The Equity Savers Real Estate Blog

Weekly Market Update 7/26/10

2010-07-26T11:31:00.000-07:00

The number of pending sales on the market decreased again this week in Canyon County and in Ada County. It was a 2.1% decrease in Canyon County and a 3% decrease in Ada County. The number of homes on the market in Canyon County increased this week by 2.2% and increased by 0.7% in Ada County.

We should see things begin to pick up some now! The latter part of July is normally the bottom of our usual summer slump. August is normally the better summer month with September being one of the top months of the year!

-Craig Panike, Broker

Weekly Market Update 7/19/10

2010-07-20T17:09:00.000-07:00

The number of pending sales on the market decreased again this week in Canyon County but increased in Ada County. It was a 3% decrease in Canyon County and a 5.5% increase in Ada County. The number of homes on the market in Canyon County decreased this week by 0.7% and increased by 0.6% in Ada County.

While Canyon County had another decrease in pending sales it was good to see that Ada County had a fairly good jump in pending sales!

-Craig Panike, Broker

Weekly Market Update 7/12/10

2010-07-12T08:00:00.000-07:00

The number of pending sales on the market decreased again this week in Canyon County but increased in Ada County. It was a 3% decrease in Canyon County and a 1.4% increase in Ada County. The number of homes on the market in Canyon County increased this week by 0.14% and increased by 1% in Ada County.

This week is showing signs of the market leveling out as I had expected. I think we will see it continue to level out now and start to slowly improve.

-Craig Panike, Broker

Mortgage Bonds Boom Drives Rates Down

2010-07-02T12:48:00.000-07:00

Residential mortgage bonds backed by the U.S. government have become a safe haven for investors again, helping to drive mortgage rates to record lows. The average interest on 30-year fixed loans fell this week to 4.58 percent, down from 4.69 percent a week ago, reports Freddie Mac.

With homes prices at an all time low and interest rates at an all time low it is a perfect time to buy!

Source: The Wall Street Journal, Mark Gongloff (07/02/10)

Weekly Market Update 6/28/10

2010-06-29T12:26:00.000-07:00

The number of pending sales on the market took another big hit this week by decreasing quite a bit. It was a 6.5% decrease in Canyon County and 8.1% decrease in Ada County for the week. The number of homes on the market in Canyon County increased this week by 1.1% and increased by 0.7% in Ada County.

It appears that the decrease in pending sales is due to buyers withdrawing their offers on short sales because they are tired of waiting. It also appears that some of the homes are going to auction before the short sale process is completed.

-Craig Panike, Broker

Weekly Market Update 6/21/10

2010-06-21T18:25:00.000-07:00

The number of homes on the market with pending sales decreased again this week. It was a 2% decrease in Canyon County and 4.2% decrease in Ada County for the week. The number of homes on the market in Canyon County decreased this week by 1.5% and increased by 1.1% in Ada County.

I think we will see the pending sales start to level out here in the next week or two and the number of homes on the market stay about where it is at now.

-Craig Panike, Broker

Weekly Market Update 6/14/10

2010-06-15T12:37:00.000-07:00

The number of homes on the market with pending sales continues to decrease. It was a 4.8% decrease in Canyon County and 7.1% decrease in Ada County for the week. The number of homes on the market in Canyon County increased this week by 2.3% and increased by 1.7% in Ada County.

We are still experiencing a weak market but it seems to be holding steady at this point and not getting worse. Overall, with a little variation here and there, we have been running relatively flat. I believe it will remain this way until next summer.

-Craig Panike, Broker

Weekly Market Update 6/7/10

2010-06-07T16:39:00.000-07:00

The number of homes on the market with pending sales decreased again this week. It was a 15.7% decrease in Canyon County and 21.1% decrease in Ada County for the week. The number of homes on the market in Canyon County decreased this week by 1% and increased by 1% in Ada County.

The number of homes on the market continues to stay somewhat level. That’s a positive sign since that number normally goes up this time of year. It’s not a good sign though to see the pending sales drop that much.

- Craig Panike, Broker

Post-Tax Credit Buyers May Save Money

2010-05-28T07:00:00.000-07:00

Missing the tax credit deadline might have seemed like a big mistake to some home buyers, but waiting could have been the smartest thing to do. Interest rates have fallen so dramatically since April 30th that the typical purchaser of a $350,000 home, financed with a $280,000 mortgage, would have saved a bundle by waiting until May.

At April’s average rate of 5.34 percent, a home buyer would have locked in a 30-year fixed rate loan with a monthly payment of $1,561.82. The same borrower could have snagged a 30-year fixed rate loan at a rate of 4.625 percent in May and paid $1,439.59 per month.That’s a $1,467 annual savings. Over 30 years, it’s a $44,003 savings, dwarfing the tax credit.

Source: Informa Research Services (05/26/2010)

April 2010 vs 2009 Local Area Stats

2010-05-25T07:00:00.000-07:00

Click here for complete statistical info for Canyon County

Click here for complete statistical info for Ada County

Weekly Market Update 5/24/10

2010-05-24T07:00:00.000-07:00

The number of homes on the market with pending sales decreased again this week. It was a 3.9% decrease in Canyon County and 6.5% decrease in Ada County for the week. The number of homes on the market in Canyon County increased this week by 0.7% and decreased by 1.2% in Ada County.

There is good news and bad news in this. Bad news is the number of pending sales is declining which is a preview of what solds will be doing in the next couple months. Good news is that the number of homes on the market is holding somewhat steady. I would be more concerned if the inventory was swelling so it’s good to see that it’s not.

