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.

Incomplete developments and subdivisions, as well as vacant properties, are visible all over the landscape. The growth of distressed properties has increased rapidly in the past three years, due to foreclosures, declines in property value, and the large number of homes for sale. Any reasonable real estate market analysis should consider the option of purchasing distressed properties, for the potential investment value they could provide.

Many parties in today’s market are looking to unload distressed property. Many financial institutions are unable to respond to the sheer number of foreclosed properties, which are reverting to their books. Also, developers and investors are looking for deals to either sell troubled assets, or to complete unfinished developments, with the highest possible return on investment.

When considering distressed property, buyers have to find diamonds among the rocks. Many distressed properties are low or moderate income housing, which will bring a low sale price, poor tenants, or high repair costs. Buyers should take care to know the location of their property, and should beware of comparing distressed properties in poor areas to distressed property in flourishing areas. As in all real estate, the location of the property is the number one consideration, when determining property value.

Investors may choose to buy short sales. Short sales are properties, which are being sold for less than the mortgage balance, by homeowners looking to avoid foreclosure. Purchasing these properties provides an advantage for the buyer, who receives a property for less than its value. Purchasing short sales also benefits the seller, who avoids a major hit to his or her credit score, and the bank, which does not have to carry distressed properties on its books.

Foreclosures require some skill and probably an attorney. These properties may be found in a variety of conditions, and may not come with a clear title. Buyers should always check out the neighborhood, to ensure that property value will rise, and should evaluate whether they have the skills, and the cash, to bring the property to livable condition.

Banks are also looking to unload REOs. REOs, or real estate owned properties, have already been through the auction process, and have failed to sell. The advantage to REOs is that the lender is the primary lien-holder. All other liens are wiped away during the auction process, so the property will come with a clear title.

Investors may also consider non-performing notes. Purchasing a non-performing note means purchasing a mortgage that is in arrears. If the property is in good condition, in a good location, then these notes may represent great value, since banks usually sell them at a discount. After purchasing the note, investors may choose to work with homeowners, offering mortgage balance reductions, or modified payments. If not, investors may start the collections process, or initiate foreclosure.

Purchasing distressed properties often becomes a complicated process, and investors should always consult a real estate attorney as part of the purchasing process. However, with the amount of money to be made from these properties, investors should always make them part of a real estate market analysis. The investor’s challenge is to ensure that properties are valuable, and in a good location, before choosing to buy.

In the market for fabulous Boise homes? Check out our website for details about the advantages of hiring a Boise real estate agent to help you find your dream home.

What is the most common question in real estate right now? I bet you can guess it, even if you don’t know anything about real estate. That’s right. You got it. By far the most common question I get as a Boise real estate agent is, “How did you get to be so smart?” Actually, I’ve never had that question and, in fact, have received the opposite question on many occasions. The real question I get all the time is “Has the market hit bottom yet?”

It’s certainly the million dollar question-seriously. Wish I could answer, because I’d certainly get a million dollars. Think of the question every kid loves to ask-”Are we there yet?” Exactly like when we were kids, we still get the same answer-no. Are we there yet-no. Has the market hit bottom yet-no.

Everyone is just waiting for that particular moment when the market hits that bottom point so they can finally buy into the Boise real estate market. It would definitely make me a millionaire if I had the answer to that question. I’d be able to answer the big question my wife always asks me, “When are we going to be rich?”, if I could even capitalize on a tenth of one percent of the people waiting to buy when the market finals hits rock bottom. I’ve spoken to many people-the normal Joes to some very rich people-many are wanting to purchase Boise real estate for investing reasons or for their own businesses. Yep, lots of them are still waiting.

Here are a few of situations where to wait for the real estate market to reach the lowest point isn’t sensible. First situation is the investor who is the owner of their home, but desires to move up. His big losses in the equity of his home make it so that he can’t doesn’t want to think about selling with such low prices. His plan is to wait until the real estate market starts climbing up again and then he will buy. Sounds smart, right? Well, when the value of his home goes up enough to sell his home, so will the price of the next home he is going to buy. Unless you are planning on selling in a high market, THEN RENTING while the market tanks, then buying when the market is low, it will always be a wash. If you already own a home, you are either going to sell high and buy high or sell low and then buy low. So these upgrade waiters are not going to benefit by waiting-and in fact, interest rates are eventually going to increase so their “time the market” strategy is simply going to result in paying a higher interest rate.

