Real Estate Home Loans in Boise Idaho, Benchmark Mortgage - Prime Equity Group

America’s Most Expensive ZIP Codes (2010 Edition)

Dean Tucker Benchmark Mortgage - Prime Equity Group — Fri, 01 Oct 2010 16:24:40 -0700

The value of a home is based on the basic economic principle of Supply and Demand. When the number of buyers exceeds the number of sellers, home prices rise. Conversely, when sellers outnumber buyers, home prices fall.

There's always a opening price point for negotiation and that figure often factors in specifics like square footage, number of rooms, and finishes and amenities. Location matters, too.

On a ZIP code-by-ZIP code basis, prices can vary wildly and it's tiny, tony 91008 - located in Duarte, California - that tops the 2010 Forbes list of America's Most Expensive ZIP Codes. Home to fewer than 1,400 residents of Los Angeles County, the ZIP code's median home cost is $4,276,462.

By contrast, the median home cost across all of Duarte's ZIP codes is just $358,454.

As listed by Forbes, America's 10 most expensive ZIP codes are:

Duarte, CA (91008) : $4,276,462
Atherton, CA (94027) : $4,010,200
Rolling Hills, CA (92074) : $3,892,456
Alpine, NJ (07620) : $3,814,885
New York, NY (10014) : $3,785,445
Beverly Hills, CA (90210) : $3,684,150
New York, NY (10065) : $3,626,001
Belvedere (94920) : $3,283,269
New York, NY (10012) : $3,221,371
Santa Barbara (93108) : $3,151,220

The real estate market is a local one, as evidenced by the Forbes list. Even within large cities like New York, there are areas that stand out from the pack in terms of cost and affordability and the same is true for all cities.

Therefore, when you need local market data for South Boise , look past the "national statistics". Talk to a real estate agent with local market knowledge instead. It's the most reliable way to get data that matters.

Call us with any questions you have relating to residential mortgages (208) 287-1717, we are always very happy to help. We specialize in home loans for first time home buyers, move up buyers, second home purchases, and resort lending. The loan products available to my clients include FHA, IHFA, VA, Conforming Conventional, Jumbo and Super Jumbo Portfolio.

Our primary markets are Ada County (Boise, Eagle, Meridian, Kuna, Star), Canyon County (Nampa, Caldwell, Middleton), and Valley County (Cascade, Donnelly. Tamarack, McCall).

Ada County December Real Estate Market Report is in…and it looks pretty darn good

Dean Tucker Benchmark Mortgage - Prime Equity Group — Wed, 18 Jan 2012 15:52:55 -0800

By: Marc Lebowitz, Executive Officer, ACAR (Ada County (Idaho) Association of Realtors)

2011 December sales were 477 in Ada County, a decrease of 9% over December 2010.

Total sales for 2011 are 6,299; up 7% over 2010. In July of 2011, we exceeded YTD 2010 sales for the first time in 2011. This is our first year-over-year increase, without influence of the home buyer tax credit, in a few years. This is our first time crossing the 6,000 homes sold threshold since 2007…how long ago that seems!

December sales decreased 3% from November’s 487. Historically, December sales decrease from November.

Of our total sales in December… 48% were distressed….up 1% from November 2011. In January 2011, 57% of our sales were distressed. We have seen a mild overall increase in the percentage of sales in distress. In July we were down to 42% overall and have seen the amount increase one to two points each month.

For homes sold in December, the average number of “Days on Market” was 86. This is essentially unchanged from last month. Down from 90 days last year this time and down from 93 days in January 2011.

Pending sales at the end of December were 691; a decrease of 7.5% from the end of November. This represents the smallest number of pendings in 2011. That is fairly consistent with historical data. The percentage of pending sales in distress increased 1% from November, totaling 49% overall. This is the highest number of pending sales in distress we’ve had since early spring. Even so, we are now at eight consecutive months below 50%.

At the end of December, we had 20% more sales pending than at the end of December 2010.

December median home price held at November levels. Overall median price was $149,300; up 1.2% from December 2010. For all of 2011 our median was down 6.97%. That is a significant improvement from where we were in January 2011: down 20%.

New Homes median price for December 2011 was $223,739; an 24% increase from December 2010. Year-to-date new homes median is up 15% over 2010 to $237,500.

The number of houses available continues to decrease. At the end of December our total active inventory was 1,991 homes. This is down 9% from November and 25% less than last year at this time. Our inventory has fallen below where we would call the market “in equilibrium”. We are now in a “shortage”.

At the same time, the percentage of distressed active inventory held steady at 36%. We have been hovering between 33% and 36% since May. We remain well below the 40% levels set last spring….when we were on the increase.

