We've Got a Facebook Fan Page!

Check us out and "like" us!

John on YouTube ;-)

And Boise Home Buyers Guide to Short Sales

May Real Estate Newsletter

May 18, 2010

Well, the tax credit has expired and on we are with real estate in 2010.

Searching for Rentals
**I have had a lot of calls recently from folks looking for a property to rent. Some of you have been the ones that have referred them to me. Thank you! I really appreciate you thinking of me and giving my information to your friends and family. While I am only able to help to an extent, I'm happy to help point people in the right direction. I am not able to locate properties from one source like I can in the MLS for listed properties for sale, and I also am not able show them like I can with for sale properties. I also don't typically match tenants with properties and landlords, but what I am able to do is help out of state people navigate areas a little bit better and point people to the most useful websites to search for rentals on. If I do know of rentals available I will happily point people in your direction. If you own homes for rent and have vacancies come up in the future, please email me and let me know. If I know anyone looking for a rental I'd be happy to connect them with you.

-Below are a few websites that are good resources.

Craiglist.org is probably the best bet for looking for a rental. Most landlords and professional property managers post their rentals on craigslist. It's one of the places that is the most central for finding as many properties for rent as possible. However, in my opinion it doesn't have the best search capabilities, which sometimes makes it difficult to navigate if you have specific criteria or a specific area within town.

Rentals.com is also a great place to look and is maybe a bit easier with the search criteria than Craigslist is.

Finally, if you are looking to rent an apartment as opposed to a home, Apartments.com is a really convenient site for that search.

I have also been asked a lot over the past year or so if I have any good recommendations for property management companies. We are looking for a couple of trustworthy property management companies to have on our short list, so if you own or used to own a rental property and have had a good experience with a company here, or if you are a tenant who has had a good experience with a company here, or if you just know of someone that is a trustworthy company and who does a great job for their clients, please shoot me an email and let me know - I'd greatly appreciate it. Thanks!

ListingBook!
**Listingbook is a program that helps us work together in finding a property that fits your needs. If you haven't done so yet and would like to sign up for a (free) Listing Book Account click on this link and fill out the "Search Like an Agent" form on the right hand side (phone number isn't required). If I have sent you an invitation, all you have to do is confirm the invitation. If I sent you an invitation and you disregarded it because you didn't know what it was, let me know and I can send you a new one. Here's a brochure that explains it further.

How to Set A Sprinkler Timer

This seems appropriate for this time of year, though we have had so much rain lately!

Mortgage Rates Extremely Low

Mortgage Rates at New Lows, Thanks to European Debt Crisis
CNBC On Monday May 24, 2010, 12:44 pm EDT

Here's some good news for the struggling US housing market: Thanks to the European debt crisis, mortgage rates are at historic lows.

The current average rate for a 30 year fixed loan is 4.87 percent, according to Bankrate.com. That's the lowest rate for the 30 years since Bankrate started keeping track 25 years ago.

Even jumbo loan rates-loans for more than $417,000-have fallen. The 30-year fixed jumbo loan is at an average rate of 4.5 percent, down from nearly 6 percent at this time last year.

"It's the best time in our generation to buy," says Mark Zandi, chief economist at Moody's. "It may be the best time in any generation. Mortgage rates are so low and with homes prices down and lots of inventory, you couldn't pick a better time to buy or re-finance."

Read full article here....

Watch Out For Mortgage Scams

State AG warns of forensic mortgage loan audits
by IBR Staff

Published: May 21,2010
Time posted: 3:30 pm
Tags: Idaho Attorney General

A new type of foreclosure “rescue” scam has infected Idaho. It uses half-truths and outright lies, so-called “forensic loan auditors” are exploiting financially strapped homeowners who are desperate to save their homes from foreclosure, according to the state Attorney General Lawrence Wasden.

These scam artists use many titles - forensic auditors, mortgage loan auditors, and foreclosure prevention auditors. They charge upfront fees ranging from $1,000 to $1,500 to review consumers’ mortgage documents, allegedly to determine whether lenders complied with mortgage lending laws. These “auditors” claim consumers can use their audit reports to avoid foreclosure, accelerate the loan modification process, reduce their loan principal, or even cancel their loans.

Read full article from Idaho Business Review here...

CBH Homes does YouTube Videos on How to Maintain Your Home

I just found a whole bunch of videos on YouTub that CBH Homes has done to show new homeowners to do things in their new home from caulking the tub to setting the sprinkler system to cleaning the garbage disposal. Some of these might be CBH Homes specific but som may be good general maintenance too. If any of you have ever been through a CBH Homes Final Walk Thru, a lot of these things will be what the superintendent has discussed with the new homeowner, but now these videos are actually showing the homeowner how to do it. I'll periodically post these in the coming months

Is Now the Right Time to Buy? What do you think?

