Jim's Boise Idaho Real Estate Blog

Build your Idaho Dream home on this one acre building site for only $49,900! Lot 2A Smith Ave, Nampa Idaho

Fri, 11 Dec 2009 12:18:07 -0600

I have a great one acre building lot for sale that is between Nampa and Caldwell Idaho that is perfect for building your next dream home. Why pay the same price or more for a lot in a subdivision with neighbors and CC&R's?

Easy commute to anywhere in the valley!

Views of the Owyhee Mountains or the Boise Front (Bogus Basin).

Use your own builder or I can assist with that process too.

Call or email me for additional details or go to www.IdahoMLStours.com/smith3

Smith 2A lot for sale in Nampa

Thanks!

Jim Paulson

Owner/Broker - Progressive Realty Corporation

Walk to the Golf Course from this nearly new 4 BR Boise Home for only $194,900! 12596 Horsham, Boise, Idaho

Fri, 11 Dec 2009 10:25:26 -0600

If you are looking for a home under $200,000 that has:

walking distance to the golf course
that brand new home feeling;
four bedrooms,
a great room for open living space,
Separate Living and Family Rooms;
a bonus room (media, studio, etc.) over the garage
three car garage

you will find it at !

Shared Equity Loans With Banks to Reduce Debt to that Bank or the National Debt?

Mon, 07 Dec 2009 11:06:43 -0600

The National Association of Realtors had a contest this year about "Game Changing Ideas for the Real Estate Industry". Let's use the collective knowledge of Active Rain to think about the way to effectively use our industry to help get us out of this financial mess our country is in!

For example, I was just thinking of Fannie Mae's new Deed For Lease program in people living in a home can lease it back for 12 months at fair market rents if they meet certain criteria and their housing ratio is at or below 31%.

https://www.efanniemae.com/sf/servicing/d4l/

I think that program has a lot of merit; however what about taking it a step or two further?

If it was my property, I would consider doing a lease purchase on the property, not just a lease. That helps the tenant buy into the mindset of homeownership and they are responsible for upkeep and maintenance.
What about the a "Shared Equity Loan" after the buyer proves themselves after 12 months? In that capacity, the bank that agrees to do the loan could have a deed restriction that uses their end of the profit to pay down additional debt to their bank (i.e. non secured loans, credit card loans, car loans, etc.).

Maybe the banks don't want to get rid of the other higher interest loans, so what about the US Treasury doing this with any future profits on their share going to pay off our national debt?

What about using the amount of the Tax Credits to equal the Treasury's shared equity portion and when the home is sold, that tax credit is paid back plus what ever the net profit percentage of the home is upon sale (less improvements, sales costs, etc.)

We have several Shared Equity loan programs here in Boise, Idaho and these models could be mirrored in other parts of the country.

Deed For Lease is great option to keep people in homes!

Sat, 05 Dec 2009 11:14:11 -0600

I just learned about the Fannie Mae program which was launched in November to help keep properties occupied if they are foreclosed and also help the tenants from becoming homeless through no fault of their own. It is called Deed For Lease.

Essentially, as long as the tenant (either borrower or renter) can afford to pay "fair market rents" and their lease payment still falls below 31% of their income, they can sign a 12 month lease and stay in the home instead of adding another distressed looking property into the market!

I hope my fellow Realtors will take the time to learn about this program since it should help stabilize the market in many areas of the country! For additional details, check out Fannie Mae's website at:

https://www.efanniemae.com/sf/servicing/d4l/

I hope this program helps some of the home owners in Boise, Idaho where I live and across the nation.

CMA Logic and Lack There Of!

Fri, 20 Nov 2009 10:28:32 -0600

I am not sure if you have ever taken a class in "Statistical Analysis", but I have taken several and always get a kick out people trying to defend their values or estimates with little true basis!

What I mean by that is that with bad statistical analysis I can prove almost anything if you let me select the sample. If I wanted my analysis to show the number of children per average home should I sample the one bedroom condos or the five bedroom homes to illustrate the answer I wanted?

