The Real Estate market has never been as unique as it is today. There are many homes in foreclosure and Shortsale, they are a dime a dozen. Many people are taking advantage of this opportunity to purchase a home for less than you can build.  From Boise Idaho homes for sale to Namp Idaho homes for sale you can find great deals when looking at foreclosures and Shortsales. The question still remains, is it time to buy? Has the market hit bottom?

Whats the market doing?

The Real estate market in Idaho has seen some real changes. Boise Idaho has been hit hard with homes in foreclosure and shortsale status. Today homes are flying off the shelf. Homes for sale in Boise Idaho between the price range of 120,000 to 150,00 are selling QUICK. Typically the homes will receive multiple offers and then sell for more than the asking price. How about those that say, I am going to wait for the market to bottom out.

Has the Real Estate Market Bottomed out?

Today Homes for sale in Idaho are priced competitively. But has the market bottomed out? The answer is, Who knows? Everyone who is waiting for the market to bottom out will MISS THE BOTTOM. Why? Because, just as nobody predicted the decrease in the Real Estate market since 2007 is the same when predicting the markets bottoming out today. I hear it all the time! People tell me that they are waiting for the market to drop another 5% or another 10,000.00 dollars. When it does, its those same people telling me they are going to wait for it to drop another 5% or 10,000.00 dollars. You see, those people, will keep waiting until they have missed the bottom. By the time they get a loan, interest rates will have climbed and they will have paid more in interest then the 5% saved due to the market decreasing in price. Also, they will most likely buy their home when the market has increased by 5%. Boise Idaho Real Estate is priced right and now is the time to buy. Please visit my website or contact me with any questions or concerns.

The biggest question we receive after one of our clients has gone into financial trouble is, when will I be eligible to buy another home?

The answer is, it depends. It depends on the type of loan that an individual chooses to use.  When referring to homes for sale in Boise Idaho, conventional loan guide lines are seven years to buy another home after the foreclosure completion date. On a loan through FHA, it would take you three years from completion date. On loans through USDA Rural it takes three years from completion date. Finally on a VA loan it’s two years from completion date.

These figures are pretty common across the board. At the same time however, I recommend that you always consult with a Loan officer in your area. In regards to Idaho Real Estate and buying a home in Boise Idaho this information is quite accurate. However, for obtaining a loan to purchase Boise Idaho Real Estate, after you have gone through a foreclosure I recommend utilizing my Loan Officer who is with Academy Mortgage.

Ashton R.



Price Check!
Check the selling prices of comparable homes in your area. Nampa Realtor Websites such as mine can give you a general idea of what you should expect to pay. You can also do a quick search of actual MLS listings in your area.

Can You Afford It?
See what you can afford. Use the mortgage calculator on my website to see what your payment would be. Find out what your total monthly housing cost would be, including taxes and homeowners insurance. To get a feel for the maximum amount you should spend, including taxes and insurance. In some areas, what you’ll pay for your taxes and insurance escrow can almost double your mortgage payment.

Insurance is Good
To get an idea of what you’ll pay in insurance, pick a property in the area where you want to live and make a call to a local insurance agent for an estimate. You won’t be obligated to get the insurance, but you’ll have a good idea of what you’ll pay if you buy. For an idea of what you’ll pay in taxes, most properties on my website have property-tax information in the property features. Just remember that exemptions and the intricacies of local tax law (such as Florida’s Save Our Homes value cap) can create differences between what a homeowner is currently paying and what you can expect to pay as a new homeowner.

Closing Costs
Find out how much you’ll likely pay in closing costs. The upfront cost of settling on your home shouldn’t be ignored. Closing costs include origination fees charged by the lender, title and settlement fees, taxes and prepaid items such as homeowners insurance or homeowners association fees.

Budget!
Look at your budget and determine how a house fits into it. Fannie Mae recommends that buyers spend no more than 28% of their income on housing costs. Go much past 30% and you risk becoming house poor.
Talk to reputable real-estate agents like me about the real-estate climate. Do they believe prices will continue falling or do they think your area has hit bottom or will rise soon? This insight into how the market is behaving could save you big money.

The Big Picture
Remember to look at the big picture. While buying a house is a great way to build wealth, maintaining your investment can be labor-intensive and expensive. When unexpected costs for new appliances, roof repairs and plumbing problems crop up, there’s no landlord to turn to, and these costs can drain your bank account.

If you are looking for Nampa homes, I can help! Use my quick Nampa home search to start finding homes in Nampa or anywhere in Idaho fast! Relocating to Idaho? Get great free relocation info as well.