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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May 11, 2010
Hi All, hope everything is going well with you and your family. Sun has finally made it into North Idaho and I am expecting a nice/hot summer. I jumped in Lake CDA this morning – NOTE – it’s still cold. This edition of my NIRE Analysis will focus on:
REAL ESTATE MARKET UPDATE – if you want the charts that I usually send, reply with the request and I will “load you up”
FORECLOSURE UPDATE
SHORT SALE UPDATE
COMMERCIAL MARKET
NORTH IDAHO MARKET UPDATE
Currently there are approx 2844 residential listings in Kootenai County. Current market conditions tell us this is 12.5 months of inventory. 288 units sold last month ($45 Milliion in Volume) up from 177 ($36 Million) one year ago at this time – UP 38% compared April 09’ (in units) –
We have sold 918 units (as reported from MLS) since 1/1/10. The average sold price is 200K. You can expect a house priced around 200K to be on the market 116 days (of course, if it’s priced competitive). If a house is priced above 500K you can expect it to be on the market for 220+ days (upper range HAS to be top 3 in quality and price compared with competition if it’s going to have a chance at selling). The average home will rent for between $900-1150/month.
It will be interesting to see next month’s stats and the effect the expiration of the tax credit has on sales. Further – this came to me from one of my family members regarding the national market…
I went to a real estate conference yesterday. One of the guest speakers was from the Federal Reserve. While I am a little pessimistic about the current market and where it’s going, I was pretty stunned at what this guy had to say (these are his opinions and not that of the Fed). I thought I’d share some of his info:
1. 24% of all homes in the US have negative equity (70% in Vegas)
2. 23% of loans that have been delinquent 12 months - yes, 12 months - have not started foreclosure yet
3. 14.6% of mortgages are NOT current
4. 50% of loan modifications are in re-default after 9 months
5. Hotels have lost 50% of their value in last 24 months - particularly luxury hotels
6. Starting to see consistency in multi-family; however, watch the condo and timeshare market where you buy (eg. timeshares in Orlando can now be rented for $50 per WEEK).
7. Commercial Loans - can’t re-fi overleveraged properties
8. Regional Banks and Community banks own 26% and 47% of their portfolios in commercial loans - banks will continue to be hammered
9. Recovery is 2-4 years away
FORECLOSURE
REO agents are busy this year, and will continue to be for the next 2 years. REO property has accounted for 25% of our sales this year. The average sale price was $153,247 – the price it was listed at when it sells - $160,620. The original list price $171,183. What this tells you – when a bank lists their property and it doesn’t sell in 30 days they drop it 10K until it sells. As a buyer you can expect a 5% discount on the final list price (average bank takes 95.15% of list price). 232 foreclosure properties sold since 1/1/10, for an average of 62 days on the market.
186 Foreclosures on the market now – including pending. See the list below:
http://www.flexmls.com/link.html?rho8i61ynug,7,1
SHORT SALES
289 short sales are on the market now, 83 (28%) sold since 1/1/10. Banks are still taking 3+ months to respond, but I have noticed they are responding. Typically they are within 85-90% of market price, however there have been a few occasions where it is less. Here is the link to the short sales:
http://www.flexmls.com/link.html?rho8jkr6ngh,7,1
COMMERCIAL MARKET
333 total commercial listings on the market now. 15 (4.5%) have sold this year (see the list of what has sold here). It’s not looking to good in the commercial realm; however, there are nice commercial development bargains if you’re looking. Contact me for a list if you’re interested.
View commercial listings at:
http://www.NorthIdahoCommercial.com
View commercial business opportunities here:
http://www.flexmls.com/link.html?rho8ng58n0t,7,1
Thank you for taking the time to review our market conditions and/or look over our listings. If you have further questions or comments or would like to LIST or WRITE OFFERS, please let me know. As always, if you or your family/friends/clients need help with anything real estate in North Idaho, please do not hesitate to get in touch. I am always available and my website is always updated with the latest listings.
Have a great rest of the week, TJB (208)660-5785
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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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April 4, 2009
Right now is a great time to buy a piece of real estate in North Idaho. Below are 5 reasons I think now is “The Perfect Storm” for real estate.:
1. Prices are LOW. Every price range and every property category (vacant land, single family residential, commercial, multi family, waterfront, waterview, acreage) has opportunity written all over it. There is an unprecedented number of foreclosures available on the market affecting price levels. Builders are competing fiercely for business, keeping price levels low. Mix in motivated sellers, short sales, and REO’s creates a great buying opportunity.
2. Inventory is high. Every price point and every property category has plenty of options to choose from. In our Association of Realtors, we have never seen this number and variety of properties to sell. Take advantage of our market and get the house you have always wanted at prices you never could have afforded.
3. Interest Rates are LOW. I just talked to a friend of mine at Wells Fargo Home Mortgage, he just informed me he locked one of my clients into a 4.5% 30 year mortgage. This is unprecedented. Interest rate have not been this low since the 1960’s. If you have documented income, meaning you have a job, you can most likely get a loan today.
4. First time homebuyer credit. If you have not owned property in the last 36 months, you are entitled to take advantage of the $8,000 homebuyer tax credit. Just for buying a property, Uncle Sam is going to give you $8,000. What could you use this money for: a new fence, LCD TV, landscaping, vacation?
There we have it, low prices, high inventory, low interest rates and the right incentives. A buyer “perfect storm”. Take advantage of this today.
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March 26, 2009
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