I have yet to see a real estate class taught that covers statistical analysis (other than what can be done in Excel or Access type programs). They should require sampling strategies, bell curve analysis, standard deviations from the norm, percent confidence levels, etc. In a "Bell Curve" your average (one standard deviation from the norm) only covers 68% of the entire sample. If you go out two, you at least cover nearly 96% of the population. In the chart below which illustrates the Bell Curve for IQ distribution, you will see that if your IQ is over 145, (4 standard deviations from the norm) you are truly smarter than 99.8% of the people and will be extremely frustrated with a world based on "normal" being at 100!

Too many real estate valuation models are based on easier methods like Price Per Sq. Ft. Some extreme examples of other industries in which that doesn't make sense include:

Automobile - do you buy your car by the pound? Cost per pound of a Harley Davidson vs a Hummer H2 vs a Honda?
Restaurants - Does Caviar cost more or less per pound than regular eggs? If it is all just "beef" why does prime rib cost more than hamburger?
Art - why does a gold necklace cost more than the value of the gold alone?
Clothing - Does Victoria's Secret charge extra or less for their skimpy little outfits?

There is a huge attempt to treat real estate like a commodity. Companies like Zillow admits their numbers are off (varies by market) at first it doesn't sound bad if the number is give or take 10% but that is 10% on either end so their range is really 20%. For example, a $200,000 home could be $180K-$220K! If the true value was $220K and the price they sold for themselves without a Realtor is the low end (since they thought they saved money) is $180K, they left $40K on the table! That equates to selling at an 18% discount yet they "saved" about 6%. They could have hired five Realtors for that with non exclusive contracts since only one would end up receiving the offer (5x3%=15% +3% =18%). Obviously, that is a weird example, but I wanted to prove my point on "bad math"!

Just for fun, the next time you do a CMA, compare the following:

Average price per sq. ft.;
Average sales price;
Median Sales price;
Median Sales Price;
Mode Sales Price;

If the average home in your market sells for 97% of list price, do you list your home at the "average" or do you jump down to 97% to be where the buyers are ending up?

Figures don't lie, but liars figure, while others are just plain ignorant and speak the loudest!

Microsoft Releases Free Beta Testing on New Products Like Office 2010 on November 18 2009!

Wed, 18 Nov 2009 23:34:38 -0600

Microsoft announced today at the Professional Developers Conference that they are unveiling the public beta of Office 2010, SharePoint Server 2010, Project 2010, Visio 2010, Office Web Apps for businesses and Office Mobile 2010 effective today!

For the complete article, go to:

http://www.microsoft.com/presspass/features/2009/nov09/11-18PDCKurtDelBene.mspx

People can download the beta products by visiting http://www.microsoft.com/2010

I would love to try the Windows Mobile 2010 but my Treo 800W only has Windows 6.1 mobile and not the required 6.5 mobile.

The feedback they get from this trial will be used to tweak the programs before their anticpated releases in mid 2010.

One new feature that might be pretty interesting to those of us using blogs and social media will probably be "Social Connector". Kurt DelBene, Sr. Vice President of the Office Business Productivity Group, Microsoft was quoted in the Microsoft Press Pass today as saying "Social Connector lets them connect with people faster, without switching programs or changing their routine. Essentially, with this new capability, people can collaborate and work better together. The Outlook experience customers are familiar with and use on a daily basis becomes the hub of their social networking experience. Outlook Social Connector brings their communications history, business and social networking feeds directly into Outlook to help them keep track of conversations and stay up to date with co-workers, friends and family."

I know I will be downloading a number of these new programs. As an EPRO Instructor, I am always looking for new things to share with my fellow Realtors, so don't hesitate to share your ideas as well directly with me and I will be sure to give you credit if you are the first one to bring things like this to may attention!

Enjoy!

The Best of NAR 2009 Expo - Real Estate Technology

Wed, 18 Nov 2009 00:57:46 -0600

I am usually not a fan of Re-blogging; however Brad did such a great job on his video, I wanted to help get his message out.

Next year, the convention is in New Orleans so plan on coming down for NARdi Gras!

