Homes Are More Affordable In 44 Out Of 50 States

With both home prices and mortgage rates increasing this year, many are concerned about a family’s ability to purchase a major part of the American Dream – its own home. However, if we compare housing affordability today to the average affordability prior to the housing boom and bust, we are in much better shape than most believe.

In Black Knight’s latest monthly Mortgage Monitor, they revealed that in the vast majority of the country, it is actually more affordable to purchase a home today than it was between 1995 to 2003 when looking at mortgage payments (determined by price and interest rate) as compared to incomes. Home prices are up compared to 1995-2003, but mortgage rates are still much lower now than at that time. Today, they stand at about 4.5%. Here are the average mortgage rates for each of the years mentioned:

• 1995 – 7.93%
• 1996 – 7.81%
• 1997 – 7.6%
• 1998 – 6.94%
• 1999 – 7.44%
• 2000 – 8.05%
• 2001 – 6.97%
• 2002 – 6.54%
• 2003 – 5.83%

On the other hand, wages have risen over the last twenty years.

Black Knight’s research revealed that, when comparing “the share of median income required to buy the median-priced home” today, to the average between 1995 to 2003, it is currently more affordable to purchase a home in 44 of 50 states.

Here is a state map of the percentage change in the price-to-payment ratio. Positive numbers indicate that it is less affordable to buy while negative numbers indicate that it is more affordable.

Bottom Line

Whether you are moving up to the home of your dreams or purchasing your first house, it is a great time to buy when looking at historic affordability data.

Story taken from "Keeping Current Matters".

4 Reasons To Sell This Summer

Some Highlights:

• Buyer demand continues to outpace the supply of homes for sale which means that buyers are often competing with one another for the few listings that are available!
• Housing inventory is still under the 6-month supply needed to sustain a normal housing market.
• Perhaps the time has come for you and your family to move on and start living the life you desire.

Story taken from "Keeping Current Matters".

Beautiful Waterfront Custom Home

Beautiful waterfront custom plan accented by full granite in kitchen, baths & utility w/single level, split living. Located at 10201 W. Lakeland in Garden City. Tons of beautiful oak hardwood, custom kitchen cabinets, tumbled stone back splash, 5 burner gas cooktop. Sitting room/office off of master bedroom w/2nd fireplace & barn doors, floor to ceiling gas F.P., 10' ceilings, tile bath floors, master walk in shower, 95% furnace, low E windows, covered patio, stamped concrete, custom retaining wall, electric Sunsetter awning, 2 car insulated garage.

See photos below, then click here for more photos and information.

You can also learn more about us at lowesflatfee.com.

Lightly Lived In Custom Built Home

Lightly lived in custom built home by Ramsey Construction located at 10590 W Kyoga St in Star. Upgraded to perfection with granite counters in kitchen, baths and coffee bar in walk in pantry. Three spacious bedrooms plus office, hardwood flooring. Oversized 2 car garage plus 15X43 RV garage. Fabulous covered outside living and dining space surrounded by fountain and park like landscaping.

See photos below, then click here for more photos and information.

You can also learn more about us at lowesflatfee.com.

ADA COUNTY HOME SALES REACHED RECORD $404 MILLION IN MAY

ADA COUNTY HOME SALES REACHED RECORD $404 MILLION IN MAY;

DRIVEN BY INCREASE IN NEW CONSTRUCTION CLOSINGS

Key Takeaways:

• The total sales dollar volume of all residential real estate sold in Ada County in May 2018 exceeded $400 million for the first time ever in a month, based on data going back to 2005. The previous high point was $371 million in June 2017.

• This jump in dollar volume was driven by a 60% increase in the number of newly constructed homes that sold compared to May 2017, along with an 8.7% bump in the median sales price — reflecting increasing costs of land, labor, and construction materials.

• Existing home sales were up just 2% from last year, but persistently low inventory pushed existing home prices up 16.1%, which further contributed to the record sales volume.

Analysis:

The total sales dollar volume of all residential real estate sold in Ada County last month was at the highest level ever in a month (based on data going back to 2005), reaching $404.4 million, an increase of 30.5% over May 2017. The previous high point was in June 2017 at $371.1 million.

May’s jump in volume was driven by a 60.1% increase in the number of new homes that sold compared to May 2017, along with an 8.7% year-over-year bump in the median sales price.

Existing home sales were up just 2% from last year, but persistently low inventory and high buyer demand pushed existing home prices up 16.4%, which further contributed to the record sales volume.

Info taken from "Boise Regional Realtors".

Beautiful home on nearly 2 acres located at 13378 Skyview St. in Nampa.  This beautiful home has 6 bedrooms, 3.5 baths, 4 car garage and over 4500 square feet!  Outside you'll find a beautiful yard, riding arena and barn.  Come take a look today!

See photos below, then click here for more photos and information.

You can also learn more about us at lowesflatfee.com.

Great Home On Spectacular Lot!