- Craig Panike, Broker

Mortgage Rates Continue to Drop

2010-05-21T11:30:00.000-07:00

Falling rates on U.S. government securities helped push mortgage rates down to the lowest level so far this year. The average rate on a 30-year fixed loans declined this week to 4.84 percent from 4.93 percent a week ago, reported Freddie Mac. Also, 15-year fixed loans fell to 4.24 percent from 4.30 percent; five-year, adjustable-rate mortgages declined to 3.91 percent from 3.95 percent; and one-year ARMs fell to 4 percent from 4.02 percent.

Source: Pittsburgh Post-Gazette (05/21/10)

Weekly Market Update 5/17/10

2010-05-18T14:35:00.000-07:00

The number of homes on the market with pending sales decreased again this week. It was a 2.5 % decrease in Canyon County and 3.3% decrease in Ada County for the week. The number of homes on the market in Canyon County increased this week by 2.6% and increased by 0.8% in Ada County. So far the activity in the market has not dropped off that much since the $8,000 tax credit expired. That is a good sign that the market may be able to hold its own!

-Craig Panike, Broker

Weekly Market Update 5/10/10

2010-05-11T13:45:00.000-07:00

The number of homes on the market with pending sales decreased for the first time since December 2009. It was a 6.8% decrease in Canyon County and 0.2% decrease in Ada County for the week. The number of homes on the market in Canyon County increased this week by 1% and decreased by 0.01% in Ada County. It doesn’t surprise me to see the pending sales decrease since we are past the $8,000 tax credit now. The next couple weeks will show us whether the market will continue to improve on its own.

- Craig Panike, Broker

'Cash-in' Refinances on the Rise

2010-05-06T17:23:00.000-07:00

Freddie Mac says a third of borrowers who refinanced in the fourth quarter of 2009 brought a check to settlement, marking a record high rate of "cash-in" deals as cash-out refis hit a record low of 27 percent. Cash-in refis release homeowners from underwater mortgages and free up equity. Experts say their popularity can be attributed to falling home prices that make borrowers ineligible for refis without fronting some cash, as well as the desire to avoid mortgage insurance or higher jumbo loan rates.

Source: Realty Times, Broderick Perkins

Weekly Market Update 5/3/10

2010-05-03T13:05:00.000-07:00

The number of homes on the market with pending sales increased for the 18th week in a row! It was a 3.8% increase in Canyon County and 4.6% increase in Ada County for the week! The number of homes on the market in Canyon County decreased this week by 4% and by 2% in Ada County. If these numbers keep improving at this pace we could see things level off by the end of the summer and settle into a normal market!

- Craig Panike, Broker

Adult Treehouses Are Tops

2010-04-29T06:06:00.000-07:00

The treehouse is becoming the hottest thing in backyard amenities. They are particularly attractive to adults seeking a novel place to get away and relax. The typical cost is $40,000 to $80,000 for a 200-square-foot, fully furnished treehouse with electricity and, possibly a bathroom and a kitchen. The most difficult part of constructing a tree house can be getting permits. Failing to get a permit can be a big mistake, treehouse builders say.

Click here to check out the Treehouse Workshop!

Source: The Wall Street Journal, Sarah Max (04/07/2010)

Weekly Market Update 4/26/10

2010-04-26T20:51:00.000-07:00

The number of homes on the market with pending sales increased for the 17th week in a row! It was a 10.6% increase in Canyon County and 6.5% increase in Ada County for the week! The number of homes on the market in Canyon County decreased this week by 2% and increased by 1% in Ada County. The pending sales for both Counties are now at their highest level since 2008!

- Craig Panike, Broker

Attention All Home Buyers!

2010-04-23T07:00:00.000-07:00

Whether you are a first time home buyer, someone who needs to move, or just someone who wants to make a move, now is the time! The $8,000 & $6,500 tax credit deadline is coming up on April 30th! With the tax credit, low interest rates, and home prices lower than we have seen in years, there hasn’t been this kind of opportunity to buy a home in a long time!

- Craig Panike, Broker

Weekly Market Update 4/19/10

2010-04-19T09:09:00.000-07:00

The number of homes on the market with pending sales increased for the 16th week in a row! It was a 4.2% increase in Canyon County and staying about the same in Ada County for the week. The number of homes on the market in Canyon County decreased this week by 1.2% and increased by 0.4% in Ada County. The pending sales for Canyon County are now at their highest level since 2008!

- Craig Panike, Broker

March 2009 vs 2010 Local Area Stats

2010-04-14T07:00:00.002-07:00

Click here for complete statistical info for Canyon County

Click here for complete statistical info for Ada County

Weekly Market Update 4/12/10

2010-04-12T07:00:00.000-07:00

The number of homes on the market with pending sales increased for the 15th week in a row! It was a 0.4% increase in Canyon County and a 4.5% increase in Ada County for the week. The number of homes on the market in Canyon County increased this week by 0.5% and increased by 1.3% in Ada County. Activity in the market has been steadily increasing over the past couple months!

- Craig Panike, Broker

Weekly Market Update 4/5/10

2010-04-06T14:37:00.000-07:00

The number of homes on the market with pending sales increased for the 14th week in a row! It was a 4.4% increase in Canyon County and actually a 1.1% decrease in Ada County for the week. The number of homes on the market in Canyon County decreased this week by 0.6% and decreased by 2% in Ada County. A quick peek into the March sold stats indicates that there was another healthy increase!

