Monthly Facts and Boise Market Trends

Posted by: admin  :  Category: Boise Market Trends, Buying Boise Homes, Housing Market, Local Boise Market Update, Market conditions, Market Trends, Market Updates, Selling Boise Homes, Selling Homes

It’s now officially fall, and the kids are back in school. Have I missed the window for selling my home?

Before waiting another entire year to sell, consider this: August 2015 inventory was down 15.5 percent from last year, and there were 1,279 homes pending sales in August 2015 (up 40.4 percent from the same time last year)—meaning the demand is there.

According to Brenda Kolsen, 2015 President of the Ada County Association of REALTORS®, this decrease in supply and increasing demand “was the reason that many buyers and sellers found themselves in multiple offer situations over the summer.”

Also worth noting is that the current month’s supply metric reflects buyer demand. A typical balanced market is between four to six months of supply. However, this August’s supply metric was down 28.9 percent from last year. For sellers who are still looking to sell in 2015, this is all good news—made better by a median sales price increase of 4.8 percent over last year.

Here’s a closer look at the numbers in our latest monthly market trend indicators update:

Upward Market TrendsTrending Up

  • 837 homes sold in August 2015 (up 12.4% from August 2014)
  • $229,500 median home price (up 4.8% from last August)
  • 1,279 pending home sales (a 40.4% increase from August 2014)
  • 837 closed sales (up 12.4% from last August)

Arrown indicating downward market trends in Boise's housing marketTrending Down

  • 2,504 homes of available inventory (down 15.5% from last August)
  • 2.7 months supply (a 28.9% decrease since August 2014)
  • 45 days on market (down 15.1% from last August)

It’s still an ideal time for house-hunting, too—especially with the inevitable dip in purchase activity that occurs around this time every year. In fact, a recent realtor.com article suggested, “September could be the best month all year to sign a contract to buy a home.”

Since our seasonal peak of 2,512 homes for sale (in June 2015), this number has held steady through the summer, meaning that buyers—especially those considering new construction or homes above $400,000—still have plenty of homes to choose from, and with less competition.

And, given the fact that interest rates remain at near historic lows, the market looks favorable for just about everyone this season. We’d be happy to meet with you to discuss your situation and review the options available to you.

Your Boise Market Trend Experts

Monthly Facts and Boise Market Trends

Posted by: admin  :  Category: Boise Market Trends, Buying Boise Homes, Housing Market, Idaho Real Estate Price Trends, Local Boise Market Update, Local Boise Price Charts, Market Trends, Market Updates, Real Estate & Housing, Selling Boise Homes, Selling Homes

Monthly Facts and Boise Market Trends

In June, nationwide home sales were at their highest in eight years. What do I need to know about the Ada County market? 

An increase in home sales typically occurs in spring and continuing through June and July. Even so, Brenda Kolsen, 2015 President of the Ada County Association of REALTORS®, acknowledges this year’s whopping 36.1% increase over June 2014 as an “enormous amount of activity” in Ada County.

And our community isn’t alone: according to the National Association of Realtors, existing-home sales nationwide increased in June “to their highest pace” in over eight years.

Job growth, population increases, and improved consumer confidence scores may very well be factors, at least in the Treasure Valley. Consider the following statistics:

  • Both statewide and Ada County’s population increased from April 2010 to July 2014 (up 4.3% and 8.6.%, respectively) according to U.S. Census Bureau data
  • These increases include buyers from California, Washington, and Oregon, many of which are professionals and retirees who are able to purchase at higher price points
  • The Idaho Department of Labor reported a 2.5% growth in jobs in May 2015
  • The Conference Board Conusmer Confidence Index® increased from 94.6 in May to 101.4 in June

This statistical data indicates that, as job stability increases and consumer confidence scores improve, people aren’t just more comfortable buying a home, they are also financially capable of spending a bit more.

Here’s a closer look at what’s up and what’s down in my latest monthly market trend indicators update.