Via Brad Andersohn ~ Community Manager (ActiveRain):

The Best of NAR 2009 Expo - Real Estate Technology

NAR each year is always packed with great sessions, speakers, topics and presenters. There's no way to see and do it all! One of my favorite parts of the Convention is walking around, meeting people in the hallways, hugging old friends and shaking hands with new ones. This year, William Shatner was one of the special guests at NAR, but unfortunately, I didn't get the chance to sign him up on ActiveRain.

My absolute favorite is "cruisin" the EXPO and seeing all the "NEW" stuff that's being displayed. Many of the tools and services presented will have an affect and impact on the ways business will get done now, and in the future.

To See the more than 375 Booths and vendors that were there, here's an interactive floor-plan you can visit.

NAR always brings back some of the same vendors you see year after year, but I still like to stop by and see them, and how their products have changed or improved. Then there's all the new technology stuff I haven't seen or heard of yet. When I found a booth or vendor with a name I didn't recognize, or if they that had something I hadn't heard of, I'd ask them, "In a sentence, tell me who you are, what you do, and what does your company provide?"

So if you were unable to make it to NAR 2009 in San Diego this year, I hope you'll take a moment to let me be your eyes, your ears, and your feet at NAR, and enjoy this condensed version of "A Day with Brad at the NAR EXPO" and see a few of the "highlights" that I thought were some of the "Best of the NAR Expo."

THE NAR 2009 "RAINCAMP" DRAWING WINNER!

We collected Business Cards and had a drawing at NAR for 2 RainCamp tickets and $100.00 American Express Card and the winner was....drumroll...Tamara Dorris from Sacramento, CA. Congratulations Tamara, we're looking forward to seeing you at RainCamp.

"RainMaker" Special - Signup Here and Get New Member Discount

Ada County (Idaho) September 2009 Home Inventory Levels by Price Range

Mon, 09 Nov 2009 12:42:10 -0600

When looking to buy or sell a home, it is very important to know the inventory! You can see that in September, we had an average of 6.7 months of inventory but that figure varied drastically by price range.

When the average income in Ada County substantiates about a $250,000 home, it is no surprise to me that it will take 28 months to absorb the inventory of $1 million plus homes!

With our lot prices dropping to less than development costs alone, it is a great time selectively start looking at the affordable price ranges and niches and consider building again. I have learned that I can effectively compete with short sale prices in our area by building a home on a lot that can now be bought for $40K instead of the $100K two years ago; therefore, competing directly with short sales without the fear that in 3 months your offer would get turned down from the bank or that the seller decided to declare bankruptcy and stay in the home for another six months instead!

NAR launches it's national property database!

Mon, 09 Nov 2009 12:10:03 -0600

I just learned that NAR has just acquired some of the pieces of the puzzle to finally produce the national database they have been talking about for quite some time. It should have parcel information on nearly 150 million properties!

This project has been referred to in the past as:

Gateway
Real Estate Channel
Library/Archive

Currently, it being referred to as the Realtor Property Resource (RPR) and is a wholly owned subsidiary of NAR.

It will be interesting to see what NAR discloses in San Diego later this week!

I love this time of year since all the major vendors are rushing to get their upgrades working to show them off at the National Association of Realtor's Convention!

I look forward to learning more about this and other great new tools that I can bring back to Idaho to better serve my clients and continuously improve my company!

New math - evalution of how kids learn math today

Sun, 08 Nov 2009 16:26:51 -0600

If you are frustrated by the the human race today, consider the evolution in teaching since you were starting school. Is it any surprise that looking at this one example, why our society has issues?

1. Teaching Math In 1950's
A logger sells a truckload of lumber for $100. His cost of production is 4/5 of the price.
What is his profit ?

2. Teaching Math In 1960's
A logger sells a truckload of lumber for $100 His cost of production is 4/5 of the price, or $80.
What is his profit?

3. Teaching Math In 1970's
A logger sells a truckload of lumber for $100. His cost of production is $80.
Did he make a profit?

4. Teaching Math In 1980's
A logger sells a truckload of lumber for $100. His cost of production is $80 and his profit is $20.
Your assignment: Underline the number 20.

