Archives for September 2012

OPEN TODAY: Saturday, Sept. 15, 2012 – Hailey’s Best Buy

First time open and/or available to see.

Storybook Setting Within Walking Distance to River, Park, Pond & Preserve . . .

The perfect home for working professionals, a retired couple, or a small family, everything about this offering is charming. A great room style living room, dining room combination features two walls of floor to ceiling windows that invite a forest-like environment inside. Ample ventilation cools the house in summer and an efficient pellet stove warms the space in winter. The open kitchen boasts a new refrigerator and dishwasher and a surprisingly roomy pantry.

In fact, the house has several roomy storage spaces, including a large linen closet and a walk-in closet in the master bedroom area. Two additional rooms can be used as bedrooms or easily converted to office or studio space. Hardwood floors grace the entry, kitchen, dining room, and both bathrooms, and a forest theme continues with large windows throughout as well as rich wood molding around windows and doors. This house is small enough to heat efficiently and large enough for entertaining.

EVENT: Airport Appreciation Day Sept. 15, 2012

 

Dubbed “the most beautiful Airport in Idaho” by the Hailey Times on the occasion of its May 14, 1932 dedication, the Friedman Memorial Airport is having a birthday party to celebrate it’s 80th anniversary. The public is invited to attend Airport Appreciation Day on Saturday, September 15, 2012.  The celebration will include free food and drink, airplane rides, kids activities, giveaways, and a display of vintage and unique airplanes.

All are invited to live World War II and aviation history with a viewing of the historic B-17 Bomber, the Flying Fortress.  Attendees will also have an opportunity to enter a drawing to win two round-trip airline tickets courtesy of our airline partners, Skywest and Alaska Airlines.

The festivities will begin at 9 AM and go until 3 PM.  Admission is free and all are encouraged to attend!

Fed’s Latest Move Could Bode Well for Home Buyers

The Federal Reserve announced Thursday that, in an effort to re-ignite economic recovery, it was taking aim at mortgage rates — a move that will likely take rates even lower from their current record lows.

The Federal Reserve announced it will purchase $40 billion of mortgage-backed securities that will help boost the recovery in the housing market. What’s more, the central bank said that it will continue with the purchase program until the economy shows greater improvement, particularly with unemployment.

“These actions, which together will increase the Committee’s holdings of longer-term securities by about $85 billion each month through the end of the year, should put downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative,” according to the Fed in a public statement.

The Fed says the economy still has a long way to go toward recovery. The Fed predicts the jobless rate will stay above 7 percent well into 2014 and that economic growth will remain slow in the coming months.

At its Thursday meeting, the Fed left its funds rate unchanged at near-zero, but announced the rate — which has a bearing on mortgages — would remain at “exceptionally low levels” until at least mid-2015.

As mortgage rates sink lower, home shoppers have been taking advantage. The Mortgage Bankers Association announced this week that mortgage applications for home purchases were up 8.1 percent for the week ending Sept. 7. Mortgage applications for purchases also were up 7 percent from year-ago levels, MBA said.

“While low interest rates impose some costs, Americans will ultimately benefit most from the healthy and growing economy that low interest rates promote,” Fed Chairman Ben Bernanke said Thursday following the Fed committee’s meeting.

SOURCE: CNBC, Realtor Magazine

via Fed Moves to Keep Rates Low | Realtor Magazine.

Market Gets Competitive for Home Buyers

More home buyers are finding they’re losing their power position in the real estate market and that when they submit an offer for a home, they may not be alone in the bidding. In fact, buyers who submit low offers may not even get a courtesy of a callback nowadays.

One Florida couple says they put in seven offers on homes over two months — most at or above asking price — before they were finally able to get a $365,000 Sarasota home.

A drop in the inventory of for-sale homes around the country is prompting more competition among home buyers. Inventory in June is 24 percent below year-ago levels.

“I’ve had listings get 45 offers,” Sin-Yi Chao Lambertson, a real estate broker in Glendora, Calif., told Money Magazine.

Money Magazine recently offered potential buyers the following tips if they want to get the winning bid on a home:

  • Get pre-approved, not prequalified: Pre-approval for a loan based on a buyer’s credit, income, and assets is viewed as better than getting pre-qualified, which is just an estimate of how much that buyer may be able to borrow.
  • Find an experienced REALTOR®: Money Magazine advised home buyers to find a real estate professional who knows how to handle multiple-offer situations and can advise how much to offer and help buyers determine if they’re getting a home at a fair price.
  • Watch the contingencies: “The best offer isn’t always the one with the best price,” says George Miller, a Sarasota, Fla., real estate agent. Buyers who put in too many contingencies with their offer may lose out.

