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:

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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.
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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