5. Teaching Math In 1990's
A logger cuts down a beautiful forest because he is selfish and inconsiderate and cares nothing for the habitat of animals or the preservation of our woodlands. He does this so he can make a profit of $20. What do you think of this way of making a living? Topic for class participation after answering the question:
How did the birds and squirrels feel as the logger cut down their homes?
(There are no wrong answers, and if you feel like crying, it's ok. )

6. Teaching Math In 2009
Un hachero vende una carretada de madera para $100. El costo de la producciones es $80.
Cuanto dinero ha hecho el hachero?

Who knows what they will teach them next year!

House Bill 3548 Bill 5 of 5 that passed both houses - (Home Owner Tax Credits)

Fri, 06 Nov 2009 09:41:51 -0600

President Obama is expected to sign House Bill 3548 as amended today! (he did sign it)

I finally found a copy of the bill http://thomas.loc.gov/cgi-bin/query/D?c111:5:./temp/~c111AKbnXR::

Here are some of the key points that should be of interest to Realtors and Mortgage professionals:

This Act may be cited as the `Worker, Homeownership, and Business Assistance Act of 2009'

You need to look specifically at "SEC. 10. 0.2 PERCENT FUTA SURTAX"

SEC. 11. EXTENSION AND MODIFICATION OF FIRST-TIME HOMEBUYER TAX CREDIT

EXCEPTION IN CASE OF BINDING CONTRACT- In the case of any taxpayer who enters into a written binding contract before May 1, 2010, to close on the purchase of a principal residence before July 1, 2010, paragraph (1) shall be applied by substituting `July 1, 2010' for `May 1, 2010'.'

Special Rule for Long-time Residents of Same Principal Residence- Subsection (c) of section 36 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

- (6) EXCEPTION FOR LONG-TIME RESIDENTS OF SAME PRINCIPAL RESIDENCE- In the case of an individual (and, if married, such individual's spouse) who has owned and used the same residence as such individual's principal residence for any 5-consecutive-year period during the 8-year period ending on the date of the purchase of a subsequent principal residence, such individual shall be treated as a first-time homebuyer for purposes of this section with respect to the purchase of such subsequent residence.'.
- (D) SPECIAL RULE FOR LONG-TIME RESIDENTS OF SAME PRINCIPAL RESIDENCE- In the case of a taxpayer to whom a credit under subsection (a) is allowed by reason of subsection (c)(6), subparagraphs (A), (B), and (C) shall be applied by substituting `$6,500' for `$8,000' and `$3,250' for `$4,000'.'.

INCOME LIMITATION- Subsection (b)(2)(A)(i)(II) of section 36 of such Code is amended by striking `$75,000 ($150,000) and inserting `$125,000 ($225,000)'.
LIMITATION BASED ON PURCHASE PRICE- No credit shall be allowed under subsection (a) for the purchase of any residence if the purchase price of such residence exceeds $800,000.
If you are working with our armed forces personnel, make sure to read up on the "SPECIAL RULE FOR MEMBERS OF THE ARMED FORCES"

Except as otherwise provided in this subsection, the amendments made by this section shall apply to purchases after the date of the enactment of this Act. (which as of the time of this blog, have not yet been signed by President Obama). I will amend this blog if another amendment occurs prior to his signature and/or upon his signature!

Idea for 2010 Home Owner Tax Credit - Bail yourself out!

Thu, 29 Oct 2009 10:59:59 -0500

One thing is becoming increasingly clear to me - the American consumer is finally getting worried about the amount of this countries debt. They are thinking about our ability to pay it back and realizing that the repayment will eventually come from us, the taxpayer!

My proposal is to extend the First Time Homebuyer Tax Credit and expand it for upper end buyers too since that market appears to need a lot more help than the first time homebuyers! Wait, didn't I just say that we were adding too much debt and now I am proposing adding even more? Yahbut!

Yeah, but, I propose making this credit a silent second on your mortgage so that the person directly benefiting from the tax credit has to eventually pay it back themselves! I would prefer that the interest acrue at a below market rate but not be due and payable until the home is resold, but would agree to a no interest loan since the additional impact on our economy would offset the interest and still provide an economic stimulous. I believe NAR's economists stated that the economic impact of the $8,000 tax credit was $65,000!

