Where do you think we will go from here?
Buying and Selling homes in Eastern Idaho made simple.
05 December 2012
YTD Sales, Bonneville County Nov 2012
Detached single family residences...does this volume surprise you? More number of homes sold overall than even 2008!
Where do you think we will go from here?
Where do you think we will go from here?
18 June 2012
Ten Signs it's Time to Sell Your Home
YES, a couple of these are silly. But a couple might hit it right on the head...
- The kids
have all graduated from college. You and
your husband finally have time to yourselves…then they move back home!
- You have
three spare rooms in a four bedroom house.
- You have
to shuffle your cars each morning to leave for work.
- You
spend more time driving to work than you do with your family.
- You
spend more money each month for storage than you do for your mortgage.
- Your
neighbor found a loophole in the homeowner's association rules and is raising
donkeys.
- You keep
hearing faint voices telling you to "get out" and they're getting
louder.
- Grandpa
Jed just struck oil while hunting in your back yard.
The dog’s house doubles as a guest room.- You have to take a number to use the bathroom.
14 June 2012
June 1, 2012 Local Market Stats
Good news! Our local market inventories continue to decline year-over-year. In Bonneville County, the first of June this year saw an overall inventory drop (available properties) of 14%.
Year-to-date through May 31st, we are up in closed units by 19%, and the number of units going pending is up 25%. Our values are holding steady vs. the same period last year, with an average sales price of $144,147.
For May, the number of available properties that were considered "Distressed" (short sales, pre-foreclosure, bank-owned) is holding steady at 12% of all available properties, but the % of closed sales that were distressed properties is down to 27% - down from last year that was fairly steady at 33-38%.
What does all this mean?
Rates have dropped again lately! Local 30-yr conventional rates are down to 3.625...unbelievable! Refer back to my previous post demonstrating how every 1% in interest rate drop give you an extra 11% in buying power. That mean, if you thought 4.625% was good last year, for the same payment you can now get even more house!
It's a great time to buy!
If you know of someone who would like to buy or sell a home, please contact me today! 208.201.2034
Year-to-date through May 31st, we are up in closed units by 19%, and the number of units going pending is up 25%. Our values are holding steady vs. the same period last year, with an average sales price of $144,147.
For May, the number of available properties that were considered "Distressed" (short sales, pre-foreclosure, bank-owned) is holding steady at 12% of all available properties, but the % of closed sales that were distressed properties is down to 27% - down from last year that was fairly steady at 33-38%.
What does all this mean?
- There are fewer homes on the market for buyers to choose from.
- Older inventory is clearing the market.
- The bloom has fallen off the rose for many buyers with respect to distressed properties...
- ...about 73% of all sales are traditional sellers, not distressed at all.
Rates have dropped again lately! Local 30-yr conventional rates are down to 3.625...unbelievable! Refer back to my previous post demonstrating how every 1% in interest rate drop give you an extra 11% in buying power. That mean, if you thought 4.625% was good last year, for the same payment you can now get even more house!
It's a great time to buy!
If you know of someone who would like to buy or sell a home, please contact me today! 208.201.2034
23 May 2012
Harmful Effects from Changing the Listing Price?
A colleague of mine share this powerful post summarizing research from a PhD professor at Florida International University and the Editor of the Journal of Housing Research regarding the effects of price changes on listings.
Do you follow your realtor's pricing advice? Will this research effect how you price YOUR home?
Harmful Effects from Changing the Listing Price?
Do you follow your realtor's pricing advice? Will this research effect how you price YOUR home?
Harmful Effects from Changing the Listing Price?
18 May 2012
17 May 2012
It bears repeating...
I posted this about a month ago, but just had a presentation to a Seller yesterday and pulled this up as an example.
At 3.75% (30 year fixed) the principal and interest portion of a $200,000 is $926.23
If the rate goes to 4.75% you can only borrow $178,000 for a principal and interest payment of $928.53
If the rate goes to 5.75% you can only borrow $159,000 for a principal and interest payment of $927.88
These numbers are incredibly enlightening! Consider that as a Seller, you bought into our local market in 2007-2008 (at our peak) and purchased a home for $159k and have not refinanced. You are considering listing your home and buying and buying a larger home, but the value for your current house is below what you are expecting, say $135k, so you will be taking a loss. Should you stay, or should you go?
Considering you will be re-buying into the same value-depressed market, for the same payment you can now afford to buy a $200k home (which 4-5 years ago sold for $240k) compared to 4-5 years ago!
Same payment, larger (possibly newer) step-up home. Did you lose or gain?
Because they are so low, interest rates have a greater impact on affordability than either appreciation or depreciation factors at this point. Every 1% change in interest rate impacts affordability by 11%. Here is an illustration to consider.
At 3.75% (30 year fixed) the principal and interest portion of a $200,000 is $926.23
If the rate goes to 4.75% you can only borrow $178,000 for a principal and interest payment of $928.53
If the rate goes to 5.75% you can only borrow $159,000 for a principal and interest payment of $927.88
These numbers are incredibly enlightening! Consider that as a Seller, you bought into our local market in 2007-2008 (at our peak) and purchased a home for $159k and have not refinanced. You are considering listing your home and buying and buying a larger home, but the value for your current house is below what you are expecting, say $135k, so you will be taking a loss. Should you stay, or should you go?
Considering you will be re-buying into the same value-depressed market, for the same payment you can now afford to buy a $200k home (which 4-5 years ago sold for $240k) compared to 4-5 years ago!
Same payment, larger (possibly newer) step-up home. Did you lose or gain?
02 May 2012
Idaho Falls Goes "First Class"
Happy news today for local frequent corporate travelers!
I just read this post in a local blog I follow, BizMojo Idaho. Seems that as of today, the SkyWest service to Salt Lake City now offers first class cabin service.
What a difference a day makes! :)
Check out BizMojo for more information, and other local business news...and tell him Chris Lee sent you! :)
http://www.bizmojoidaho.com/2012/05/first-class-cabin-service-returns-to.html?spref=tw
I just read this post in a local blog I follow, BizMojo Idaho. Seems that as of today, the SkyWest service to Salt Lake City now offers first class cabin service.
What a difference a day makes! :)
Check out BizMojo for more information, and other local business news...and tell him Chris Lee sent you! :)
http://www.bizmojoidaho.com/2012/05/first-class-cabin-service-returns-to.html?spref=tw
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