SOURCE: Money Magazine

NEW LISTING! Hailey’s Best Buy $249,950

Storybook Setting Within Walking Distance to River, Park, Pond & Preserve . . .

The perfect home for working professionals, a retired couple, or a small family, everything about this offering is charming. A great room style living room, dining room combination features two walls of floor to ceiling windows that invite a forest-like environment inside. Ample ventilation cools the house in summer and an efficient pellet stove warms the space in winter. The open kitchen boasts a new refrigerator and dishwasher and a surprisingly roomy pantry.

In fact, the house has several roomy storage spaces, including a large linen closet and a walk-in closet in the master bedroom area. Two additional rooms can be used as bedrooms or easily converted to office or studio space. Hardwood floors grace the entry, kitchen, dining room, and both bathrooms, and a forest theme continues with large windows throughout as well as rich wood molding around windows and doors. This house is small enough to heat efficiently and large enough for entertaining.

Another Sign That Home Prices Have Hit Bottom

Economists are increasingly confident that home prices have bottomed out.

For the last three years, home prices have usually risen in the spring and summer to only then lose all of those increases—plus more—in the fall and winter months. However, economists expect this year to be different and do not foresee such a big drop to occur to home prices in the colder months ahead, The Wall Street Journal reports.

While the fall months likely will bring out some sort of decrease in recent home price increases, “we have a much better supply and demand dynamic” than in previous years, Mark Fleming, CoreLogic’s chief economist, told The Wall Street Journal.

Home prices have posted some of their largest year-over-year jumps compared to the last six years. According to CoreLogic, home prices have risen 9.6 percent from February, which was the month prices reached their lowest levels since the housing slowdown. Economists say it’s unlikely that, given recent indicators, home prices will reverse course steeply and fall 9.6 percent or even more in the coming months. Home prices haven’t dropped by that type of percentage since the economy was in a recession.

SOURCE: Wall Street Journal

 

July Home Prices See Biggest Monthly Jump Since 2006 – Idaho # 2

Home prices in the U.S. enjoyed the largest annual increase in July that they had in six years, increasing 3.8 percent from prices in July 2011.  CoreLogic, in releasing its July Home Price Index (HPI) which also includes sales of distressed properties, noted that July’s prices were also up from the previous month, increasing 1.3 percent.  This was the fifth consecutive month that the Index had increased on both an annual and month-over-month basis.

When distressed sales, transactions involving homes that have been foreclosed into bank ownership (REO) or are in some stage of foreclosure, are excluded from the figures CoreLogic’s HPI rose 4.3 percent from July 2011 and was up 1.7 percent month-over-month.  This was also the fifth consecutive month-over-month increase.

Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to July 2012) was -27.2 percent.  Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -20.2 percent.

The five states with the highest annual appreciation rate including distressed sales were Arizona (+16.6 percent), Idaho (+10.0 percent), Utah (+9.3 percent), South Dakota (+8.3 percent), and Colorado (+7.3 percent.)  With distressed sales excluded the best performance was still in Arizona (11.3 percent) followed by Utah (+10.5 percent), Montana (+9.1 percent), South Dakota (+8.6 percent), and North Dakota (+6.9 percent.)

Overall depreciation was highest in Alabama (-4.6 percent), Delaware (-4.8 percent), Rhode Island (-2.2 percent), and Connecticut and Illinois, each at -1.7 percent, With distressed sales excluded prices fell 3.5 percent in Delaware, 2.4 percent in Alabama, 1.2 percent in New Jersey and were down fractionally in Virginia and Connecticut.

Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 23 are showing year-over-year declines in July, four fewer than in June.

CoreLogic predicts that prices will show an even faster rate of appreciation in its August report with an expected annual increase of 4.6 percent including distressed sales and 6.0 percent for market rate sales.  The July to August changes for the distressed and the non-distressed indices are expected to be +0.6 percent and +1.3 percent respectively.  The Pending HPI is based on Multiple Listing Service data that measures price changes in the most recent month.

“It’s been six years since the housing market last experienced the gains that we saw in July, with indications the summer will finish up on a strong note,” said Anand Nallathambi, president and CEO of CoreLogic.  “Although we expect some slowing in price gains over the balance of 2012, we are clearly seeing the light at the end of a very long tunnel.”

 “The housing market continues its positive trajectory with significant price gains in July and our expectation of a further increase in August,” said Mark Fleming, chief economist for CoreLogic. “While the pace of growth is moderating as we transition to the off-season for home buying, we expect a positive gain in price levels for the full year.”

VIDEO: Speaking of Trophy Properties