In Ada County we have 4.2 months of inventory on hand…historically this number defines a strong “seller’s market”. The price category in shortest supply is <$119,000 with 2.5 months. In the range of $120,000 to $159,999 we have 3.9 months. All price points up to $400,000 have less than 5 moths supply. We have benefited all year from inventory levels much lower than national average. now, however, we are starting to see some slowdown in sales as the inventory continues to fall.

Based on December sold data, our most desirable price point is $120,000 to $160,000 which made up more than 20% of total sales.

There is no longer any doubt that, in AdaCounty, we have passed our “low water” point.

The challenge to our continued recovery is available product.

Talking with our 2012 President, Kit Fitzgerald, we don’t see new homes construction being able to keep up with the demand, especially as we move toward Spring.

Financing for builders is still extremely difficult to come by. In Kits words: “Without sticks in the ground, there is no excitement. Without excitement there is no sales growth.”

Sure, we will see median price increase over the next months, but when we get to April and the pent up demand comes roaring out of winter hibernation…then what?

Another thing I learned from Kit…the desires of new home buyers have changed…about the lots they want to build on. Gone are the days when .13 acre was an acceptable lot size. Buyers now want .25 or more….and there’s very few of those anywhere inAdaCounty.

Its going to be an interesting Spring.

If I was listing and selling I’d be brushing up on my multiple offer negotiation skills and brush off those old escalation clauses….who would’ve thought?

(Reposted with permission.)

Our primary markets are Ada County (Boise, Eagle, Meridian, Kuna, Star), Canyon County (Nampa, Caldwell, Middleton), and Valley County (Cascade, Donnelly. Tamarack, McCall).

Big changes to Home Affordable Refinance Program (HARP)

Dean Tucker Benchmark Mortgage - Prime Equity Group — Fri, 28 Oct 2011 19:12:31 -0700

The Federal Home Finance Agency announced big changes to its Home Affordable Refinance Program Monday. More commonly called HARP, the Home Affordable Refinance Program is meant to give "underwater homeowners" opportunity to refinance.

With average, 30-year fixed rate mortgages still hovering near 4.000 percent, there are more than a million homeowners in Meridian and nationwidRee who stand to benefit from the program overhaul.

To qualify for the re-released HARP program, you must meet 4 basic criteria:

Your existing home loan must be guaranteed by Fannie Mae or Freddie Mac
Your home must be a 1- to 4-unit property
You must have a perfect mortgage payment history going back 6 months
You may not have had more than one 30-day late payment on your mortgage going back 12 months

Most notable about the new HARP refinance program, though, is that the government is waiving loan-to-value requirements on a HARP loans. Homeowners' participation in the program are no longer restricted by their home's appraised value. In fact, the new HARP doesn't even require an appraisal, in most instances.

With the new HARP program, underwater mortgages can be refinanced without LTV limit or penalty.

According to the government's press release, pricing considerations for the new HARP program will be released on or before November 15, 2011; and lenders are expected to be offering the program as of December 1, 2011.

If you think you may be eligible, first confirm that either Fannie Mae or Freddie Mac is backing your loan. Both groups provide a simple, online lookup.

Fannie Mae loan lookup : http://www.fanniemae.com/loanlookup/
Freddie Mac loan lookup : https://ww3.freddiemac.com/corporate/

If your loan cannot be located on either of these two sites, your current mortgage is not backed by Fannie Mae or Freddie Mac, and is not HARP-eligible.

The FHFA's official press release contains an FAQ section. In it, you'll find minimum qualification standards, as well as information related to condominiums and to mortgage insurance.

The HARP program is meant to help a wide group of homeowners, but each applicant's situation is unique. For specific HARP questions, be sure to call me (208) 287-1717..

Our primary markets are Ada County (Boise, Eagle, Meridian, Kuna, Star), Canyon County (Nampa, Caldwell, Middleton), and Valley County (Cascade, Donnelly. Tamarack, McCall).

What's the most expensive per square listing in your MLS?

Wed, 27 Jul 2011 12:31:20 -0700

I was sitting down this morning and trying to think of a topic to write on. I have posted really good values in our area and homes listed at the smallest per square foot pricing but today I thought I would search out and locate the most expensive per square foot listing in our MLS. I thought, well that it would be a high-end condo or some other type of high-end construction, but it turned out to be a listing in Ada County, in the city of Meridian, Idaho,

The listing shows a 1,000 square foot manufactured home on a foundation, but also includes several buildings made to look like the old west, like the ones shown on the left.

It sets on 60-acres and has a 2.5 acre pond that is 24 feet deep. They have held weddings, corporate team building events and other social gatherings there.

It has a large business building in the shape of a barn that is almost 2,700 square feet and other outbuildings in addition to the mock town.

They are having a Broker's Open on August 11, 2011.