Housing Market Trends and Indicators

Upward Market TrendsTrending up

  • 1,028 homes sold in June 2015 (up 26.1% from last June)
  • $230,000 median home price (up 6.0% from last June)
  • $279.5 million total volume of single-family home sales (a 36.1% increase from last June, and a 17.9% increase over May 2015)

Arrown indicating downward market trends in Boise's housing marketTrending down

  • $296,900 new home price (down 1.4% from last May)
  • 3% of homes sold were distressed properties (REOs and short sales), down 50% from last year
  • 42 days on market (down 5 days from than last June, a decrease of 36.2%)
Static Boise real estate market trendsTrending Consistently
  • 2.6 months available inventory (even with last year—inventory was at 2.1 months for existing homes and 4.29 months for new construction in June 2015)

While it may presently be a seller’s market, it’s important to remember that, if you’re listing your home, it won’t sell itself. Sellers should seriously consider home staging and the overall first impression they present to potential buyers. Also, many factors should affect your initial listing amount, and sellers should be cautious about overpricing. Home buyers need not be deterred by the high demand, either, rates are still at historically low levels, which still presents an ideal financial opportunity.

We’d be happy to meet with you to review your situation and discuss the possibilities.

Your Boise Market Trend Experts

Is Your Home Watertight? 9 Tips for Preventing Water Damage

Posted by: admin  :  Category: Boise River Community, Buying Boise Homes, Home Knowledge, New Home Maintenance

“Nothing is softer or more flexible than water, yet nothing can resist it.” –Lao Tzu

As nature shows us—in the dramatically formed glacial valleys and deeply carved canyons throughout the world—water carries with it life, beauty, and renewal; but also a strength more powerful than stone.

And anyone who has experienced losses to home or property due to water damage will agree: H20 is a force to be reckoned with, due to the severity of and the expenses related to such a loss.

In addition to the water damage itself, even a tiny leak means water bill spikes (a single faucet that drips once per minute wastes up to 34 gallons per year, according to the U.S. Geological Survey), and potential for dangerous mold growth.

And this is a common problem. According to some estimates, 98 percent of basements in the U.S. will suffer from some type of water damage during their lifetime. (See infographic below.)

The Insurance Information Institute also cites “water damage and freezing” as the third most common cause of homeowner loss/property damage in the U.S. during a five-year period from 2009 to 2013, and claims related to “water damage and freezing” were the second most frequent to be filed with insurance companies.

Unfortunately, however, many standard home insurance (also called fire insurance) policies don’t provide coverage for damage caused by water-related events (flooding, overflowing sewer lines, etc.).* While the Treasure Valley rarely experiences widespread flooding, even localized water losses (pipe bursts, leaks, etc.) are often not covered. And flood insurance policies are often very expensive. So what’s a homeowner to do?

For starters, many types of water damage are preventable. We recommend taking the following steps to protect your home and property.

Watertight to-dos:

  • Keep an eye on your water bill. Sudden increases may indicate a water leak.
  • Seal foundation cracks.
  • Check coal shoots (in older homes) for standing water.
  • Caulk around tubs, sinks, and linoleum on bathroom and kitchen floors.
  • Put a pan under your hot water heater and outlet pipe.
  • Consider purchasing a water alarm, which is designed to detect leaks before costly water damage occurs.
  • Check the water supply line to your refrigerator for leaks. (This is a very common cause of water damage, as these leaks often go undetected for days, weeks, or longer.)
  • Consider turning off your water before going on vacation.
  • Check under your sinks regularly, running water for several minutes into each drain, then feeling the pipes beneath sinks for leaks.

*Note: We recommend contacting your licensed insurance agent to see a standard exclusion, such as flooding and infiltration due to rain/weather or even overflowing sewer lines.

Image courtesy of waterdamagedefense.com

Sincerely,

Your local Boise real estate resources

Storytime with Shana and Sherri

Posted by: admin  :  Category: Buying Boise Homes, Home Staging

 

Sincerely,

Shana Moore and Sherri B

Your local Boise real estate resources

 

To Sell it Yourself . . .or Not

Posted by: admin  :  Category: Buying Boise Homes, Home Knowledge, Housing Market, Real Estate, Real Estate & Housing, Selling Boise Homes, Selling Homes

Selling Your Home on Your Own. . . To “DIY or Die Trying”?

“We thought we didn’t need realtors to help sell our house because we found our own buyer. Now, after listening to you go over our contract to purchase, we don’t feel like we protected ourselves on our sale. I guess we didn’t realize that was an important part of the process, and now, we wish we had hired an agent to protect us as sellers.” —Phil and Kelly Owens, For-Sale-By-Owners sellers turned Buy-Boise represented buyers.

There are homeowners who decide they’re ready to try buying or selling on their own. We recommend evaluating all the pros and cons of such a significant decision first. Confidence may be brought by increased access to information offered by the internet, or the “seller’s market” we’re in.

