Local Mortgage Rates

ATTN POTENTIAL SE IDAHO BUYERS:
I've been seeing rates locally the last week or so at 4.75% for a conventional 30-yr loan and 5.0% VA.

While rates are not predictable, I think it's safe to say these won't last long! If you are thinking of buying, please get pre-qualified today! If you would like a lender referral, please contact me immediately!

Bonneville Co 3Q09 Average Sales Price

Market Update:

The chart on the right depicts the average sales price in Bonneville Co for Single Family Residences from 2005 - 3Q 2009.

As you can see, we are currently trending around 2005-2006 sales price levels, down significantly from 2007 and 2008. Year-over-year, 2009 was down 5% in the first quarter over the same period in 2008, and down 11% in both 2Q and 3Q, over 2Q and 3Q 2008, respectively. The 3Q09 average sales price was $169,900 vs. 2008's $190,195 and 2007's $186,417 in the same period.

Are we leveling off? Perhaps. Yet we are now in the fourth quarter, and as you can see in the previous post, our selling volume is historically down in the fourth quarter of each year. Even with slower sales, in the past we have not lost market value in the properties that do complete their sale in the fourth quarter, with the exception of last year. Will 4Q2009 loose value from 3Q2009? Unfortunately, it is very likely.

An additional factor to this which has yet to be reflected completely is effect of the First-Time Homebuyer Tax Credit. Typically, first-time buyers are shopping in a price range at or below average sales prices. If the bulk of the November volume proves to be in the sub-$169,900 range, it could pull the averages down as well.

Stay tuned....

Bonneville County 3Q Residential Closed Sales

Market Update:

The graph to the right depicts Closed Sales Volume for single family homes in all price ranges in Bonneville County. 2009 is purple, past years to the right.

As you can see, total closed sales volume is down from 2008 year-over-year, which was down from 2007. In fact, volume first quarter 2009 was down in sales 28% from 1Q 2008. 3Q 2009 is only down 6% from 3Q 2008....does this mean we are picking up steam? Only time will tell.

I will be posting more of these graphs in coming weeks. Stay tuned!

Data source: Snake River MLS, closed sales, Bonneville County

Tax Credit Update-Bill Passes!

The House has also passed the tax credit extension by a vote of 403-12! The President is signing the bill tomorrow, Friday.

The $8000 first-time buyer credit is extended, and a "move-up" provision for homeowners who have been in their home as a primary residence for 5 consecutive years of the last 8 years can qualify for $6500. All purchases must be in contract by April 30, 2010 and close by July 1, 2010.

Don't miss out on this one! Call me today to learn how this can benfit you!

Tax Credit Update

The Senate has voted 98-0 to pass the extension of the First-Time Homebuyer Tax Credit. Now on to the House...which should fast-track it...possibly to the President by Friday!

The Tax Credit is attached to the Unemployment Bill and includes the provision to extend a smaller credit to move-up buyers....more as it is finalized...stay tuned!

Legend Realty

News Update: For those of you that have not yet heard or seen the news, I am pleased to announce that I am now with Legend Realty in Idaho Falls!

What does this mean for my friends, customers and clients? Same great agent, same personal service, new, smaller, locally-owned agency!

Please update your address books; my new contact info is:

Chris@IFListings.com
208-522-2323 office
1570 Midway Ave
Idaho Falls, ID 83406

I look forward to being in touch!
Chris