Real Estate is still happening!

Real Estate is still happening!

There is more good national news…. May 2013 home values rose the most since 2006.  Locally we show a 4% rise in home values since this time last year.  Our number of home sales is up 1% since last year, our market continues to show improvement and stability.

Find the Full Article Here-http://www.bloomberg.com/news/2013-07-30/home-prices-in-u-s-increased-by-most-since-2006-in-may.html

A quick update on our local housing market.

As I drive through the Palouse this spring, I love to see the winter wheat greening up the fields.  The weather is warming up and so is our local real estate market.   Whether you are considering the local or national market statistics, 2013 is shaping up to be a great year.   Latah County currently boasts a 5% ($3,992,622) increase in volume sold, and only a 1% decrease (10 listings) compared to last year’s inventory.(Latah County Y2Y report- printed on 4.12.13)

And recently I was reading National Sales statistics on REALTOR.org and was excited to see that February sales were higher than they’ve been since the tax credit period back in November 2009.  Clearly this is a great time to be in Real Estate.

Statistics show a positive trend in our local housing market that’s actually been growing over the past two years.  These statistics are starting to build confidence in buyers and are bringing them back in the market.  We sure see a difference, first quarter 2013 has practically doubled our 2012 volume sold.

Spring Fling 2013 is scheduled for Saturday April 27th, 2013.  Listings from around Latah County will be open for you to tour on the following schedule:

  • 10-Noon: ($199,000 and Below)
  • Noon-2 pm: ($200,000 – $299,000)
  • 2 pm – 4 pm: ($300,000 and Above)

Team Idaho Real Estate listings can be found on our website, teamidahorealestate.com. Please feel free to call or e-mail if you have any questions about this year’s Spring Fling.   If you or anyone you know is curious about the current market value of their home, gives us a call, we can help!

I will miss this year’s Art Walk opening day, June 14th. As the following day will be my wedding, I am looking forward to being Mrs. Debbie Spurgeon.

First Time Homebuyer: Are You Ready to Purchase a Home?

We found this great article on firstcommercefinancial.com :

Learn Exactly How to Start Preparing For Buying Your First House

First Time Homebuyer Payments

If you are someone who is in the market for their first home, there are many questions that must be answered before you are ready to make an offer. What is my credit score? How much can I afford on my monthly and down payments? Is now the right time to purchase a home? What type of mortgage best suits my situation?

These questions can be intimidating as first time homebuyers are at an all-time low of 31% of all purchase transactions. Record low mortgage rates, low housing prices, and high rent costs have still not equated to more first time homebuyers hitting the market.

The truth is the housing market has been rebounding nicely the past 12-18 months and you may be closer to homeownership than you think!

How Does My Credit Score Affect My Ability To Buy A Home?

Your credit plays a major role in obtaining home financing; includes determining your mortgage rate and even if you can qualify for a mortgage at all. One or two late or missed payments can be all it takes to delay your path towards homeownership.

Read more about obtaining your credit reports and how keeping up with your credit plays a major role in mortgage approval and getting your first home.

Afraid of Buying Your First House? 3 Tips to Get You Prepared READ MORE.

Existing-Home Sales and Prices Continue to Rise in February

According to the National Association of REALTORS:

“February existing-home sales and prices affirm a healthy recovery is underway in the housing sector, according to the National Association of Realtors®. Sales have been above year-ago levels for 20 consecutive months, while prices show 12 consecutive months of year-over-year price increases.

Total existing-home sales, which are completed transactions that include single-family homes, town homes, condominiums and co-ops, increased 0.8 percent to a seasonally adjusted annual rate of 4.98 million in February from an upwardly revised 4.94 million in January, and are 10.2 percent above the 4.52 million-unit level seen in February 2012. February sales were at the highest level since the tax credit period of November 2009.

read more-

February Jobless Rate Edges Downward as Labor Force Declines

Idaho’s labor force shrank for the second straight month in February, sending the seasonally adjusted unemployment rate down a tenth of a percentage point to 6.2 percent the lowest unemployment rate since December 2008.

While employers in most private sector industries hired more workers than usual for February, total employment declined by 400 but still remained over 725,000 – the level it was at in spring 2008 as the recession was just beginning.

Idaho Department of Labor analysts suspect more workers may be abandoning self-employment for more traditional jobs covered by the state’s unemployment insurance system, or an increasing number may be taking on second jobs. Idaho traditionally has one of the highest percentages of workers holding more than one job, ranking 10th among the states in 2011 at 7.4 percent. READ MORE.

March Local Market Update

St. Patrick’s Day is this Sunday! Do you have the luck of the Irish to find your dream home? If this home is in Latah or Whitman County, you can rest assured that we would love to help you find it.

First and foremost, I would like to give a big thank you to everyone who came to our Home Buyers Seminar; it was a great, highly educational evening.

