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.

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.

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.

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

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.

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

By Cristina Pescaru, CSP
Real Estate Consultant
Boise, Idaho

The City of Trees

The real estate news is at least confusing, if not downright discouraging, most of the time. But here’s the silver lining: Boise hasn’t been hit as hard as other areas of the country, and we may have seen the worst of it. In some areas, we are starting to see competing offers on properties, and that is great news for sellers!

Of course, we won’t be at the price levels of 2004-2005 any time soon, and the economy as a whole has a lot to do with that. For one thing, there aren’t all the investors that were around a few years ago, willing to invest sight-unseen sometimes. Then, people may not be retiring in our area at the level they used to, for the simple reason that many people have found themselves in a position where they cannot afford retirement. Job relocations aren’t as plentiful as they used to be, either. And small businesses don’t start at the same rate as before.

Good News – Boise Great Place to Raise a Family

But enough with the gloom and doom! The good news: Boise is still considered a great place to be, and to raise a family. Home prices have become more affordable, and we have seen an increase in distressed home sales. That is good news for buyers. Median home price hovers around $155,000 in Ada County, for existing homes. The new homes median price is around $178,000. Read the rest of this entry

Two Months Prior to Your Move

• Checklist of items to keep, donate or sell
• Get estimates from three moving companies
• Check on insurance coverage for the move
• Use up or give away perishable foods
• Use up or give away cleaning supplies
• Set up a file for all moving papers and receipts
• Check into tax deductions for the move
• Transfer children’s school records

Read the rest of this entry