I recognize that there will be some default on the seconds; however isn't a 1% payoff even better than the 0% today?

I am not sure why so many people believe our government has to give stuff away for free (i.e. swine flu vacines). If they are turning people away since supply does not exceed demand, generally private enterprise raises the price, they don't keep giving stuff away! Why not give away the vouchers for the shot to the people that could justify spending 8 hours in line and allow them to sell it to the highest bidder on Ebay as a way of creating additional income for the homeless and underemployed willing to stand in line?

At some point we have to recognize that we have to stop feeding the pig. We need to realize that when the piggy bank breaks, maybe we will need to consider making bacon, ham and hot dogs to feed our population instead of just printing more money and giving it out as quick as Bernie Madoff can take it!

$8,000 Tax Credit Agreement from Oct. 27th is still changing!

Wed, 28 Oct 2009 17:27:56 -0500

Here is an excerpt from the email I just got from NAR. If you haven't seen this, maybe you need to join their free "Broker Involvement Program"! http://www.realtoractioncenter.com/realtors/brokers/

I had to adjust it a bit to get it to fit on my Faceboook page.

First Time Homebuyer Tax Credit update! Tentative tax credit agreement of yesterday has changed. A new agreement on extending and expanding the tax credit has now been introduced as a separate, stand alone bill. It could be voted upon separately from the Unemployment bill. Or not. The timing of the votes is still up in the air, but the good news is that they are still working on it!

This has been a major effort by NAR so you dues are working for you!

2009 Realtor Conference and Expo attendance tips

Fri, 23 Oct 2009 16:18:21 -0500

I have attended well over a dozen NAR conferences in my 18 years of real estate. They are fantastic and I always learn new things there each year. This year’s conference is in San Diego from November 11^th to the 16^th. (actual dates vary depending on courses you want to take and volunteer work prior to conference). It is a relatively cheap place to fly to and there is lots of competition for hotels so if you are on a budget, shop around. Your travel agent may even have some “vacation package” deal.

Tips:

1. Make up special business cards with a new conference email account and bring about 500 of them to pass out. This way, you can track the leads you get back to this conference and you won't feel bad about dropping your card in all the vendor booths for their prizes knowing they will probably have already called your office or emailed you before you get back home.

2. Allow two full days to visit the Expo! They have over 400 exhibitors this year. Several years I have gone and only bought the expo pass for $25 instead of paying $330 for the entire conference. http://www.realtor.org/convention.nsf/pages/exp

3. Lodging is most convenient at the host hotels however you pay a premium for convenience. Sometimes I have gotten rooms nearby for 1/2 the price and still can use all the same shuttles to different events. I think Manchester owns both the Hilton and the Marriott so you probably have to go further to get much price variance this year.

4. Review the agenda and when you have conflicts of which event to go to, choose to visit the vendors at their booth instead of taking a class and attend the class that may not have a booth. Wouldn't you rather talk one on one with the instructor anyway? Use their event planner online.

5. Make sure to look for specialty functions associated with any designations you may have: (i.e CRS Day, ABR receptions, WCR functions, etc.)

6. Learn immediately where you can get access to WIFI and determine if you need to bring your tablet (laptop) everywhere or not. I have a special laptop case with wheels so I have no problem lugging it everywhere and it makes a great place to stuff all the give away items at the convention.

7. Make a list of companies you want to follow up with. Instead of dragging a suit case home with pamphlets you hope to read later, just write down the business category, their website and the person you talked to. Maybe just write these notes on the back of their card. The pamplet they hand you typically is not as comprehensive as their website.

8. Wear something that people can associate with your area. For example, I will probably go to the Idaho Potato Commission and see if they can spare a few hundred "Idaho Potato Pins" for me to hand out. Sure beats being from Wisconsin and having to wear a cheese hat since that stands out way too much for me (grin).

9. Network, network, network! What a great way to meet top agents from all around the country personally to build your referral network.

10. Post to your blog that you will be attending and invite your readers to meet you there.

11. Don't physically plan to do any work the day you get back home. There will be enough "surprises" and messages to return without having to fill them in between your prescheduled appointments.

