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This home is located at 3325 Caribbean Ct, Jacksonville, Fl. It is a very nice 3 BR. 1 1/2 BA with a Den, carport and large yard. Suitable for rental or resale, this home was deeded back in lieu of foreclosure of a 2000 mortgage. It can be yours today for only 700. If you are a qualified investor, I will provide short-term financing with only 00 down. Contact Joe Locklear at 904-813-9526. For more homes like this one, visit my website www.belowwholesalehousing.com .
Marcy Kjeldsen REALTOR® - DRE# 00934869 Phone: (831) 464-4415 E-mail: marcy@davidlyng.com Chic and smart, this townhome is a visual delight. Extended loft makes for an excellent office space or potential 3rd BR. End unit with skylight, decorator colors and contemporary finishes like pergo floors, slate entry and sharp stair surround.Common gathering area, and large dogs are acceptable here. Come see it and prepare to be impressed! David Lyng Real Estate www.davidlyng.com
Summer is usually the best time of year for Boise real estate and this year is definitely no exception. Although Boise homes have been losing value every month since July 2006, we are seeing signs that we are nearing the bottom of the real estate market. National news-particularly relating to the Dodd-Frank bill and the debt negotiations-may change the course of current trends, but barring that, there is a lot to be positive about.
First, the July 2011 Boise real estate market is up 51% vs. July 2010 market. (That is a little misleading because July 2010 was the first month that the first time homebuyer tax credit ended.) That said, Boise home sales in July 2011 are up from July 2008, 2009, and 2010. Likewise, pending Boise home sales are up 38% from a year ago.
Distressed home sales in Boise continue to fall. (Distressed sales are either short sales-the lender accepts less than owed-or REO sales-repossessed homes.) In February, short sales represented 23% of all Boise home sales. In July 2011, short sales dropped to 16% of total. REO sales are 22% of total home sales in Boise (down from a high of 40% in December 2010). This is as low as we’ve been in the past 20 months.
The median price of an existing Boise home (no new construction) is $143,000. Although we are still off last year’s mark by -11%, this does represent a 3% increase from June 2011. Boise’s lowest median value since the real estate bubble burst was $126,500 (in January 2011). Did we hit bottom? Can’t tell until January 2012. Boise real estate values drop every winter.
The Boise home affordability index remains near a record low-meaning Boise homes are as affordable as they’ve been in a long time. In January 2005, it took 19% of a median income to buy a median resale home in Boise. In June of 2006, that hit a record high of 30%. Boise residents spent nearly a third of their gross income on a house payment. Since that time, affordability has dropped to 12%. It now sits at 13%.
The top story in Boise real estate is definitely home inventory. Overall real estate inventory is down 3% from last month and down an amazing 33% from this time last year. In July 2010, there were 3124 resale Boise homes available. This year, there are only 1901 Boise homes available–a 39% decrease. It was 2005 since homes available for sale in Boise were that low. New construction homes in Boise also continue to get bought up-inventory has fallen 43 of the past 58 months.
Another indication that we may be nearing the bottom of the Boise real estate market is that sales discounts have dropped. The average sales discount for a Boise home is 2.7%. In 2009, the average discount was near 9%.
This report summarizes a few of the trends Boise researchers have been tracking for the past several years. Most benchmarks seem to indicate we are at or near the bottom. In some cases-particularly Boise home inventory levels-it seems we are transforming form a buyer’s market to a legitimate seller’s market and that’s something we haven’t seen for nearly six years. Time will tell, but with prices still low and interest rates near record lows, it may be time to make a move before the unbelievable buying opportunity ends.
In the market for affordable Boise homes? Visit our site for complete details about the benefits of hiring a Boise real estate agent to help you find your dream home.
While a true real estate recovery may not have arrived yet, Boise starter homes (under $150,000) are becoming hard to buy. Many Boise real estate listings in this range end up selling for more than initial list price.
Since 2005, I have remained one of Boise’s busiest buyer reps. The last four months have been the hardest that any of buyers have endured since the national real estate market began dropping in 2006.
Of my past seven buyers, five had to fend off competing bids. Most Boise real estate agents will prolong the negotiations with a multiple bid request when two or more potential homebuyers put in an offer within the same day or two. Buyers are required to submit their “highest and best” and then wait to see if their best beat everyone else’s best. At this point, you can virtually guarantee the home sells above list price.
In one case, my buyer ended up being one of 13 bids. (With a bit of strategy and a lot of luck, we won that bid-beating out the next bidder by only $300.) In another case, the winning home buyer ended up paying $16,000 above list price (while still paying under $100,000.
In short: If you’re expecting to buy a Boise home for under $150,000, plan on a real estate bidding war. While that’s not good news, it’s better to know what to expect than to be surprised when it happens. I see the same thing with my listings. Two of my last three homes sold at or above full price and were under contract within two days. Things are improving’-at least at for Boise starter homes.
Why now? What has happened to put home sellers in the driver’s seat and pit home buyers against each other like gladiators. Three things in the Boise real estate market (that are actually also true across the country) 1. Interest rates are at historic lows. 2. Summer-at least in the Boise real estate market-is always a seller’s market because families want to get settled before school starts. 3. The Boise market is so full of short sales and foreclosures, that the entire market has settled on “distressed” home prices.
