Market Update

Posted by: admin  :  Category: Boise Market Trends, Housing Market, Local Boise Market Update, Market Trends, Market Updates, Real Estate, Real Estate & Housing

The numbers are in

Two months in a row we’ve seen double digit increases when compared to the previous year. Inventory also has been a big topic lately.

While inventory doesn’t historically increase until April, we reversed four consecutive months of decreasing inventory when 2,044 homes were on the market in January.

Now here’s something all this data doesn’t quite say. Right now, I have multiple buyers waiting to buy and sellers waiting to sell. My next blog will encourage you not to wait, but rather to beat the rush.

But now, back to your monthly numbers!

While sales historically drop when the calendar rolls over and January hits, this year they went up, however so did the days on market. This is odd, however with only one month of higher-than anticipated days on market, it’s too soon to suggest any sort of a trend. We’ll keep you posted as future data points present themselves.

Up and Down Update

Up

  • Single family home sales increased 10% when compared to January 2013.
  • Days on market! In January, homes were on the market for 70 days, compared to 59 in December and 53 last January.
  • The 99 new home sales created a 27% increase from January 2013.
  • Existing home sales, at 309, were up 6%.
  • Total sales were up 29% over December’s (reversing typical trends).
  • Distressed sales, at 12%, were up 2% from last month, but down 13 % from last year (not to be mistaken for distressed inventory/listings).
  • The median home price, at $208,190, was up 12% from January 2013.
  • Inventory was up slightly, showing 4.2 months and 2,044 homes in January.
  • Down payments were up. More buyers are puttin more than 20% down.

 Down

  • Pending short sales, however pending REOs went up.
  • Distressed inventory went down 1% between December and January, 2014.
  • Sales to first time buyers decreased to 31% in 2013.
  • Home building dipped in January according to the Department of Commerce. That makes sense. Brrr!
  • The Fed’s monthly bond purhcases, which push down longer-term interest rates, according to KTVB.

Thank you to the Ada County Association of Realtors for providing these wonderful numbers! Check back next month for more on my interpretation and vantage point.

Sincerely,
Providing you real estate market trends
ShanaFosterMoore@gmail.com
Your Local Boise Real Estate Professional

Housing Market Trends

Posted by: admin  :  Category: Boise Market Trends, Idaho Real Estate Price Trends, Market Trends, Market Updates, Real Estate

A Strong Start to 2014

Boise’s local market real estate trends took a turn for the better, when December’s numbers flipped a two-month trend of unimpressive data.

I’m pleased to also report that 2013 started my tenth year in real estate, and it doubled my predictions and became my best year yet. I’ve heard similar reports from my associates. This makes for a strong start in 2014 when it comes to real estate and home sales in Boise. It sure helped with the community contributions we revealed in our last blog post.

You may recall that December was predicted to be unpredictable. Typically sales are lower than in November. December sales were up from the month and year before, making for a strong finish to 2013 and serving as an optimistic springboard into the New Year.

Homes are up in price across the board, however new homes realized a bigger jump (19%) than existing homes (13%) compared to 2012. For new homes, the median price is 280,500 compared to existing homes 183,000.

The median home price is predicted to stay strong throughout the year.

Median prices have now sat above 200,000 for five consecutive months. New homes are up in price by 10%, putting their median at $274,171. Existing homes were up 15% compared to last year at this time, bringing their median to $185,000.

When compared to the median family income of $67,519, our median home pricing is considered affordable. The same cannot be said for the rental market pricing, as we examined in our recent rental market blog.

Source: Ada County Association of Realtors

 

2016 homes on the market was an inventory decrease from November, across all price points. It tends to decrease between August and December. That said, inventory is up 21% since last year.

Our supply averages at 3.6 months, but is low in homes priced under $100,000. The most popular price point in December was 160,000- 200,000.

Here’s our monthly up and down update, depicting Boise’s real estate market trends:

Up

  • Median prices. In 2013, our overall YTD increase was up 16% to 198,000.
  • Year-to-date sales are 7,957; up 14% over 2012 YTD sales of 6,979.
  • Dollar volume for December was up 26% to $136 million and YTD we are just over $1.8 billion in sales.
  • Days on market averaged 59 in December, up nearly a week from November. Our year-to-date average is 52 days. Boise – count your blessings. In Helena, Montana days on market average at four months, some recent research revealed.
  • New homes sold in December totaled 134; up 16% from December 2012 and up 4% from November.