12. Change your email and voice mail to let people know you are investing in your customer service level by attending a national Realtor conference to help better serve your them and the best way for them to reach you while you are out of town.

13. Many of the vendors will have special “show pricing” and “free delivery” or “no set up fees” so it is a good place to buy supplies for 2010

14. Have a great time writing off the business expenses and mix in a mini-vacation while you are there!

Disney VoluntEARs Promo for 2010 = Give a day - get a Disney day!

Wed, 21 Oct 2009 14:06:21 -0500

I just learned of a great program from the good people at Walt Disney called Give a Day - Get a Disney Day. I just emailed them for more details since I think this could be a great way for our local Board of Realtors to work on a civic project and then reward the people for serving by enjoying a day at Disney! Every volunteer that pre-registers and completes their volunteer commitment gets a free pass, so get the family together and plan for 2010!

For details, go to:

http://disneyparks.disney.go.com/disneyparks/en_US/WhatWillYouCelebrate/index?name=Give-A-Day-Get-A-Disney-Day

How to get buyers off the fence in today's market

Tue, 20 Oct 2009 12:26:00 -0500

Many Realtors around the country are facing the same problem - how to get buyers off the fence and commit to buying a home!

I have had more luck recently conceding that prices may in fact keep dropping a little, but am able to show my clients why it can still make sense to buy now! For example, stock brokers quit aspiring to help you buy low and sell high since they were always getting beat up for not buying at the lowest and selling at the highest! They started telling their clients to just "buy now and sell higher later" so they wouldn't get blinded with hindsight later.

For example, here are two scenarios:

$250,000 mortgage today @ 5% =

Monthly Payment:

$1,342.05 (Principal & Interest ONLY)
If your buyer thinks the property values will decline 5% more in the next year, just agree with them! Then the mortgage would be $237,500 instead of $250K. Because you agreed with them that things are still eroding, they might agree that interest rates will go up due to additional economic concerns so figure the same house at the reduced mortgage but increasing interest rates to 6%. $237,500 mortgage at 6% =

Monthly Payment:

$1,423.93 (Principal & Interest ONLY)

Therefore, by waiting for prices to drop another 5% due to the economy and if interest raise only 1% your effective payment is going to increase $81.88. The effect of the payment increase will drop your buying power by roughly $13,500 at 6% so you wouldn't even be able to buy as nice a home!

Oh by the way, if you don't close by November 30th of this year, you also loose the potential $8k First Time Tax Credit!

Dr. Lawrence Yun NAR's Chief Economists speech in Boise Idaho

Mon, 19 Oct 2009 17:08:38 -0500

It was a pleasure listening to Dr. Yun's perspective again today as he tailored his speech to the Idaho market. I have had the privilege of hearing him speak at several NAR meetings in Chicago and in Washington, DC previously.

Some of the key take away points for me today included:

Of the $800 million in stimulus money handed out , $10 million of it is doing what it was intended and that is the $8K First Time Homebuyer Tax Credit;
The market is still not quite self sustaining since many buyers are still on the sidelines concerned about even lower pricing;
Even though pricing is lower than year ago numbers, the trend is reversing and month over month numbers have been improving for 3-4 months;
Nationally, we are at 5 months of increases in pending sales activity (seasonally adjusted);
The removal of the excess bubble has already occurred and we are overshooting the correction now;
Annual increases in appreciation is about 3-4 percent since 1970 so we are now below that curve;
New construction inventory now stands at below that of the pre-boom days;
Population growth and housing formation models indicate we should need about 1.3 - 1.7 million new homes a year and we are building way below that now;
Even in 2001-2002 sub prime loans averaged 12 percent that were 90+ days delinguent;
Current price increases annualized in parts of California may equate to 15% increases in property values;
Major issues have shifted from Short Sales to HVCC and appraisal issues;
Nevada and Arizona are also coming back well;
Employment lags production numbers in the economy since companies can absorb additional production prior to having to hire. Employers typically wait to make sure the demand is sustainable first.
The number of renters that can afford to buy modestly priced homes has increased nearly 50% in recent years from 11 million to 16 million.