The other groups that I’d call the “sit on the sideline” group are those buying for the first time. They observe the drop in price and conclude-I think I’ll watch until the market drops even lower. You could probably defend this position more than the first group, but the end result is still likely to be disappointment. Most don’t realize that the majority of renters at this current time are shelling out more for their monthly rent than they would owe if they were to just buy that same home? Truthfully. The cost of homes and the interest rate are so low that the majority of monthly payments on Boise homes I have assisted client to buy are 20% under the average rental rates. That’s not all, the majority of people will save equal to $150 to $200 per month in tax savings when they invest in a regular starter home because of interest deductions. Considering taxes, you will be paying too much by around 30% per month when you choose to rent. This shows that if you can are eligible for a mortgage, you will want to buy except if you know that within the next three years you will be moving.

Here’s the part when you are likely to ask another question I hear often “When are you going to be done talking?” So close. Here’s my final point on attempting to wait for the real estate market rise and fall. It’s not often I’ve met a client who ponders on the interest rate factor while he’s deciding if a Boise home is “well priced.” (It’s true; it doesn’t need to be a home in Boise to be a consideration. I just know Boise homes because that’s my place of business. Wherever you live the situation still applies.) Let’s see an example of this. At a 5% interest rate, with a 30-year mortgage, a $100,000 real estate investment would really cost you $193,000. That’s not fun. But, if mortgage rates climb up only one point to 6%, this $100,000 investment property will now cost you $215,000. That’s an increase of $22,000. Would you enjoy paying an increase of 22% on your investment? No way. That’s the result of your choices if you are a “waiter” waiting until interest rates climb up even just that one point. Don’t sit still watching those rates rise. I doubt any home prices will lower enough to take away the higher interest rate expenses you’ll owe.

If you’re still reading, you are to be commended. I’m not sure if my own mother made it this far when she proofread this for me. Bottom line-if you are planning on buying real estate, don’t wait (particularly if you are a move-up buyer.) And don’t forget about interest rates. They are as important as purchase price when considering buying a home. You usually don’t get to pick your rates so don’t squander your opportunity when rates are low.

Ready to make the move into your own place? Check out our review on how to easily buy Boise homes and for comprehensive information on how and where to find a reliable Boise real estate agent

From my experiences of moving to Boise, more than once, I feel I’ve become an expert on moving here. That’s right, I’ve moved here twice! The first time when I wasn’t even one year old and the second was returning home from college after sixteen years of being gone to other states. Shouldn’t that make me an expert? Especially when you think of the United States and all the millions of people that live there and all the millions who have never moved to Boise, you have to realize the expert I truly am…after experiencing it twice! I’m hoping to never experience it again either, because I never want to move away, I want to stay right here in good ole Boise!

So how do people choose where to move-Work? Style of Life? What they can afford? Style of Living? Relationships? Security? If any of these are why you would think about changing the location of your home, then I want to create a desire for you to choose Boise. As I said, I spent my younger years growing up here in Boise. My dad and mom possessed one of those very desired Boise houses on the edge of the Boise River. What you would see out my front window was our five acre plot of alf alfa. For any of you who were raised in large cities-that’s the food that cows get fat on. For any of you from very large cities, cows are what give us cheeseburgers. From my back window you could view the many many trees that lined the banks of our Boise River. Our closest neighbor was out of range of yelling-which was great because with six kids there was quite often yelling to be heard.

Right now, there are many many Boise houses that are along the gorgeous edge of the rivers that wind through our beautiful city. If someone would like to see the view out your back window into a river lined with trees and also look into their neighbor’s window (who is certainly within yelling distance) maybe Boise is for them.

Guess who was rated as one of the US’s most livable cities for many different years…Boise! Micron, Boise Cascade, Simplot, The Washington Group, and Hewlett Packard Home are a few of the big corporate names that reside here-we’ve got a great collection jobs for the techies and corporations. Then there’s a variety of newer and smaller businesses that have come up as a shadowing of these big corporations. Yes, Boise was also voted, by a big name business article, as the runner up city to the #1 spot to start a business in. Don’t forget all our smaller universities, our big and wonderful Boise State University, and even a trade school give our community top educational opportunity.

