Eagle Idaho is a desireable, upscale community nestled along the base of the Boise
foothills. Eagle offers high-end, quality-crafted homes, fine dining, boutique shopping
and a friendly community. The Boise river meanders through Eagle and you'll often
find folks walking the greenbelt or enjoying a peaceful picnic along the banks.
Eagle offers convenient access to the entire Treasure Valley and provides direct
routes to northern ski areas, foothills hiking, river rafting and other fun Idaho
outdoor activities. If you prefer newer construction homes in an upscale market
then Eagle is the place for you. Pictured above is Rembrandt’s Coffee House in Eagle’s
quaint downtown area.
North Boise is one of the most sought after communities in the Boise area. Affectionately
referred to as The North End, here you will find classic architecture and character
in the turn of the century and early 1900's era homes. Many homes in The North End
have been fully restored to their original condition with a complementary touch
of modern conveniences. If you enjoy tree-lined streets, patio-dining at corner
restaurants and quiet and peaceful neighborhoods then be certain to see a few Boise
homes in this area during your visit. Pictured above is Boise’s historic Harrison
Boulevard which runs from Boise’s thriving downtown through the heart of The North
End.
April 29, 2024
Given the current environment of stubbornly high interest rates and tight inventory, both buyers and sellers are unsure of what to do. Sellers who are contemplating listing their homes are usually faced with the harsh reality of giving up their existing low-interest loan and buying another home at rates hovering around 7%. Buyers are equally unsure of jumping into the market at this time, hoping that if they wait, rates will come down and available inventory will increase.
According to RE/Max Co-founder the housing market is getting closer to the end of an elevated interest rate cycle. However, the Feds have signaled that they may only cut their rates once this year, if at all, which means mortgage rates could remain relatively unchanged until sometime into 2025. While inventory levels in Idaho have improved, they’re only up 1% in active inventory levels from one year ago. And home prices have increased over 2% YTD. So, what should sellers and buyers do?
Both sellers and buyers may simply want to wait before making any decision, but this could mean they’re missing out on opportunities the current market provides. Sellers will benefit from higher asking prices in today’s market, and buyers may discover some deals particularly with new construction that may not be available when market conditions improve.
Of course, sellers may consider staying put and remodeling their homes. Home equity and home equity line of credit (HELOC) loans, both of which are second mortgages, are options. Check with your preferred lender to see which option may work best for you. If you must sell due to a job relocation or life changes, or you decide to sell for other reasons, then working with a reputable agent to get your home “sell ready,” properly priced and marketed is the best way to go. Once your home sells, then typically you become a buyer and may benefit from the following advice.
For buyers, consider the following:
• New construction homes often offer attractive builder incentives/contributions which can be used to offset closing costs or lower your interest rate. Check with your lender to discuss 3-2-1 or 2-1 buydown loans for which the builder will pay the upfront costs.
• For existing homes that need some work and may be offered at attractive prices (e.g., distressed properties like foreclosures and short sales, or properties set for auction) consider renovation loans. You borrow one lump sum that covers the purchase and renovation costs for your new home. You only have to apply for a single loan and pay one set of closing costs, making the whole process simpler and more affordable than in the past. Today, there is a wide selection of these “fixer-upper home loans” to choose from, including the following programs:
o FHA 203(k) Limited
o FHA 203(k) Standard
o Fannie Mae HomeStyle
o Freddie Mac CHOICERenovation
o USDA Renovation Standard
o USDA Renovation Limited
o VA Renovation
Look to your preferred lender to help you navigate the details of these various loan programs to find the one best suited for your situation. An experienced agent can help you find these properties listed in your local MLS or in mainstream listing websites and help register you for property auction alerts.
Remember, the key to your success is working with an experienced agent and a reputable lender. If you don’t have a preferred lender, consult your agent. Your agent usually know several lenders/mortgage brokers who they’ve worked with over the years.
Don’t give up on your dream of owning a home. Although there are hurdles to overcome, thinking beyond the traditional buying process may be your ticket to realizing home ownership sooner rather than later. Good luck on your journey!
Kelly McCune
208.914.5724
kmccune@atova.com
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