Commentary from Idaho Business Review

Commentary: Is now the time to buy real estate?
by IBR Contributor
Published: May 17,2010
Time posted: 2:31 pm
by Phil Hardwick

In March 2007 the average price for a new house in the United States was $329,400. By Jan. 2009, the average price had plunged to $245,200. In March 2010, that price had climbed to $258,600. So, is now the time to buy real estate?

As always, the correct answer is “it depends.” It depends on one’s personal situation, the local market and financing. Whether a buyer is someone in search of a new home or an investor seeking opportunity the fundamentals, something that got way out of kilter during the past few years, still apply. See full article here...

Local News and Info

Idaho Partners for Homebuyer Education given grant from Bank of America
by IBR Staff
Published: May 17,2010
Time posted: 2:54 pm

The Bank of America Charitable Foundation recently contributed $5,000 to the Finally Home! Homebuyer Education Program administered by Idaho Partners for Homebuyer Education. Bank of America has contributed nearly $30,000 since the program’s inception in 1999. See full article here...

May 13, 2010-TitleOne News You Can Use

Market Stats 2010 - By Quarter in Canyon County

1st Quarter

Market Stats 2010 - By Month in Canyon County

January

February

March

Market Stats 2010 - By Quarter in Ada County

1st Quarter

Market Stats 2010 - By Month in Ada County

January

February

March

Circle of Excellence

The following agents from Jon Gosche Real Estate qualified and received the Circle of Excellence award from Ada County Association of Realtors for the consecutive years of 2005-2009.

Circle of Excellence is an individual award based on production volume for any given year. Agents that qualify can receive the award every year.

John Boles - Associate Broker

Kasey Boles - Associate Broker

Katie Miller - Associate Broker

CBH's $8000 Promo

For those of you who missed out on the $8000 home buyer tax credit that just expired at the end of April, CBH is extending their own $8000 incentive through May 31st...

***8$000 for all homes 1501 square feet and larger OR $5000 for 1500 square feet and smaller***

If you are interested in looking more into a New Construction CBH home, or any other home for that matter, give me a call or shoot me an email and we can chat.

Kasey Boles - 208.830.6186
kaseyboles@boiserealtystore.com

Property Values moving forward through 2010

There has certainly been a large dose of speculation regarding future home values in the greater Boise, Idaho area. Newspaper and Magazine articles of late, all pointing to three very prominent factors that will continue to drive this year’s property values lower.

First of all, the Federal Government has discontinued their mortgage purchase program, which has been holding interest rates lower. It’s projected that due to mortgages being purchased by the open (public) market, new loan guidelines and yield spreads will change the dynamics of lending mortgage money. Mortgage Bankers agree this will raise interest rates in our near future, adding pressure to the already weak housing market.

Title companies, which represent Banks in the foreclosure world, have reported an unusually large hold back of foreclosure properties which will be released this summer into our housing market for sale. Once these properties are eventually released by the banks, the influx of additional inventory to the housing market will again favor the buyer and force values even lower.

Lastly, a large percentage of buyers have exited the market place, taking advantage of the government Tax Credit Program which ended April 30, 2010. These sales have until June 30, 2010 to complete the sale. Sales readings for May and June will be strong; moving forward into July, sales numbers will comparatively tank. The lack of buyers on the market will again strengthen buyer’s positions and add additional pressure to the already ailing housing market.

Mortgage economists are projecting an additional 7%-10% drop in home values by the end of 2010. This environment will keep buyers active in our market.

Information couresty of:
Ricky Catalano
Mortgage Loan Officer
776 E Riverside Dr Ste 100
Eagle, ID 83616
Office: (208) 938-6600
Mobile: (208) 440-9967
Fax: (208) 938-5749

Short Sale Listings

Here are all of our current short sale listings right now.

Click Here to View Listings

Boise Featured

In the West: 20 towns of the future

Boise, Idaho: Work and play
Got a startup idea? Boise wants you. The Idaho city has garnered high marks from Forbes magazine as one of the top places to start a business. Micron is a top gun and Inovus Solar is the city’s biggest employer, and nearby you’ll find Tsheets and Sky Detective.

Good work means a little play too: Boise Bicycle Project discounts bikes for residents (and teaches them how to fix their two wheels); and the ski area 16 miles from downtown, Bogus Basin resort, is a nonprofit, keeping extracurricular sports affordable.

Article courtesy of MSN.com - see article and other "towns of the future" here.

Interest Rates 5/3/2010

RATES 5/3

30Yr Fixed 4.875% SAME AS 4/30

15 Yr Fixed 4.250% SAME AS 4/30

5Yr Fixed (ARM) 3.375% SAME AS 4/30

7Yr Fixed (ARM) 3.875% SAME AS 4/30

JUMBO 30Yr Fixed 5.375% Non-Conforming SAME AS 4/30

GOV/FHA 30Yr Fixed 4.750% SAME AS 4/30

Non-Owner 30YR Fixed 5.250% SAME AS 4/30

Interest rates courtesy of Ricky Catalano, Bank of America