After my experience of many years living Chicago, I started to develop an infatuation for traffic jams, dirty air, and top crime ratings, not forgetting the corrupt politics and big promises by community leaders (many of Illinois’ previous Governors are residing now in jail or awaiting trial). I said I started. But, Boise’s 25 mile long greenbelt for biking, jogging, or walking alongside the beautiful Boise river and our skiing resort only 30 minutes to downtown and still a couple of other ski resorts only two hours away, make me wonder. Not to mention the incredible sight of our mountains you can see from nearly every home in Boise valley. In addition, we are a very quick ride to national wilderness property the United State’s tallest sand dunes. Thinking of all this, I just can’t be missing the huge crowds or polluted air or the corrupted politicians.

Speaking of politicians, Boise crime rate dropped 37% over the past decade according to the Boise Police Department. (I assume they are telling the truth.) You’ll be happy to know that only 490 cases of graffiti were reported in 2006 and there were only 65 domestic violence felonies. Yes- 65 in the whole city for a whole year. While 65 domestic violence is too much, it’s rare indeed here in Boise. There were 7 murders in Boise in 2009. To put that in perspective, Detroit had 361 during that same time period. If you like violent crime, you may find Boise rather boring. If not, you might find Boise a darn nice place to raise a family. By the way, I tried for years to get someone to steal my car by leaving it unlocked with the keys in it. Couldn’t ever get the job done. Not sure if that’s a reflection on Boise or my car. Out of the 272 metropolitan areas that the FBI tracks for violent crime, Boise ranks 219. Seriously, go to their website and look at the places that have LESS crime than Boise. You’ve never heard of any of them. Only six on that list have a bigger population than Boise. Enough said-it’s a VERY safe city.

So that about sums it up. Can you picture it? Read over this again and try to find a reason you wouldn’t move to Boise immediately. But don’t forget to look into the prices of real estate here. Currently Boise is easier to afford than ever since we’ve been tracking it. As a normal person (and don’t we all feel somewhat normal most of the time) you’ll use minus 20% of that normal salary of yours on that average Boise home. It’s a good idea to compare that across the country to other cities. If it’s too hard to find that information, here’s one you can try-the normal amount per square foot is around $79 for an average Boise starter house we were just discussing. You’d spend less every month to buy in Boise and more to rent. Be Speedy! It’d be fun to get to talk to you more about Boise and all it’s real estate possibilities. We’d love to talk more Boise real estate. We’d love to share our great place to live.

Ready to make the move into your own place? Have a quick look at our review on how to easily buy Boise homes and for comprehensive information on how and where to find a great Boise real estate agent

At the present time, there has been a downside to the real estate market due to bad economic times. While this is tragic for many people, it has also allowed others to purchase homes at a low price. This is because short sales and foreclosures are available.

Short sales are an opportunity for homeowners to get out from under the burden of an over-priced house and high interest payments. With these sales, a bank or lender agrees to sell a home for less than is owed. The rationale is that it is better to get some money out of the property and avoid the long process and costs of foreclosure.

The difference between what a short sale home sells for and the amount owed, was once considered as taxable income by the government. However, due to the current housing market, the tax code was revised through 2012 to allow this to be excluded from income tax returns.

A number of investors are purchasing foreclosed and short sale homes, hoping for a future gain when property values rise. In the meantime, they are renting out many of these properties for more than the monthly payment, which allows them to make the mortgage payment and put something aside for possible maintenance. This is a wise decision for those who can afford to do so, as property has always showed a good return over time.

However, there are some cautions that need to be observed. Places that are sold ‘as is’ should raise a red flag as there may be a major problem with the property. Having to replace a sewer system or do extensive electrical repairs can be very expensive and requires meeting building codes and other regulations. This can be avoided if one has an independent building inspection report.

The current interest rate, for home buyers, is at an all time low, many at 4%. In taking out a loan for purchasing a home it is paramount to get a ‘fixed-rate’ mortgage. Variable interest rates can change on a moment’s notice and make a monthly payment extremely expensive.

The dream of owning a home can be found with most married couples and families who want to establish a location they can call their own. However, many purchased highly priced housing with high interest payments and, with the current economy, could no longer afford to make the payments. The result is apparent in the number of ‘for sale’ signs that are on almost every city street. The current real estate market, however, offers a rare opportunity to obtain a home at a price that is affordable and make that dream a reality.

