…The popular question posed during my recent visit to smoke-clearing California, and while there I plunked down in the Folsom Borders for a few minutes, and perused about 4 paperbacks. One of them was Rich Dad’s Advisors: The Advanced Guide to Real Estate Investing: How to Identify the Hottest Markets and Secure the Best Deals by Ken McElroy and immediately thumbed to the chapter on the hottest markets. Readers can correct me if I’m in error on the number, but #7 or #8 (I think it was…) was–you guessed it–Boise! Looked like an interesting, fairly easy read, and I believe it was released just this June. Maybe Spud readers could post some comments if they’ve read it? I did see mention of the Kiyosaki books, which consistently hits on real estate for solid investments.
If EVERY Spud would just ask this question of themselves, friends, and neighbors, then unite in support of the answer that we all know is right, we could do more than just visualize living happily ever after in a place where our foothills remain close to pristine, and our existing property values recover more quickly (I.E., rise in a “down” market) than theoretically much of the rest of the country.
If you’re of the mind that, “Hmmm… naw… the ‘deep pockets’ on the “yes” side of the question are just too tough,” or, “But the photo below is sooo attractive,” please don’t pass this on, as there are no worthy arguments for, in a word, “more” in the foothills.
But if you’re of the mind that you’ll do what you can to support the ”No” answer, then please start by voicing the question/speaking your mind (with your keyboard, there in front of you! :), passing your word(s) and opinions on, and being a vigilant investigator, willing to spread the word when you learn something new too! And for crying outloud, remind folks that before they trample, resales and foreclosures are ample!. C’mon Spudz, what say you? (Please pass this on, and comments highly encouraged)
–Thanks For Asking, *Voice of Eagle!
1. Buyers are cutting to the chase, and not quitting their day jobs to look for a house. Instead, they’re making a wise, bold move right out of the chute, and getting in touch with a market-savvy agent/broker to get the “job” done right. Why? Most likely because time is money (and taking time off of a day job is a pretty tough proposition right now), knowledge and experience in your local, ever-changing market is key, and the realization is that in most cases it’s the seller who pays the agent anyway. Not to mention, our skills and training are utilized in the long run, since the majority of home buyers do not write up their own purchase and sale agreements and other written contracts.
2. Contrary to the latest “homebuyer-humor” heard lately at the Spud, there aremorebuyers hitting the streets with agents than one might think, even after (unfortunately) carefully watching “the news” every night. The joke? Extracted recently from the air around a handful of local real estate industry (not agents) gurus: “Hahaha; yep, buyers will buy, just as soon as the interest rates go back up!” The moral of this story: push back from the tube, call your broker and tell her you want to see listings via email (saving gas!), make a list, check it twice, and head out for some of the best deals we’ll ever see. –There are more buyers than we’ve seen in recent months; they’re just more cautious, have a lot of inventory to shop, and obviously moving at a slower buyer pace than we were used to in recent years.
3. The recent real estate vocabulary is morphing, however slowly. From “psychological recession,” and “mortgage meltdown,” we’ll eventually move to “buyer-boom.” From “short sale,” to “REO, with the BPO complete.” FYI, “Bank owned” sometimes shows up on a listing, or to sort of disguise this, it’ll say “corporate addendum required,” with, quite often, many warnings about how to prove how qualified you are financially show up in the remarks section of the listing. Either way, the “bank owned” term may change a little bit, but the prediction is that the concept’s here to stay for awhile. Perhaps until the buyer-boom kicks-in to start absorbing some of the REO, we’ll just have to wait and see what the term “bank owned” changes to. –Any guesses Spud-readers?
Check out the whole article…and they’re absolutely right! What a great place to “live, work, and play;” as a matter of fact, all of SW Idaho is that way! Thanks, Kiplinger !
Question for the Spud: Can you tell me if the decrease in my county property tax evaluation reflects a decrease in the actual market value of my property?
WOW! Great question Jackie…
Yes, I can tell you, and the answer is NO, not necessarily–but there are a few layers to this answer. Layer 1: your property taxes are essentially a math problem: Levy x Value = Tax So if either the Levy (all of the “little” taxing districts like school bussing, mosquito abatement, etc., and the charges that come with those services are levies) or the “Value” (in this case, the “assessed value” –which is different than the actual market value–of your land + improvement(s)) goes down, the product of the equation, or the tax, goes down.
