Boise Realty Store Blog

2009-12-25T09:00:00.000-07:00

Merry Christmas
and
Happy New Year!

2009-11-26T15:00:00.000-07:00

HAPPY THANKSGIVING!

Home Buyer Credit Extended and Expanded

2009-11-05T17:53:00.004-07:00

I'm sure that many of you have heard that both the house and the senate have passed the Unemployment Extention Bill which includes an extention and upgrade to the First Time Home Buyer Tax Credit. Well, today president Obama signed it.

Here is an article from the Associated Press.

Here is a comparison of the previous tax credit & the new tax credit.

Below are some Frequently Asked Questions that Ada County Association of Realtors has answered:

November 5, 2009

By a vote of 403-12 the House just passed the Unemployment Extension Bill which contains the Home Buyer Tax Credit.

President Obama will get it...and sign it...tomorrow.

Here's NAR's latest FAQ on the extended and expanded tax Credit.

Question: Existing homeowner credit: Must the new house cost more than the old house?

Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a firsttime homebuyer but was not within the prior income limits at the time I
entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?

Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement,
you should be eligible for the credit (or a portion of the credit if you're within the phaseout
range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I
have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?

Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?

Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.

Question: I am an eligible first time home buyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date ffect me?

Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

Information courtesy of Ada County Association of Realtors & National Assocation of Realtors

Title One: News You Can Use - 6/9 & 6/16/2009

2009-06-17T14:23:00.001-06:00

June 16, 2009

June 9, 2009

Recomended Local Businesses 6/10/09

2009-06-10T10:18:00.001-06:00

For Christmas last year I got my family really cool scrapbooks. But they weren't just any scrapbooks. They were custom made with care. And since I am no scrapbooker, someone else was going to have to do it. Well, my good friend, Amy, is quite talented in this department. So, I commissioned her to do the work for me. And boy did she do a good job. My mom has since had her make another one for her and referred one of her friends who is also having Amy make a couple of them. They are awesome, I'm telling you. So if you don't have the time, energy or know how to put together a killer scrapbook yourself, check out what Amy's got on her Etsy page.

artistichenry on Etsy

Foreclosure Numbers for the Treasure Valley 6/9/09

2009-06-09T13:13:00.003-06:00

This was last months headline news on Foreclosures:

Treasure Valley foreclosures drop in April
POSTED: 14:16 MDT Thursday, May 7, 2009
by IBR Staff idahobusiness.net

And this was this month's. I can't say I'm not surprised:

Treasure Valley foreclosures jump again
POSTED: 10:26 MDT Tuesday, June 9, 2009
by IBR Staff idahobusiness.net

First Time Home Buyer Credit - Update

2009-06-09T10:38:00.001-06:00

Information Courtesy of Ada County Association of Realtors

FAQ's about First Time Home Buyer Tax Credit:

Is the program available to all first-time homebuyers? Yes - the program is available now until December 1, 2009 for qualifying first-time homebuyers. For more information on the tax credit and qualifications click here . The National Association of REALTORS® is actively working to extend the credit through 2010 and permit all purchasers to utilize it.

Does Idaho have a way for a homebuyer to access the funds for a down payment? Yes - With ACARs encouragement, The Idaho Housing and Finance Association implemented the Tax Credit Advance Loan to access funds at the time of closing. Idaho is one of 10 states offering the advance.

In Idaho will the REALTOR® Associations pay off interest on the tax credit advance loan? Yes - To help encourage home ownership, REALTORS® Associations in Idaho created the Welcome Home Idaho program. REALTORS® in Idaho have offered to pay off the interest on the tax credit loans to individuals who pay off the loan by the due date of July 1st 2009. The availability of the payoff is on a first come first served basis until the contributed funds are gone.

