Archive for the 'Real Estate News' Category

Don’t Let Your House Be A Diamond In The Rough

March 26th, 2008 categories: 3 Legged Horses, Real Estate News

Spending quite of few of my weekends this spring looking at homes with some first-time home buyers and we think we found what I call “a diamond in the rough.”

It is a great buy, had more room than we thought, and in a wonderful location for my buyers!  Why did it take us so long to find it?  Curb Appeal!!

Don’t be lulled into the thought that buyers will look at only the facts.  Buyers, especially first time buyers,are looking online and have so many listings to sort through. The unappealing first glance can cause them to jump to the next choice.

When looking at the picture of the front of the house, nothing really appealed to them to take a closer look. Not until they eliminated the more appealing homes, did we take a second look (then I started showing them price, DOM, sq/ ft ect….)

And I can’t tell you how many homes that looked great online, but when we drove up we just kept on driving. So it works both ways.

Don’t Deceive the Public With Doctored Pictures: if they can’t keep the property inviting and clean then don’t candy coat the listing.

Don’t Miss An Opportunity to Get Those Buyers to Drive By and Check Out Your Property.

 

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7 Mistakes To Avoid When Buying New Construction In Kuna

March 19th, 2008 categories: Down to Earth Information, Real Estate News

Everyone wants a home that they can call their dream home.

In the Treasure Valley, there are new homes as cheap as or cheaper than used residential. Crimson Point in Kuna is one example of a subdivision that is offering some great deals on new construction.

Even first time home buyers are able to purchase homes never lived in before. (unheard of when I bought my first home)

There is something about a clean slate that homeowners will pay for.

Of course, that means we have to wait for the trees to grow for shade and we have to put up blinds and shelving ect… Most people are ok with that in order to have a say about where the tree is going to go and where the shelves will hang.

With so many things to consider in the buying process, don’t make these mistakes when considering purchasing new construction for your next home. Read the rest of this entry »

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For Sale By Owner In Kuna Country

March 12th, 2008 categories: Down to Earth Information, For Sale By Owner, Real Estate News

I have seen lots of homes being sold by their owners this spring. Most are homes in the $400,000+ price range.

In today’s market, what motivates these sellers to try to do it themselves should have changed. It should not be to save money, but rather to make their home more competitive to increase their chance of selling.

With less buyers out there for this price range than in the past home owners will have to find a way to position themselves to entice the buyers to take a look.

There are two inherent problems they will need to be aware of. Read the rest of this entry »

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Home Prices In Kuna for February 2008

March 10th, 2008 categories: Real Estate News

Active Listings For Residential Single Family Homes

Total = 211

Average List Price = $286,815

Median Listing Price = $199,900

Pending Sales

Total = 31

Average List Price = $185,614

Median List Price = $162,500

Sold in February 2008

Total = 24

Average List Price = $210,130

Median List Price= $184,500

Average Sold Price = $207,220

Median List Price = $182,000

% of difference between list and sold price=99%

Sold in February 2007

Total= 43

Average List Price = $198,452

Median List Price = $178,900

Average Sold Price= $197,024

Median Sold Price= $174,000

% of difference between list and sold price = 99%

Change in number of sold listings from 2007 to 2008 = down 56%

Change in Sold Price from 2007 to 2008 = up 5%

Absorption Rate for 2/2008 = 8.5 months

So what does this reveal? 

February sucked!

• Only half as many properties sold
• Sold price increased (because of one high price property that sold)
• The absorption rate is increasing

Winter weather played a large part in these numbers, last year we had a unusually mild February.  You probably already noticed it is half way through March as I figure these numbers. That is because all of sudden the phone has been ringing and things are starting to move again.

Here’s to a much better March!

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How To Be A Loser And Still Win In A Buyers Market

February 9th, 2008 categories: Real Estate News

Most people know they could lose equity if they decide to sell their home this year. How can we expect to sell our house for less than we bought it for? Or for less than what we could’ve sold it for 2 years ago?

I think people are afraid to make that move they were planning on for fear they will lose money!

I can understand that, I have said the same thing. “Wait until the market recovers.”

But let’s think outside the box. What are we comparing our house values to? Are we letting a perceived value effect our decision?

Then I sat down and did the math.

Let’s say the subject in mind is a house they paid $185,000 2 years ago(a example being this house for sale last year on Firebrick). Let’s say they want to move into a subdivision where the homes were priced at $350,000 last year.(example being in Meridian). They have $100,000 equity.
$355,900
-$100,000
__________
$255,900 needed!

But this year their house would only sell for 165,000!!!! That’s a lost of $20,000 of real money!! (not perceived or what we could’ve had)

The house in Meridian on Bonita Canyon, also had to come down and is now priced at $294,900. So now lets do the math

$294,900
– $80,000
________
$214,900

Wow what a deal!!!!!