Do-it-yourself or DIY sellers would be right to declare that it’s not rocket science and no single step is too large to tackle. In a seller’s market, there also may be more room for error (assuming more sellers than buyers go off on their own).

 Some of these stories unfold with success, and some with the worst kind of losses (or the best, depending on how you look at it)… the unknown losses.

 There’s also more to a deal than the average person knows, if they’ve worked with agents in the past. Every deal includes a variety of terms and deadlines that experienced agents should have down pat, based on  sheer number of deals completed, continuous education and their consistent immersion in the intricacies of the market.

 I’m in the service industry and identify myself as a representative of and advocate for my client and not a commission-chaser, so this topic is a tricky one for me to try tackle, yet an irresponsible one for me to ignore. I’ve seen successful realtor-free transactions, but then hid my cringe at some of the terms in other seemingly “successful” transactions. The lesson here – sometimes it works. With my clients, it’s my job and responsibility to ensure that its’ not only going to work, but also work well, and in the best interest of my client. I also strive to make sure we’re worth our weight in gold, in terms of the value we provide.

Here are a ten reminders of what we do, with worthwhile considerations if you’re contemplating going at it alone on one of the biggest transactions life tends to bring:

  1. Value. We provide service in a way that it brings as much value to the client as possible. In some cases we simply try to earn it, in other scenarios, our service pays for itself. We’re skilled, conscientious and working hard on your behalf. We’re also well aware that not all Realtors can say the same and that’s disappointing.
  2. Zillow data is not known for accuracy.  Sites like Zillow and trulia are helpful for buyers to online shop, but fall short in terms of accuracy, because the information is derived purely from public records, like your tax assessment, because that information is made available for free, compared to a paid-for membership site like the invaluable offering that agents participate in, that is the multiple listing service.  Zillow’s prized ’Zestimate’ is based  soley on a flat formula (an algorithm) that does not take into account the how the desirability of certain parts of town or highly sought-after school districts substantially impact property value. If it were that easy to price property or determine value, tax assessed values would measure more closely to market values, and they don’t. Sure, give it a look, knowing it’s not your substitute for real-time MLS updates on market activity, agent-provided analysis, and the specific knowledge of an industry expert who can point out these subjective factors that impact pricing in the marketplace.
  3. Price isn’t the only term in a contract. It can be nice to have someone on your side, who has expertise at screening offers, avoiding unfavorable terms and helping you land as closely as possible to your target (with less trial and error). That said, hopefully a realtor helps you get the full fair market value.
  4. Not all buyers are equal. At one glance at a contract, an experienced agent can see a story starting to unfold, and help you respond or negotiate accordingly.
  5. Finding a Buyer isn’t the Hardest Part - it is one item, of many important things to take care of in the sale.
  6. A good deal is a good deal for everyone. Agents are obligated by ethics to play nicely and Sherri and I take that obligation seriously. We act in the best interest of our client to get them a good deal, without alienating the other party, or making them feel like they are not getting a good deal.
  7. Knowledge first. Negotiations second. We know the market, the contracts, the ins and outs, what’s fair and what’s attainable and can counsel clients on the pros and cons of aggressive versus attractive pricing. We help sellers choose a price that will set them up for success.  We’ll advise on practical preparations and have saved many clients from spending too much money on unnecessary home repairs (carpet cleaning versus carpet replacement). We’ve also saved clients from putting their house on the market before it was ready to attract the most amount of attention possible.
  8. Recommendations. If you’ve worked with us, you’ve heard me discuss the value of a home inspection, the importance of a quality, local lender who can get us to the closing table on time and reminded about items worth of discussion with an accountant, attorney or the county (e.g. the homeowners exemption office). You’ve also likely been provided the names of providers we trust from experience.
  9. Connections. This includes, but is not limited to the 3,000 realtors exposed to listings on the MLS.
  10. Ease. We watch the contingencies, manage the deadlines and escort you all the way to the closing table. 

Thanks for reading! As always, don’t hesitate to contact us with any questions you may have!

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional and source of real estate market trends in Boise IdahoSherri Battazzo Signature

Shana Moore & Sherri B

Your Boise Market Trend Experts

 

 

2014 Market Trends Report

Posted by: admin  :  Category: Boise Market Trends, Buying Boise Homes, Housing Market, Idaho Real Estate Price Trends, Local Boise Market Update, Local Boise Price Charts, Market conditions, Market Trends, Market Updates, Real Estate, Real Estate & Housing

Was 2014 a good year for homeowners?