Can lenders is Idaho access the tax credit advance loan? Yes - According to IHFA, "any lender making that statement they will not utilize the credit is doing so based on an internal company policy. There is no reason that every approved IHFA lender cannot offer the Tax Credit Advance right now. In fact nearly 800 Idahoans have applied for it since it was introduced in March." For a list of IHFA approved lenders go to www.ihfa.org

Local and National News & Info: 6/8/2009

2009-06-08T09:57:00.003-06:00

Mortgage industry cleans house: Group leaders say financial turmoil chased out the unscrupulous — Focus POSTED: Monday, June 8, 2009 by Gaye Bunderson, idahobusines.net

TitleOne adds share in tough market — Focus POSTED: Monday, June 8, 2009 by Brad Carlson, idahobusiness.net

Spotlight on NAR Code of Ethics: Part 3

2009-06-04T15:27:00.000-06:00

Standards of Practice, Arcticle 1, as you can read below, discusses our relationship to our clients. As a client of a Realtor your agent is responsible to "protect and promote the interests of their clients." We are also required to "treat all parties honestly." This is important, and in my opinion is just good business and moral practice anyway.

Duties to Clients and Customers
Article 1
When representing a buyer, seller, landlord, tenant, or other client as an agent, Realtors® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve Realtors® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, Realtors® remain obligated to treat all parties honestly. (Amended 1/01)

• Standard of Practice 1-9
The obligation of REALTORS® to preserve confidential information (as defined by state law) provided by their clients in the course of any agency relationship or non-agency relationship recognized by law continues after termination of agency relationships or any non-agency relationships recognized by law. REALTORS® shall not knowingly, during or following the termination of professional relationships with their clients:
1) reveal confidential information of clients; or
2) use confidential information of clients to the disadvantage of clients; or
3) use confidential information of clients for the Realtor®’s advantage or the advantage of third parties unless:
a) clients consent after full disclosure; or
b) Realtors® are required by court order; or
c) it is the intention of a client to commit a crime and the information is necessary to prevent the crime; or
d) it is necessary to defend a Realtor® or the Realtor®’s employees or associates against an accusation of wrongful conduct.

Information concerning latent material defects is not considered confidential information under this Code of Ethics. (Adopted 1/93, Amended 1/01)

• Standard of Practice 1-10
Realtors® shall, consistent with the terms and conditions of their real estate licensure and their property management agreement, competently manage the property of clients with due regard for the rights, safety and health of tenants and others lawfully on the premises. (Adopted 1/95, Amended 1/00)

• Standard of Practice 1-11
Realtors® who are employed to maintain or manage a client’s property shall exercise due diligence and make reasonable efforts to protect it against reasonably foreseeable contingencies and losses. (Adopted 1/95)

• Standard of Practice 1-12
When entering into listing contracts, Realtors® must advise sellers/ landlords of:
1) the Realtor®’s company policies regarding cooperation and the amount(s) of any compensation that will be offered to subagents, buyer/tenant agents, and/or brokers acting in legally recognized non-agency capacities;
2) the fact that buyer/tenant agents or brokers, even if compensated by listing brokers, or by sellers/landlords may represent the interests of buyers/tenants; and
3) any potential for listing brokers to act as disclosed dual agents, e.g., buyer/tenant agents. (Adopted 1/93, Renumbered 1/98, Amended 1/03)

• Standard of Practice 1-13
When entering into buyer/tenant agreements, Realtors® must advise potential clients of:
1) the Realtor®’s company policies regarding cooperation;
2) the amount of compensation to be paid by the client;
3) the potential for additional or offsetting compensation from other brokers, from the seller or landlord, or from other parties;
4) any potential for the buyer/tenant representative to act as a disclosed dual agent, e.g., listing broker, subagent, landlord’s agent, etc., and
5) the possibility that sellers or sellers’ representatives may not treat the existence, terms, or conditions of offers as confidential unless confidentiality is required by law, regulation, or by any confidentiality agreement between the parties. (Adopted 1/93, Renumbered 1/98, Amended 1/06)

Local and National News & Info: 6/3/2009

2009-06-03T17:17:00.002-06:00

Anyone have opinions about these article?