Don’t let the nay sayers talk you out of making the move your family needs. There are deals like this in every price range.If you are thinking about moving the first thing you need to do is see a lender and find out what your limits are. Then see what your money can buy and price your house to sell!!!

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Kuna Real Estate Statistics for January 2008

February 4th, 2008 categories: Real Estate News

Active Listings For Residential Single Family Homes

Total = 235

Average Listing Price = $164,493

Pending Sales

Total = 26

Average List Price = $203,656

Sold (in January 2007)

Total = 95

Average List Price = $189,686

Average Sold Price = $186,826 (98% of asking price)

Sold in January 2008

Total = 20

Average List Price = $204,005

Average Sold Price = $197,876 (97% of asking price)

Change in Sold Price from 2006 to 2007 = up 6%

Absorption Rate =  12 months or 56 weeks

So what has changed? 

• Sales numbers unchanged from December 2007
• Slightly higher sold price from one year ago
• Absorption rate have gone from 7 to 12 months

1. People are starting to put their houses on the market again.

2. Still a good time to sell if

a) you have equity in your home and you are flexible enough realize you can buy another house at a great price to recoup any equity you may lose in the sale of your present house.

b) you have to sell and you have equity in your home

c) you are downsizing and have equity in your home.

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9 Reasons To Invest In Kuna Idaho Land Right Now

January 30th, 2008 categories: Buying Land Advice, Real Estate News, Some Of My Favorite Things

1. Location: This is one of the most important aspects of investing in any type of real estate.

Kuna is a town of approximately 15,000 people with it’s roots being agricultural. Only about 30 minutes south of downtown Boise, Kuna is closer to Nampa and Meridian for shopping and medical needs. Though Kuna is swiftly adding on more and more conveniences, it is still considered a small town. South of Kuna is the Snake River and Owyhee Mountains.

Ada County Highway is studying and acquiring land for a bypass that will go south of Kuna and reconnect with the interstate system by Caldwell.(projected within the next 10–30 years) Kuna could potentially be situated between the bypass and the interstate someday.

Also in the works is a new interchange at Ten Mile (2009) and numerous arterial road widening, such as Lake Hazel projected for 2011. These projects will make an easier commute for anyone in the Kuna and surrounding area.

We don’t have the traffic problems some of the surrounding communities have and with these additions,Kuna should stay ahead of the growth and added traffic.

2. Interest Rates: Vivian Chan, a mortgage consultant from First Horizon,could not have said it better.

“ Boy, what a crazy week! The feds cut the rates and mortgage backed securities went on a crazy roller coaster ride with drops in rates we have not seen in years! We are stable now at 5.625% on 30 year mortgage rates which is just AWESOME! Boise, Idaho nationally is the 5th strongest real estate market. Be patient, be positive.”

Vivian knows what going on in the mortgage world and in the Treasure Valley. She is a wonderful resource for any kind of home loan.

Vivian Chan

First Horizon Home Loans

Eagle, Idaho 83616

(208) 938-6553 www.buildingwealthidaho.com

3.Wealth Building: Always one option to save for retirement is buying a piece of rural land. The one thing people have a hard time doing is holding on to it long enough to build equity, sometimes taking 30 years.

Opportunities to buy low and sell high the next year are hard to find but real estate is reliable product if done right.

Even a greater benefit would be to use part of this investment for your primary dwelling so you can avoid capital gains when you do sell.

4. Prices: Look for sellers that are motivated. If they don’t need to sell, they don’t have their property priced to sell. Although land prices in Kuna are not cheap anymore, we have seen a peak in prices in recent years, with a dramatic decrease in the last six months. The fear in the sellers market right now is that the prices are going to go lower. Sometimes you can capitalize on that and help a seller unload his debt. It is a buyer’s market for land too.

5. Labor and Material: With the slow down in new construction starts, you have more bargaining power with builders and suppliers. You should get more of their undivided attention.

6. Kuna Communities: Kuna is still rural and has numerous subdivisions of 3–20 homes that may have small acreage lots for sale. There are at least three newer subdivisions with one acre lots they have been building in for the last couple years. Some subdivisions are just a homeowners that was able to split off a couple of parcels for building lots, not your normal subdivision concept.

7. Agricultural community: In most areas of Kuna you can still have chickens or a family cow and not be snubbed because of them. Be sure to check with the HOA within your subdivision, or with the county before buying if this is important to you.

8. Weather: We have four seasons, with the longest being spring and fall. Low humidity,lots of sunshine and a great water source.

9. Opportunity: Good land is becoming scarcer and will get more and more dear. The best investment on Earth is Earth.

Tags: land, Kuna, building

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Grab The Bull By The Horns: But Avoid Steering A Buyer

January 21st, 2008 categories: Real Estate News, Regulations and Red Tape

I remember the first house I listed, while putting up the for sale sign in this small cul-de-sac, a neighbor came out to investigate. Proudly giving her the scoop about my new listing, she became to plead with me, not to show it to any young people?  She had quiet neighbors and was very anxious about having to share her neighborhood with someone that didn’t go to bed at the proper time. 