“What happened in real estate in 2014 and what can we expect in 2015?”

This time of year, we’re answering questions about the real estate market from a wider perspective, that looks beyond the current month-to-month stats and examines the overall market trends in Boise and the nation. In short, 2014 was a good year for homeowners.

In fact, 2014 was the third year in a row that I’ve had the pleasure of communicating good news about pricing and equity for homeowners. This has enabled owners the freedom to move around a bit. The average price was up about 6% this year, 17% last year and 13% the year before that.

This comes amidst other good news statistics, as well as ongoing and interesting reactions to the Great Recession. For one, there are more renters and fewer homeowners. Data suggests a seeming tentativity to enter home-ownership, despite low interest rates, recent government incentives and an overall upward trend in pricing.

To illustrate 2014 in terms of real estate housing market trends, and divulge what to expect in 2015 we’ve pulled the data below from the 2015 Idaho Real Estate Summit hosted by the Ada County Association of Realtors, and of course, our own client experiences.

Boise’s housing market was not far from the national housing market trends, which are show in this slide from the 2015 Idaho Real Estate Summit. Source: Ada County Association of Realtors.

 

Jobs have the biggest impact on any local real estate market, including the housing market here in Boise. Job growth trends in Boise have been favorable, mirroring the national trends, according to Lawrence Yun, the Chief Economist and Senior Vice President of Research at the National Association of Realtors.

Household net worth also is at an all-time high, reports Yun. Homeowner households tend to be 31-46 times the net worth of renter households, however our rate of homeownership is decreasing. When asked to make forecasts, Yun obliges – his predictions are below the job growth chart.

What’s next in 2015

Lawrence Yun suggests we’ll see:

  • More jobs, as well as a slightly increasing job-quitting rate
  • Manageable mortgage rates, increasing slowly and reaching 6% by 2016
  • Population growth and a pent-up demand for housing
  • Record high household wealth
  • More starts, sales, growth in prices, and transitional/erratic lending policies which should return to “normal” by 2016
  • Improving business opportunities in the commercial sector

On a more immediate and local scale, we’ve seen a winter slowdown following the previous period of rising home prices. Inventory requires patience from our buyers (us too, but it’s my job to be patient). We’re reaching out to sellers, in part because we need some inventory to present to our buyers.

Housing Market Trend Update

 UPUpward Market Trends

  • Sales in 2014 were up in all price points above $160,000, when compared to the previous year
  • Median home prices have been on the rise in Ada County over the past year
  • Jobs are the biggest factor influencing the housing market and jobs in Boise, and the nation have been on the rise
  • Renter households also are on the rise nationwide
  • Existing home sales
  • Boise area housing permits

    Boise real estate price charts

    Source: Ada County Association of Realtors, as presented at the 2015 Idaho Real Estate Summit

 

Arrown indicating downward market trends in Boise's housing marketDOWN

  • Sales in 2014 were down in all price points below 160,000, when compared the the year prior
  • Now, and at the end of 2014, inventory has been down. This can be typical this time of year.
  • Homeowner households and the overall rate of home-ownership decreased alongside an increase in renter households

 

Static Boise real estate market trendsSTATIC

  • There is pent up demand for homes priced below $160,000 – this is a trend that first started being noticed back in 2006.
  • America’s Gross Domestic Product has been low – below 3% for nine years now. This was among the market indicators Lawrence Yun pointed out at the 2015 Idaho Real Estate Summit.

Thanks for reading. All that data leaves me ready for a break to go skiing! I’d recommend you do the same – it’s a beautiful time of year to take off for a spontaneous Bogus Basin visit. If you’re hungry for more market info, or an analysis of how these market trends are affecting your home’s value, please don’t hesitate to give me a call!

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional and source of real estate market trends in Boise Idaho

 

 

Shana Foster Moore,

Your resource for Boise market trends (and more)

 

 

 

 

Boise Real Estate Market Trends Update

Posted by: admin  :  Category: Buying Boise Homes, Housing Market, Idaho Real Estate Price Trends, Local Boise Market Update, Local Boise Price Charts, Market Trends, Market Updates, Real Estate, Real Estate & Housing, Selling Boise Homes

Real Estate Market Trends Update

Last month, Boise was named the “Best City to Move to in 2014” because of our ‘Median Income” “Home Value Growth” and “Home Affordability”.

That said, a look at the latest real estate market trends shows pent up demand for the most affordable homes – those priced below $160K. As more homes in that category come online, some of the trends showing in our “up and down market update” also may adjust a bit, including year-to-date sales.