- Craig Panike, Broker

Weekly Market Update 3/29/10

2010-03-29T08:08:00.000-07:00

The number of homes on the market with pending sales increased for the 13th week in a row! It was a 4.2% increase in Canyon County and a 4.8% increase in Ada County for the week. The number of homes on the market in Canyon County increased this week by 0.3% and increased by 1% in Ada County. What is really good to see is that there are 381 fewer homes on the market in Canyon County vs this same time last year and 504 fewer in Ada County!

- Craig Panike, Broker

Homes Sales Rise in Boise!

2010-03-24T11:05:00.000-07:00

According to a recent article by the New York Times, Boise registered an annual increase in sales last month. It stated that Boise had the biggest sales gain and reported a nearly 42 percent increase from a year ago. It also stated that Boise's median home price dropped nearly 14 percent from a year ago to $138,000.

Click here to read the article in its entirety.

Source: New York Times

Weekly Market Update 3/22/10

2010-03-22T08:55:00.000-07:00

The number of homes on the market with pending sales increased for the 12th week in a row! It was a 0.1% increase in Canyon County and a 3.8% increase in Ada County for the week. Not as big of an increase as we have been seeing so it could be that it is starting to level off which it will do at some point. It will be interesting to see what this week brings! The number of homes on the market in Canyon County decreased this week by 1% and increased by 0.5% in Ada County.
- Craig Panike, Broker

Recovery is Moving Forward

2010-03-19T07:00:00.000-07:00

Fannie Mae Chief Economist Doug Duncan points to evidence that a recovery is on its way, including an increase in consumer spending, an improving service sector, and the likelihood that employers will begin hiring soon. "More favorable financial conditions overall keep us optimistic that we are moving forward with the recovery, albeit at a lower trajectory than previously forecast," Duncan said in a statement.

Source: NAR & Fannie Mae (03/17/2010)

February 2009 vs 2010 Stats

2010-03-17T07:00:00.000-07:00

Click here for complete statistical info for Canyon County

Click here for complete statistical info for Ada County

Weekly Market Update 3/15/10

2010-03-15T08:31:00.001-07:00

The number of homes on the market with pending sales increased for the 11th week in a row! It was a 5.4% increase in Canyon County and an 8.3% increase in Ada County for the week! The number of pending sales is up 52% in Canyon County from this same time last year and 46% in Ada County! The number of homes on the market in Canyon County has decreased 16% from this time last year and decreased in Ada County by 10%! More signs that the housing market is improving!

- Craig Panike, Broker

Hear What Our Customers Are Saying!

2010-03-12T15:08:00.000-08:00

"Awesome work! Enjoyed working with all the staff." - Villarreal

"We liked working with The Equity Savers. It was fast & friendly." - Tincher

"I am very happy with the sale of my house. Everyone worked so hard to help sell it. They kept me well informed with what was going on." - Dombroski

"Working with The Equity Savers was great. The transaction coordinator was very thorough and friendly. They got the closing done as quickly as possible." - Lyman

Boise-Nampa 6th Fastest Wage Growth in the Nation!

2010-03-10T07:00:00.000-08:00

According to a recent article on MSN the Treasure Valley had a wage growth of 5.5% from 2007-2008 ranking it 6th in the Nation. Pocatello made the list at number 9 with 5.3% wage growth. For the entire country, the average was 3.4%. Click below to see the top 20 cities and the bottom 20 cities..

40 Cities with the Fastest and Slowest Wage Growth

Source: MSN & CBsalary.com

Weekly Market Update 3/8/10

2010-03-08T08:29:00.000-08:00

The number of homes on the market with pending sales increased for the 10th week in a row! It was a 5.6% increase in Canyon County and a 4.6% increase in Ada County for the week! We saw the number of homes for sale on the market shrink slightly in both Counties. The market is continuing to get more active! We still have a ways to go before we reach normal levels but it is encouraging to see it steadily going the right direction!

- Craig Panike, Broker

Updated 10 Year Appreciation Chart

2010-03-05T07:00:00.000-08:00

*Please click on the image to view actual size

Should I Stay or Should I Go!

2010-03-03T09:27:00.000-08:00

If you are trying to decide to sell your home now or wait until the market gets better, than here is something to think about. If you wait, it’s true that you will probably be able to sell it for more within a few years. But the next home that you buy is also going to cost you more and not only is the purchase price going to be more but your monthly payments will more than likely be higher as well since interest rates will be on the rise. If you sold your home now and bought another one while the prices are still low AND interests rates are at record lows you could be putting yourself in a much better position to gain back equity faster. Contact us today at The Equity Savers at (208) 463-1011 and we can help you decide if you should stay or if you should go!

Weekly Market Update 3/1/10

2010-03-01T10:58:00.000-08:00

The number of homes on the market with pending sales increased for the 9th straight week in a row! It was a 10% increase in Canyon County and a 0.4% increase in Ada County for the week! We saw the number of homes on the market shrink in Canyon County while slightly rising in Ada County. Activity in the market has been picking up. We should see even more activity in March and April as we approach the tax credit deadline!

- Craig Panike, Broker

Shortage of Homes in 2011?

2010-02-24T07:00:00.000-08:00

According to Brian Wesbury, chief economist at First Trust Advisors, says that if Americans don’t start focusing on building new houses, the market will have a much bigger problem on its hands.

“We need one and a half million houses per year just to keep up with population growth,” Wesbury said in an interview with Steve Forbes. “And then if you throw in, you know, fires and tear-downs and just worn-out properties, we need 1.6 million or more per year. Right now, we’re down to about six and a half, seven months’ inventory whether you look at new homes or existing homes.”

