August 4, 2009
I hope all is well with you this summer! It has been getting hot, a great time to grab friends and family and get on the LAKE! Go take advantage and enjoy what a great place North Idaho is in the summer. This monthly update I want to share information about: 1. Current Inventory, Sold’s, Month Supply 2. Total Market Overviews 3. Vacant Land 4. Foreclosures/Short Sales 5. Keller Williams LUAU Coming Up
1. Looking over July results, it appears fairly optimistic in line with the national housing results that were announced just recently. We sold 308 units in July 09’ (compared with 323, 08’). This is up over the 299 sold in June. The sales also follow the North Idaho trend of summer month sales more than double winter sales (Jan 09’ 120 units sold). If you look at the enclosed trend line stats, you will see what I am talking about. From here on out we can expect inventory to drop a little bit every month then start gaining momentum again in February. Currently, we are at 8,676 listings. If you are a seller, get your property listed to within the top 3 properties in your class (price,quality) if you want it to sell before winter. If you’re a buyer, this market is producing some incredible opportunity for primary residences in all price ranges. The $8,500 tax credit is still in effect until end of Nov. Also, on a side note, legislation just got passed, by Aug 15th loan servicers will begin to modify ANY FHA loans if the mortgagee applies and fits the profile (31% Front End Ratio, 55% Back End Debt) according to the Affordable Modification Program Letter 2009-23. Let me know if you would like more info.
2. Enclosed are the Total Market Overviews (TMO’s) for all of Kootenai County for CONDOS, MULTIFAMILY, and SINGLE FAM. Very interesting to look at, not much activity going on in the duplex/triplex fourplex realm, which may produce some opportunity in the coming year as inventory swells. As banks tighten lending even more, this may force more people to rent. I like the idea of big units 4+ bedrooms ect… Midrange condominiums 300-400K appears to be seeing some action. See the attached TMO’s. Kootenai County Total Market Overview
3. Vacant land inventory on our MLS is up over 3700 parcels available!!!! We sold 407 parcels in the last year. Here are 100 parcels over 80 acres. http://www.flexmls.com/link.html?ou3e0pn4ljn,7,1 You can view all of our land and search specifically for your needs at my http://www.LandCDA.com website.
4. Sellers are starting to price their properties similar to REO pricing. They have to in order to compete. Here is the current foreclosure list; 89 units available now. http://www.flexmls.com/link.html?ou3e0x99732,7,1 If you have interest, 208 REO’s sold in the last year for an average of $93/FOOT. Within 95% of list price. Average Days on Market is only 85 days for an REO, this includes escrow time AVG 45 days….See below for REO sold stats for first 200:
5. Keller Williams Luau – This is coming up Friday August 21, 2009 5-8pm and YOU are invited. 1044 NW BLVD. Food, music and a jumping tent for the adventurous. I hope to see you there!
Have a great remainder of August! As always, if you or anyone you know is looking to buy, sell, invest, lease, property in North Idaho please have them get in touch with me. I would love to work with them. I am always available. CELL 208-660-5785.
Add to your Preferred Social Bookmarking Website:                                                     
July 28, 2009
July 10, 2009
The North Idaho Real Estate Market has seen an increase in sales the last couple of months – which is not surprising – North Idaho is a wonderful place to be in the summer. 282 units sold in June. The average days on market increased to 137 days and we are sitting on 29 months of inventory (8340 listings). If we compare ourselves with June 08’ we will see a 13% decrease in total unit sales and a 4% decrease in price (221K vs 212K). Not bad considering the nature of current economic conditions. Please see the enclosed PDF files which include a 2 year trend line of real estate inventory, sales and activity, average sold prices for the last two years, asking vs sold prices, ect. Also, included is the Keller Williams Total Market Overview. This gives all listing, pending and sales activity in every price range. Notice the pick up in activity in the $200-250K price range. I also have Market Overviews for each area and segment in our market (Condos, Post Falls, Sandpoint, Waterfront, Multi-Family, 1 Mil Plus), just let me know what you want and I will send it to you immediately.
REO LIST (84 Active, 8 Pending – 23 sold last month)
Foreclosures and Real Estate Owned by banks continue to keep downward pricing pressure on our active listings. The availability of foreclosures continues to increase every month, with more than a 20% pending ratio! See the list below:
http://www.flexmls.com/link.html?ot50u7tjy8e,7,1
Short Sale List (188 Active, 21 Pending – 19 sold last month)
I ran all the short sales sold in the last year. 70 total. Sellers ON AVERAGE reduced their prices 10% since initially offering their property. Then they averaged a 3.55% price reduction from the bank while in negotiations. This tells me that agents are getting the prices on the short sales below appraised value and close to what the banks will accept. View the list of short sales here:
http://www.flexmls.com/link.html?ot50ucmw7aj,7,1
Waterfront Listings (84 North Idaho Waterfront Listings)
Summer is a great time to be in North Idaho. Here is the latest in waterfront listings.
http://www.flexmls.com/link.html?ot512zgi5s8,7,1
The commercial market is engaging a record $480 BILLION in debt coming due. This is a large number (up to 10X) compared to the residential market!