Another interesting statistic he mentioned was that the average home sale generates $62,000 in additional impact (appraiser, inspectors, title and escrow officers, moving companies, etc.)

In Idaho, we were blessed that we were not as heavily involved in the sub prime meltdown. The spike in out of state investment during the boom pretty much echoed the bubble locally. Our home prices are stabilizing.

Conclusion: It is too early to say it is over, but at least there is strong evidence showing the turn around has started. Buyers are starting to realize if they don't act, they may miss a "golden opportunity".

EPRO Workshop Coming to Idaho - Coeur d'Alene Association Of REALTORS

Fri, 16 Oct 2009 04:30:06 -0500

I will be hosting another EPRO Workshop Monday, October 26, 2009

Time: 1:00 PM to 2:30 PM

Location: Coeur D Alene Association Of REALTORS®

Address: 409 W Neiber, Coeur D Alene, ID 83815

Register Now! Seating is Limited!

To register, simply visit http://ePROworkshop.InternetCrusade.com

or call toll free 1-866-ePRONAR (1-866-377-6627).

If you would like me to do a presentation for your association or office, contact me directly. Thank you!

When does life (of a home) begin? (how will the $8k tax credit be defined?)

Thu, 15 Oct 2009 01:25:24 -0500

With the potential end of the $8 First Time Home Buyer Tax Credit coming on November 30th, I have been thinking of potential ways to legally stretch the available time that is left to my clients advantage.

I started wondering when the "life" of a home begins according to this program. Is it based on a permit, completion date, certificate of occupancy, or when it is converted from a house to a home via the transfer of the deed?

If a buyer was to obtain a "construction perm" or a "one time closing" loan for a brand new home prior to November 30th, since the property is already deeded into the buyer's name and the interest is being paid by the new "owner"; would they still qualify for the deduction?

Importing MLS data into Point2 websites?

Sat, 03 Oct 2009 16:26:19 -0500

I have yet to learn how to import data from my MLS listings (or anywhere else) into my Point2 website which I am about to launch. I was also hoping to save at least a base template listing so that customary fields don't have to be re entered each time.

Does anyone have any good shortcuts they are willing to share?

Thanks!

Beautifully remodelled 1752 sq. ft. single level home $209,900! 3975 Mount Vernon Boise Idaho

Sat, 03 Oct 2009 14:04:33 -0500

Great new listing in SE Boise on over 1/3 acre. The owner has done extensive remodelling to this home so move in and relax and enjoy!

Check out the details at:

www.IdahoMLStours.com/MV3

Thanks!

PS I was surprised that when reading my statistics on AR that it had a comment about "under 50 words" so apparently I didn't get full blogging points for this. I guess when the words are embedded in the graphics they don't count. Therefore, I am just rambling here to see if editing it up to over 50 will count.

Eagle Idaho Residential Development opportunity (almost complete) Auction Date Oct 8

Sat, 03 Oct 2009 13:49:43 -0500

Great investment opportunity for developers or builders! This property is being sold October 8th via auction on behalf of the bank. It has 14.227 acres and proposed for 23 building lots of just under a half acre each.

Original list price was $1.9 million, reduced to $1.59 million, so it will be interesting to see what price it sells for at Auction! I have sent out a number of bid packages and am doing a lot of target marketing this week prior to the auction. If you know of an investor that might be interested, please register them with me so that you can get paid a commission if they buy it!

Check out more details at www.IdahoMLStours.com/obsidian3

The best advice for increasing sales (and closing sales) for Realtors!

Fri, 02 Oct 2009 10:47:17 -0500

I have been a Realtor for 18 years here in the Boise, Idaho. I finally decided last year to start building my own company instead of helping other owners build theirs. As I hire additional agents, one question that keeps coming up is "What is the best advice you can give me to get started?"

I used to say what my first broker taught me "Luck is a funny thing, the harder you work, the luckier you get!"

Then, I realized I needed to be much more specific. Now, I tell them to:

"Learn mas much as you can about financing options and regulations!"