I was just intrigued by the price of $1,900.00 per square foot but then realized that the asking price of $1,900,000 was placed strickly against the one residential home on site and not on the entire 60 acres, the lake, the make belive western town or the other outbuildings.

I am still interested in what the most expensive home per square foot is in Ada County (Boise, Meridian, Eagle, Star and Kuna, Idaho). When I find it I will post another blog.

In the meantime, if you would like to compare notes on real estate, I have been a full-time Realtor in this area since March 1, 1995 and I have assisted over 1,000 families to buy or sell their homes here.

Have a great day!

Listing is courtesy of Serenity Real Estate Group.

Want to search for homes in the Boise Metro Area? Click Here

Call me with any questions you have about buying or selling a home. I have been in the business for over 30 years and may have the answer or know who to ask.

View from the top-4800 Wildhorse

Wed, 20 Jul 2011 19:07:14 -0700

This beautiful one of a kind custom home was built in 2004. This home sets up in the Foothills with life amidst the wildlife, complete with fox, raccoons, deer and elk, yet close to all this area offers in outdoor activities.

It sets above Tablerock with views of the valley below. You can get downtown in ten minutes, go the trails in the foothills to hike, ride your bike down the back roads, hike down trails from Tablerock down to the valley below.

The house itself is surrounded by professionally landscaped area as well as natural Idaho wildflowers.

The exterior is easy care stucco with a tile roof. There is an art studio over the garage that is easily assessible to from the house.

The front view of the house is welcoming with its sweeping front concrete drive. When you entertain here you can park a number of cars in front of the garage and on the driveway. From the back of the house you can see the cross on Tablerock.

The formal living room, here used to house the piano has one side of a two-sided fireplace. Crown molding adorns the ceiling and a ceiling fan allows air to circulate in this area. Hardwood floors are well cared for and will add to your enjoyment for the small concerts you can hear throughout the house.

The fireplace is made of stone and brick and has an elevated hearth.

The kitchen and two dining rooms are on the other side of the fireplace. The kitchen is a large room with an island. It has painting above the cooktop and hardwood floors throughout these areas. It is a comfortable space where you could entertain clients or a large family. It opens on to the back patio area with views. There are granite counters, a baking center, commercial-grade stainless steel appliances and a large pantry

The master suite is located on the main level and is 16x16 with large windows for viewing the foothills around the house.

The exceptional master bath with tub and extensive use of granite, tile and an architectural glass block shower this house looks its price.

There is a full sports/racquetball court with basketball set-up on the lower level.

The library-office has wonderfully finished wood bookcases and cabinets and the room is large enough to allow a full sofa there for guests to sit at while discussing the business of the day.

Did I mention there is 6,356 square feet in the house?

Courtesy of Coldwell Banker Tomlinson Thanks, Dave!

Want to search for homes in the Boise Metro Area? Click Here

Call me with any questions you have about buying or selling a home. I have been in the business for over 30 years and may have the answer or know who to ask.

Been to an auction lately?

Tue, 19 Jul 2011 15:32:01 -0700

Last week I had the chance to go to an auction with clients. I had sold them a house a couple of years ago and the lot next door to them was available for sale. I had done a lot of research with another buyer in that subdivision and the room was full of excitement.

I think my clients were hopeful of a different outcome. They thought since the lot was mostly a wetland and there was one small building section on 10 acres that it would be within reach at $45,000.

Not so, the bidding on the first choice went for $100,000 plus a 5% buyer's premium. The second bidder didn't want to pay that price either so it went back to the bidding on the second lot and it sold for $85,000 plus the 5% buyer's premium.

That buyer only wanted one lot so a third was available and it sold for the same as the second one.

The irony is that the buyer of that lot may not have seen it or know that a road will take a portion of the lot under eminent domain. It would be better not to get in the heated battle of an auction, but that is what the auction company counts on.

I receive calls or e-mails all the time asking if the home listed in the MLS will really sell for $1,000 as the late night infomercials seem to say. In most cases, in my experience they don't sell for much less than they would have if exposed for their proper price in the MLS. I complete some research and relay what that price would be and the buyer usually doesn't qualify for that price range.

My best information is to seek out a referral to a good, solid, full-time loan officer and get qualified for your loan. Then, contact a full-time, experienced, honest Realtor and ask them to show you what you can afford and buy the best house available.

If you need help in the Boise Metro area of Idaho, call The Tim Burroughs Group at Keller Williams Realty-Boise at 208-409-7653 or e-mail at Tim@TimBurroughsGroup.com.

Want to search for homes in the Boise Metro Area? Click Here

Call me with any questions you have about buying or selling a home. I have been in the business for over 30 years and may have the answer or know who to ask.

Wildhorse Ranch View House #1

Sun, 12 Jun 2011 08:55:47 -0700

I had the pleasure of seeing old friends when I went to this house during a Realtor's Open House this week. Wildhorse Ranch subdivision is located high above Boise off Tablerock Rd. In fact, you can see Tablerock from this house.

