a printed or copied thank you note off a web site! Dig a bit deeper and make sure you are engaging the services of a licensed REALTOR who knows the market and knows the military requirements.

In some cases you may need to short sale a home.  All the major lenders are working with all branches of the service to allow for short sales when an armed services member is deployed or has PCS orders.  Selling in a short situation can be very stressful. So, again, engage the services of a licensed REALTOR that has experience, not only in short sales but with the VA.  Your VA availability can be protected and available to you in 1 year from the completion of the sale, provided you handle the process in the correct manner. 

Freedom is not free. Great sacrifices have been paid to allow us all the daily movement from place to place and the ability to speak our minds.  Thank you to those who have gone before and those who will follow. It is with great pride that we salute your service to our great nation and we look forward to providing you with service should you need our help here in Boise, or anywhere in the United States.

As a free service, I have the professional network to also locate an excellent REALTOR anywhere in the USA for anyone looking and not knowing where to start.

Call or email me with ANY questions.

I am here to serve YOU this time!

Rick Bennett, Your Boise Area Real Estate Expert
Representing Mountain Home Air Force Base Military Families
208-407-0532

rickbennett@id-buy.com

www.id-buyrealestate.com

Housing Market: RENT or BUY?

There are many factors that need to be considered in order to make a sound decision.
Let's stay positive and just weigh the PROS. The cons become obvious.

PROS to Leasing/Renting: 

Need  more room, a swing set, sand box, pumpkin patch...? 

• Maintenance is minimal or non-existent and not your problem. A respectable landlord steps up and tackles any of the household and yard needs. 
• There are cheaper up-front costs to get in the door. Leasing typically does not require a large deposit.
• You can buy time to build your credit or credit status.                                           Or build your dream house.
• If it's not a "buyers' market, leasing enables you to bide your time until it is.
• Leasing gives you move-out flexibility and options without loss of equity. You are a job hopper or in high demand? Waiting to have a family didn't quite work out and it's triplets? Just can't live with those neighbors or CC&Rs? In some other life transition? Move on!

PROS of Buying:

• No more landlord... You own the home and can decorate, tweak, and put your personal mark on it. You bought if for all the reasons that are right for you and your dream has come true. It is a very prideful and momentous milestone in one's life. Build a sandbox, plant a garden, pour a fire pit, add skylights because the sky is the limit, within your building codes, HOAs, CC&Rs and other such variances, that is!
• You have equity in your home and a well-timed purchase will appreciate in value over the years.  Payment made on the principle of your loan is an increase in the amount of your home.
• Your mortgage is a fixed, predictable amount so you can do some financial planning involving the next 30 years. Rents are guaranteed to go up and perhaps unpredictably.
• Tax breaks like no income tax on the sale of your home when the time comes make owning attractive.

Life happens. Making the right decisions can make it all a lot smoother, easier and more manageable.
Call me with questions or thoughts,
Rick Bennett, Your Boise-Area Realtor
208-407-0532
www.id-buyrealestate.com

Intelligent Real Estate Decision Making

Thinking of buying and investing in Boise Area Real Estate? Don't rely on hear-say, your gut feeling or what the locals might tell you. Our friends at Forecast-Chart.com, who chart the course of financial markets, show us a very analytical view of our local market and Boise's "home price appreciation." They publish forecasts for the trend in home prices in 380 Metropolitan Statistical Areas. The House Price Trend will be either UP or DOWN. Here is their take for the Boise area. I find it all very straightforward and optimistic for the health of Treasure Valley's economic growth. "ID-BUY" in Boise...

----------------------------------------------------------------------------------------------------------------------------------

Boise City Real Estate Market: Trend, Analysis & Statistics 

3rd Quarter, 2012 Housing Statistics: Boise City, Idaho

Part 1: HOUSING MARKET FORECAST
12 Month Forecast:        UP
Forecast Accuracy:      78%

The forecast for the trend in the Boise City housing market for the 12 months ending with the 3rd Quarter of 2013 is UP. The Accuracy of the Trend
Forecast for Boise City is 78%. In other words, when tested against historical data, the forecasting methodology was correct 78% of the time. Accordingly,
Forecast-Chart.com estimates that the probability for rising house prices in
Boise City is 78% during this period. If this Housing Market Forecast is correct,
home prices will be higher in the 3rd Quarter of 2013 than they were in the 3rd
Quarter of 2012. Check this page each quarter for updates to the Boise City
Real Estate Market Forecast.