“…thousands of office complexes, hotels, shopping centers and other commercial buildings are headed into defaults, foreclosures and bankruptcies. The reason: according to research firm Foresight Analytics LCC, $530 billion of commercial mortgages will be coming due for refinancing in the next three years — with about $160 billion maturing in the next year. Credit, meanwhile, is practically nonexistent and cash flows from commercial property are siphoning off.”
Why, you ask, does this affect the market? Well, if you own a commercial property, and you have a balloon payment coming up, traditionally you would refinance, and start the process again. The availability of funds to refinance has dried up and terms have gotten tougher. Understand the issue? It is going to put a strain on banks ability to fund not only commercial but residential, credit lines, ect… This may present some distressed sales/foreclosures in the commercial arena. STAY TUNED. To view the available commercial inventory now, visit my site updated nightly with newest listings:
http://www.NorthIdahoCommercial.com
Total Market Overview CDA
Add to your Preferred Social Bookmarking Website:
July 2, 2009
June 29, 2009
News out concerning the national sales data compiled for May. 1 in 3 homes sold was a foreclosure or property in a distressed sale. This is keeping sales prices down, but number of sales up. Locally, in North Idaho – Kootenai County specifically, we had 241 residential home sales in May. 25 of these were REO (Real Estate Owned) properties, 5 were short sales. 12% of our sales being distressed. This tells me that sellers of property are pricing their homes aggressively to compete with the distressed sales. Further, this is also telling me that banks are not just “dumping” properties but holding out for higher prices, getting into the real estate game. There are currently 84 REO properties on the market now. Let me know if you want a foreclosure list. Here is the rest of the article:
Home sellers are still competing against a growing number of bargain-priced foreclosures, buyers are paying higher mortgage rates and new rules for property appraisers are delaying or scuttling many deals.
The National Association of Realtors said Tuesday that home sales rose to a seasonally adjusted annual pace of 4.77 million, up from a downwardly revised rate of 4.66 million in April.
About one in three homes sold last month was a foreclosure or distressed sale, dragging down the median price to $173,000 — 16.8 percent below a year ago.
Nevertheless, there are other signs the market is turning around. The number of unsold homes fell 3.5 percent in May. That means there’s a 9.6 month supply at the current sales pace, compared with 6 months or fewer in a normal market.
Chris Heller, agent-owner of Keller Williams Realty in northern San Diego, estimated that in recent weeks problems with the appraisal process have caused about a third of his transactions to fall apart.
AP Real Estate Writers J.W. Elphinstone and Alex Veiga contributed to this report.
Copyright © 2009 The Associated Press. All rights reserved.
Add to your Preferred Social Bookmarking Website:
June 22, 2009
Hi All, just wanted to get you access to the latest list of North Idaho retreat properties that I think would be an ideal location. I take into account acreage, access, trees, and water (creek/pond). This is a general list of 66 North Idaho properties, if you have more specific needs, please do not hesitate to give me your property needs/wants and I will program a specific query that every time a new real estate listing comes available with your terms, the system emails you IMMEDIATELY. Just email T.J. Barnhart tj@livecda.com.
http://www.flexmls.com/link.html?osavolzmkax,7,1
This link is valid until 7/22/2009.
One property listing that I particularly like is a log home (920 SQFT)on 20 acres 1 mile off of HWY 95 in Careywood. Has a year round creek and an array of over 70 solar panels for self sufficiency. Backs up to State of Idaho land. Large shop, several outbuildings only $269,000. Also includes a doublewide and a singlewide set up for living now…Let me know if you have interest in this property…
Add to your Preferred Social Bookmarking Website:
June 9, 2009
May 20, 2009
May 2, 2009
I have an extreme interest in helping people find the getaway, self-sufficient and/or retreat property in the North Idaho region. With threats of worldwide flu pandemics and the uncertain state of the economy, you can’t help but at least think of alternatives for what a family would do if things turned violently ugly really quick. I believe that if you are confident in being in your own home and self sufficient now, you can fully engage in other aspects of your life more confidently i.e religion, family, business, friends. If you already have this mindset, you are ahead of the curve. For the rest, I classify these type of properties with the following attributes: acreage, private well, private water source (pond, creek), abundance of trees, off the beaten path, good sun exposure, and for the survival minded – easily hidden and defendable against hungry or hostile hoards. For more information on the perfect getaway property see the book “Rawles on Retreats and Relocation” at www.Survivalblog.com. Please see my list of properties below that I feel, fit the profile in the North Idaho region. The price ranges for a property like this (w/ home) start at $100,000 and go all the way up to 1 mil+.
http://www.flexmls.com/link.html?or4aufoxope,7,1
I can set your email address to receive any new property that comes on the market, the day it comes on the market. Just let me know if you would like to be added to this “Getaway” Property Alert. Further, let me know if you would like to preview any of these or…any other. Have a great weekend.
Add to your Preferred Social Bookmarking Website:
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
Add to your Preferred Social Bookmarking Website:
« Newer Posts — Older Posts »
 |