I am not saying try to do your lender's job or try to become a loan processor, just learn the mile high view of what, when and why to use different loan programs and which ones are still available.

If you don't know when to use the following types of programs, start calling your local professional lenders and start taking more classes on Finance:

FHA
VA
Rural Economic Development (the old Farm Home loans)
Community Reinvestment programs
Grants
Bridge Loans
Cross collateralized loans
HELOC's
Interest only loans
Negative Amortization Loans (less than interest only)
Adjustable Rate Mortgages
Two step mortgages
Buy down programs
- short term
- long term
Employer assisted housing
Neighborhood Stabilization Program (NSP funding)
FHA 203K Rehab loans
Energy efficient mortgages
1031 exchanges
HomePath mortgages
Local First time homebuyer programs
State First time home buyer programs

Take the time to understand how the loan process works so that when your favorite lender tells you your buyer doesn't qualify (or the other Realtor that just said the deal fell through because they buyer couldn't qualify) you can ask them "What is the weak link?" Then ask yourself, "Will any of the above programs fix it?"

I have saved many transactions with this knowledge and hope it can be of use to you as well!

Idaho Neighborhood Stabilzation Program Funds Are Available!

Thu, 01 Oct 2009 12:24:47 -0500

I was one of the first Realtors in the State of Idaho to write an offer for a buyer using the Neighborhood Stabilization Program (NSP) Program. It is a great program because instead of discounting a homes value driving the neighborhood prices even lower, it allows them to be purchased, fixed up and resold using NSP funds and then allows for carrying back up to a 20% second deed of trust at 0% interest with no payments (on an as need basis) to keep the valuations up without impacting the buyers payments!

The State of Idaho has been awarded $19.6 million from the 2008 Housing & Economic Recovery Act to distribute towards the acquisition and rehabbing of foreclosed or abandoned property in targeted areas throughout Idaho. Funds are to be used for homebuyer activities or rental properties for special needs housing.

Here are some of the relevant program highlights:

Income requirements for beneficiaries/homebuyers-up to 120% of AMI.

Do not have to be 1st time homebuyers.

Homebuyer activity-encouraged to use IHFA products.

Must use IHFA-approved Lender.

No subprime loan activity allowed.

Targeted areas of greatest need in Idaho: - Canyon County; - Ada County; - Kootenai County; - Bonneville County; - Twin Falls County; - Bannock County

Keep in mind this is for the acquisition of foreclosed or abandoned property to stabilize neighborhoods. NSP cannot be used for foreclosure prevention. NSP is considered emergency funding-all funds MUST be committed within 18-months and completely expended by July 30, 2013 when the program ends.

Homebuyers are required to complete the Finally Home! Program for homebuyer education.

I am ready to help home buyers use this program again since it takes another vacant REO off the market and converts it into a home generating tax dollars instead of absorbing them! This program can be mixed and matched with other programs at the same time including the $8k First Time Home Buyer Tax Credit and more!

Google launches yet another new tool - Google Sidewiki

Wed, 30 Sep 2009 12:07:22 -0500

I just learned of an interesting new feature by Google called Sidewiki www.google.com/sidewiki It is a new feature of the Google Toolbar (currently available on IE and Firefox surprisingly not yet on Chrome).

Essentially this can create a sidebar wiki entry for every website which makes it available for public comment and feedback. This creates a very unique new realm of social networking opportunties and threats!

Useful features:

include learning from others that have been there before you;
customer satisfaction ratings;
if you have a great reputation, it can really work for you since it can become a rating system like Ebay has without having to go to third party rating sites;
you can learn what consumers like and dislike about your website so you can keep improving it.
You have to log in to post a comment making it a little bit more credible (although you can create a new email in a minute for this purpose);

Possible threats include:

Social sabatoge - competitors posting data derailing your true image;
How will you deal with that impossible to please client with unrealistic expectations;
How do you keep people (possibly competitiors from advertising on your sidewiki?;
Google will determine which order these Wiki's show up via some undisclosed algorythm;
Can a company require it's employess to post great things about itself to increase their rankings?

As I get comments on this, I will try to update the useful and threats bullets as people think about new ways this can be used.