Click Here to read the entire article.

Weekly Market Update 2/22/10

2010-02-22T08:19:00.000-08:00

The number of homes on the market with pending sales increased for the 8th week in a row! It was a 2% increase in Canyon County and an 8.5% increase in Ada County for the week! Another strong increase for a one week period! We saw the number of homes for sale on the market raise slightly in both counties.
- Craig Panike, Broker

January Monthly Stats

2010-02-17T07:00:00.000-08:00

Click here for complete statistical info for Canyon County

Click here for complete statistical info for Ada County

Weekly Market Update 2/15/10

2010-02-15T12:33:00.000-08:00

The number of homes on the market with pending sales increased for the 7th week in a row! It was a 4% increase in both Canyon and Ada Counties for the week. That is a strong increase for a one week period! We saw the number of homes for sale on the market remain relatively the same in both counties. It would be ideal if the number of homes on the market was shrinking but it is still a positive that it is at least staying flat and not increasing at a rapid pace.
- Craig Panike, Broker

Remember We Are a HUD Certified Office!

2010-02-10T13:14:00.000-08:00

HUD (Housing & Urban Development) homes can be a very good deal. When someone with a HUD insured mortgage can't meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD takes ownership of the home. Then HUD sells it at market value as quickly as possible. Read all about buying a HUD home and check out the current listings of HUD homes right on our website! You might be surprised what you find!

Also, you may qualify for the $100 Down Payment! $100 Down Payment Financing is available on most properties through participating FHA Approved Lenders. If you have any questions feel free to contact us at (208) 463-1011.

Weekly Market Update 2/8/10

2010-02-08T11:28:00.000-08:00

The number of homes on the market with pending sales increased for the 6th week in a row! We saw a decrease this week in the number of homes for sale on the market in Canyon County and a small increase in Ada County. The market so far this year is trending the right direction.

- Craig Panike, Broker

Weekly Market Update 2/1/10

2010-02-02T09:46:00.001-08:00

The number of homes on the market with pending sales increased for the 5th week in a row! We saw a small increase this week in the number of homes for sale on the market in both Canyon County and Ada County this week. It’s normal to see an increase as we get closer to spring as that is when most people put their homes on the market.

- Craig Panike, Broker

A Little Fun! Vote on Our BSU Poll!

2010-01-29T13:18:00.000-08:00

We want to know how you think BSU will do in 2010. Take a moment and vote on our poll on the right hand side of this blog (right underneath the 'testimonials' button). Thanks!

Weekly Market Update 1/25/10

2010-01-25T07:00:00.000-08:00

The number of homes on the market with pending sales increased for 4th week in a row! The number of homes for sale on the market decreased in Canyon County again while slightly increasing in Ada County. Banks are beginning to report that the loan defaults are leveling off too. These are encouraging signs!
- Craig Panike, Broker

FHA Announces Policy Changes to Address Risk and Strengthen Finances

2010-01-22T07:00:00.000-08:00

FHA has announced some upcoming policy changes. Here’s the short version of it and if you click the link below you can read the full details.

1) Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
2) Update the combination of FICO scores and down payments for new borrowers
3) Reduce allowable seller concessions from 6% to 3%
4) Increase enforcement on FHA lenders

Click here for the full details!

Source: HUD

Weekly Market Update 1/18/10

2010-01-18T08:52:00.000-08:00

Some good news for Sellers! The number of homes on the market with pending sales increased this week! The number of homes for sale on the market decreased in Canyon County while slightly increasing in Ada County. This is an encouraging sign! It will be interesting to see if this is the beginning of a new trend!
- Craig Panike, Broker

December Stats for our Market!

2010-01-15T07:00:00.000-08:00

Click here for complete statistical info for Canyon County

Click here for complete statistical info for Ada County

Is 2010 the Year to Buy a House?

2010-01-13T16:27:00.000-08:00

It certainly looks that way: After a steep run-up in prices during the first half of the decade, home values have plummeted back to 2003 levels. Fixed mortgage rates are sitting near record lows. And the foreclosure epidemic—while painful for many home owners—has created some wonderful opportunities for bargain hunters. If that's not enough, Uncle Sam is handing out thousands of dollars in tax credits to nearly all first-time buyers and the bulk of existing home owners who close a purchase by June.

Source: US News

Weekly Market Update 1/11/10

2010-01-11T08:10:00.001-08:00

The number of homes on the market increased some in both Canyon and Ada Counties. It is normal for the inventory of homes to increase after the first of the year as the holidays are over and people are ready to continue on with life. The number of homes with pending sales on them stayed about the same for both Counties.
- Craig Panike, Broker

Sellers Should List Their Homes Early

2010-01-07T07:00:00.000-08:00

Selling a home in the dead of winter might seem ill-advised, particularly considering the state of the economy, but some experts think that making the decision to wait until spring to list the property could be a mistake. Government incentives will likely have a big impact in 2010, with many buyers determined to sign a contract before the April 30 tax credit deadline. I agree with the experts! I’ve always believed that this is a great time to have your home on the market because there is less competition and buyer activity has already picked up!
- Craig Panike, Broker

Weekly Market Update 1/4/10

2010-01-05T11:41:00.001-08:00

The number of homes on the market dropped to their lowest levels of the year (2009) for both Canyon and Ada Counties this week! This overall trend of decreasing number of homes on the market has been sustained for 27 weeks now. That is good news! Pending home sales improved slightly this week in both Counties as well! I believe the market will continue to pick up in 2010 as far as the number of homes selling but conditions will still be such that home prices will remain low.

