Real Estate Information Archive

According to a recent article in the Washington Post, the Internal Revenue Service has clarified which documentation the taxpayers need to submit to claim their first-time and move-up homebuyer tax credit.

While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties' signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn't common.

This is what the IRS clarification states: "In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. ... The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return."

For home buyers who have previously owned property, the IRS is seeking documentation that they have lived in their previous home for a consecutive 5 of the past 8 years. Proof can include mortgage interest statements, property tax records or home owner insurance records.

Source: Washington Post (02/20/2010)

Contrary to what some may think, homes are still selling in the Boise metro area!  In the 4th quarter of 2009, 1742 homes sold in Ada county and 837 homes sold in Canyon county.  If you are wanting to sell your home, now may be the time to do it.

Even though selling a home can be challenging during our current real estate market, the truth is that many homes are selling now. The ones that are selling have 1 thing in common - they are priced right for this market.  Home sellers' expectations for the price that their home is going to sell for can be quite different from the reality of what this current "buyers market" dictates. 

The key element right now is actually to price the home at a level below what the comparable sales indicate.  This is especially true if the comparable sales are several months old in a declining market.  Not only has the overall market declined in price over the past several months, but it is continuing to decline even now.  If the average time to sell a home right now is 120 days, then we have to look at where we feel the market is going to be in 120 days and price the home accordingly.  This strategy will get the home sold and, believe it or not, help the seller to get top market price for their home.

One thing to remember is that if you are selling and buying another home in the Boise metro area, you may be taking a perceived hit on your home sale price, but the home you purchase will be taking an equal or larger hit.   I like to ask my clients, "Where do you want to wait for the market to come back - in your current home or in your new home?" 

It is an extremely good time to sell if you are a move-up buyer. 

Please contact me if you would like to get an honest opinion on your home's current market value or you can log on to www.WhatsMyBoiseHomeWorth.com for a look at your home's market value sent to you by e-mail.

According to a recent Ada County Association of Realtors, the big question coming into September: "Will August continue the momentum of the previous two months?"   The answer is "Yes".

August sales are up 2% from July and up 8% from August 2008. This is the third month in a row for an increase over last year's same month. This 3-month trend reverses the 35 months of year-over-year decreases we have suffered. According to ACAR, we're likely to look back at the Summer of '09 as the beginning of the comeback.

Pending sales also continue to increase.  July 2009 there were 51% more Pendings than July last year - now there are 63% more pendings. Even New Construction Pendings are 23% above 2008.

Short Sales and bank-owned properties are up slightly. Short sales were 15% and bank-owned sales were 20% in August. That makes 35% of the sales in August were "distressed" sales.  Our high was 48% in February, 45% in March and 44% in April.

Median home price continues to hover in the $170K to $175K range. In August, the median price was $171,000. This is down 2% from July and down 17% from July 2008. There was a jump in new home median in August compared to July this year - up 7%. Looking back at July, we observed a big drop in new construction home median, but August seems to correct that.

Inventory is now back to 2006 levels. We now have 7.5 months of available inventory (3289 resale and 755 new homes).

Finally, the final sales price seems to be getting closer to the final asking price. The discount between listing price and final sales price decreased to 2.9%.

Affordability is at its best ever!  Buying a home in Boise, Idaho, and surrounding communities has not been a better buy for a very long time.  For those of you trying to time the market, now is the time!  Jump in and buy!

According to the Environmental Protection Agency, electronics, adaptors and appliances cost Americans almost $10 billion a year and account for almost 11 percent of all U.S. energy use.  These "energy vampires" suck power even when not in use or they are turned off.

Ten billion dollars sounds kind of abstract, doesn't it?  According to EnergyStar, U.S. households spend $100 a year to power devices in a standby power mode.

EnergyStar estimates that there are more than 1.5 billion power adapters in use across the country - about five per person. That makes sense.  In our home, we have 2 cell phones, a BlueTooth wireless ear piece, 2 electronic lockbox keys, a digital camera, 2 laptops, etc.  We easily cover the five adapters per person.

While $10 billion is a lot of money, it's money that can be very easily saved.  Just unplug your chargers whenever they aren't in use.  For more energy saving tips, go to www.begreenminded.com .