Idaho touted to make quick recovery in 09
POSTED: 11:41 MDT Wednesday, June 3, 2009
by IBR Staff

Which States Will Be Early Risers? msnbc.com / The Elkhart Project

Recommended Local Businesses 6/3/09

2009-06-03T10:25:00.001-06:00

Do you have a little literary in you? Check out this incredible resource. If you are a writer or publisher you will know what it is and you will think that it is amazing. I promise.

LitList

Title One: News You Can Use - 6/2/2009

2009-06-02T16:21:00.001-06:00

Title One: News You Can Use - 5/19 & 5/26/2009

2009-06-01T16:05:00.001-06:00

May 19, 2009

May 26, 2009

Property Tax Assesment Info for Ada County

2009-05-21T09:07:00.000-06:00

Friday May 22nd the county Assessor’s office will be mailing out 2009 property assessment notices. It’s well understood property values in Ada county reflect a declining market.
Some home owners who purchased within the last year or so may well question the recent Tax assessed value of their homes. Recently I’ve been fielding more and more questions concerning this very topic. In the event you are as well I thought you would find the recent release from Robert H Mcquade Ada County Assessor dated May 19th of interest. Follow this link http://www.adaweb.net/LinkClick.aspx?fileticket=QnBvBybYW30%3d&tabid=36

Property owners who may wish to challenge or appeal must do so before by June 22, 2009 @ 5:00pm. Assessment appeal forms and the process to do so can be gleaned from http://www.adaweb.net/Commissioners/PropertyTaxExemptionsAppeals/PropertyTaxAssessmentAppeals.aspx

Information above is courtesy of:

Gary Stott
Stonebrook Mortgage
1087 W River St, Ste180
Boise ID 83702
Cell 208-871-0075
Office 208-344-5653
Fax 208-514-4333
gstott@stonebrookmortgage.com

Title One: News You Can Use - 5/5 & 5/12/2009

2009-05-14T13:01:00.002-06:00

May 12, 2009

May 5, 2009

Featured Listing - Vacant Land

2009-05-08T12:26:00.000-06:00

Title One: News You Can Use - 4/28/09

2009-04-28T11:17:00.001-06:00

Local and National News & Info - 4/27/2009

2009-04-27T17:18:00.002-06:00

I thought this was a pretty fair article about the Treasure Valley real estate market:

Treasure Valley Housing Outlook a 'Mixed Bag' - idahobusines.net ibrealestate by Dani Grigg

Also - watch out for loan modification and foreclosure scams:

Idaho Finance Dept. Stops Nevada Foreclosure-Relief Company - idahobusines.net ibrealestate

Featured Listing in Meridian

2009-04-24T11:31:00.001-06:00

Spotlight on NAR Code of Ethics: Part 2

2009-04-23T11:44:00.001-06:00

Standards of Practice, Arcticle 1, as you can read below, discusses our relationship to our clients. As a client of a Realtor your agent is responsible to "protect and promote the interests of their clients." We are also required to "treat all parties honestly." This is important, and in my opinion is just good business and moral practice anyway.

Duties to Clients and Customers
Article 1

When representing a buyer, seller, landlord, tenant, or other client as an agent, Realtors® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve Realtors® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, Realtors® remain obligated to treat all parties honestly. (Amended 1/01)

• Standard of Practice 1-1

Realtors®, when acting as principals in a real estate transaction, remain obligated by the duties imposed by the Code of Ethics. (Amended 1/93)

• Standard of Practice 1-2
The duties imposed by the Code of Ethics encompass all real estate-related activities and transactions whether conducted in person, electronically, or through any other means. The duties the Code of Ethics imposes are applicable whether Realtors® are acting as agents or in legally recognized non-agency capacities except that any duty imposed exclusively on agents by law or regulation shall not be imposed by this Code of Ethics on Realtors® acting in non-agency capacities. As used in this Code of Ethics, “client” means the person(s) or entity(ies) with whom a Realtor® or a Realtor®’s firm has an agency or legally recognized non-agency relationship; “customer” means a party to a real estate transaction who receives information, services, or benefits but has no contractual relationship with the Realtor® or the Realtor®’s firm; “prospect” means a purchaser, seller, tenant, or landlord who is not subject to a representation relationship with the Realtor® or Realtor®’s firm; “agent” means a real estate licensee (including brokers and sales associates) acting in an agency relationship as defined by state law or regulation; and “broker” means a real estate licensee (including brokers and sales associates) acting as an agent or in a legally recognized non-agency capacity. (Adopted 1/95, Amended 1/07)

• Standard of Practice 1-3
Realtors®, in attempting to secure a listing, shall not deliberately mislead the owner as to market value.