- Craig Panike, Broker

Invest in a Rental Home in 2010

2009-12-30T07:00:00.000-08:00

According to a recent study, investing in a rental home is the way to go in 2010. The Federal Reserve Bank of New York economists predict a decline in the U.S. homeownership rate as Americans spend the next several years trying to rebuild their equity. The worst recession since the Great Depression, punctuated by a foreclosure epidemic, drove house values down by an estimated $5.9 trillion since they crested in March 2006. The New York Fed researchers expect home owners who are upside down on their mortgages because of this lost equity "very likely will convert officially to renters" in the absence of a price turnaround in the foreseeable future. The share of Americans owning their houses topped out at 69 percent in 2006 but has since retreated back to 67.3 percent, a level not seen since 2000, based on the New York Fed analysis.
Source: Washington Post (12/25/09)

Weekly Market Update 12/28/09

2009-12-28T09:37:00.000-08:00

The number of homes (inventory) on the market rose a little in Canyon County and continued to decline in Ada County this week. Both Counties saw a decrease in pending home sales.

- Craig Panike, Broker

Conditions Optimal for Buyers

2009-12-23T07:00:00.000-08:00

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.88 percent in November from 4.95 percent in October; the rate was 6.09 percent in November 2008. Last month’s mortgage interest rate was the second lowest on record after bottoming at 4.81 percent in April 2009.

NAR President Vicki Cox Golder said conditions are optimal for buyers in the current market. “Inventories have steadily declined and are closer to balanced levels, which indicate home prices in many areas are either stabilizing or could soon stabilize and return to normal appreciation patterns,” she said. “This means buyers still have good choices but are purchasing near the bottom of the price cycle with historically low mortgage interest rates. Throw a tax credit on top and it really doesn’t get any better for buyers with secure jobs and long-term ownership plans.”

Source: NAR

Weekly Market Update 12/21/09

2009-12-21T08:48:00.001-08:00

The number of homes (inventory) on the market dropped a little in both Canyon and Ada Counties this week. Canyon County saw a slight increase in pending homes sales while Ada County pending home sales decreased for the 10th week in a row. I think we will see the market bump around at the current levels through the holidays.

- Craig Panike, Broker

November Stats for our Market!

2009-12-18T07:00:00.000-08:00

Click here for complete statistical info for Canyon County

Click here for complete statistical info for Ada County

Tracking the U.S. housing market's rise, fall and rebound

2009-12-16T07:00:00.000-08:00

Click on the link to see these five charts that show the housing industry's boom and bust this decade and forecast the possible course of its recovery the next three years, as reflected in home sales, home prices, housing starts, the supply of homes available for sale and mortgage defaults. All data is quarterly.

http://www.usatoday.com/money/economy/housing/2009-12-11-housing-market-charts_N.htm

Source: Moody's Economy.com & USAToday

Weekly Market Update 12/14/09

2009-12-14T08:35:00.000-08:00

The number of pending home sales dropped again in both Canyon & Ada Counties this week. The number of homes on the market stayed about the same for the week. Though the market has been slowly improving for sellers, it is still a great time to buy! With the price of homes down and low interest rates, buying a home hasn’t been this affordable in years!
- Craig Panike, Broker

Treasure Valley Foreclosures Down 13% in November!

2009-12-11T07:00:00.000-08:00

The number of home foreclosures filed in November in Ada and Canyon counties fell 13 percent from October’s totals, but remained high at 690. The 2009 low came in September with 595 foreclosures filed. The high came in July, when lenders began foreclosures on 819 homes.

Source: Idaho Business Review

Early Look at November Stats

2009-12-09T07:00:00.000-08:00

Here’s a little peak into the stats for November. The number of homes sold in Canyon County in November was up 6% over October and up 150% over November 2008! The number of homes sold in Ada County was down 9% in November over October and up 96% over November 2008! Both Counties have already exceeded the total number of homes sold in 2008. The data is showing that October 2008 – March 2009 was the bottom for the number of homes sold. Sales have been slowly climbing since March.

- Craig Panike, Broker

Weekly Market Update 12/7/09

2009-12-07T09:21:00.001-08:00

The number of pending home sales is dropping like a rock! Pending sales are down 36% in Canyon County and 41% in Ada County from when they peaked a few weeks ago. Some good news though is that the number of homes on the market dropped back down in both Canyon and Ada Counties this week. Our market is still very delicate.

- Craig Panike, Broker

Weekly Market Update 12/7/09

2009-12-07T09:21:00.000-08:00

Government Announces Short Sales Guidelines

2009-12-04T09:39:00.000-08:00

The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly. To qualify under these new guidelines:

The property must be the home owner’s principal residence.
The home owner must be delinquent on the mortgage or close to defaulting.
The loan must have been made before Jan. 1, 2009, and be for less than $729,750.
The borrowers’ total monthly mortgage payment must exceed 31 percent of their before-tax income.

*A short sale is when a home owner is selling their home for less that what is owed on it. Give us a call if you have any questions regarding a short sale! 208-463-1011.

Weekly Market Update 11/30/09

2009-11-30T15:02:00.000-08:00

The number of homes on the market increased slightly in Canyon County and stayed about the same for Ada County. The number of pending home sales is still on the decrease for both Counties. The good news is that it's due to more pending sales closing. October numbers for homes closed (sold) was the best so far this year and November is looking to be a repeat! In fact, the number of homes sold in Canyon County was about double this October vs October 2008. November looks to be even better!!

