Boise Idaho Named Boomer Favorite

Boise Idaho has been named as one of the top U.S. real estate markets positioned to see an influx of baby boomer homebuyers.

The National Association of Realtors® (NAR) analyzed population trends, housing affordability, and local economic conditions across the U.S. to determine housing markets most likely to see a boost in sales from baby boomers.

Boise was identified as a top standout market, based on solid job growth, share of self-employed workers, and affordable home prices.

The study also mentioned Boise’s dynamic local economy, adequate housing supply, and a lower cost of living.

According to a NAR generational study of homebuyers released earlier this year, baby boomers represented 30% of all homebuyers, had a median household income of $92,400, and bought a home that cost $210,000 (almost identical to the Boise area’s median home price).

Source: National Association of Realtors®

 

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