The grass is great, and the skies are clear and the market is heating up. Yes, you read that right, the market is heating up! If you have been on a weekend drive you have probably noticed the increase in open house signs and if you have stopped into one of those open houses you have probably noticed you typically are not the only person in the house. These are all good signs.
The summer is typically a good time for Realtors and this summer is going to not only be a great time for Realtors but also a great time for buyer and sellers. House prices are still low but have stabilized for the most part and most homeowners no longer need to continue dropping prices to sell. Early this summer we saw the bottom of the housing market stabilize and we are now seeing the upwards effect of this by stabilizing the market around $200,000 and higher is some places. This may not seem like much of a gain but these are the homes once valued at over $300k. Stabilizing this market welcomes the middle class and current homeowners the option to move around and explore options. Something unseen in the last 2-3 years.
You may be wondering how I am coming up with such ideas but let me give you some numbers here in Ada County:
Active Listings:
April May June To-Date
3,896 3,701 3805
Homes Sold:
April May June To-Date
419 428 365
Months of Inventory:
April May June To-Date
9 Months 8.6 Months 7.6 Months
Median Price of Homes Sold:
April May June To-Date
$170,000 $171,365 Not Released
Average Price of Homes Sold:
April May June To-Date
$200,135 $203,434 Not Released
As you can plainly see from the numbers sales are taking off this month. We are on pace to have just under 500 homes sold this month, a large increase from previous months. Along with the increase in home sales homes sold between $160,000 and $249,999 consists of 31% of the homes sold in the Ada County! Almost one third on the homes sold fall into that price range! This price range is considered to be the mid-class market, meaning it's not just a first time home buyers market.
If you have any interest in real estate get out this weekend and check out some open houses. Thinks are happening in the housing market, don't be left behind!!!
Tuesday, June 23, 2009
Monday, June 1, 2009
First Time Home Buyers, $8000 Cash Plus A Great Deal!!!
With the sun out, lawns green, flowers blossoming, and summer breezes blowing, the market is coming back. Not only is the weather nice but it's a nice time to buy a home if you have not owned a home in the past 3 years. Why 3 years? Because 3 years is what the government has defined as a first time home buyer. That's right, if you have not owned a home in the past 3 years you can receive the $8000 for buying a home this year.
With short sales being over 40% of the market it's most likely going to take some time to get into the home. Why does this matter you may ask, one of the keys to getting the money is you must be closed AND moved into the home by the end of the years. I know the end of the year is over 6 months away but with the market picking up banks are getting more swamped than ever with short sales so real estate transactions are taking longer to get closed. Its not unusual for a short sale to take 6 months to close, putting you into December and some can take even longer. On the other hand some are able to close in 90 days so it's a bit of a mystery as to when you will be able to get into your new home.
One more item going for home buyers is the market is showing many signs of stabilizing, meaning home are going to be selling after less days on the market and in turn prices will be going up on the bottom half of the market even more so than currently. The inventory of homes continues to drop removing some of the power buyer's currently have. I'm not saying it's a seller market by any means, but the great deals are becoming MUCH harder to find and are selling quickly when they do come onto the market.
One more very appealing piece of help available to first time home buyers is a program here in Idaho allowing up to $7000 of the $8000 tax credit to be used towards your down payment. When combined with an FHA loan only requiring 3.5% down you can now buy a home for $200,000 and pay nothing out of pocket. This means most of you can pay nothing out of pocket and still receive money back to put into savings for a rainy day. Call a lender today to see if you qualify for the down payment assistance program. Let's get you into a home before the tax credit money is no longer available and home prices exceed your budget.
Lee Taylor
Realtor/IMLS
Genesis Real Estate Group
208-371-9881
With short sales being over 40% of the market it's most likely going to take some time to get into the home. Why does this matter you may ask, one of the keys to getting the money is you must be closed AND moved into the home by the end of the years. I know the end of the year is over 6 months away but with the market picking up banks are getting more swamped than ever with short sales so real estate transactions are taking longer to get closed. Its not unusual for a short sale to take 6 months to close, putting you into December and some can take even longer. On the other hand some are able to close in 90 days so it's a bit of a mystery as to when you will be able to get into your new home.
One more item going for home buyers is the market is showing many signs of stabilizing, meaning home are going to be selling after less days on the market and in turn prices will be going up on the bottom half of the market even more so than currently. The inventory of homes continues to drop removing some of the power buyer's currently have. I'm not saying it's a seller market by any means, but the great deals are becoming MUCH harder to find and are selling quickly when they do come onto the market.
One more very appealing piece of help available to first time home buyers is a program here in Idaho allowing up to $7000 of the $8000 tax credit to be used towards your down payment. When combined with an FHA loan only requiring 3.5% down you can now buy a home for $200,000 and pay nothing out of pocket. This means most of you can pay nothing out of pocket and still receive money back to put into savings for a rainy day. Call a lender today to see if you qualify for the down payment assistance program. Let's get you into a home before the tax credit money is no longer available and home prices exceed your budget.
Lee Taylor
Realtor/IMLS
Genesis Real Estate Group
208-371-9881
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