3 Year Forecast:            UP
Forecast Accuracy:      77%

The forecast for the trend in the Boise City housing market for the 3 years
ending with the 3rd Quarter of 2015 is UP. The Accuracy of the Trend Forecast
for Boise City is 77%. In other words, when tested against historical data, the
forecasting methodology was correct 77% of the time. Accordingly,
Forecast-Chart.com estimates that the probability for rising house prices in
Boise City is 77% during this period. If this Housing Market Forecast is correct,
home values will be higher in the 3rd Quarter of 2015 than they were in the 3rd
Quarter of 2012.

Real Estate Appreciation, Rank & Percentile
Last Quarter                              2.59%         Rank: 50 of 381 (87th Percentile)
Last Year  . . . . . . . . . . . . . . . .  6.7%           Rank: 7 of 381 (98th Percentile)
Last 5 Years                              -34%           Rank: 337 of 381 (11th Percentile)
Last 10 Years  . . . . . . . . . . . .   7%              Rank: 293 of 381 (23rd Percentile)
Last 20 Years                            72%            Rank: 219 of 365 (40th Percentile)
Decline From All Time High        34.37%

Home Price appreciation rates for Boise City-Nampa, ID are shown above for
five time periods. For example: Boise City appreciated 2.59% in the Last
Quarter. At that rate, the Boise City Real Estate Market was ranked 50th out of
381 metropolitan areas for Real Estate Appreciation. Boise City was in the 87th
percentile. So Boise City, ID performed better in the Last Quarter than 87% of
the 381 metropolitan areas covered in Forecast-Chart.com.

---------------------------------------------------------------------------------------------------------------------------------

Feel free to call me with any questions.

Rick Bennett, Your Boise-Area Realtor

208-407-0532

www.id-buyrealestate.com

Idaho Real Estate Jumping Off Point

Is this market a good market to sell... or buy?  

That depends on you.  If you are looking to move to Idaho, particularly the Boise market area, you may not have much of a choice.  Work with an agent to help you find the opportunities that exist and be lender-approved and ready to close. Let a knowledgeable agent help you take that jump, whether big or small. If you are selling to buy a bigger home, it is a great time to make that jump, before prices head higher or interest rates change.  A great hedge against inflation is real estate.  The purchase is leveraged and with a down payment from 3.5% to 20% you are allowing a higher priced asset to gain in value as the market moves upward in pricing.  Does real estate always go up in value?  Not always but we have experienced one of the biggest drops in value in the history of the market and most likely it will move upward in pricing.

GIve me a call or email me,

Rick Bennett

208-407-0532

www.id-buyrealestate.com

rickbennett@id-buy.com

But Why Buy Real Estate Now?

What is driving buyers to purchase NOW?    A variety of factors and we are seeing this purchase trend throughout the economy, not just in housing.  

Out of the recession... We know that automobile sales are increasing, just like homes. They were depressed during the Great Recession and as employment improves, people are dealing with cars, homes and many things that have "grown old" by at least four years now. 

And in with the new...

Housing starts were dismal the last four years so in addition to resale, we also are seeing an increase in new home starts. Since people cannot find an existing home for sale (insufficient number of homes for sale) they move to new construction for replacement.

So catch it while you can...

In addition, most Americans are keenly aware that interest rates are at historic lows and are not going to stay at this level for ever.  In fact, what the Treasury department has stated is they are watching interest rates against inflation and if we see an inflation, rates will rise.  When they do, the affordability index will rise, stopping the rise of home prices.  Makes sense, a rise in interest rates increases a loan payment, lowering the buyers ability to reach a price point, that stops or slows the rise of home prices.

Call me with your thoughts and questions,

Rick Bennett

208-407-0532

www.id-buyrealestate.com