 Down

  • Pending sales, at 686, were down 13% from December 2012.
  • Distressed sales, at 12%, were down from December 2012’s 24%, but up 1% from November 2013.
  • Short sales. Of the distressed properties, there were more REO/bank owned sales than short sales for the second month in a row.
  • Inventory decreased in December from November, but is up 21% since last year.

Static

  • The most popular price points continue to be $160,000 – 200,000 and homes under $160,000.
  • Interest is still hovering around 4.5%.

Please keep me in mind as a resource for your real estate questions, valuation needs, or referrals. I’m always happy to consult about the relation of the current market with your specific real estate goals.

Sincerely,
Providing you real estate market trends
ShanaFosterMoore@gmail.com
Your Local Boise Real Estate Professional

Boise Real Estate Market Trends Update

Posted by: admin  :  Category: Bank Owned homes, Financing, Home Knowledge, Local Boise Price Charts, Market Trends, Market Updates, Real Estate, Selling Boise Homes

A Wavy Market

The local market trends I’m seeing on a micro scale are a series of small ups and downs, acting like waves. These waves flow within an upward marcro trend that we’ve been examining in our most recent blogs about rent and interest rates.

What it Means for Sellers

When it comes to pricing homes for sale in Boise, the ups and downs create a need for careful calculations aimed at a moving target. My partner Sheri B. and I have been using each other to cross-check our price point calculations and incorporate additional expertise into the prices we set. (We call that “twice the service.”)

Source: Ada County Association of Realtors

What it Means for Buyers

In terms of buying a house in Boise, I continue to maintain that any home that has been on the market for longer than a couple of weeks is fair game for an offer below the asking price. Practical advice here includes expanding your price-range at least 10% higher than desired, and offering 10% under asking for homes you’d like to call your own.

Engineers and data lovers

The latest data from the Ada County Association of Realtors sheds a data-based spotlight on these small waves of ups and downs in Boise’s real estate market trends, offering news considered good, bad and neutral.

Homes are increasing in price. Year-to-date sales are up and dollar volume is up.  Inventory is a challenge with seasonal decreases in effect, but is better than last year. Boise maintains its “better-than-average recovery pace.”

This inventory chart sheds light on the overall local Boise real estate market trends.

Source: Ada County Association of Realtors


December is predicted to be unpredictable, as anything goes, however it’s poised to lead us toward a 13% overall increase in sales for the year. For two months, local real estate sales have been down compared to last year’s sales in October and November. Single family home sales in November 2013 were 548 in Ada County, a decrease of 3.3% compared to November 2012.

 Average news

“The median price in November was $205,700, an increase of 16% from last year and above the national average of  $199,500 according to NAR’s most recent report,” reports Mark Lebowitz of the Ada County Association of Realtors.

Source: Ada County Association of Realtors

Median prices have sat above 200,000 for five consecutive months. New homes are up in price by 10%, putting the new home median at $274,171. Existing homes were up 15% compared to last year at this time, bringing their median to $185,000.

When compared to the median family income of $67,519, our median home pricing is considered affordable. The same cannot be said for the rental market pricing, as we examined in our recent rental market blog.

 

Here’s our monthly up and down update, depicting Boise’s real estate market trends:

Up

  • Year-to-date sales are 7,385; up 14% over 2012 YTD sales of 6,471.
  • Dollar volume for the month (131 million) and year $1.7 billion
  • Median prices are up compared to national median prices and last year.
  • New home sales are up compared to last month, but down 14% compared to November 2012.
  • REO or bank owned sales were higher than short sales for the first time this year, and total distressed properties crept up over 10%, barely.
  • Homes priced between $120,000 to $160,000 were up by 16 homes, where all other inventory was down.

 Down

  • The number of houses available for sale is down for the third month in a row, but still up from last year at this time by 21%.
  • Single family home sales this November was down 3.3% compared to Nov 2012.
  • Sales decreased 11% from October (which is 2 points more than historically average decreases).
  • Pending sales this month (831) were down compared to last month and last year.

Static

  • Days on market in November averaged at 52, compared to 51 for the year.
  • Market influencers in Boise, such as job creation, population growth and quality of life maintain their influence on our above-average recovery.

Let me know how if you’d like to talk about how today’s market supports your real estate ideas and goals.

Sincerely,
Providing you real estate market trends
ShanaFosterMoore@gmail.com
Your Local Boise Real Estate Professional

Boise Rental Market Trends

Posted by: admin  :  Category: Boise Market Trends, Investment Property, Market Updates

The rental market appears different depending on which side of the rental market fence you’re on – renting homes or owning rental homes.