- Craig Panike, Broker

More Encouraging Signs in the Market!

2009-11-27T07:00:00.000-08:00

The number of homes sold was up again in October vs. September for both Canyon and Ada Counties! More good news is that the average and median home prices were also up in October vs. September for Canyon County. The number of days on the market was a little shorter in both Counties as well!

- Craig Panike, Broker

New $6,500 Tax Credit Available to Current Home Owners!

2009-11-25T13:32:00.000-08:00

The complexity of new home buyer tax credits leaves potential buyers with many questions. Here are answers to some of the most confusing:

How does a current home owner qualify for the $6,500 credit?
Buyers must have lived in their homes for at least five out of the last eight years. The home they buy must become their primary residence, but buyers don’t have to sell their previous home. They can use the previous home as a rental or a second home and still claim the credit.

Does the new home have to be more expensive than the one the buyer currently owns?
No. It is fine to use it to downsize. If the property sells for more than $800,000, the buyers don’t qualify.

Can buyers who are building a new home claim the credit?
Yes, although the contract must be in place by April 30 and the buyer must move in by July 1.

Can buyers claim the credit if they purchase a home from a relative?
No. The legislation prohibits taxpayers from claiming the credit if the sale is between “related parties,” including parent, grandparent, child, or grandchild.

Source: USA Today, Sandra Block (11/24/2009)

Weekly Market Update 11/23/09

2009-11-23T10:51:00.000-08:00

The number of homes on the market pretty much stayed the same this week but the number of pending home sales decreased again in both Canyon and Ada Counties. Right now 21.5% of the homes on the market are pending in Canyon County and 20.6% in Ada County this week. The ratio is down from previous levels but it is normal for it to go down this time of year. Good news is that it is higher than it was this time last year!

- Craig Panike, Broker

Weekly Market Update 11/16/09

2009-11-16T07:00:00.000-08:00

The number of homes on the market increased slightly this week and the number of pending home sales decreased again in both Canyon and Ada Counties. Pending homes sales has decreased for 3 weeks in a row now so it is starting to look like a trend. It makes sense that the numbers were up for awhile due to buyers trying to beat the tax credit deadline. I think we will see it level off now for the winter.

- Craig Panike, Broker

Treasure Valley Industrial Vacancy Dips in October

2009-11-13T07:00:00.000-08:00

The percentage of vacant industrial space took its largest dive since August 2006 in October, falling from 12.4 percent to 11.9 percent. According to a report from Boise-based Thornton Oliver Keller Commercial Real Estate, the decline comes at the end of a year that witnessed a rise from 8.6 percent to last month’s high of 12.4 percent. Click here to read the article.

Source: Idaho Business Review

Low Prices Draw Investors Back to Market

2009-11-11T13:10:00.000-08:00

Real estate investors are moving back into the market, according to a new survey from Move.com. According to the survey, 12.1 percent of home buyers today plan to buy a home as an investment property, compared to 5.6 percent in March 2009. The survey found that 15.8 percent of those interested in investment property were men and 8.1 percent were women and 52.6 percent of the investment buyers were between ages 35 to 49.

Source: NAR & Move.com

Weekly Market Update 11/9/09

2009-11-09T07:00:00.000-08:00

The number of homes on the market is still shrinking. This makes the 11th week in a row that inventory has dropped! The number of pending home sales decreased again in both Canyon and Ada Counties this week. I thought that it would bounce back up this week so we will have to see if this is a trend or not. It could be due to short sales finally beginning to cycle through. Wouldn’t that be great!
- Craig Panike, Broker

Obama Signs Extended Tax Credit into Law!

2009-11-06T13:18:00.001-08:00

Expected to contribute approximately $22 billion to the economy, Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010. More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

Click here for more info.

Pending Home Sales Continue to Rise

2009-11-03T06:00:00.000-08:00

Pending home sales rose again, marking eight consecutive monthly gains – the longest streak since measurement began in 2001, according to the National Association of REALTORS®. The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9. The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.

Watch a video interview of Lawrence Yun, NAR chief economist, as he talks about these latest pending-home sales trends.

Source: NAR

Weekly Market Update 11/02/09

2009-11-02T08:20:00.000-08:00

The number of homes on the market declined to their lowest levels this year. That makes the 10th week in a row that inventory has dropped! The number of pending home sale decreased slightly in both Canyon and Ada Counties this week. It is the end of the month so that was expected. Right now 25.1% of the homes on the market are pending in Canyon County and 24.6% in Ada County this week.

- Craig Panike, Broker

Supply of Home Inventory Drops

2009-10-28T12:31:00.000-07:00

I have been mentioning for the last couple of months that the number of homes for sale on the market, referred to as inventory, has been shrinking in our local area. Here’s a snap shot of what has been happening on the national scene:

Source: Mortgage Success Source, LLC

Weekly Market Update 10/23/09

2009-10-26T07:00:00.000-07:00

Pending sales in Canyon County rose again this week by 1.5% reaching a record high for the year! Ada County pending sales declined slightly. The number of homes on the market declined once again this week. That makes the 9th week in a row that inventory has dropped! 24.6% of the homes on the market are pending in Canyon County and 25.1% in Ada County this week. Activity in the lower price ranges continues to be strong again this week!

- Craig Panike, Broker

Big Rebound in Existing-Home Sales

2009-10-23T10:55:00.000-07:00

Here’s a great article that talks about what’s going on in the market nationally.

Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of REALTORS®. Click here to read the rest of the article.

