Eagle

The North End

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Headlines in recent weeks have been full of good news about the national real estate market, and Boise’s trends are mirroring those national results. Time Magazine has profiled three Boise residents in its August 10 edition; telling their diverse experiences in the local property market.( http://www.time.com/time/magazine/article/0,9171,1913763-1,00.html) And this same week, the Commerce Department reports that July new home sales rose 9.6 percent nationally, while July existing home sales rose 7.2%—the largest increase in at least 10 years, according to the National Association of Realtors.

Industry watchers are seeing the emergence of a “new normal” in the current real estate market. Characterized by home prices now more closely aligned to average income, and lenders using more conservative debt ratios and higher credit scores in issuing new loans, the market landscape is very different from just two years ago, but is not so different from historical trends. The market seems to be returning to traditional drivers for real estate transactions—growing families, career relocations, and retirement, for instance—and less on property speculation.

The Wall Street Journal reported on July 29 that home prices in major US cities rose for the first time in nearly three years, signaling a turnaround from falling prices seen in so many areas. The newspaper notes that this .5% increase for the three-month period ending in May comes after other indicators of recovery in the past few months. This report follows an Associated Press report that sales of previously occupied homes rose for the third consecutive month in June, while foreclosures and the number of homes on the market fell in the same period.

The combination of historically low interest rates, the $8,000 First Time Buyer’s incentive, and property prices that have become more affordable present a unique opportunity to buyers to find the property they have been looking for. Sellers will find that the market for mainstream residential properties has stabilized, and homes priced in comparison to the market are selling in an average of 100 days. Additionally, FHA-backed loans can be secured for as little as 3.5% down, which has also been credited as an important driver in the market recovery.

And what is the net of all these statistics and trend reports? Real Estate remains an important investment, and lower prices and affordable interest rates make this a great time to buy your next property.

Questions? Call Phil Mount
(208) 841-0134

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Landmark Property, Inc.
661 Rivershore Lane, Suite 120
Eagle, ID 83616
Phone: 208-939-5151
Fax: 208-939-5152
Email: info@IdahoRealEstate.com

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In Idaho things are different. People are friendly, the streets are safe and life just seems to move a little bit slower. If you already live in the Boise area please stop by and say hello. We would enjoy hearing from you and we would enjoy being of service! If you don't yet live in Idaho, what are you waiting for? Now just might be the right time to make the move. We are professional and trustworthy real estate agents servicing the greater Boise Idaho area and beyond. Whether you are interested in new homes in the city, a cabin by the lake or a maintenance free downtown Boise condo, our agents are standing by to serve you. Call us today and let us know what we can do to help!