Investors with rental property in Boise, aka landlords, have been enjoying a long run of a strong rental market in Boise. Rents have steadily increased, and the number of quality candidates has seemed high for years – I first noticed it when the housing market crash led many homeowners back into the rental market.

Renters, on the other hand, have experienced a steady stream of increase in rents and wonder if or when it will slow. Locally and nationally, it’s getting harder to afford rent, as this data-packed MSN article details.

The number of rental households has been sharply increasing since 2005. Thank you Ada County Association of Realtors and Marc Lebowitz for sharing your data.

Rental market trends in Boise

While I can’t provide the crystal ball, I can and will provide data and indicators into the Boise real estate trends and rental market trends and how they’re shifting.

Typically, the rental market and the real estate market work conversely. With the real estate market slowly recovering, one must wonder if, or when the rental market will slowly balance that trend and weaken.

I’m often leery of national sources predicting local trends, however here’s one quote from RealFacts, “In 2014-2015 rents will stall or drift downwards as occupancy rates decline.”

When compared to the national housing market recovery trends, Boise has been speedy.

 

Landlords and investors in Boise shift their ROI/cash-on-cash return expectations

Investors who enjoyed a solid position in Boise since 2009 or so report that new purchases have been dropping and their rate of acquisition has slowed. It’s happened as prices have increased, distressed inventory has decreased and quality investment properties have been challenging to find. With interest at an enticing 4.5% or so and predicted to rise, returns on new purchases will further be affected.

That said, if you have a quality investment property you’d like to offload, the pool of buyers is hungry.

The rental market has seasons and seems to run a little slower in winter than in the busiest Boise moving seasons (spring through fall). If the overall strong rental market weakens in conjunction with the strengthening housing market, landlords would have fewer candidates to choose from, need more time to find the right renter, and start paying closer attention to how each property compares from a price and condition standpoint.

Thank you Ada County Association of Realtors and Marc Lebowitz
for sharing your presentation.

Renters smart to consider buying in Boise

Its safe to say that as the housing market recovers and interest rates eventually rise, it will trend toward costing more money to own less home. If you’re renting and considering buying, it will not behoove you to wait. The housing crash created a lot of fear and is a common reason for waiting to buy. If that’s your primary reason, it’s time to test those emotions with numbers and sprinkle in some market trending for motivation.

Take note- homes on the lower end of the price range are in high demand.

That said, if the rental market “weakens” or “levels out” it’s good news for you, your negotiating power and the future of those steadily rising prices you’ve endured. Landlords priced at the high-end of the scale for their property tend to consider “scaling back” on rents during a weaker market, which would put renters back into a less-competitive position.

Let me know if and how I can help you, wherever you may fall in the process. I’ve had positive reviews from my investor clients (buyers and sellers) as well as my first-time home buyers who make that leap from renting.

Sincerely,

 

Shana Moore, Your Local Boise Real Estate Professional

 

 

Your Local Boise Real Estate Professional

 

Market Trends Update

Posted by: admin  :  Category: Boise Market Trends, Idaho Real Estate Price Trends, Local Boise Price Charts, Market Trends, Market Updates, Real Estate

Boise as a “Bright Spot”

The latest data is in, thanks to the Ada County Association of Realtors (ACAR). There are several notable indicators to moitor, as we keep the pulse on the market trends in Boise.

On a country-wide scale, Boise was singled out as a bright spot by the National Association of Realtors (NAR) due to strong recovery, improving inventory, home sales and an improving median sales price point.

Increases in home prices can be expected in Idaho. Source: Ada County Association of Realtors.

One noteworth indicator is sales pending. “This is the third consecutive month in which we’ve seen a decline in pending sales, relative to the previous year. This is a key number to monitor moving forward,” reports Marc Lebowitz, executive director of the Ada County Association of Realtors (ACAR).

The arrows indicate the lowest period and the start of the recovery, both in 2011, according to the Ada County Association of Realtors.

Also noteworthy is Boise’s median home prices and “promising” recovery, particularly when compared to national trends. Median prices are higher than we’ve been all year, and sitting above the 200,000 landmark for the forth consecutive month. Fortunately, when compared to the median income of 67,500 for Ada County, homes fall into a range deemed “affordable.”

Inventory is close to equilibrium, according to the Ada County Association of Realtors.