What do you do if you are a buyer? First keep a sharp eye out. There are many ways to find houses online. Secondly, be prepared to think fast. At this point, you wont have the luxury of taking a few weeks to make a decision.
Todd McCauley is an owner/agent of Eagle Rock Properties, a brokerage servicing the Boise real estate market. He has been a top producer for several consecutive years and, in addition to closing hundreds of traditional real estate transactions, he is very experienced with rent to own and lease purchase contracts.
In the market for affordable Boise homes? Check out our website for complete details about the benefits of hiring a Boise real estate agent to help you find your dream home.
Although Boise home sales are down 6% vs. June 2010, sales are actually up 6% over last month (May 2011). Remember that last year during March, April, and May first-time Boise home buyers, as well as buyers across the nation, were receiving Federal tax credits. The best year to year comparisons will come near the end of the year when last year’s tax credit won’t be a factor.
For the past 18 months, distressed home sales have greatly impacted the Boise real estate market. In June, short sales made up 15% of the total sales and REOs (bank owned properties) accounted for 29%. In total, 44% of all Boise home sales were distressed. The impact on the overall real estate market is immense. Because almost half of all home sales are distressed, prices continue to drop. The good news is that the percentage of distressed homes is actually dropping. In December 2010, distressed sales accounted for 61% of total Boise real estate market. Incidentally, only 16% of Boise short sales are successful.
Six years ago, a Boise real estate researcher created and began tracking an affordability Index. At that time it was 19%– meaning that it took 19% of a median Boise income to buy a median priced resale home. By June of 2006, that number had risen to 30%, indicating that homes were substantially more expensive. Now that index is at 13%.
The median cost of a Boise home is $150,000 this month. This is 5% up from last month. Interestingly, the median cost of a new construction home sold is nearly $240,000, indicating that most of the new construction is higher end housing. At this point, comparatively few first time buyers are choosing new construction options.
When looking exclusively at resale homes in the Boise market, the median priced home is $138,500, a 2% increase from last month. The record low was in January 2011 when the median resale price dropped to $126,500. Will that be the bottom? It appears to be so, barring another major jolt to the Boise real estate market.
Prices will rise only when home inventory levels are depleted enough to upset the supply / demand balance. Real estate inventory is falling-indicating that we are potentially on the way to a market recovery. In June of 2011, housing inventory was 32% lower than June 2010. Resale inventory is down even further. In June 2011, there were 1,970 available homes vs. 3,129 available homes a year ago. That’s a whopping 37% drop in only 12 months.
Why the big drop-off in available homes? In this market, most potential sellers won’t sell unless they absolutely have to. As a result, as buyers purchase the available short sales and REOs, inventory levels shrink. Eventually, buyers will bid Boise home prices up in an effort to obtain the relatively scarce resources. At that point, sellers will return to the market.
Price discounts in Boise home sales are of interest to both homebuyers and sellers. A discount is simply the difference between the final sales price and the home’s asking price. The average discount was about 2.3% in June 2011–about where we were twelve months ago. A low discount rate does indicate higher home prices. It just shows that Boise home buyer and sellers are agreeing more readily on where fair market real estate values lie.
In the market for fabulous Boise homes? Visit our website for complete details about the benefits of hiring a Boise real estate agent to help you find your dream home.
Buying a foreclosed home can save you money, but it’s important to know what you are getting into. There are a few differences when buying a foreclosed home instead of a regular sale. We will highlight some of those differences here.
Usually when you want to buy a home, you first find the home you want, and then you look for financing. When buying a foreclosed home, you need to be pre-approved for financing first, before you find the home. Once you find the home you want, there is little room for price negotiations on a foreclosed home.
You may have to look at a lot of houses before getting one you want. It can be a bit of a grind, as you may have to submit several offers before one is accepted. If things do work out though, you can save a lot of money, which makes it all worthwhile.
There are several things you need to do at pretty much the same time. You need to find a real estate broker who works with banks that own foreclosed homes. You also need to get pre-approved from a lender. You need to study the sales prices of comparable homes in the area you hope to buy in, so you have a good idea of the home’s value.
You can visit websites containing a database of foreclosed homes. A local real estate website might let you filter results to show only foreclosed homes. When you find the acronym REO, it stands for real estate owned, which means it is owned by a bank.
When looking though these lists, you are looking for an agent, not for a particular house at this point. Banks generally only hire one or two real estate brokers to handle their REO properties, so you want to find out who the agent is you need to contact. By using one real estate agent, the commission doesn’t have to be split between two brokers.
Brokers working with banks can know of listings that aren’t yet out. When you talk to them, remember to ask them about listings that may be coming up shortly. So they know you are serious about buying, after meeting with the agent, meet with your lender as well to obtain a pre-approval letter. Really good deals go fast, so you want to be prepared to move quickly with financing when the house you want is available.
Don’t plan on having the bank selling the house be the one to finance your new mortgage. This is a totally separate transaction. Look around for the best mortgage rate you can get and arrange financing on your own.
Base your offer on recent sales of comparable properties and write an offer based on that. Remember that foreclosed homes are sold as is, so check out the house to see what condition it is in first. Unless the home has been sitting on the market forever, it will probably have several people interested in it, so it is best to come in with the best offer you can give. The good side is that the home is most likely vacant, so you can move in right away once things are finalized.
In the market for affordable Boise homes? Visit our website for complete details about the benefits of hiring a Boise real estate broker to help you find your dream home.
