Boise Realtor, Ava Tong, provides guidance regarding the home appraisal process.

Once you are under contract, the buyer’s lender will send out an appraiser to make sure the purchase price is in line with the property’s value.

Appraisals help guide mortgage terms.

The appraised value of a home is an important factor in the loan underwriting process. Although lenders may use the sale price to determine the amount of the mortgage they will offer, they generally only do so when the property is sold for less than the appraisal amount. Also, the loan-to-value ratio is based on the appraised value and helps lenders figure out how much money may be borrowed to purchase the property and under what terms. If the LTV is high, the lender is more likely to require the borrower to purchase private mortgage insurance.

Appraised value is not a concrete number.

Appraisals provide a professional opinion of value, but they aren’t an exact science. Appraisals may differ quite a bit depending on when they’re done and who’s doing them. Changes in market conditions also can dramatically alter appraised value.

Appraised value doesn’t represent the whole picture of home prices.

There are special considerations that appraised value doesn’t take into account, such as the need to sell rapidly.

Appraisers use data from the recent past.

Appraisals are often considered somewhat backward looking, because they use sold data from comparable properties (often nicknamed “comps”) to help come up with a reasonable price.

There are uses for appraised value outside of the purchase process.

For selling purposes, appraisals are usually used to determine market value or factor into the pricing equation. But other appraisals are used to determine insurance value, replacement value, and assessed value for property tax purposes.

Contact Boise Realtor, Ava Tong, to find your Boise, Idaho home.

Website:   FindYourHomeinBoise.com
Facebook: facebook.com/FindYourHomeinBoise
Twitter:    twitter.com/FindHomeinBoise

Boise realtor, Cristina Pescaru,  provides advice about preparing to buy a home.

Boise Realtor, Cristina Pescaru, discusses how to best prepare to buy a home. In addition to finding a trusted real estate professional who can guide you through the home buying process, make a wish list of home style and local neighborhood locations to review and prioritize. The National Association of Realtors recommends you consider the following plan when buying your next home.

Talk to mortgage brokers.

Many first-time home buyers don’t take the time to get prequalified. They also often don’t take the time to shop around to find the best mortgage for their particular situation. It’s important to ask plenty of questions and make sure you understand the home loan process completely.

Be ready to move.

This is especially true in markets with a low inventory of homes for sale. It’s very common for home buyers to miss out on the first home they wish to purchase because they don’t act quickly enough. By the time they’ve made their decision, they may find that someone else has already purchased the house.

Find a trusted partner.

It’s absolutely vital that you find a real estate professional who understands your goals and who is ready and able to guide you through the home buying process.

Make a good offer.

Remember that your offer is very unlikely to be the only one on the table. Do what you can to ensure it’s appealing to a seller.

Factor maintenance and repair costs into your buying budget.

Even brand-new homes will require some work. Don’t leave yourself short and let your home deteriorate.

Think ahead.

It’s easy to get wrapped up in your present needs, but you should also think about reselling the home before you buy. The average first-time buyer expects to stay in a home for around 10 years, according to the National Association of REALTORS®’ 2013 Profile of Home Buyers and Sellers.

Develop your home/neighborhood wish list.

Prioritize these items from most important to least.

Select where you want to live.

Compile a list of three or four neighborhoods you’d like to live in, taking into account nearby schools, recreational facilities, area expansion plans, and safety.

Boise Realtor, Cristina Pescaru, will guide you to prepare for your home purchase.

Contact Boise Realtor, Cristina Pescaru, to find your Boise, Idaho home.

Pledge to Clients:  Experience * Loyalty * Commitment * Care

Website:   FindYourHomeinBoise.com
Facebook: facebook.com/FindYourHomeinBoise
Twitter:    twitter.com/FindHomeinBoise

Boise Realtor, Cristina Pescaru, Helps With Questions To Think About ~ Should I Sell My Home

Boise Realtor, Cristina Pescaru provides questions for you to ask yourself when you are thinking about selling your home.  Are you ready for a home that is larger or possibly considering downsizing?  Do you want a home in a more desirable location?  You may be ready to move if you answer yes to most of the following questions.

Have you built substantial equity in your current home?

Check your annual mortgage statement or call your lender to find out how much you’ve paid down. Usually you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest. But if you’ve owned your home for five or more years, you may have significant, unrealized gains.

Has your income or financial situation changed?

If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving. If your income has decreased, you may want to consider downsizing.

Have you outgrown your neighborhood?

The neighborhood you pick for your first home might not be the same one in which you want to settle down for good. You may have realized that you’d like to be closer to your job or live in a better school district.

Are there reasons why you can’t remodel or add on?

Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.

Are you comfortable moving in the current housing market?

If your market is hot, your home may sell quickly and for top dollar, but the home you buy will also be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home. Ask your real estate professional what they see happening locally.

Are interest rates attractive?

Low rates help you buy “more” home, and also make it easier to find a buyer for your current place.

Is the effort and cost of maintaining your current home becoming difficult to manage?

Boise Realtor, Cristina Pescaru, can help you decide whether a smaller house, condo, or rental would be appropriate.

Contact Boise Realtor, Cristina Pescaru, to find your Boise, Idaho home.

Pledge to Clients:  Experience * Loyalty * Commitment * Care

Website:   FindYourHomeinBoise.com
Facebook: facebook.com/FindYourHomeinBoise
Twitter:    twitter.com/FindHomeinBoise

Why Work With a Professional Realtor?