Inventory sits at 3.8 months on hand, and has climbed throughout the year, dipping 1% last month. The lowest-priced homes are in shortest supply. Six months of supply is considered “stable.”

The gold star indicates the start of the recovery, according to the Ada County Association of Realtors.

Real Estate Market Trend Indicators

  • Year to date sales are up 15% from 2012, at 6,810 homes.
  • Dollar volume was up 13% for the month.
  • Days on market averaged 52 in October, which is one day above our YTD average and six days higher than September 2013.
  • Median home prices - October’s $214,000 is up 21% from 2012 and about 14,000 higher than the national median price ($199,200).
  • Distressed inventory is significantly lower than last year, and has steadied out around 10%.
  • * Sales pending was down 9% last month compared to last year and 1% compared to September. Watch this number, advises Marc Lebowitz of the Ada County Association of Realtors.
  • New homes sold is down 17% from last year at this time.
  • Inventory is down a mere 1% decrease from September, marking the first decrease of 2013. We sit at 27% more inventory than last year and 52% more than January.

Next month, we’ll address interest rates again, delving in a little deeper into what we can expect. In short, a slow but steady increase is on the horizon. In the meantime, call or email me if you would like to chat about the market or are considering buying or selling a home in Boise.

Sincerely,
Providing you real estate market trends
ShanaFosterMoore@gmail.com
Your Local Boise Real Estate Professional

Boise Market Trends – Housing Update

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

Real Estate Market Cool Down

We’re coming off the hottest summer the Boise real estate market has seen since 2006, based upon the number of homes sold and their prices. More than 800 homes were sold per month for four consecutive months this summer, followed up by 683 in September.

Single Family Home Sales Chart. Source: Ada County Association of Realtors

September’s seasonal slowdown was predicted by the Ada County Association of Realtors (ACAR) who provides this data. Homes sold numbers are still 20% higher than last year at this time. Of those sales, 129 new homes was the same in September 2012.

Ada County Median Home Price Chart. Source: Ada County Association of Realtors

Median home prices had climbed to $200,000 in August and were predicted to start to stabilize at $195,000-$200,000, according to the Ada County Association of Realtors (ACAR). This prediction hasn’t changed in the last month.

Source: Ada County Association of Realtors

The Government Shutdown Is a Factor

Boise’s real estate market has done better than national trends, although it is subjected to the same national influences. The government shutdown will change forecasts.

Fortunately, there are automated systems in place for loan processing at Fannie, Freddie and FHA, which have kept loan delays slight so far.

“The shutdown is delaying home sales and approval of loans because lenders rely on government data, such as verification of borrowers’ income, that aren’t available,” the LA Times reported this week. Availability of tax returns and ability to sell loans to Fannie and Freddie has been affected, as have improvement and reverse mortgage loans by FHA.

Twenty five percent of realtors cited deals falling through due to the government shutdown, in an informal survey or Realtors at the IAR Convention, according to ACAR and NAR.

Real Estate Market Trend Indicators

  • Sales pending - Down 12% from 2012 and 15% from August – let’s watch this number.
  • Investor purchases - Mine are down, and nationally they’re predicted to slow down
  • Distressed inventory – 10% is down 21% from last year and 1% from August 2013 (ACAR)
  • Prices – They’re down from last month, but up from last year.
  • New home sales - 129 is consistent with 2012
  • Days on market - 46 is even with last month and down from last year’s 64.
  • Home sales - 683 is up compared to last year and down 18% compared to last month, as seasonally expected.
  • Prices - Median, new home and existing home prices are up 11-14% from 2012, although down slightly from August.
  • Inventory - At 3.2 months of supply, the number of homes for sale is up 12% from 2012 and 4% from August.

Active Inventory Chart. Source: Ada County Association of Realtors

Fall is a great time to catch up over a coffee. Please don’t hesitate to let me know if you’d like information or a coffee conversation about specific real estate market trends in Boise. I‘m happy to discuss real estate strategies, as they relate with the current market.

Sincerely,
Providing you real estate market trends
ShanaFosterMoore@gmail.com
Your Local Boise Real Estate Professional

Spring 2013 Market Update

Posted by: admin  :  Category: Market Trends, Market Updates, REO

Hot Summer in Boise

“We now know for certain; ‘the Spring of 2013 was the best in seven years’,” according to the Ada County Association of Realtors (ACAR). Continuing to outpace the national recovery, the local real estate market in Ada County is experiencing the biggest growth in years with home sales and home prices on the rise.

