June 17, 2010
Hi All, just wanted to give you a quick update on the REO and Short Sale market in North Idaho. Out of 452 total sold properties in the month of MAY 2010; 87 were REO properties or 19%. The average REO sold price was $166,000 and banks settled on offers, on average, 95.37% of list price. There is only a 2 month supply of REO’s on the market compared with a total of 26 month supply of regular inventory. See the two year trend line of REO active inventory, sold inventory, and month of supply below (I found this chart interesting and I am sure you will too):
REO MARKET TREND – CHART - TWO YEAR
http://www.flexmls.com/link.html?ript27vue9e,7,1
If you would like to preview the available REO market inventory, see this link:
http://www.flexmls.com/link.html?ript2ut2sps,7,1
9% of all sales in May were short sales or 44 total short sales closed in May. There are many more short sales on the market now then before, the trend is certainly moving toward a greater level of short sale inventory. The banks seem to still be awash in short sale files and the approval process still takes time. Worst case scenarios are the foreclosure dept’s and loss mitigation dept’s of banks not communicating. Here are the chart and list of available inventory:
SHORT SALE MARKET TRENDS - CHART – TWO YEAR
http://www.flexmls.com/link.html?ript2bdqcky,7,1
Short sale market inventory:
http://www.flexmls.com/link.html?ript35yvvnd,7,1
Thanks, have a great rest of the day – if you’re out and about tonight, I am entering my chili into a cook-off at the Veterans Park at Cherry Hill from 5-8pm. Come on down if your available! As always, if you or someone you know has interest in North Idaho real estate, let me know! Also, if you know of someone that would like this information, forward this to them or give me their email address. I would love to work with you/them. TJB
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November 5, 2009
June 6, 2009
May 14, 2009
April 14, 2009
The current market trends remain volatile in the upper price categories and fairly consistent in the sub 175K range. Between 300K and 400K we have noticed an “uptick” in pending sales. This is do to motivated sellers in the 400+ range dropping prices and taking offers well into the 300’s. Upper level homes 750K plus, there are 7 pending sales. Of the upper end CLOSED properties, sellers are getting within 82% of their asking price! Recently, in the $125-175 range sellers are getting up to 98% of their asking price. First time homebuyers, inventory, and affordability are responsible for the vibrant sub 175 environment. Incentives (8K buyer credit, Interest Rates (sub 5%), and Variety of Inventory) are creating a buyer perfect storm. To view properties in all price categories visit my website http://www.LiveCDA.com. Let me know if I can improve my search function.
The North Idaho Multi-Family market is turbulent, with 425 options available. Only 41 (9.6%) of those are pending. There are 35 properties available between 175K and 200K. Not 1 is pending at this moment. I believe this is presenting an opportunity as motivated sellers are going to start getting anxious for offers. Look over the TMO multifam report attached. If you would like to look over the multi-family inventory please see http://idahomultifam.com/. Let me know if you would like to preview any of these properties.
Many foreclosures (REO) are available, with a constant churning of activity. See the current list here and call me to schedule an appointment to get into these vacant homes:
http://www.flexmls.com/link.html?oq959n34aju,7,1
We are seeing MANY short sales with aggressive and knowledgeable agents successfully navigating the negotiations with the bank. There are now 144+ short sales available. Citi Mortgage, Countrywide and ASC are the hardest and longest to negotiate with 80+ days for approval. Ocwen, Home Equity, and EMC are the best with around 40 days for approval. To see the complete list of bank turnaround times, see my blog http://blog.livecda.com Further, see the current list of North Idaho Short Sales here:
http://www.flexmls.com/link.html?oq959ozikf9,7,1
I have developed a new web design with many new features. You can follow me on my social media Twitter, Facebook, Digg, and more. I have designed a new blog where I update all information and I have been taking videos for testimonials, The Mortgage Minute, The Real Estate Minute, and new property VIDEOS.
I listed a very nice 10 acre commercially zoned property in the CENTER of Kootenai County. It currently has a 2800 SQ/FT church with a 44,000SQ/FT set of plans available. Square, level and treed. ONLY $295,000. If you know of anyone looking for a commercial building, or a church in the valley looking to relocate, please let me know! See the listing data sheet here:
http://www.flexmls.com/link.html?oq95hau5j50,7,1
Thank you for taking the time to go over the information enclosed. If you have questions or would like to “chat” please never hesitate to get in contact with me. As always, I will take care of your referrals as if it were you. Please forward me anybody you know that is looking to buy or sell any property in North Idaho (I have a very well rounded experience in real estate). 208-660-5785. Have a blessed rest of April.
Average Real Estate Hotsheet Price Changes
Housing Inventory in North Idaho
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March 23, 2009
March 3, 2009
Hello All! I hope the current economic conditions are treating you gently. This edition of my NI Real Estate Analysis I want to cover 1. Market Activity, 2. Opportunities/Deals in Foreclosure/Short Sale 3. Buyer “Perfect Storm” and 4. “Retreat/Remote” Self Sufficient Properties. Also, please see my site redesign at http://www.LiveCDA.com and let me know your comments.
January and February have been tough months in sales with total unit sales at 117 and 110 respectively (according to MLS data). Sold volume has been very low at $34M & $20M. This would account for our average monthly sale price dropping from $294K to $188K! However, the property price ranges between 125K-175K are producing double digit pending ratios! This makes sense as it is the first time homebuyer market. Upper level properties Days on Market (DOM) continue to climb, currently at 182 days to sell. Once they do sell, we are getting within 93% of ask price. Of course, to sell, they have to offer best quality, or best price. Occasionally both. I get the question often, when do you think the right time to buy is? I think if you’re a first time homebuyer the time is now. If you’re in the residential upper level (300k+) buying mode, I think property prices may come down a little more, it may pay to wait, however, it is hard to tell if interest rates will stay this low. If you have a property you like, go for it. Call me if you want to “present” an offer to purchase. See the attached documents for more in-depth analysis.
Regarding anyone that has not owned a home in 36 months, I think now is a “perfect storm” for buying. Congress passed an $8,000 tax credit that purchasers get with their taxes if they buy before Dec. 1. Further, prices are low. The good houses (best price, best quality under 175K), we are getting multiple offers on. Current interest rates are dating back to 1969 levels. We have the right buyer incentives, low prices, low interest rates. If buyers have a job and descent credit, they can probably get a loan.
REO/FORECLOSURE PROPERTIES
http://www.flexmls.com/link.html?op5gf6yzhd6,7,1
SHORT SALES
http://www.flexmls.com/link.html?op5gf8nuf12,7,1
Black Rock Lot for $75,000 (Does not include membership)!
http://www.flexmls.com/link.html?op5gerq9rzv,7,1
There has been talk that Idaho is a great place to “rebound” to if world frenzy continues to get livelier. With “back-up” alternative energy retrofits getting more reasonably priced w/ incentives (wind, solar, biomass), and property prices at low levels, inventory up, I think now is great time to secure a piece of that “getaway” property. Here is a list of North Idaho properties (in all price ranges) that I generated that include trees, multiple acres, private well or water source, ect…
http://www.flexmls.com/link.html?op5gk5b3f7w,7,1
Thank you for your referrals “in advance”! I will take care of you, your friends and family, neighbors, and more. I have knowledge in all aspects real estate: residential (www.livecda.com), commercial (northidahocommercial.com), waterfront (idahowaterfrontproperties.com), land (landcda.com), multifamily (idahomultifam.com) ect… Have a great March, and let me know if you have comments, questions.
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