By Cristina Pescaru, CSP
Real Estate Consultant
Boise, Idaho

A few weeks ago I had a chat over the phone with a reporter from Forbes.com. Seems that people are interested in places around the country where the market hasn’t bottomed out. I do believe that we may see lower prices in the Valley, but if anybody expects to purchase a mansion for a song, they will have to wait a long time…

The part of the interview that was referring to adjacent towns around Boise, like Meridian, Nampa, Caldwell, Emmett, Middleton, didn’t make it in the article, since their main interest was in Boise. I referred to Canyon County in particular when I said that some areas have seen almost 50% reduction in values compared with the boom years.

For more on this, you can go to the article Cities Where Home Prices Are Falling Dangerously by  Morgan Brennan, Forbes Staff, Forbes.com. Let us know what you think…

Visit our website FindYourHomeinBoise.com to view Boise Idaho real estate resources.

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.

Boise Real Estate Agent agrees home prices are more affordable than ever, interest rates continue at historic lows. The situation is providing investors with a golden opportunity.

A recent NAR (National Association of Realtors) opinion on the real estate market is that it is a great time for investors. Lawrence Yun, NAR Chief Economist writes “Obtaining a mortgage for a non-primary, non-owner-occupied home is even more difficult than obtaining other types of loans. Consequently, a significant share of investors is purchasing properties via all-cash transactions. All-cash purchases represented 30 percent of all home sales transactions across the country and accounted for over half of the sales in hard-hit regions like Las Vegas and Miami.”

Real Estate Insights article Riding the Investor Wave by Lawrence Yun, NAR Chief Economist.

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

By Cristina Pescaru, CSP
Real Estate Consultant
Boise, Idaho

We are seeing a slow down in foreclosures in the Treasure Valley, and, as a result, multiple offers on bank owned properties in lower price ranges. For the frustrated buyers, and their agents, it feels strangely like the “boom” years of 2004-2006.

“Combined default filings for Ada and Canyon counties during the first quarter of 2011 were 1,565, compared to 2,405 during the same period in 2010” (Idaho Business Review).

Buyers are still waiting for the bottom to drop, but they may have to wait a little longer, and end up not having their choice. Sellers are waiting for the market to improve, when they should take advantage of the relative quiet in the foreclosure market, and of the weariness of buyers fed up with waiting to purchase “short sales”…Sellers that are not in a “distressed” position are very attractive to buyers, provided that they are willing and able to sell at market value.

In short, “there is no time like the present” applies very well to the situation in real estate today. While it is at times difficult to figure out if we are going up or down, if the multiple offers, and the slowing down of foreclosures will drive the prices up, or not so much, one thing is certain: if you are thinking of selling, now is the time. Sell. If you are thinking of buying, no use in waiting. Buy.

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.

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