In Ada County, single family home sales increased of 32% in May 2013 compared to one year ago. New home sales increased 17% and existing home sales increased 36% – the highest year-over-year increase in many years. May 2013 sales increased by 16% compared to April, the strongest May over April sales increase since 2006.

Sales on the rise mimicking month-to-month trend lines from 2006. Source: ACARWatercooler.com

Not only are we selling more homes, but we are selling them faster and at higher prices. On average, homes sold about two weeks faster in May than in April.

The median home price was up 8% from 2012, reaching a level untouched for the last five years. Source: ACARWatercooler.com

The median home price rose 8% from one year ago to $195,000, again above the national median. This is the first time in five years that the median price is above $190,000. For new homes, the median price for May was $272,425, up 18% from a year ago. This may be due to increased material costs, according to ACAR. For existing homes the increase was 9%.

Active inventory remains low. Source: ACARWatercooler.com

One reason for the continued rise in home price continues to be low inventory. While inventory is increasing and the percentage of distressed inventory is decreasing, overall inventory remains low. This means that the median home price will continue to rise well into 2013 and the competition is stiff with multiple offers for each home.

The number of distressed sales is down 9% from 2012 and decreasing. Source:ACARWatercooler.com

I am here for you! With an emphasis on effective marketing, promotion and staging, I will help you put the market-ready touches on your home so that you get the best price possible. And if you are thinking of buying, as my previous clients will attest, I pride myself on my knowledge of the market and my ability to match the just-right buyer with the just-right property. Please don’t hesitate to pass my contact information to any friends in need of a well-informed real estate resource to plan their next steps.

Warmly,
Shana
Shana Moore, Your Local Boise Real Estate Professional
ShanaFosterMoore@gmail.com
Your Local Boise Real Estate Professional

Headlines From a Changing Market!

Posted by: admin  :  Category: Local Boise Price Charts, Market Trends, Market Updates

Headlines From A Changing Market!

“It’s becoming a seller’s market,” according to our local, reliable source, Ada County Association of Realtors (ACAR). “Home Prices Finally Returning to Normal,” says CNN Money and “Boise is #3 Metro Leading Housing Recovery,” reports Forbes.

Notice the purple bar in Ada County’s median home prices chart. Source: Ada County Association of Realtors

The 35% increase in median home prices from January 2012 to January 2013 is graphically depicted by ACAR may not apply to every home and individual value yet, however it serves as an indicator.

My buyer responses and actions seem to translate this indication as a “last call to buy your home.” I’ve been busy and loving it, wishing only that there were more homes on the market to show them.

The small, blue X marks the inventory at the start of 2013.
Source: Ada County Association of Realtors acarwatercooler.com

One thing fueling the market shift is a notable shortage in supply. “Homebuyers are back. Where are the houses?” ACAR tweets. First quarter of 2013 has shown us the lowest inventory since 2001.

As buyers trade, upgrade and shift, one common question keeps arising, “Should I keep my current home or not?” Of course, I’d love to help you buy AND help you sell, but. . . not so fast. There are market factors that support selling your current home. Renting is another option that could boost your overall profits.

Thinking of Renting out Your Home?

I strongly support and agree with considerations to hold onto your existing property for a bit longer if you can, even if you’re buying a new one. The real estate market has been trending up and the rental market is holding strong. I would speculate that there is room for continuing upward trending. Another double-digit value increase wouldn’t surprise me, given the indicators mentioned above. I also believe strongly that accumulating real estate is an effective financial planning path.

Plan Your Exit Strategy

Watching the market and planning your exit strategy is something critical to include in your thoughts now. Be calculated. Commit to when you’ll reassess and keep it short-term– say before your owner occupancy benefits expire or when market indicators suggest a shift in appreciation. (I’ll keep you posted of that.) Then re-asses your plan and either cash out at that point or commit to staying in for long haul if the market changes.

Owner occupancy for two of the last five years saves you from paying taxes on the profit (a capital gain).

Keep reading, as we delve deeper into the considerations to face, when holding onto your home as a rental. In the meantime, plan ahead and start watching the market early if you’re thinking of buying. If you’re thinking of selling, or know someone who is, contact me. I have buyers and lots of friends with buyers.

Sincerely,

ShanaFosterMoore@gmail.com
Your Local Boise Real Estate Professional

 

New Home Know How

Posted by: admin  :  Category: Market Updates

UNLOCK THE REAL ESTATE MARKET!