Great home on a spectacular lot! Located at 4182 Braveheart Ln in Eagle. This property sits on 1.92 acres in a very quiet sub with a single street and a cul-de-sac. The Galley style kitchen with double ovens & separate prep sink will meet your family/entertaining needs! The best portion of the lot is ready for your dreams...shop, barn horses, you decide! New roof in 2014.

See photos below, then click here for more photos and information.

You can also learn more about us at lowesflatfee.com. 

Waterfront Living

Absolute waterfront living in SE Boise’s highly desirable River Run. Located at 1901 Lake Heron Lane. This one-level 2/2 townhome is nestled in a natural setting at the end of a quiet cul de sac with ducks, geese and beaver galore.  Whether sitting on your large deck overlooking the lake or enjoying coffee on the shady patio in the front courtyard, you’ll love living here. A block to the community pool, tennis courts and clubhouse. Steps to the Greenbelt, Boise River and walking paths. Very close to shopping, restaurants and downtown.  

See photos below, then click here for more photos and information.

You can also learn more about us at lowesflatfee.com. 

Getting Pre-Approved Should Always Be Your First Step

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

1. Capacity: Your current and future ability to make your payments
2. Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
3. Collateral: The home, or type of home, that you would like to purchase
4. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so.

Story taken from "Keeping Current Matters".

Close To Golf Courses

Elegant home located at 8111 S Diego Way in Boise, close to several Boise Golf Courses! Custom detail, vaulted ceiling in main living spaces, spacious bonus room above oversized 3-car garage, sunroom & MORE! Inviting entry opens into an open concept great room w/gas fireplace. Beautiful master suite w/vaulted ceiling, corner soaker tub, separate shower, dual vanity & walk-in closet. RV parking, storage shed, mature landscaping and flower garden w/vinyl fencing, back patio w/hot tub area, excellent view of Owyhee Mountains and awesome sunsets.

See photos below, then click here for more photos and information.

You can also learn more about us at lowesflatfee.com. 

Big Beautiful Home

If you are looking for a big, beautiful home for your family to spread out in, you have found it!  Located at 5708 North Bergman Ave. in Meridian. This large 6 bedroom, 3 1/2 bath home in the desirable Paramount subdivision offers an open floor plan, new carpet throughout, wood floors in the entry, dining and kitchen, and updated fixtures. The kitchen has custom wood cabinets, granite counter tops, a pantry, and stainless steel appliances.  The living room offers a stone fireplace and built ins. And there is a separate formal living room that could also be used as a large office, library or music room. Upstairs is a master suite plus 3 additional bedrooms, one can be used as a bonus room offering plenty of flexible family space on all three levels.  The fully finished basement level floor has two bedrooms, a full bath and a huge bonus/family or media room. Outside you’ll find a large backyard with mature trees and plenty of space to recreate.  And the location can’t be beat - you are just steps away from the community center, pool, lake and the greenbelt!

See photos below, then click here for more photos and information.

You can also learn more about us at lowesflatfee.com. 

Excellent Home With Lots of Privacy

Excellent home with lots of privacy while backing up to private neighborhood park and neighbors only on one side. Located at 4903 S Whitmore Way in Boise. Vaulted ceilings and plenty of natural sunlight that flows throughout the homes airy layout featuring a living room and separate family room. Master has walk-in closet. There is a separate laundry room, dining area and kitchen perfect for entertaining. This 3 bdrm 2 bath house has auto sprinklers connected to irrigation.

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You can also learn more about us at lowesflatfee.com. 

The COST Of Your Next Home Will Be LESS Than Your Parents’ Home Was

There is no doubt that the price of a home in most regions of the country is greater now than at any time in history. However, when we look at the cost of a home, it is cheaper to own today than it has been historically.

The Difference Between PRICE and COST

The price of a home is the dollar amount you and the seller agree to at the time of purchase. The cost of a home is the monthly expense you pay for your mortgage payment.

To accurately compare costs in different time periods, we must look at home prices, mortgage rates, and wages during each period. Home prices were less expensive years ago, but paychecks were also smaller and mortgage rates were much higher (the average mortgage interest rate in 1988 was 10.34%).

The best way to measure the COST of a home is to determine what percentage of income is necessary to buy a home at the time. That would take into account the price of the home, the mortgage interest rate and wages at the time.

Zillow just released research that examined home costs using this formula. The research compares the historic percentage of income necessary to afford a mortgage to the percentage needed today. It also revealed the cost if mortgage rates continue to rise as experts are predicting. Here is a graph of their findings*:

Rates would need to jump to 7% in order for the percentage of necessary income to be greater than historic norms.

Bottom Line

Whether you are a homeowner considering selling your current house and moving up to the home of your dreams, or a first-time buyer trying to purchase your first home, it’s a great time to move forward.

*Assumptions in the Zillow report: Buyer puts 20% down, takes out a conforming, 30-year fixed-rate mortgage at rates prevailing at the time, earns the median household income, and is buying a median-valued home.

Story taken from "Keeping Current Matters".