Until August, we were almost keeping up with the strong year-to-date sales trends from 2013. It’s not too late to match last year though, things slowed significantly in the last quarter of 2013. We have strong potential if homes priced under $160K, open the door and let first time home buyers into the market.

I’ve personally witnessed some decent negotiating power lately – more than in recent previous months. And, in situations where multiple offers are probable, the power of making business personal has gone a long way. Introducing sellers to their buyers through photos and letters has sparked interest in passing along their home to those who will adore it as much as the owners, who often are sad to let it go.

In summary, the homes market trends in Boise homes have been going up in price but down in sales. We’ve been tracking interest as well, expecting that very subtle increases eventually will add up enough to affect buying power. So far, interest is fine.

 

Real estate market trends in Boise, according to the Ada County Association of Realtors.

Your Up and Down Market Trends Update

Up!Upward Market Trends

  • Days on market – one more than last year, six more than last month.
  • Sales - home sales priced above $160K are up (and there is a demand for homes priced lower).
  • Median home prices – Our August-to-August and year-to-date home prices are up 9.5% and 8% respectively.
  • The number of houses available for sale is up 2% from last month and 20% from last year.
Source: Ada County Association of Realtors

Down! Market trends down

  • Pending sales have lagged behind last year for 13 months in a row.
  • Sales between July and August were down 11%. Typically there is an increase in sales between these months. Last year, the increase was 8%.
  • Overall home sales- due to the drop in sales of homes below $160K, single family home sales are down year-to-date and when compared to last year at this time.
  • New homes sold – new homes sold are down 25% from last year and 25% from last month.  
  • Existing home sales -existing home sales are down 8% from last year.
Source: Ada County Association of Realtors

Static. Static Boise real estate trends

  • Inventory – at 3.8 months, inventory is static compared to last month, with homes priced below $160K being in shortest supply.
  • Growth was consistent across the price categories, with the exception of homes priced above $250K.

Thanks for reading and allowing me to keep you up-to-date on your local market price trends, housing trends and market indicators. Please don’t hesitate to contact me for a specific home pricing evaluation.

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional and source of real estate market trends in Boise Idaho

 

 

Shana Foster Moore

Your Local Real Estate Market Trends Connection

What’s the Best Season for Buying a Home in Boise?

Posted by: admin  :  Category: Boise Market Trends, Buying Boise Homes, Housing Market

When you’re ready. The most definitive answer on the best month or season to buy a home is when you’re ready.

In terms of seasons, there are seasonal fluctuations that present convincing arguments for buying either in spring or winter. That said, June and July certainly isn’t a bad time to make your move – and it might just be a great one.

Four seasons image for the City of Trees

I love it that the City of Trees has four seasons, (even though I have to remind myself of that love during our hottest and coldest days)!

In spring and early summer, we tend to get a flood of properties on the market when schools let out, so inventory increases. The number of buyers looking alongside you during this peak moving season increases as well. Weather tends to be mild. All this can make early June/July a fabulous time to buy, particularly when Boise’s inventory was lackluster all winter.

In winter and fall, prices and competition may be lower, however inventory tends to be down as well.  It also makes for colder or wetter moving days. That said, it’s off-season for home-improvements and supplies may be on sale or contractors may be more accessible. Some prefer the “tweener” months, like early spring when the most activity hasn’t hit, but winter’s chill is still affecting prices.

Looking back one year, prices have been increasing this year and inventory started low, but has been rising, with a seasonal boost expected. If this trend continues, the sooner-rather-than-winter approach makes sense, if and only if you’re truly ready. If you’re ready in winter, then go for it at that time.

To be truly ready to own, in my option, means you have the income, credit history and fiscal responsibility that support home ownership. Buyers in this category will have no problem obtaining financing. See my blog Are You Ready to Own? http://fosterboise.com/ready-to-own and read what it means to be truly ready to own and a wonderful chart that compares the costs of owning to the costs of renting.

If you are ready to buy, I am ready to help. I always recommend watching the market when, or even before you’re ready. If you’re not already receiving emails with real time listings as they hit the market, let me know. This could be the easiest next step you take.

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional and source of real estate market trends in Boise Idaho

 

 

Shana Foster Moore

Ready To Own a Home in Boise?

Posted by: admin  :  Category: Buying Boise Homes

Home ownership is not for everyone. Owning a house comes with a substantial list of responsibilities that cannot be ignored without consequence.