• Standard of Practice 1-4

Realtors®, when seeking to become a buyer/tenant representative, shall not mislead buyers or tenants as to savings or other benefits that might be realized through use of the Realtor®’s services.(Amended 1/93)

• Standard of Practice 1-5

Realtors® may represent the seller/landlord and buyer/tenant in the same transaction only after full disclosure to and with informed consent of both parties. (Adopted 1/93)

• Standard of Practice 1-6

Realtors® shall submit offers and counter-offers objectively and as quickly as possible. (Adopted 1/93, Amended 1/95)

• Standard of Practice 1-7

When acting as listing brokers, Realtors® shall continue to submit to the seller/landlord all offers and counter-offers until closing or execution of a lease unless the seller/landlord has waived this obligation in writing. Realtors® shall not be obligated to continue to market the property after an offer has been accepted by the seller/landlord. Realtors® shall recommend that sellers/landlords obtain the advice of legal counsel prior to acceptance of a subsequent offer except where the acceptance is contingent on the termination of the pre-existing purchase contract or lease. (Amended 1/93)

• Standard of Practice 1-8

Realtors®, acting as agents or brokers of buyers/tenants, shall submit to buyers/tenants all offers and counter-offers until acceptance but have no obligation to continue to show properties to their clients after an offer has been accepted unless otherwise agreed in writing. Realtors®, acting as agents or brokers of buyers/tenants, shall recommend that buyers/tenants obtain the advice of legal counsel if there is a question as to whether a pre-existing contract has been terminated. (Adopted 1/93, Amended 1/99)

Recommended Local Businesses 4/22/09

2009-04-22T13:57:00.001-06:00

If you are in need of a Title Company in Boise, give Stewart Title a try. Josh Stafford is a stellar escrow officer and Kim a sweet, wonderful marketer for Stewart. We have closed many transactions at Stewart of Boise over the course of the years we have been in Real Estate. They do a great job. Josh also is very experienced in closing short sales as well.

Stewart Title of Boise
Escrow Officer: Josh Stafford
Marketing: Kim Daley

9196 W. Emerald

Boise ID, 83704

Phone: (208) 373-0009

Email: jstafford@stewart.com

Email: kdaely@stewart.com

Title One: News You Can Use - 4/21/09

2009-04-21T09:49:00.001-06:00

Local and National News & Info - 4/20/2009

2009-04-20T09:33:00.000-06:00

This news is a few weeks old, and I meant to publish it back then, but apparently I never got around to it. Many people around the treasure valley know about the Avimor development project. According to Idaho Business Review, that project is changing hands, as the developer plans to sell it.

Avimor developer to sell housing projects - idahobusines.net ibrealestate by Dani Grigg

April 2009 Real Estate Newsletter

2009-04-17T18:08:00.001-06:00

April 15, 2009

Happy Easter! Happy Spring! Oh, yeah, and Happy Tax Day!

This month's newsletter is all about statistics:

-2009 Ada County Stats and compared to 2008:
**January 2009
**February 2009
**March 2009
**1st Quarter 2009

-2009 Canyon County Stats and compared to 2008
**January 2009
**February 2009
**March 2009
**1st Quarter 2009

Statistics and information courtesy of Intermountain Multiple Listings, Inc. intermountainmls.com.

-Series on Recommended Local Businesses: This year I have started a series on local businesses that I use and support. If you have a business that I may not know about or haven't use, please email me at kaseyboles@boiserealtystore.com. This month features the businesses below:
**Canyon Honda
**Pacific Residential Mortgage

-Title One: News You Can Use: Title One is doing a weekly news bit on YouTube. Here are some of the episodes over the last couple of months:
**Title One: News You Can Use
Take my April/May Poll: This month’s poll question asks “Are you ready for summer? “ (view poll on right side bar).

