By Cristina Pescaru, CSP
Real Estate Consultant
Boise, Idaho

We are seeing a slow down in foreclosures in the Treasure Valley, and, as a result, multiple offers on bank owned properties in lower price ranges. For the frustrated buyers, and their agents, it feels strangely like the “boom” years of 2004-2006.

“Combined default filings for Ada and Canyon counties during the first quarter of 2011 were 1,565, compared to 2,405 during the same period in 2010” (Idaho Business Review).

Buyers are still waiting for the bottom to drop, but they may have to wait a little longer, and end up not having their choice. Sellers are waiting for the market to improve, when they should take advantage of the relative quiet in the foreclosure market, and of the weariness of buyers fed up with waiting to purchase “short sales”…Sellers that are not in a “distressed” position are very attractive to buyers, provided that they are willing and able to sell at market value.

In short, “there is no time like the present” applies very well to the situation in real estate today. While it is at times difficult to figure out if we are going up or down, if the multiple offers, and the slowing down of foreclosures will drive the prices up, or not so much, one thing is certain: if you are thinking of selling, now is the time. Sell. If you are thinking of buying, no use in waiting. Buy.

By Cristina Pescaru, CSP
Real Estate Consultant
Boise, Idaho

The City of Trees

The real estate news is at least confusing, if not downright discouraging, most of the time. But here’s the silver lining: Boise hasn’t been hit as hard as other areas of the country, and we may have seen the worst of it. In some areas, we are starting to see competing offers on properties, and that is great news for sellers!

Of course, we won’t be at the price levels of 2004-2005 any time soon, and the economy as a whole has a lot to do with that. For one thing, there aren’t all the investors that were around a few years ago, willing to invest sight-unseen sometimes. Then, people may not be retiring in our area at the level they used to, for the simple reason that many people have found themselves in a position where they cannot afford retirement. Job relocations aren’t as plentiful as they used to be, either. And small businesses don’t start at the same rate as before.

Good News – Boise Great Place to Raise a Family

But enough with the gloom and doom! The good news: Boise is still considered a great place to be, and to raise a family. Home prices have become more affordable, and we have seen an increase in distressed home sales. That is good news for buyers. Median home price hovers around $155,000 in Ada County, for existing homes. The new homes median price is around $178,000. Read the rest of this entry