This contemporary styled house was built by Randy Hemmer Construction, a trusted name in high-end construction for over a decade. It sets on 3.99 acres so there is separation from the neighbors and yet close enough to get to if you need help. The views were taken into account when this home was built.

This home has the essence of quality the minute you walk in the doors. With 5,946 square feet there is room to roam this home on three levels.

The kitchen has ribbon cut mahogany cabinets, top of the line GE Monagram appliances, including double ovens, six-burner range with grill, microwave/hood, refrigerator, ice maker and dual high-efficiency Meihle dishwashers. There is an separate upright freezer and a walk-in pantry. The countertops are CaesarStone and look fantastic.

There are views from every room. Here in the family room there are built-in bookcases, a wall hung television right above the gas-log fireplace.

You can be in the kitchen and carry on a conversation with guests in the family room.

Sitting in the master suite in those white sofas in the sitting area you can see for miles out towards the city of Boise as well as looking down you can see the beautiful in-ground pool.

The master bath has smooth lines and CaesarStone counters and integral sinks. The shower has a tile surround and thick glass walls as well as two windows to see the view while showering.

You are so far away for your neighbors that you have privacy.

The workout room downstairs makes you feel like you traveled to a professional gym, yet you just walked downstairs.

Can't forget about the pool! Living in the lap of luxury makes even more sense as you swim laps in your pool.

This homes was graciously shared with us by Group One in Boise. Thanks Kathy and Amanda!

Want to search for homes in the Boise Metro Area? Click Here

Call me with any questions you have about buying or selling a home. I have been in the business for over 30 years and may have the answer or know who to ask.

Secluded luxury, but close to town (Boise)

Sun, 10 Apr 2011 20:04:41 -0700

Thanks to John and Monika Ryan for sharing their beautiful home at 10415 N. Bogus Basin Road in Boise. The property is secluded luxury, but close to town (Boise).

This is a spectacular single-story home with 5,790 square feet. The ornate security gate greets you as you pull in off Bogus Basin Road, which is the direct way to the Bogus Basin Ski Resort at the top of the foothills north of downtown.

This location is a quick 10-15 minute drive to the heart of downtown Boise. If you are a doctor at the downtown St. Luke's Hospital, you can arrive in plenty of time, but have your privacy and seclusion when it is finally time to go home.

This home is definitely built for entertaining with the larger great room/kitchen/informal dining and the formal dining room all open to each other. The spacious great room has a beautiful wood burning fireplace that can heat the entire area.

As you arrive, you will drive down an expansive concrete driveway there for years of great service to the front of the house. As you can see, there is an more than enough driveway to park your guests' cars for the large social galas you might have at your home.

Notice the four-car garage on the right. You could actually park more cars inside if you worked at it, and there is generous storage with shelving built in on the entire rear wall.

On the left side of this photograph there is a "boat" garage, although truth be told you could easily park four more cars in it, as well. So, whether you want to store your boat between excursions to the lakes and reservoirs nearby, or your car collection, you have room for them here.

This is the first view of your home that your friends and family will see as they walk up to the front door. The arch top of the entry is mimicked in the window above the massive front doors. The front doors and the door between the house and the garage are solid wood and are 2.25" thick.

The stone work and stucco on this home are magnificent. The tile roof will last fifty-plus years so the entire exterior was designed to be maintenance free.

The garage doors are covered with a solid-wood cedar approximately 1/2 to 3/4 of an inch in thickness and it gives a rich look to the exterior instead of typical metal doors.

The interior of the entry looks just as nice as the exterior. You see the arch way carried into the interior and the same solid look of the front doors.

Art, or in this case displays of John's fly fishing flies, are framed on either side of the entry and the Limestone floors extend down the hallway, across the great room, through the kitchen and informal dining room and into the large utility room.

There is a brief view of some crown molding at the top edge to this photo but you will see other photographs that show the custom ceilings throughout this home and the crown molding that is a part of each room.

The great room is massive, both in actual size but also in volume. There is room for a pool table between what you can see of the great room and the entry way. In fact, you can see the rack for the cue sticks on the photograph above.

The wood-burning fireplace has the capacity to heat the great room, kitchen and dining rooms. You can see the detail of the crown molding in the ceiling and the massive windows which allow a view of the acreage that surrounds this home.

There are built-in bookcases on either side of the fireplace and ample room for whatever size television you would like to have to the right of the fireplace. There is much space to push furniture to the outside areas and have a beautiful dance floor.

The wing to the east has an exercise room, which is currently being used with exercise equipment and set up for the wife's office at this time. There is a full hall bath with a large vanity, commode and roomy shower.

