- Excellent condition
- Mountain views
- Open floor plan
- Main floor master
- Large 2 car garage
- Oversized garage door
- Huge fenced rear yard
- Deluxe sprinkler system
- Low maintenance metal roof
- Energy saving upgrades
- RV parking
- Alley access
- City water and sewer
- Price less than 50% of Assessed Value for quick sale
The short-sale process is expected to get shorter starting June 15. New guidelines issued under the Federal Housing Finance Agency will require Fannie Mae and Freddie Mac to give home buyers of short sales notice of their final decision within 60 days. The new guidelines also will require the mortgage giants to respond to initial short-sale requests within 30 days of receiving an offer from a potential buyer.
Short sales now outpace foreclosure sales in many parts of the country.
The speedier process is expected to be a boost to the housing market, Michael McHugh, president of the Empire State Mortgage Bankers Association, told the New York Times. Home buyers and sellers often have to wait months before they receive a decision from a lender on an offer for a short sale. Some deals fall apart just from the long wait alone.
Short sales have been increasing in recent months, as many lenders find them more appealing than foreclosures, which can be much more costly and take longer to remove from their books.
Short sales now outpace foreclosure sales in many parts of the country. Short sales represent more than 14 percent of existing-home sales, according to CoreLogic housing data from March, the most recent month available.
McHugh says that a faster short-sale process may be particularly helpful in speeding the recovery in judicial states, where foreclosures must go through the courts before they are approved. For example, in New York, judicial foreclosures can take a year or longer to be approved. Now short sales may be viewed by defaulting home owners as more of an option in avoiding foreclosure.
“There should be a significant improvement in the turnaround,” McHugh said regarding housing markets with judicial foreclosure processes.
SOURCE: Real Estate Daily News
This immaculate rambler is loaded with features as the current owners have upgraded many, many items including new energy efficient vinyl windows, sliding glass door, cabinets, range, dishwasher, microwave, sink, toilet, heaters, ceiling fans, blinds, paint, deck, fencing, shed and more. Great location, affordable price.
Local’s Favorite Special
2 Entrees for $20.00
A romantic hideaway since 1937, Trail Creek Cabin is a must Sun Valley dining adventure.
During ski season sleighs depart for the restaurant from the village near the Sun Valley Inn. Just one of the many reasons we choose Sun Valley as the place we call home.
The seasonal menu has a western flare with items including locally raised beef, Idaho Trout, baby back ribs and the Hemingway meat loaf. All complimented by a great wine list and a full bar.
Located 1.5 miles east of the Sun Valley Lodge (half a mile past the Sun Valley Club)
Please call: 208-622-2800
The median price of an existing home that sold in April of this year was $177,400, an increase of just over ten percent from a year ago. That is the biggest price jump since January of 2006. The difference between now and then, though, is the 2006 price jump was real, this latest spike is not.
A lack of distressed supply, that is foreclosures and short sales, is pushing overall home sales lower.
“This is a mix of home issue,” warned National Association of Realtors chief economist Lawrence Yun, who usually tries to see the positives in all housing numbers. “There is an acute inventory shortage in Phoenix, Las Vegas, Ft. Myers,” Yun explains.
A lack of distressed supply, that is foreclosures and short sales, is pushing overall home sales lower. That’s because the majority of the sales action for the past few years has been on the low end of the market.
Now, as banks try to modify more delinquent loans to comply with the recent $25 billion mortgage servicing settlement, and as investors rush in to buy distressed properties and take advantage of the hot rental market, the distressed market is drying up.
The share of home sales in the $0-250,000 price range made up over 73 percent of all sales in February; that has already dropped to 67 percent in April.
If you look at sales by price category, you see the most startling evidence of this shift in what’s selling on the low end out west. Sales of homes $0-100,000 dropped over 26 percent out west in April, but rose 21 percent in the $250-500,000 price range. The national numbers tell the same story.
% Change in Sales from 1 Year Ago
Source: National Association of Realtors
The lesson to take from this report is that all home price changes now are more local and more price-range specific than ever.
So what does this say about where we really are in terms of home prices nationally? The Realtors still expect overall home prices to rise just 2-3 percent in 2012, which is one of the more bullish predictions. If the banks start releasing more properties onto the market or push more delinquent loans to foreclosure, overall home prices will come down again.
The lesson to take from this report is that all home price changes now are more local and more price-range specific than ever. The jump in sales of higher priced homes is a good sign, as some had predicted that when the distress dried up, there would be no sales.
But overall inventories of homes for sale, while up for the month, are still way down from a year ago, and that means sellers are still wary of this market. Confidence and credit will be key going forward.
The 2nd Annual Redfish Lake Lodge Memorial Run takes place on Saturday, May 26, 2012 at stunning Redfish Lake and Redfish Lake Lodge. This Half Marathon, 10K, or 5K race begins and ends at the Lodge. Incredibly unique terrain with spectacular views of the lake and mountains. Use this race as a warm-up and training race for the Sun Valley Half or the Sawtooth Relay. This race is the perfect event for families and friends. For more information please visit www.redfishlake.com
The first quarter of 2012 was the best first quarter for real estate in five years, and pending contracts suggest that the second quarter of 2012 will be the best second quarter in five years, NAR Chief Economist Lawrence Yun said this morning at the Residential Economic Update during the NAR Midyear Legislative Meetings & Trade Expo.
Moreover, he said the second half of this year could be even better than the first, in part because of continued increases in rental costs and record affordability of homes. “Renters are getting squeezed, and they don’t want to rent anymore,” Yun explained. “This could be the year we see the release of pent-up demand.”
Home prices have been skipping along the bottom for about a year now, Yun said, a trend that has drawn investors into the market. These investors have helped housing through a couple of difficult years and partly mitigated the dysfunctional mortgage market.
This could be the year we see the release of pent-up demand
“Right now is the time to buy low,” he said. “Investors are coming in to take advantage. Second homes started to recover nicely last year because of investors.”
However, home values are poised for a rebound as more traditional buyers move back into the market, Yun said. In fact, this has already started to happen in areas such as Phoenix and Miami, which have seen year-over-year (March 2011 to March 2012) double-digit percentage increases in home prices.
As real estate improves, consumer psychology around home ownership will change, he added. Coupled with the recent — if relatively modest — job growth and stock market gains, conditions are right for a sustained housing recovery.