 If you have a real estate license, you should know the definition of steering: the illegal funneling of home buyers to a particular area based on the desire to keep the makeup of that neighborhood the same or intentionally change it. Racial steering receives the most consumer complaints, but the practice is not acceptable for any reason, and it goes against Fair Housing laws.

I can’t say I gave her the correct response, which should’ve been “I’m sorry but Fair Housing Laws prevent me from steering certain groups of people away from or towards a certain neighborhood.”  She caught me off guard, and I sure I mumbled something to try to pacify her.

My job is to match buyers to the features of available properties, not to the racial (or other) makeup of the area. If someone asks me to eliminate certain areas based on any of the protected classes, I cannot legally follow their instructions, even if I am the Buyer’s Agent.

Protected Classes

• race
• color
• national origin
• religious preference
• sex
• familial status
• handicaps

The fair housing laws are designed to prevent discrimination, including steering, but generally, they should not prevent real estate brokers from being the reliable and rich sources of information and advice that make them so valuable.

If it is something factual, I can share that with you, like absorption rates for a particular  neighborhood.  I can point out Home Owner Association Rules, or show you  where the train tracks are, but I can’t give my opinion about schools,or is it’s a “nice” neighborhood.

If you ask questions about the schools, I will point you to the School District report cards. Idaho School Report I will encourage you to visit the school of your choice, find out it’s boundaries and get a feel for how that school is being run.

If you want to know if there are any sex offenders in the neighborhood you are considering, I will refer you to Family watch dog

 If a buyer wants to know the crime statistics of an area, smart agents will direct buyers to the police department or other sources of information. An agent should never ever disclose crime stats or say a neighborhood is a relatively safe place to live even if she believes it to be true.

An agent cannot answer questions about the ethnic make-up of a neighborhood. For example, buyers should not expect an agent to show homes in neighborhoods comprised of primarily Latinos, African-Americans, American Indians or any other ethnicity or race. If you need to know the demographics of a neighborhood, I will refer you to census report

As much as I would like to do some of these things for you, because of potential law suits, Realtors try to be very careful about taking any action that could be construed as “steering” or “discriminatory”.

Now for the end of the story: As it turned out, a very nice young family moved in and there is still peace in the neighborhood.

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Every Country Girl (or Guy) Should Know About This: Water

January 11th, 2008 categories: Buying Land Advice, Real Estate News

 “Water deliv?” The answer to this simple, important question is  sometimes misunderstood even by the agents representing the buyer.

You will find this short question on a MLS listing in the same area where it gives you information about the irrigation district and water shares available.  

The long version should read,  “Is the irrigation water able to be delivered to the property without the buyer having to do anything extra”

 

1. Yes, you can always haul in water (or deliver it)… does not count!

2. No, you might not be able to get the neighbors cooperation in running a ditch across their front yard. The bigger question being the cost of getting the water to your property.

3. NO, just because they have water shares does not automatically mean it is deliverable.(or why else would they ask the question?)

Water is dear to the hearts of Idahoans who live in a high mountain desert. With no more than 20 inches of rain each year, irrigation water is vital to our standard of living and to our green lawns! 

Each property is usually within a designated irrigation district. The Irrigation district can assist in determining which land has a valid water right and can help you determine the point of delivery for the water.  

Be sure you know the answers and fully understand your rights concerning this very important issue before you sign on the dotted line.

One more thing to keep in mind when buying country property in Idaho.

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Another Great Home In Kuna Under $160,000

January 6th, 2008 categories: Neighborhood Reviews, Real Estate News

What is the first thing I notice when I walk into this house?

It smelled clean!

It did not smell like carpet cleaner,

It did not smell vacant.

It did not smell like food cooking, cats, birds or stale smoke.

It smelled clean. How do I describe clean? The air was empty of any particular smell, the air had the right ingredients to not smell old, or stale.

So I’m thinking the rest of the house will be in the same condition. Nothing there that shouldn’t be.

It certainly looked like it was in top shape..Nice floor plan and good size rooms. The front porch was meant for lounging(afternoon shade) and the field behind the backyard would give a nice buffer from subdivision noise.

Palomar subdivision Palomar Statistics on the north side of Deer Flat, is a very nice subdivision,composed of first time home owners,families and about 17% rentals. It is close to all the schools and easy access to Ten Mile or Deer Flat for a easy commute into Boise.

There has been a recent price reduction on this home, so the owners are serious about selling their home and moving on.

Well worth looking at if you are looking for a good buy in Kuna

Tags: Palomar, Kuna, buy

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