Crazy market for crazy times!!!! Boise Idaho Real Estate never looked this good.

Here we are in a brand new year. Tax credits are still in effect not only for 1st time home buyers but also for current owners purchasing a primary residence. Interest rates are hovering around 5%. Every time I go out shopping with clients I get a bit envious of the amazing deals that they are about to get. There are new homes available at less than $100 per sq. ft. and some lightly used bank owned homes that can be in the low $80's per sq. ft or less! In many cases you can purchase for less than you can build new. If you are thinking about building, lot prices are low and construction costs have receded as well.

The basics still apply. Find intelligent and diligent professionals to help you in your quest. Get a realtor or broker you can trust, who know contract law, and who answer your phone calls and email in a timely manner. Use an ASHI certified home inspector. Understand what title insurance does. Focus on the resale-ability of your home. And do your own due diligence! I cannot stress that enough. Your own research and drive-bys will be invaluable in your home search. The more information you arm yourself with, the better off you will be. I encourage all my clients to be heavily involved in the process. The best outcomes are when the client is out driving neighborhoods and figuring out what areas of town work best for them. Also, analysis of sold properties is key to determining value and offer prices. This type of data is easily available to you just for asking.

Short sales still suck. They have not gotten easier. The close rate is pathetic. Last time I checked it was about 10%. The average time for the bank to even review an offer is still several weeks (6?). It is a long process and success is not guaranteed. Bank Owned real estate or REO's are always a better bet. Yes there are usually other buyers competing for the same properties, but the same applies for short sales too. Usually you will get a response for an REO within a few business days. Even better than that is an organic sale. Meaning a regular buyer who has enough equity or cash to sell at current market value. Contrary to popular belief, there are still quite a few of those sales happening here.