In addition, there is a door to a foyer that precedes the entry to the master suite through another door. In that foyer are expansive wall cabinets for additional storage as well as drawers below for additional storage. The builder indicated he has over $100,000 just in the cabinets in this house.

Then, you enter into the master suite. It has two separate atrium doors that exit to the covered patio at the rear of the house. This makes it easy if you add a hot tub on the back patio to have access to it from your bedroom.

The master suite is large. It has the same custom ceiling detail with the crown molding, as well as another fireplace. This one has a wood-burning insert that actually is interconnected with the furnace system to send warm air through the entire house.

There are bookcases on either side of the fireplace and, although you can't see them in this photograph, windows that allow you to see the city lights below in Boise.

There is plenty of space in the large master walk-in closet in the master bath which we will show you in the next photograph.

The master bath has expansive counters and two separate vanity units, including a sit down area for the lady to apply her make-up. In addition, there is a jetted tub and a walk-in shower.

At the end of the room, where the photograph was taken, there is a large linen closet as well. Again, the floors are of the durable and easy to clean Limestone.

There is a built-in drawer vacuum system that is attached to the central vacuum system. This drawer style allows you to place dust from make-up or other items right into the suction where it is carried off to be emptied later.

Although we didn't take a photograph of the office, it is set-up with a three-hole putting green which can be removed and they have the carpet to cover that area. There are built-in bookcases which also double as rifle storage if you have them. It sets up well for an office and is near the front door if you need to have people come and see you at home.

The guest or children's bedrooms are on the opposite side of the house from the master suite.

Each of these rooms has a built-in desk to make it easy to use for the student living at home. Each bedroom has a closet with organizer shelving and clothes poles for great storage.

Each bedroom has crown molding and views of the property's acreage.

All of the bedrooms have plenty of room for beds and dressers. Each of the rooms looks somewhat like this representative photograph.

Here's the picture of the kitchen from the informal dining area. You can see how these rooms open to each other and how there is an island with a curved breakfast bar with room for seven or so to sit.

You can see the nice built-in refrigerator in the background and the microwave and wall oven.

The Limestone floors are easy to care for and again add to the overall feeling of spaciousness.

The granite countertops are surrounded by Cherry cabinets which were stained with a black stain that stops the cheery wood from turning either red or yellow.

This next photo shows the KitchenAid eight-burner cooktop and two wall ovens.

The kitchen is the hub around which all the activity in the house happens.

You can see out the large number of windows and the views beyond them to the acreage surrounding the house, as well as a pond. This pond was designed to hold the runoff from snow and rain, and then pump that water back up to the sprinkler system on the yard around the house to create a fire safe zone.

Here's a photograph or the extensive covered patio at the back of the house. The windows on the right are the master suite and the center windows are the great room and informal dining. On the far side is the formal dining room.

The quality of this home shows on all sides. Just because you can't see the sides and rear of the house unless you walk around it, the builder extended the same finishes to the columns as they had to the columns at the front of the house.

This gorgeous home may be exactly what you have been looking for - well-designed and built by a craftsman with thirty-plus years of experience, mostly in this caliber of home.

Thanks again, John and Monika, for allowing us to see and share your home. Although listed with Coldwell Banker Tomlinson Group, I can assist you as your Realtor if you are ready to look at homes of this type. Call me at 208-409-7653. Or if long distance, call 800-330-8104 or e-mail me at Tim@TimBurroughsGroup.com.

Want to search for homes in the Boise Metro Area? Click Here

Call me with any questions you have about buying or selling a home. I have been in the business for over 30 years and may have the answer or know who to ask.

Best Buys in Boise Real Estate, Idaho

Tue, 12 Apr 2011 15:08:09 -0700

Every so many weeks I look at homes available in Boise and try to determine the best buys in Boise real estate, Idaho. Sometimes it is a good deal because you get so much for the square foot price. Sometimes it is a good value for an investor to pick up and be able to rent it out easily.

Whatever the reason, I found eleven homes this times that are not short sales, so you could reasonably expect to get an answer to an offer anywhere from 4 hours to five days. Some are bank-owned so they take longer to reply.

I am a HUD-registered Realtor so I can also place bids to purchase HUD-owned homes. Remember on HUD-owned homes we need to have "blue-ink" original signatures on the contract. The earnest money check will be made payable to HUD or "your name" and must be a cashier's check or money order, usually $1,000 unless the asking price is very low.

Let me know if you would like a list of these Best Buys in Boise Real Estate, Idaho homes. Just call me at 208-409-7653 or e-mail me at Tim@TimBurroughsGroup.com.

Want to search for homes in the Boise Metro Area? Click Here

Call me with any questions you have about buying or selling a home. I have been in the business for over 30 years and may have the answer or know who to ask.

How do Realtors get paid?

