Since the beginning of 2008, the number of homes on the market for sale in Ada County alone has risen over 17%. The median listing price of these homes - almost 6,000 of them - has been $259,000. The median sales price, however has been $205,000, a difference of almost $55,000! Canyon County trends are similar. And the same trends are holding true beyond Boise, Eagle, Meridian, Nampa, Caldwell, and the rest of the Treasure Valley. It truly is a Buyer’s market!

While current economic conditions might lead us to tighten our belts and hold on to our wallets, savvy investors, home owners, or anyone who has been considering a new Idaho home loan, could be wise in taking advantage of the current Idaho housing market.

Beyond the supply & demand factors (lots of inventory driving down sale prices) mortgage rates are also still hovering at relatively low levels and, due to recent FHA policy changes, more people are qualifying for more expensive homes, even lower-income folks with less-than-stellar credit.

With so many Idaho homes on the market, buyers have the advantage of fine-tuning exactly where they want to live, and can choose very selectively based on schools, crime statistics, distance from work, and other conveniences. Currently, there are many more REO’s (”real estate owned” properties), and many builders, sellers, banks that are eager to unload unoccupied real estate. This gives buyers even more leverage to ask for lower prices and other concessions, such as the seller’s help with down payment and closing costs. With so much leverage, buyers can haggle, sometimes resulting in uncommonly low housing prices.

Contrary to what is making news, Idaho mortgage lenders aren’t simply cutting everyone off due to the sub-prime mortgage crisis and other conditions in the real estate market, nationally and locally in Idaho. Borrower requirements are stricter right now, but if you have a steady job and your debt-to-income ratio is OK, now could be your best time to buy!

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Written by Lisa Kratz and Mike Little of www.myidahohomeloan.com
Apex Mortgage  |  Meridian, Idaho  |  (208) 888-9251 Apply Now

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