The month of April is on its way and we are already off to a great year. Based on a year-to-year report, Latah County currently holds a 5% increase in average sale price, and an 11% increase in volume sold. Recently many new houses have come on the market, creating lots of happy home shoppers. The housing economy has been holding strong and steady locally, and even new home construction on the rise, leading many to believe the housing market is heading in the right direction again. Follow the article below for great national statistics on Sales in January of 2013.

Over the past few months our Property Management team has stayed very busy. Recently we have added a new team member due to the demand on our rentals department. It is turn over season, meaning we are in the midst of re-signing or re-leasing the properties we manage. If you are interested in knowing more about our rentals please give us a call or check out our website!

We are a full service real estate company, meaning we offer both property management and real estate transactions. If you are an investor and are thinking about building or buying an investment home/rental, please be sure to contact our office before making any major decisions. We want to ensure you make the right choice for you, whatever that may be.

Debbie Loaiza
debbie@tidaho.com
208.882.9555
www.teamidahorealestate.com

“Home Buyers Seminar” 2.28.13 JOIN US!

Team Idaho Real Estate will be having a fee home buyers seminar Thursday, February 28th, 2013.  Everyone is invited!

We will have a lender available to answer financing questions, program availability, and what program would best work for you. Will also have Real Estate Professionals on-site to answer any of the your Real Estate questions, and explain the necessary paper work. A title company representative will be there to explain their role in the process.

Give us a call if your interested in knowing more. 208-882-9500

January 2013 Update from Debbie

The real estate market wrapped up nicely in 2012.  I always find it interesting to see how we have faired in comparison to the previous year, and you can see for your self how we have done over the past few years at this LINK.

Do you want more space?  Need another bathroom?  If you are contemplating whether you should remodel or sell and buy a new home to meet your needs, I can help!  If you are curious about the value you could add to your home through remodeling, I have years of experience estimating future value, based on improvements.  Once you have all of the information, I can help you make the best decision for you and your home.

I am very excited to announce that there are a couple of new agents at Team Idaho, they each bring their own unique personalities and real estate experience to the team.  Visit our website and click on “Meet the Team” tab to find out more about everyone here at Team Idaho Real Estate.

Last, but certainly not least, Team Idaho Real Estate will be hosting a “Home Buyer’s Seminar” on Thursday February 28th, 2013 right here at our office on Main Street. It will take the form of a comfortable open house, so please spread the word as we would love to have a full house for our seminar.  We will have a lender on hand to answer any financing question and a title officer to explain their role.

Be Safe and have a great January!

Home Financing and Credit: How to get it

Few people can buy a home with cash. According to the National Association of REALTORS, nearly nine out of ten buyers finance the purchase of their home. If you are considering purchasing a home, obtaining a mortgage loan is the first step in the process.

Financing is the difference between the purchase price and the down payment. There are also other costs associated with a mortgage called “closing costs.” These costs vary with the type of loan you choose and typically include such things as the bank loan origination fee, mortgage insurance, appraisal and inspection fees, and title company settlement fees. In Idaho, a lawyer is not required to be involved in real estate transactions, but in some situations consulting with an attorney may be wise.

Because of the recent lending reforms and tightening of credit availability, it pays to plan ahead. Job number one is to make sure your credit house is in order. You can order a free, online credit report once per year from each of the credit reporting agencies: TransUnion, Experian, and Equifax. It’s a good idea to do this even if you aren’t planning to buy a house as it’s a way to be sure that there are no errors on your credit record. The way to insure that you have a good credit report is easy: pay your bills on time. If you don’t, late or missed payments will show up on your report and you may have difficulty obtaining a loan.

Many buyers start searching for a home before they visit with a lender and some do these things concurrently. It will save you time and frustration, however, to get a jump start on the financing process. The most important reason for doing this is so that you know how much house you can afford. There are many different types of loans, such as conventional, FHA, VA, and USDA. The type of lending you choose may dictate the kind of home you are able to purchase. There’s nothing worse than finding your dream home and then learning that it is financially out of reach. In addition, home purchase and sale agreements—the documents you will sign when you make an offer—stipulate that you have applied for, or will apply for a loan within a certain timeframe, usually five business days. If you are a first-time home buyer the process may take longer than you anticipate. Save yourself time and aggravation by going to a lender first.

Real estate financing is available from many sources including banks, mortgage brokers, insurance companies, and credit unions. Your REALTOR can give you a list of lenders in our area. It may be easiest to begin with your own bank because you already have a relationship with them via a checking or savings account, auto loan, or other borrowing. There are also many on-line banks that have competitive rates and you can usually complete an application on your home computer. You can apply for loan pre-approval with as many lenders as you like, however be cautious in doing so because each one of the applications will show up on your credit report and could adversely affect your credit score.

Now that you have been pre-approved for a loan, it’s time to start shopping. This is where a REALTOR comes in. Not only can a REALTOR help you identify a home, he or she can facilitate the purchase, including working with your chosen lender and title company to be sure all required documents are submitted and on time. Having your loan pre-approval in hand will make the process easier and more enjoyable.