You can compare all years of the assessor’s point of view of your assessed value by going to: http://www.adaweb.net/departments/assessor/default.asp and clicking on “property search” to look up your property. Generally, you will see an increase here, and I strongly suspect that the decrease you may have seen was caused by the levy decreasing. Please visit http://www.adaweb.net/Departments/Assessor/ResidentialCommercialAppraisalFAQs.asp to find out how real property is assessed by the county, as well as many other helpful tidbits on property taxes. Layer 2: “Actual Market Value,” you may have noticed, is not what the assessor’s tax equation is based on. You’ve heard the expression, “It’s worth whatever someone will pay for it.” Well, I subscribe to this addage very heavily. Market value is what the market will yield; what someone else will pay for the property, and the assessor does not figure that out. Who does? A qualified appraiser and/or real estate broker can give you excellent opinions of price, and the real estate broker should be able to supply this information for free BEV Boeck, Broker Associate, SW Idaho Real Estate - June 2
NW Boise’s best TownHome and PatioHome community. Townhomes attached only by garage, yards done by HOA; many plans to choose from, right along with colors and surfaces! Come see the VIEW!
Ahhh…market optimism and motivated sellers. Cool Spuds!
FIRST, Here are links to two eye-watering deals in NorthWest Boise / Hobble Creek: Annabrook and Applebrook , complete with VIDEO, so be sure and check to see if your speakers are on (both links are on the right side of the Spud as well, but provided here for your convenience…) Happy Shopping :)
SECOND, if you’re shopping and want to be thorough, find the best deal(s) possible, don’t desire to do your own negotiating or paperwork, and want someone who even “speaks” short sale/REO/Foreclosure and corporate RELO, my contact info is in the upper right corner! Sellers: take advantage of my professional listing experience in all price ranges, internet marketing savvy, availability, and individual, genuine attention, as well as my interest in a reputation as a hard worker possessing attention to detail. I’m interested in SOLD signs going up a.s.a.p. so that you can get on with your life, and have the finances to do it with! 208-353-9876
Always get a home inspection; without exception. “As-Is” does not mean, “No Inspection Allowed.” Insist on one, and the “Why” is answered in better detail in this article. If you need contact info for any excellent inspectors, your real estate pro should be able to produce that within minutes.
1. –Sellers pay the real estate fees as a general rule, so as a buyer, don’t be afraid to utilize an agent because of concerns about paying commissions. –Adds to the already lucrative phrase, “Buyer’s market” doesn’t it?
2. “I’ll just use the agent that’s on the sign…” –That’s fine, but wouldn’t you rather be represented by someone who is representing just you when you are buying something as large an investment as a house? Dollars to doughnuts you know someone, know someone who knows someone, or are even related to someone who could be your agent, and not necessarily a total stranger who is also representing the seller.
3. “I don’t have to worry about talking to a mortgage-loan person right now.” Have you been sleeping the last few months? Heard of the “mortgage meltdown?” Preparation has to include collaboration with her/him on what your exact requirements are to get the loan when you find what you’re looking for. The requirements seem to change weekly, so it’s critical to find someone sharp; if you don’t know a mortgage person, make it someone your real estate broker considers an expert in mortgage finance. You also need to query this person with every question you can come up with so that you can plan ahead financially. If you are selling a house in order to buy one, now is a great time to figure out whether or not there was a prepayment penalty on your old mortgage loan, and ask the same question about your future mortgage loan. Get prepared, and you won’t miss out on some of the best deals in home-buying seen for generations.
4. “No need to worry about resale.” NOT. The average buyer stays in their home for 4 years. –Just 4 years! True, you shouldn’t “worry,” but you should concern yourself with resale around every corner, during every showing–or better yet, choose an astute broker, and let her be concerned about the resale value of the house you’re becoming enamored with, before and during your purchase.
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–This one is a home built and decorated by some wonderful folks originally from Montana, and is called, “MontanAspenRiver” because they’ve brought the flavor of Montana ”home” to SW Idaho.
If your agent isn’t using this tool to showcase your home this Spring, give me a call. In addition, if you’ve recognized the gorgeous, detailed hardwood flooring, and impeccable decorating and redesign skills in the video and wish to take advantage of these talents as well, call or write for more info.