What's Your Opinion on the First Time Home Buyer Tax Credit?

2009-10-22T10:47:00.000-07:00

Some experts are saying that the first-time home buyer tax credit has been a success. They say it has helped stimulate home sales, reduced housing inventory, and in some markets stabilized home prices. I believe that the housing market in our area is stabilizing and I am sure that the tax credit has helped. I am not necessarily for running up our country’s debt but I do think that extending the tax credit and opening it up to everyone will reassure that the housing market will continue to recover.

We would love to hear your comments and please vote on our poll and let us know what you think!
- Craig Panike, Broker

Weekly Market Update 10/19/09

2009-10-19T16:07:00.000-07:00

The number of homes on the market declined once again this week. That makes the 8th week in a row that inventory has dropped! Pending sales in Canyon County rose again this week by 3% while Ada County pending sales declined slightly. 24% of the homes on the market are pending in Canyon County and 25.2% in Ada County this week. Activity in the lower price ranges continues to be strong!

- Craig Panike, Broker

September Stats for Our Local Market

2009-10-15T08:53:00.000-07:00

Click here for complete statistical info for Canyon County

Click here for complete statistical info for Ada County

The Equity Savers Weekly Market Update 10/12/09

2009-10-12T09:19:00.000-07:00

The number of homes on the market declined once again this week. That makes the 7th week in a row that inventory has dropped! As I thought too, pending sales bounced right back up. 23.2% of the homes on the market are pending in Canyon County and 25.2% in Ada County this week. The market has been on an improving trend, albeit a slow one, for a few months now!

- Craig Panike, Broker

Ada & Canyon Foreclosures Drop!

2009-10-09T07:00:00.000-07:00

Here’s some encouraging news!

Beating the previous month’s decline, the number of foreclosures filed in the Treasure Valley dropped 19 percent in September. Ada and Canyon counties combined saw just 595 loans entering into foreclosure in September compared to 736 in August and a high of over 800 in July, according to IdahoDataProviders.com.

Click here to read the article.

Source: Idaho Business Review

A Historic Time to Buy

2009-10-07T07:00:00.000-07:00

Young people just starting to invest and buying their first homes are potentially the winners in this recession. First-time homebuyers, most between the ages of 25 and 45, accounted for about 45 percent of home sales from January through July 2009, according to the National Association of REALTORS®A study by investment company T. Rowe Price points out that investing when prices are low can result in amazing gains. For instance, between 1970 and 1990, the annualized rate of return for the S&P 500 was 11.5 percent. "We need to be shouting from the rooftops that this is not the time to get out of the market if you're young," says Christine Fahlund, a senior financial planner with T. Rowe Price. "This is the time to be in the market."

Source: The Associated Press, Chip Cutter (10/05/2009)

The Equity Savers Weekly Market Update 10/5/09

2009-10-05T09:40:00.000-07:00

Both Canyon and Ada Counties shed about 3% of their homes on the market (inventory) this week. That makes the 6th week in a row that inventory has dropped! Pending sales were down some this week due to it being the end of the month and a lot of them closing. All indicators show that pending sales will be right back up next week. All the closing activity towards the end of the month helped to make September one of the best months of the year for homes sold. I’ll have more on the monthly stats in a few days.
-Craig Panike, Broker

Housing Construction Rises in August

2009-10-02T13:17:00.000-07:00

The Commerce Department reports a 0.8 percent increase in construction spending in August following a revised decline of 1.1 percent the prior month. While nonresidential project spending slipped 0.1 percent to an annual rate of $372.6 billion, outlays for private residential building climbed 4.7 percent -- the biggest gain in almost 16 years -- to an annual rate of $249.5 billion.

Source: Wilmington News Journal (10/02/09)

Buying a Home in idaho is Still Affordable

2009-10-01T10:02:00.000-07:00

Idaho home prices may have climbed over the last decade or so (leaving some natives clutching their hearts with sticker shock), but homes here look pretty darn affordable to a lot of outsiders. The two Idaho markets included in the report were much closer to the low end than they were to the high end. In Boise, the report found, that average home costs $214,446. In Coeur d’Alene, it costs $203,542. The national average across these 310 markets was $363,401.

To read the article in it's entirety please click here.

Source: Idaho Business Review, Dani Grigg

The Equity Savers Weekly Market Update

2009-09-28T07:00:00.000-07:00

Homes on the market (inventory) dropped for the 5th week in a row in Canyon and Ada Counties! More good news too is that pending home sales held steady in both counties this week. Right now 23.4% of the homes on the market are pending in Canyon County and 24.7% in Ada County which is up from 23.1% and 24.6% respectively compared to last week. The data is showing that the market is continuing to slowly improve. That is good news for everyone!

- Craig Panike, Broker

Mortgage Rates Hold Steady

2009-09-25T10:36:00.000-07:00

The average rate on 30-year, fixed mortgages held at 5.04 percent for the week ended Sept. 24 which is down from 6.09 percent a year ago, according to Freddie Mac. Interest on 30-year, fixed loans has declined in the past three weeks, according to Freddie Mac chief economist Frank Nothaft.
Source: Wall Street Journal (09/25/09)

"With interest rates as low as they are and home prices down, buying a home is now very affordable. Add the $8,000 tax credit for the first time home buyer and there should be no reason for someone not to buy their first home. There’s not going to be a better time!"