Get complete details and information on the fast and easy ways you can get Boise Real Estate today! When you work with a knowledgeable professional, you will find the Boise Homes you want to compare easily and quickly.

There is still hope for many people who had to foreclose during the current real estate market. Individuals who lost a home due to foreclosure may be able to purchase another home in as little as two years, provided they qualify. The keys to qualifying are rebuilding credit, replenishing savings, and finding the right lender.

People who had to foreclose on a house no longer have to wait four years to get a new mortgage. The Federal National Mortgage Association, or Fannie Mae as it is generally known, has slashed that time to two years if borrowers have a down payment of 20 percent.

Borrowers with only a ten percent down payment usually must wait about 4 years. But they may be able to get around this if they have concrete evidence that the foreclosure was due to job loss, death, or divorce. If the proof is acceptable, the waiting period could be trimmed by half. This time could be wisely used to improve credit standing, find a higher-paying job, and enlarge savings.

In order to help get rid of debt and boost savings, individuals who had to foreclose should consider renting or staying with loved-ones. Whatever choice these potential homeowners make, they should attempt to pay bills in a timely fashion, and keep strict account of all payments made. Experts have shared that this makes lenders know such borrowers can be taken seriously.

Opening a Certificate of Deposit account may be another option for those seeking to improve credit scores. The idea is to get the bank to extend a line of credit with the CD as collateral. Once a card is issued, it can be used to pay bills frequently and on time, so borrowers can prove they are financially responsible. Experts have also recommended working with local banks because they tend to lend to people with previous financial issues.

Securing a Federal Housing Administration or FHA loan can be a good option for people who had to foreclose. The federal government insures this type of loan so they are generally easier to get for individuals who had a previous foreclosure. Although the waiting period is 3 years, only a 3.5 percent down payment is needed. Borrowers should make sure that they have a great bill-paying history, since this is crucial with FHA loans.

Anyone who has lost a home to foreclosure in the present real estate market should not despair. It is possible to be a home owner again by focusing on rebuilding credit, saving a hefty down payment, and finding the right lender. Consulting financial and/or real estate professionals should yield more detailed information.

Lost your home to a foreclosure judgment? Have a quick look at our review on how to buy Boise homes after Foreclosure for more info on how and where to find a reliable Boise real estate agent

There are plenty of reasons for wanting to own your own home. However, it is important to take time to really consider your real estate options in regards to home ownership. A major thing to consider is whether or not you are ready for home ownership. Here are some things to consider:

How is your job situation? Are you at a job you have been at for a while? Is it a new job? Have you had regular work or have you been taking odd jobs here and there to cover your expenses? A history of reliable income can really boost your chances with a good loan amount through a financial institution.

How much savings do you have put aside for your home? Many professionals recommend being able to put down a 20% deposit down for a home, while others only ask for around 5%. Lenders typically like to see buyers who have a few months worth of mortgage payments saved up in case of emergencies. Showing that you are financially able to buy the property is a great way to impress financial institutions giving out mortgage loans.

How good is your credit? Do you even know what your credit score is? The better the credit score, the better financial backing you will get. If you have lower credit get it resolved before going in to get approved for a home loan.

How long are you planning on staying in the area? Are you settled and want to stay put in the area? Or are you still trying to figure out career choices and what city you would like to end up in? These types of decisions can greatly affect whether owning a home is the right choice for you.

What is your current financial situation? Are you in a reliable job that will be able to support your monthly mortgage payments? A good thing to consider is your debt-to-income ratio, so you know how much money you will have to be putting towards debt and then see what money you have left over for other expenses.

Will you be putting more than 28% of your income towards your monthly home payments? A general rule of thumb is to keep your home expenses to 28% or less. This includes things such as mortgage payments, property taxes, and homeowner’s insurance. If that payment exceeds 28% you might want to consider purchasing another home that fits your budget better. You also need to be prepared the first month for things such as closing costs, down payments, maintenance work that might be required, and the larger utility bill you will have when you move in to a larger home.

Other questions you can ask yourself is how responsible you are with your money. Do you have a reliable budget that you have been able to stick to? Or do you find yourself having issues with keeping financial responsibilities? You are the best person to know whether you are ready for the responsibility of owning a home or not.

Ready to make the move into your own place? Have a quick look at our review on how to buy Boise homes and for comprehensive information on how and where to find a reliable Boise real estate agent