Sat, 19 Mar 2011 17:08:30 -0700

Every day I am amazed at the questions that I hear, especially the one of how do Realtors get paid? I guess it really isn't that easy. Some of us work on a commission basis, which means that our income is all tied to the sale and closing of a particular home.

Some of us work on a consultative model that allows the consumer to decide if they pay us for certain activities as they happen, say $250.00 for an afternoon of showing homes. Often consumers don't like that way of business because they don't want to take on the risk.

When the Realtor has to take on the entire risk, then they should be well paid, because in a lot of what we do, we don't get paid. As an example, the market has been tough in the last few years and many homeowners do not know if they have an equity in their home or not.

They contact an appraiser and they will be billed $350.00-$500.00 for an opinion of value. That appraisal may not be able to be used for anything except a view of the value of that house on that date. It is one person's opinion. In steps a Realtor and they spend hours looking for comparables that are similar to your house and give you a range of value for you to decide where within that range you want to price your house.

Even though that Realtor did the same work as the appraiser to come up with the information, they weren't paid a nickel when they delivered the bad news. Now, if you like the Realtor and you decide to list the home and we are fortunate in today's market to attract people to the house at that price we will get paid, if we survive the home inspection period and the appraisal of the buyer's lender.

When we take you out in our cars or SUV's those automobiles do not belong to our broker. The broker doesn't pay for our gas and insurance, or maintenance. In fact, in most cases we pay the broker for the privilege of being associated with the broker. In addition, that key we use to enter homes electronically, we pay the monthly fees on those and the yearly insurance.

When we maintain a website to allow you to view properties, our broker doesn't pay for that, we do. when you use my website and buy for another Realtor, you are using more work product but not paying me for it. It happens everyday!

We pay our own health insurance, life insurance, disability insurance, car insurance, etc. Oh, did I mention taxes?

We receive a 1099 from our broker and we have to pay monthly or quarterly and often have to pay a CPA at the end of the year to make sense of it all.

So, the next time you want to ask someone to run you out and show you several homes, understand they are paying their own way. Please be loyal to them and allow them to earn some income for the time you have used.

If you have specific questions about real estate and agency law in the State of Idaho, please feel free to contact us. We are here to help you succeed in the buying or selling of real estate in the Boise Metro area (Boise, Meridian, Eagle, Star, Kuna and Nampa, Idaho).

You can reach me at Tim@TimBurroughsGroup.com or by telephone at 208-409-7653 or if log distance, toll-free at 800-330-8104.

Thanks for reading this article. If you have any comments of how I could enlarge on this concept to make it easier for people to understand, let me know and I revise this post.

Want to search for homes in the Boise Metro Area? Click Here

Call me with any questions you have about buying or selling a home. I have been in the business for over 30 years and may have the answer or know who to ask.

Million Dollar View in Boise, Idaho

Sat, 19 Mar 2011 16:43:00 -0700

As a former appraiser and a present day Realtor, we have read so many descriptions of homes. Then we go to see them when we read million dollar view in Boise, Idaho, and you wonder, could it be?

This Jayo Construction home is built on the edge of the rim overlooking Ann Morrison Park in downtown Boise and beyond to the city lights and skyline. This view is an understatement of a million dollar view in Boise, Idaho.

The home is on three levels with an elevator to make it easy for any member of the family or guest to get around. There are four bedrooms and five and a half bathrooms. It has almost 6,650 square feet of living space.

It even has a four-car garage, actually two two-car garages, each with a separate entry into the house.

When you hear "no shortcuts" and "quality", they were writing about this house. There was a great deal of thought put into this home. All of the windows at the back of the house and decking take advantage of the breathtaking views and the infinity edge poo - yes, I said it, a pool! In addition to that, it also has a built-in hot tub, as well.

Parts of the interior harken back to the years when everyone looked forward to seeing the next creation by the Evans Brothers. Now, that interior detail of ceilings and wood paneled walls belong to the craftsman that work with Jayo Construction.

This view of the kitchen from the informal dining area shows how open the kitchen is to entertaining in the informal dining room and the family room beyond it. The continuity of the tiled floors makes this one large room.

The wood-wrapped windows and doors give access to the great out of doors, the beautiful park below and the city skyline in the distance.

Notice the double island design of the kitchen, one with a breakfast bar so the guests can engage in conversation as you work in your kitchen.

There are spice racks that pull out on either side of the expanded cooktop.

Here's another view of the kitchen with the center island for food preparation with the second sink. You can see the massive Viking stove with an eight-burner gas cooktop, center griddle and the double-ovens below.

There is a pot filler faucet on the back wall above the cooktop and a Thermador side-by-side refrigerator with wood panel doors to match the cabinetry.

The granite countertops are incredible in this kitchen. There are two dishwashers and plenty of storage.

There's even a built-in wine cooler.

