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.

According to the new research by the  National Association of Realtors®, metro areas with a lower cost of living and sunnier weather are poised to see an increased number of baby boomers moving in and buying a home as some delay retirement and remain participants in the labor market.

Boise, Idaho and Raleigh, North Carolina were identified as top standouts for baby boomers for their solid job growth, share of self-employed workers and affordable home prices.

The top markets positioned to see an influx of baby boomer homebuyers are (listed alphabetically):

• Albuquerque, New Mexico
• Boise, Idaho
• Denver, Colorado
• Fort Myers, Florida
• Greenville, South Carolina
• Orlando, Florida
• Phoenix, Arizona
• Raleigh, North Carolina
• Sarasota, Florida
• Tucson, Arizona

Visit the NAR website to read more about the Top Metro Areas Poised for Uptick in Baby Boomer Home Sales.
Resource: NAR Identified Top Metro Areas Poised for Uptick in Baby Boomer Home Sales
Media Contact: Adam DeSanctis

Money Magazine announced their rankings of the ‘Best Places to Live in America 2014.’ The magazine analyzed data trying to find the best places for “great jobs, strong economies, affordable homes, excellent schools, and much more.”

From Money Magazine:

Idaho native and three-time “Mayor Tammy” de Weerd says her favorite part of Meridian is the people. There was the anonymous donor who bought a new location for the food bank in 2012, for example.  And the local philanthropist who donated a $25 million park to the city in honor of his father. “We have a community that gives back,” De Weerd says.

Read the Money Magazine Article – Best Places to Live 2014

Forbes Contributor William P. Barrett lists Boise, Idaho among the top 25 best places to retire in 2014.  Barrett states “Retirement is one of those chances in life to do something really different. With kids usually out of the house, many people look at it as an opportunity to move to a place that better fits their likings and budget—somewhere affordable that’s warmer (or colder), more rural (or urban), with good medical care and options for an active life, including perhaps a part-time job.”

The Best Places To Retire In 2014

We agree, Boise is a great place to retire.  Contact Idaho Realtors Ava Tong or Cristina Pescaru to find your home in Boise.  FindYourHomeinBoise.com

Dave Stopera, BuzzFeed Staff writer explains to the general public 45 reasons why Idaho is the most underrated state in the country.  He explains that contrary to popular belief, Idaho does exist, and includes a graphic map of Idaho, proof positive.

Dave enlightens the world about famous people from Idaho, shares views of Boise State fans and Boise’s blue and orange sunsets.

Dave goes on to show that Idaho is not in the midwest and that it is an awesome, awesome place to live.  We agree, so please follow this link to Mike’s humorous article about our great state.  Read the Article: 45 Reasons Why Idaho Is The Most Underrated State In The Country.

Forbes Article

Boise In the News

From: Forbes Places & Spaces

Unheralded Outperformers: 10 Metro Markets That Are Leading the Housing Recovery

“Call them the unheralded outperformers that get almost no attention in the national media: Real estate markets where median home prices are affordable and rising much faster than the nation as a whole and where inventories of available homes listed for sale continue to plunge.

Iowa City, Iowa; Nashville, Tenn.; Boise, Idaho; Tulsa, Okla.; and Shreveport, La., aren’t exactly names that come to mind as leaders in the housing recovery, but they are.”

FOLLOW THIS LINK TO READ THE FORBES ARTICLE written by Ken Harney  Ken Harvey writes a nationally syndicated column on housing and mortgage issues, the Nation’s Housing, and has won numerous “Best Column – All Media” awards from the National Association of Real Estate Editors, along with the Consumer Federation of America’s prestigious “Media Service Award,” for lifetime contributions to consumer interests in housing.

By Cristina Pescaru, CSP
Real Estate Consultant
Boise, Idaho

We used to call Boise “our little secret treasure” here in the N.W.  Of course, in 2004 it looked like everybody found out about it, and then a huge bubble ensued, followed by the defaults, foreclosures and short sales we all know and don’t love. People found out the hard way that being a landlord from a distance, when you don’t know the area, and have no experience, coupled with buying more than one should have made for a bad outcome.

Fast forward to 2012

Recently, we started noticing that we seem to have a lower supply of houses in the lower price ranges than the market would like. Starting in November-December last year, and culminating in the first months of 2012, buyers began to have bid wars on properties under $120,000, and agents were faced with multiple offers, reminiscent of those fabled years of 2004-2006. I even recently encountered a property with an unbelievable 17 offers on it!

Now we have a study coming to us from the research company CoreLogic in Santa Ana, California, that tells us that Boise is one of the top real estate markets deemed most improved. We are behind Phoenix, AZ on that list, and ahead of places like Salt Lake City, UT, and Denver, CO.

What does that mean for you, home buyer in the area

In 2004 I was relatively new to the real estate business, and quite naïve in terms of real estate bubbles. I was working with a young couple, trying to buy their first home when, all of a sudden, prices started going up and up and up. I was showing them properties in their price range, when we noticed that the houses were dumps and the prices were unbelievable, jumping from about $60-$70/sft to $115-$120 seemingly overnight. Needless to say, they were priced right out of the market. This is a cautionary tale for all the fence sitters out there, who think that the grass will get greener. Prices are going up, not down, in the affordable houses category (under $150,000), so call your agent if you have one, or us, if you don’t, and find that dream house. After all, don’t you want to paint your own walls, and not your landlord’s?

And, as always, we are happy to help. Give us a call.

Realtor.com announced the Top 10 Turnaround Town Report. Boise, Idaho is listed as #6.

Our own Boise Real Estate Consultant, Cristina Pescaru, is quoted in their article REALTOR.com’s Top Ten Turnaround Towns: Booming In Boise.

“Boise is still, as with other markets, struggling with short sales and foreclosed properties. The short sale process is not shorter, or more streamlined, unfortunately. Affordable properties under $150,000 are still hard to come by in Boise proper, and when we do get those, they go fast and sometimes at over the asking price,” said Cristina Pescaru, Realtor.

“The inventory is low because sellers don’t like to put their properties on the market during winter and the holidays. Hopefully, once Spring comes we will see a more lively market, and a lot more activity, especially now, that Boise has been a couple of times in the news, most recently placed 4th on the list of best cities for women’s health. As of now, and due to the overall economic picture, Boise still seems to be the best kept secret.”

REALTOR.com’s Top Ten Turnaround Towns: Booming In Boise (DATA) | REALTOR.com® Blogs

Contact Boise Realtors, Cristina Pescaru or Ava Tong for information about purchasing a real estate investment in the Idaho real estate market.