Boise Idaho Realtor – Ava Tong, Gold Key Real Estate
FindYourHomeInBoise.com

Realtors are professional members of the National Association of REALTORS®, they are not just agents. Realtors subscribe to a strict code of ethics. Home buyers appreciate the expertise provided by a knowledgeable Realtor, and clearly see the following benefits when working with a qualified Realtor:

1. An expert guide.
   Selling a home usually requires dozens of forms, reports, disclosures, and other technical documents. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes. Also, there’s a lot of jargon involved, so you want to work with a professional who can speak the language.
2. Objective information and opinions.
   REALTORS® can provide local information on utilities, zoning, schools, and more. They also have objective information about each property. REALTORs® can use that data to help you determine if the property has what you need.
3. Property marketing power.
   Property doesn’t sell due to advertising alone. A large share of real estate sales comes as the result of a practitioner’s contacts with previous clients, friends, and family. When a property is marketed by a REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.
4. Negotiation knowledge.
   There are many factors up for discussion in a deal. A REALTOR® will look at every angle from your perspective, including crafting a purchase agreement that allows you the flexibility you need to take that next step.
5. Up-to-date experience.
   Most people sell only a few homes in a lifetime, usually with quite a few years in between each sale. Even if you’ve done it before, laws and regulations change. REALTORS® handle hundreds of transactions over the course of their career.
6. Your rock during emotional moments.
   A home is so much more than four walls and a roof. And for most people, property represents the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on the issues most important to you.
7. Ethical treatment.
   Every REALTOR® must adhere to a strict code of ethics, which is based on professionalism and protection of the public. As a REALTOR®’s client, you can expect honest and ethical treatment in all transaction-related matters.

Large Network of Tried, Tested and True Real Estate Service in Boise Idaho Real Estate Market

Boise, Idaho Professional Realtor Ava Tong is ready to put her expertise and knowledge to work for you. When you are ready to buy a home in the Treasure Valley, get in touch with Ava.

Why are we the best agents in the Boise area? Get the answer.

Contact Boise Realtor, Ava Tong, to find your Boise, Idaho home.

Website:   FindYourHomeinBoise.com
Facebook: facebook.com/FindYourHomeinBoise
Twitter:    twitter.com/FindHomeinBoise

Lower down payment enables qualified borrowers to access credit

On December 8, Fannie Mae and Freddie Mac announced new loan programs allowing for a down payment as low as three percent intended to “remove barriers for creditworthy borrowers to get a mortgage” and provide them with “a responsible path to homeownership.”

via Fannie and Freddie Announce Low Down Payment Programs for First-Time Homebuyers.

By Cristina Pescaru, CSP
Real Estate Consultant
Boise, Idaho

I am referring to the fact that for the last couple of years I have been trying to convince people to purchase when they found something they liked, and not wait for the better deal. Now, nationwide, people are starting to realize that the much vaunted “buyer’s market” is not quite as friendly to buyers as they thought. Don’t take my word for it: Realtor.com reports that inventory is at its lowest point in four years. 

And the reasons are:

• Sellers who can afford to ride out this slow, unfavorable market are doing so.
• Foreclosed properties are not hitting the market in the great numbers people anticipated, not only because the process is a slow one, but also because banks may be a little reluctant to unleash a great number of foreclosures on the market at the same time, afraid of what that would do to property values.

Boise Housing Market

From my recent work experience with buyers here in the valley I can tell you that nice, affordable homes are few and far between, and competition is great for them. They last only a few days on the market, especially if they are regular sales, and sometimes they command more than the asking price. The housing market is behaving a little contradictory: on the one hand, you see properties selling as in 2004-2006, and on the other the values are down, foreclosed properties linger on the market, and short sales are not moving much faster than they used to.

Boise Home Buyers

Buyers, if you find a house you like, and the financing is in place, move quickly. Waiting for that fantastic bargain is just going to prove the truth of the saying about the bird in the hand vs. the one on the fence. Of course, that doesn’t mean you and your agent should not research the property, the price and comparative values, so that you make the best and fairest offer.

Good hunting all! And, don’t forget: we are here to help.

An interesting article from House Logic – Buying and Selling

This article discusses your choices in real estate representation:

1. Buyer’s Agency
2. Subagency
3. Disclosed Dual Agency
4. Designated Agency
5. Nonagency Relationship
6. And more resources

We intend to have an informative, lively discussion, where you could not only learn what the turbulent real estate market is doing, but also send questions, and comment on what is being presented.

We are open to suggestions, and aim to be of service, so please, let us have it! Your input, that is.

Visit our website where you will find the following resources:

• Free Real Estate Listings
• Free Mortgage Calculator
• Home Buyer Resources
• Home Seller Resources
• Idaho Homeowner Information

1.	Beach/ ocean
2.	Snow capped mountains
3.	Quiet neighborhood street lined with trees
4.	Expanse of farmland as far as the eye can see
5.	Children happily running through a sprinkler

WHAT  HOUSE  WINDOW  VIEW  DOES A  MAN  PREFER?

**Snow capped mountains—here’s to all you hot-blooded men!

WHAT  HOUSE  WINDOW  VIEW  DO  WOMEN  PREFER?

**Quiet neighborhood with tree lined street—there’s no place like home…

Call or email Ava or Cristina today with your list of requirements for your next home in Boise or anywhere in the Treasure Valley.  Ava: 208-440-5810  email: avatong@msn.com or Cristina: 208-284-1545  email: cprealtor4u@aol.com