Meridian Idaho Pending Home Sales

Here’s a look at our current Meridian Idaho pending sales.

  • # Pending: 208
  • Average Asking Price: $261,841
  • Median Asking Price: $258,288

38.5% of our Meridian Idaho pending sales are new homes in various stages of construction.

  • To Be Built: 11
  • Under Construction: 44
  • New-Never Occupied: 25

Data pertains to Meridian Idaho single-family homes on lot or acreage.

Data does not include condo or townhome properties.

 

 

Fewer Boise Homes For Sale Now

Given the time of year, it’s normal to have fewer Boise homes for sale.

As of this morning, we have 2,195 homes for sale in all of Ada County.

That contrasts to 2,950 homes for sale at the end of August (our highest inventory of 2014), representing a 25.6% decrease in our listing inventory since the peak.

Further analysis reveals that 605 of these homes are “To Be Built” or “Under Construction”, meaning that they do not yet exist.

That leaves just 1,590 existing homes for sale in Ada County, spread across 17 MLS areas.

Finding the right home for a buyer, after screening listings for a buyer’s needs, wants, likes, and dislikes becomes impossible in some instances.

This meager supply of listing inventory also creates multiple offer situations for desirable properties.

I have recently represented several buyers who lost properties in multiple offer situations because they offered less than the asking price.

Data pertains to Ada County single-family homes on lot or acreage.

Data does not include condo or townhome properties.

 

Eagle Idaho New Homes

If you’re looking for a new home in Eagle Idaho, you have a good selection to choose from!

Of the 292 homes currently for sale in Eagle, 108 of them are new homes in various states of construction.

43 of those new homes are “To Be Built”, meaning they’re vapor ~ they do not yet exist.

They’re homes that builders would like to sell before they begin construction.

Builders love to sell their new homes before they build them because it’s easier to obtain construction financing with a pre-sold contract in hand, and it also eliminates carrying costs after the home is completed.

26 of those new homes are “Under Construction”, which means they’re pre-sold and, well . . . under construction!

Finally, 39 of those homes are “New-Never Occupied”, which means they’re “spec homes”.

They’re homes built on speculation that the builder would find a buyer during construction of upon completion.

Overall, 37% of all of the homes currently listed for sale in Eagle Idaho are new homes.

If you’re looking for a new home in Eagle Idaho, I know where they are.

As a long-time resident of Eagle, I also know the details of the various subdivisions and builders and can help you find the right home for your family.

For more information on new homes in Eagle, Idaho, give me a call at (208)938-5533 or e-mail me!

 

Fannie Mae Now Offering 97% Loans

Fannie Mae has announced its new 97% conventional loan product.

Designed for qualified first-time buyers, the new loan program will provide financing with 3% down to well-qualified borrowers.

The new Fannie Mae program compares favorably to FHA financing with a 3.5% down payment because FHA financing requires costlier mortgage insurance.

This new loan program also includes a home buyer education and counseling component.

And. there’s a refinancing option for qualified borrowers.

It’s important to understand that this new loan product is primarily intended to facilitate home ownership to qualified first-time buyers.

This is not a return to the wild days of low documentation/no documentation loans that contributed to the housing collapse a few years ago.

All loans will be fully-underwritten and borrowers can expect to be required to provide extensive documentation as part of the loan approval process.

Source: Fannie Mae Lender Fact Sheet

 

When Home Inspectors Cause Problems

I was recently involved as the listing agent in a transaction that included several problems caused by a home inspector who raised issues that weren’t, well . . . issues.

That inspector’s findings caused considerable unnecessary concerns with the buyers and their agent and nearly caused the transaction to fail.

The inspector called the gas fireplace, stating that it wouldn’t turn off.

When I met the repair technician at the house, I turned the fireplace on and off three times with no problem.

The inspector had obviously tried to turn the fireplace off with the wrong wall switch.

Having incurred a $90 service call, I went ahead and spent $130 to have the fireplace serviced and cleaned as a courtesy to the buyers.

The inspector also called frozen moisture on the exterior stucco near the tankless water heater vents.

When my seller called him for clarification, he mentioned that he had turned on all of the hot water outlets in the house and left them running while he inspected the house.

Given the cold outside temps and the fact that the home had four bathrooms with showers, it was obvious that two 90% efficiency tankless water heaters would create excessive moisture near the exterior vents with extreme use.

The inspector also questioned the location of the tankless water heaters near the electrical panel.

The tankless water heaters and the electrical panel had final inspection tags on them, indicating that they were properly installed and met code.

I had to get confirmation from the Director of the Idaho Building Safety Division that the units conformed to code at time of construction and current code to defuse those concerns.

It’s important to understand that anyone can be a home inspector in Idaho.

Home inspectors aren’t regulated, there are no education or experience requirements, and there’s no consistency in inspection procedures.

I once had an inspector show up to inspect one of my sold listings in a ratty pickup truck, with a gun and a dog, and a Masonite clipboard with a single sheet of paper.

That inspector walked around the house, didn’t inspect the crawlspace or attic, and wrote “looks good!” on the sheet of paper and left.

When you hire a home inspector, make sure you’re hiring someone who’s experienced, knowledgeable about building codes, and check references.

Ideally, the inspector you hire should have extensive experience in construction and have a plumbing or electrical license.