It’s a great idea to make sure you’re fully ready before making a leap from renting to owning, something Millennials have been putting off a bit longer than the previous generation, according to housing trends reported by the Ada County Association of Realtors (ACAR).

First time homebuyers have gone down 20% over the past four years, says Marc Lebowitz of ACAR, who also reports this new statistic: Most recent graduates cite student debt as a reason they will wait longer to purchase their first home.

As much as I recognize importance of first time homebuyers in the buyer pool, I fully support and encourage the delay of this significant purchase until you’re truly ready.

A house is the biggest purchase most people make. It ties us to location, salary and possibly job and stability. It requires monthly payments and the ability to hold reserves on hand for essential repairs (one percent is one rule of thumb sort of number).

Outside of the financial commitment, there is an upkeep commitment that affects your investment, your neighbors and your ability to sell, or exit.

Once you’re truly ready to buy a home, chances are you will be able to do so,  regardless of what national lending headlines have most recently hit the media. My clients with income and good credit history are not having any difficulty getting financing. This is true even for those with needs or desires for low down payments.

Idaho Housing and Finance Association (IHFA) offers down payment programs that enable some buyers to access low or zero down payments. http://www.idahohousing.com/home-loans/mortgage-financing/down-payment-closing-cost-assistance.aspx

My favorite lender, Dave Rusk at Idaho Central Credit Union (ICCU), has access to all of IHFA’s programs, and helps borrowers navigate to the most appropriate program. He explains that the programs aren’t limited to first time homebuyers, and may change. Currently, household income can’t exceed $90,000 and the borrower can’t currently own a home. Again, keep in mind the importance of a safety net to cover repairs and unexpected responsibilities of home ownership when considering any of these programs, or the ideal number to sock away into the home up front.

If you are having trouble getting financing, a larger down payment could help, but perhaps that’s a sign that you’re not truly ready. Another way to cross-reference whether renting or owning makes more sense for you is in this chart.  

This NY Times chart has fun sliders that allow you to plug in specific numbers to see whether renting or buying makes more sense for you.

Thanks for reading!

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional

 

 

Shana Foster Moore,
Your local, Boise real estate professional

Interest Rates Chart

Posted by: admin  :  Category: Buying Boise Homes, Financing, Lending, Real Estate, Real Estate & Housing

Interest Rate Update

It’s a great idea to keep your eye on interest rates for so many reasons, but especially if you’re keeping your eye on the housing market.

National rates are still really good – in the 4′s, for a 30-year-fixed loan.

Mortgage rates 30-year fixed 15-year fixed 5/1 ARM 30-year jumbo
2/12/2014 4.48 3.53 3.32 4.50
2/5/2014 4.43 3.50 3.27 4.47
1/30/2014 4.50 3.56 3.37 4.54
1/22/2014 4.56 3.61 3.42 4.63
1/15/2014 4.57 3.62 3.40 4.65
1/8/2014 4.64 3.69 3.46 4.73
12/31/2013 4.69 3.73 3.52 4.72
12/24/2013 4.63 3.70 3.43 4.67
12/18/2013 4.58 3.63 3.33 4.6
12/11/2013 4.55 3.6 3.34 4.55

Source: Bankrate.com

I recommend that you find local rates, which may run a little lower than the averages above, and get pre-approved, through a local resource. I like Dave Rusk at ICCU for his service, as well as the unbeatable rates he consistently provides. To compare, today’s rates at ICCU are listed at 4.375 for a 30-year fixed loan.  https://iccu.mortgagewebcenter.com/

Keep in mind, interest rates affect your monthly payment, as well as the house you can afford. I always suggest checking into a pre-approval even if you’re still waiting for your credit to improve. It’s the first step in the process, and one that good lenders are eager to take with you, even if you’re “not really serious right now.”

Once you are serious, you can compare rates between a mortgage broker (who has access to loans from many different banks) and Idaho Central Credit Union (ICCU) or your bank of choice. Banks underwrite loans in-house and aren’t sourcing them, like mortgage brokers, although it’s common for them sell the loan once it’s in effect.

With a few years between us and the big crash, many people are closer than they may think to being “approvable.” As spring approaches, don’t write-off your ability to buy until you’ve verified your options. My previous, in-depth blog entry reveals some of the waiting periods following issues with distressed properties. http://fosterboise.com/financing-first-and-following-distress

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional

 

Shana Foster Moore

Your local, Boise Real Estate Professional