Last Month’s Poll Results: The question was, “Is the Homeowner Tax Credit going to sway you to purchase a home in 2009 (or did it sway you to purchase in 2008?) “ See the Poll Results.

Here are a few great properties that we have listed right now:

13663 Santa Rita Dr., Nampa, ID
$499,000
Type: Single Family w/ Acreage
Bedrooms: 5
Baths: 4
Garage Spaces: 3
Sq. Ft.: 4402
Acres: 4.54
Year Built: 2002
Listing #: 98299400

3522 S Westpoint Ave, Boise, ID
$174,900
Type: Single Family
Bedrooms: 3
Baths: 2
Garage Spaces: 2
Sq. Ft.: 1406
Acres: 0.07
Year Built: 1979
Listing #: 98387317

Current Short Sale Listings we have are below (more up and coming, so continue to check our website for new listings):

We’ve sold most of our short sale listings already this year and we are ready to take more listings. If you think you need to sell your home as a Short Sale or you know someone else who may need to give us a call at 208.830.6185 (John) or 208.830.6186 (Kasey) See more information on short sales here.

5880 S Harrington, Boise, ID
$174,900

Type: Single Family
Bedrooms: 5
Baths: 2.5
Garage Spaces: 2
Sq. Ft.: 2750
Acres: 0.12
Year Built: 2006
Listing #: 98396881

2620 S Flame, Meridian, ID
$179,900
Type: Single Family
Bedrooms: 3
Baths: 2
Garage Spaces: 2
Sq. Ft.: 1927
Acres: 0.09
Year Built: 2006
Listing #: 98395129

264 E Carver, Meridian, ID
$156,900
Type: Single Family
Bedrooms: 4
Baths: 2.5
Garage Spaces: 2
Sq. Ft.: 1934
Acres: 0.16
Year Built: 2004
Listing #: 98391261

921 Springwater, Caldwell, ID
$94,900
Type: Single Family
Bedrooms: 3
Baths: 2
Garage Spaces: 2
Sq. Ft.: 1472
Acres: 0.23
Year Built: 2000
Listing #: 98395679

12349 Galloway, Middleton, ID
$209,000
Type: Single Family w/ Acreage
Bedrooms: 3
Baths: 2
Garage Spaces: 0
Sq. Ft.: 1600
Acres: 7.63
Year Built: 1967
Listing #: 98392630

526 Holmes Cemetery Road, Donnelly, ID
$459,000
Type: Single Family w/ Acreage
Bedrooms: 4
Baths: 4
Garage Spaces: 5
Sq. Ft.: 4000
Acres: 10
Year Built: 2006
Listing #: 98379352

Short Sales to be available soon........

Donnelly, ID: 3 Bedroom, 2 Bathroom, 2 Car Garage, 1700 Sq. Ft., 2.68 Acres for $425,000 Available Now! MLS#98393762

Click on this link to take a look at ALL my featured listings

Subscribe to my blog! - If you like my blog but you forget the address, forget to check it or don’t have the time to keep up on blogs, subscribe to it! All you have to do is go to the sidebar. You will then receive updates with my new posts directly in your inbox. Then, all you’ll need to do to keep up on the blog, the Treasure Valley area and the Real Estate market is to check your email! It will then provide you links to get to the site if you choose to peruse it further.

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Recommended Local Businesses 4/15/09

2009-04-15T11:01:00.001-06:00

If you are in the market for a home and are looking for a mortgage company to help you with financing, give Pacific Residential Mortgage a try. Be sure to ask for Gerry.

Pacific Residential Mortgage, LLC
Gerry Sarich
Senior Loan Officer
1875 S. Cobalt Point Way
Meridian, ID 83642
Phone: (208) 884-4652 x102
Fax: (208) 884-4696 Fax
Cell: (208) 989-6908 Cell
Toll Free: (877) 302-9872
Email: gerry.sarich@pacresmortgage.com