As you leave the informal dining room and kitchen, you walk through the family room and into a long bath that opens to the pool. It is set up exceptionally well in that there are lockers that allow people to store their clothes and towels, and then a floor-to-ceiling shower so when finished in the pool or spa you can come in to shower off. There is a long sink set up with two sets of faucets to make it easy to clean up to come inside for a meal. A private commode closetis available, as well.

When you come through the front doors, you can immediately see the intricate woodworking in the doors and wood paneled walls, and the incredible work in the ceilings above. The entry has stunning tile floors. Straight ahead, toward the back of the house, is the formal living room. It has access to one-half of a two-sided fireplace that is shared with the office on the other side of that wall.

The formal living room also has tile floors and plenty of room for that beautiful rug you purchased while overseas or in your visits to the design center.

The windows are expansive and at least two-stories tall. They face north so they don't need any covering and they allow gentle light into the room that won't damage your antiques.

To the west and toward the front of the house, there is a formal dining room. It has a tile floor with a hardwood floor border around the outside of the room. It has wainscot finish in real wood on the lower portion of the walls.

To the east is the elevator with dual side opening to allow for access on all three levels. It has wood paneled walls.

The office is the next room to the east on the main level. It has wood paneled walls and ceiling and the other half of the two-sided fireplace that was in the formal living room. The fireplace has a granite tile face and bookcases built-in on either side.

Now, you"ll be impressed with the elegant master suite with it's sitting area and the buffet to the left of fireplace with the built-in coffee maker and sink. You won't even have to leave the room.

Again, the ceilings are custom made and the sitting area has custom crown molding. There are views of the parks and downtown from the sitting room.

And, now the luxurious master bath. It is unbelieveable! The glass-wrapped shower has two rain heads, two fixed wall shower heads and two flexible shower heads.

In the commode closet there is a bidet and a toilet. There is a custom walk-in closet with two entry doors.

The floor is tiled and there is a jetted tub and two separate vanities. See the photos below.

The elegance of the master bath is unsurpassed with the columns and windows out to the park and city beyond yet private.

The jetted tub is beautifully-placed between the two vanities. The ladies' vanity has an area where she could sit and apply her make-up. The men's vanity on the far other side allows him to get ready in private.

You can see the front of the arched shower enclosure in the picture, on the left, in the right side of that photo. It has a bench for sitting for your comfort.

Amazing attention to detail and beauty in every direction you look.

The close-up of the ladies' vanity is below.

If you would like a personal tour of this beautiful home, please give me a call at 208-409-7653, or if out of the area at 800-330-8104.

Thank you to Windermere for the opportunity to showcase their listing in my blog.

Send any feedback you have about this post to Tim@TimBurroughsGroup.com.

Thanks!

Want to search for homes in the Boise Metro Area? Click Here

Call me with any questions you have about buying or selling a home. I have been in the business for over 30 years and may have the answer or know who to ask.

What's a short sale?

Fri, 04 Mar 2011 19:06:01 -0800

If I hear it once, I hear it a hundred times a week, what's a short sale?

The best place to start is probably to answer what it isn't. It isn't in most cases, short in duration!

It's not always fun and games like the photo shows. The usual way it goes is the listing agent should meet with their seller and educate them on what a short sale is.

1. The property is the primary residence of the seller and the amount they owe exceeds the amount a buyer with current market data would be willing to pay;

2. The seller must have suffered some type of hardship. Some examples of a hardship would include:

Husband and wife both had jobs when they got the mortgage(s) and now only one works because one got laid off;
Husband and wife have been married for several years when they got the mortgage(s) and now are divorced trying to pay for two homes;
Single person loses job, or gets sick and can't keep up with the mortgage(s);
One of a couple dies.

3. The seller can't have liquid assets that they could pay the deficiency (the amount of the loan owing after the short sale is completed). Let's say the seller has $100,000 in the savings account, and the deficiency they would have would be $25,000; the bank would likely not allow them to complete a short sale and would require them to take $25,000 of the $100,000 and pay off the deficiency.

As you might imagine, there are Realtors that are trained to do short sales, who have taken classes and earned designations and others who took the whole twelve days of education and sat for a licensing exam and passed. They may not know the right questions to ask. I know because I call the listing agent before I show any short sale to find out if they have properly vetted their seller before I ever show my clients a short sale house.

Once a client wants to write on a short sale we make sure they understand that it may take weeks or months to get an answer from the lender(s), as sometimes they need to have permission from the private mortgage insurance company or the investor and so it has several sets of eyes to look at the file.

Once we get an approval from the short sale seller's lender(s), then we have to get a home inspection and usually the seller, who by the way gets zero dollars at closing and loses their house, may not have the funds or time to make repairs.