- Craig Panike, Broker

Federal Index Shows Home Prices Rising

2009-09-23T16:41:00.001-07:00

U.S. home prices rose 0.3 percent in July compared to June, the Federal Housing Finance Agency said Tuesday. The index is 4.2 percent below what it was in 2008 and 10.5 percent off its peak in April 2007. The report "supports other evidence that the three-year long decline in prices has come to halt," Paul Dales, U.S. economist with Capital Economics, wrote in a note to clients.

Source: The Associated Press, Alan Zibel (09/22/2009)

Home Inventory Drops for the 4th Week in a Row!

2009-09-21T07:00:00.000-07:00

Homes on the market (inventory) dropped 5% in Canyon County and 2.5% in Ada County over the past 4 weeks. Pending home sales jumped another 3.5% this week in Canyon County hitting a new record for this year! Pending sales dropped slightly in Ada County. Right now 23.1% of the homes on the market are pending in Canyon County and 24.6% in Ada County which is up from 22.1% and down from 24.8% respectively compared to last week.

How to Spot Foreclosure-Prevention Scammers

2009-09-17T15:59:00.000-07:00

Here’s how the most common foreclosure-prevention scams work: The desperate home owner gets a letter that says something like, “We know you’re having a hard time. We have a pipeline to your lender and can help you save your home. Call this toll-free number now.” Home owners call the number and agree to pay $1,200 to $1,500 upfront for help with their mortgage. Nothing happens. Their home still goes into foreclosure. Harold Kirtz, a lawyer for the Federal Trade Commission who is prosecuting these scammers, says victims are often well educated and financially savvy, but they also are “in a very vulnerable state.”Here are some red flags that should make a home owner run in the opposite direction:

• If the company guarantees success. Nobody can guarantee a lender won’t foreclose or will modify a loan.
• If the company wants money upfront. "We can't say all advance fees are illegal," Kirtz says, “But in most cases they're probably bogus."
• If the company wants the home owner to send mortgage checks directly to the modification firm. The only certainty there is that the company will cash the checks.

Source: Washington Post Writers Group, Kenneth R. Harney (09/13/2009)

August Stats for Our Local Market

2009-09-15T10:52:00.000-07:00

Click here for complete statistical info for Canyon County

Click here for complete statistical info for Ada County

Home Inventory Drops and Pending Home Sales Rise

2009-09-14T07:00:00.000-07:00

Homes on the market (inventory) dropped almost 2% in Canyon County and almost 1% in Ada County again this week. More good news for sellers! Pending home sales jumped 6% this week in Canyon County and 2% in Ada County. As I thought, the pending homes sales did jump back up! Right now 22.1% of the homes on the market are pending in Canyon County and 24.8% in Ada County which is up from 20.5% and 24.3% respectively compared to last week.
- Craig Panike, Broker

Why it's Time to Invest in Real Estate!

2009-09-10T09:45:00.000-07:00

In short, the data suggest that real-estate prices hit a bottom some time during the second quarter and have now begun to rise. There's no way to be certain that this marks the end of the long, painful correction that followed the real-estate bubble, but clearly prices are no longer in free fall. That means if you've been sitting on the fence, it's time to act.

For more on this great article please CLICK HERE

Source: James B. Stewart, SmartMoney

Home Inventory and Pending Home Sales Drop This Week

2009-09-09T10:39:00.001-07:00

Homes on the market (inventory) dropped 2% in Canyon County and 1% in Ada County this week. That is good news for sellers! Pending home sales declined 2.8% this week in Canyon County and 4.8% in Ada County. I contribute the drop to a lot of sales closing at the end of the month. I think we’ll see the pending home sales jump right back up this week. Right now 20.5% of the homes on the market are pending in Canyon County and 24.3% in Ada County which is up from 20.6% and 25.3% respectively compared to last week.
- Craig Panike, Broker

Time's Running Out on Tax Credit for First-Time Home Buyers!

2009-09-08T15:45:00.000-07:00

The window is starting to close on an $8,000 tax credit for first-time home buyers.
House purchases must be closed before Dec. 1 to qualify for the credit, which can be received now or when you file your 2009 taxes.

If you have questions or want to know more about the first-time home buyer credit please call us at (208) 463-1011. We would be more than happy to answer any questions that you may have.

Pending Home Sales Once Again Sets a New high for The Year!

2009-08-31T07:00:00.000-07:00

Homes on the market (inventory) rose slightly again in Canyon County and declined slightly in Ada County this week. Pending home sales rose once again this week to another new high for the year in both Canyon County and Ada County. Right now 20.6% of the homes on the market are pending in Canyon County and 25.3% in Ada County which is up from 20.5% and 24.9% respectively compared to last week.
- Craig Panike, Broker

Where the Real Estate Market is Already Bouncing Back

2009-08-28T07:00:00.000-07:00

I ran across an article today that is positive and insightful. It’s about how historically, the West coast is a real estate trendsetter and as sales there increase it suggests the rest of the country may soon follow.

Click here to read the article

- Craig Panike, Broker

Strong Gain in Existing-Home Sales

2009-08-27T07:00:00.000-07:00

For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of REALTORS®. Lawrence Yun, NAR chief economist, said he is encouraged. “The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said. The monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.

Source: NAR

Pending Home Sales Rise to Their highest Level This Year!

2009-08-25T09:58:00.001-07:00

Homes on the market (inventory) rose slightly again in Canyon and Ada Counties this week. Pending home sales also rose to their highest level so far this year in both Canyon County and Ada County this week. Right now 20.5% of the homes on the market are pending in Canyon County and 24.9% in Ada County which is up from 20% and 24.8% respectively compared to last week.

- Craig Panike, Broker