Now that we’ve addressed that the true first step is getting a pre-approval letter and that interest makes it a favorable time to buy or sell, now is the time to start watching for your next house to hit the market.

Do you have the right set of keys to unlock the metaphorical gate between you and your new home?

New Home Know-How” tips can help you break through the obstacles between you and your new home such as low inventory, uncertainty about the market and making one decision at a time, to reduces stress.

1. First, you have to find it.

Inventory is low and looking can take time, but your home will appear if we both watch for it. I recommend signing up for my Real-Time auto MLS emails (they’re free), so you have a chance to see it as soon as it hits the market.

I automate these based on preferences such as price, location or size, so you can keep up with the market and comparison shop from your desk.

You may start to notice trends first hand and truly KNOW your local Boise real estate market. Even if you don’t notice them, I will be watching the same homes you see, and can point out the trends or the deals for you.

2. Second, you have to make a move.

In a low-inventory market, there’s no reason to put off getting in, checking it out and seeing if it’s worthy of an offer. I’m most pleased when my clients are among the first to step into a new listing because it can increase their chances of being the first to tie it up in an offer.

3. Third comes a contingency.

We’ll make your offer contingent upon an inspection and appraisal. If you want it, but it turns out NOT to be worthy of purchase, we can exercise either of those two contingencies in your offer to get you out of it. This can alleviate fears over buying a “bad deal.”

START EARLY; START BROAD 

I recommend starting to watch the auto MLS emails up to six months before you plan to buy, as part of the local market education process. If there are too many homes coming through, narrow your specifications. Too few- broaden them or review your timeframe expectations.

Copy of an auto MLS e-mail.

There’s really no better way to boost your understanding of the market using real-time data. Often times, this also serves as the start to a long and wonderful relationship with clients and their referrals. If you know someone who may benefit from this mailing, let them know that it’s one easy email away.

Thanks for reading.

Sincerely,


ShanaFosterMoore@gmail.com
Your Local Boise Real Estate Professional

Distressed Inventory Downturn

Posted by: admin  :  Category: Bank Owned homes, Local Boise Price Charts, Market Updates, REO, Short Sales

Distressed Inventory Downturn

Ada County’s distressed sale inventory has not only shown a fairly steep decline, the homes also are selling sooner in the process. We’ve experienced a complete flip from one year back, when there were more bank owned properties than short sales listed in our distressed home sales.

Recently, short sales outnumbered REOs 3:1, and then climbed back up to 3:2 according to monthly sales reported by Ada County Association of Realtors. REOs are bank owned properties that have passed the short sale point, gone through foreclosure, gone to auction and come back on the market as bank owned.

Some speculate that we are clearing out the shadow inventory. I interpret it to mean equity seekers searching the distressed home inventory need to adjust their shopping habits and expectations to match the market (and I can help with that part).

 

Source: www.acarwatercooler.com

Shopping Short Sales

If fewer homes are becoming bank-owned or REO, it’s time to either look elsewhere or look sooner in the foreclosure process. Many a very PATIENT person or investor has been doing that – watching for short sales, signs of short sales or even public notices of sale dates to get in “pre-foreclosure.” They are approaching distressed homeowners (in droves) with an offers 20% or more below market value that will help them avoid foreclosure. This approach to buying is not just time consuming –it’s still not a sure thing. Resources like the Realty Bargains website could make it easier to locate pre-foreclosure distressed properties.

Remember, short sale offers take a long time and often don’t yield a favorable response (if they yield a response at all). Getting offers in very soon after a short sale hits the MLS is advisable, if you find one you like.

To each his own.   Source: www.fosterboise.com

If you’re looking and your expectations on this process are realistic, I’m happy to tackle the additional work, follow up and time it takes to chase a short sale. The bright side is, you can still shop while you’re waiting for a response to your offer (a much less common practice with faster-moving, traditional offers).

Better Time to Sell

Distressed sales affect local home values, so as the number of distressed sales decreases, homes values may level out to reflect more non-distressed prices. This, combined with an inventory shortage, is good news for people who have wanted to sell, but couldn’t face market prices of January 2012.

If you have a home to sell, even If you’re distressed and looking for an “out,” I have a lot of buyers looking out for good homes right now and inventory is low. Either way, I’m at your service.

Thanks for reading!

Sincerely,

Shana Foster Moore,
Your Local, Boise Real Estate Professional