Then, the appraisal from the buyer's lender. Depending on what type of market you are in, if declining the value that was right when the offer was written has decreased, and now the appraisal comes in low. We have to go back to the short sale seller's lender(s) and have them re-evaluate their decision and come in at a lesser amount or the deal may go away. If the market has increased in value, which at the time of this writing we haven't seen for over four years, but someday. It may not affect the deal.

Then, normal closing and getting it done before the lender(s) decide to foreclose on the house since the seller hasn't paid payments for awhile saving money to pay for the house they are going to rent. Make sure the listing agent knows that status so you can avoid it.

If you have other questions, drop me an e-mail to Tim@TimBurroughsGroup.com or call 208-409-7653.

Want to search for homes in the Boise Metro Area? Click Here

Call me with any questions you have about buying or selling a home. I have been in the business for over 30 years and may have the answer or know who to ask.

Best Real Estate Buys in Boise, Idaho

Mon, 28 Feb 2011 16:57:43 -0800

Wow! Hard to believe and another week has gone by. Another chance to look for great deals or the best real estate buys in Boise, Idaho.

How many of you have taken advantage and visited the Idaho Historical Museam in Julia Davis Park in downtown Boise? It is a wonderful experience and you can learn so much about the history of this area and when different people groups lived here in the Boise Metro area.

Did you know that the street Chinden Blvd. actually came from two words "Chinese Garden" ?

The first weekend we were in Boise is almost twenty years ago now. we ended up at the cemetery at Roosevelt/Latah and Emerald Streets near where Americana comes in Emerald.

It was fascinating because you could see the diifferent people groups who lived here in which eras and when large flu epidemics happened and other issues like wars that brought a larger than normal group of people home to be buried.

It is worth a quiet stroll when you get a chance.

When we research we look at homes that are at least three bedrooms and two baths, have at least 1,200 square feet and a 2-car garage. Then, we look to see what is the most value. Sometimes they are new homes, and sometimes they are fixer uppers but all represent a good value, whether for your own personal home or a rental.

At any rate, Boise, Idaho is a great place to live and work and enjoy the great outdoors and indoors. If you would like a copy of this weeks best real estate buys in Boise, Idaho list, let me know by sending me an e-mail at Tim@TimBurroughsGroup.com or call me at 208-409-7653.

Want to search for homes in the Boise Metro Area? Click Here

Call me with any questions you have about buying or selling a home. I have been in the business for over 30 years and may have the answer or know who to ask.

Housing Picture Continues to Brighten

Dean Tucker Benchmark Mortgage - Prime Equity Group — Mon, 28 Feb 2011 13:38:06 -0800

Existing Home Sales continued their upward climb in January. This is the fourth month in a row where we have seen month-over-month gains in the number of units sold. The National Association of Realtors reported that sales rose 2.7% from December. Also, the inventory levels decreased again:

The number one reason that the housing market tanked was due to over supply. So, with home sales increasing and inventory levels decreasing, this is certainly a trend with some momentum. All cash sales and distressed sales did increase last period. But any way that the excess inventory is gobbled up is good. It certainly shows that the demand is there and that investors are snapping up properties before prices rise. Maybe you should too?

Our primary markets are Ada County (Boise, Eagle, Meridian, Kuna, Star), Canyon County (Nampa, Caldwell, Middleton), and Valley County (Cascade, Donnelly. Tamarack, McCall).

Best Real Estate Buys in Star, Idaho

Thu, 24 Feb 2011 15:58:25 -0800

Every week I research and then post information about the best real estate buys in Star, Idaho. As a former appraiser who was tasked with researching residential real estate and completing over 1,200 residential appraisals it allows is fun to do research.

One thing we learned as appraisers was that if it cost less to build it than it does to buy an existing home then build it.

This week was unusual in that three "to be built" listings came up as being bale to be built for less than other existing homes. You can get a 2,076 square foot, three-bedroom, two-bath home and a two-car garage in Star, Idaho for $59.00 per square foot.

There's another home that is 2,045 square feet, with three-bedrooms and two-baths and a two-car garage in Star, Idaho for $61.36 per square foot.

And, yet anther one that is 2,248 square fee with four-bedrooms, two-baths and a two-car garage in Star, Idaho for $57.82 per square foot.

These are amazing value and I don't represent the builder.

There are other homes for sale in Star, Idaho and the ones that made this week's best real estate buys in Star, Idaho. All of these homes are at least three-bedrooms and two-baths, at least 1,200 square feet and a two-car garage. If you are interested in Star, Idaho and would like a list of these real estate buys each week, just drop me an e-mail to Tim@TimBurroughsGroup.com or call me at 208-409-7653.

Want to search for homes in the Boise Metro Area? Click Here

Call me with any questions you have about buying or selling a home. I have been in the business for over 30 years and may have the answer or know who to ask.