Despite that however home prices aren’t too far off their 10 year low points in Ada and Canyon counties. There are a number of reasons for this, one of which is the more stringent lending practices currently in effect particularly for those looking to work with Fannie or Freddie. This is just one little snag in the market that is currently still dominated by distressed properties.

Two out of every three homes sold in Canyon county and two of every five in Ada county were distressed according to the Intermountain Multiple Listing Service.

This means that the sellers of the homes were in such deep financial turmoil that their homes had either been repossesed by the bank or were being sold off for less than the amounts still owed on the mortgages.

“REO properties and short sales are a big part of our market, and we’re going to see that for a while,” said Blake Mayes, owner of Blake Mayes Team at RE/Max Capital City in Boise.

For those willing to brave this market there can be great returns however. You can find lists of over 500 bank owned homes online. That number of homes doesn’t include the ones that need work before they go to market or those that mortgage-backed securities companies may still be in the process of taking back from homeowners.

People who don’t HAVE to sell their homes generally aren’t selling now, with prices as low as they are. Many more other homeowners simply CAN’T sell because they owe more on their mortgages than their homes are worth.

Some are giving up rather than struggling to make payments. “There’s still a lot of people who are making the decision to let their house go because they are so upside down on the value,” Mayes said. “There’s no way of knowing how much is out there.”

Thankfully the number of upside-down homeowners in the Treasure Valley is decreasing somewhat, dropping 1% between March and June. Underwater homeowners who’d like to sell, and those who’ve lost a lot of equity, are hunkering down to await better prices.

This limits the market for newly built homes, too unfortunately. New-home construction remains sluggish. Since 2006, one of every two residential-construction jobs in the Valley has disappeared; this has spelled hard times for the struggling jobs market.

As more homeowners are staying put fewer and fewer homes in Idaho are being sold the old-fashioned way – by sellers seeking to relocate, move up or downgrade. The local supply of homes is also down some 25% from what it was just a year ago, and many agents in the valley report multiple offers coming in on low-priced distressed properties – and those properties are in fact moving quickly.

Many local REALTORS are still optimistic, noting that Idaho has remained relatively well insulated as compared to some of the other national markets. And with great news about the Gem State growing, being top ranked as a good place to live and retire we’re seeing many out-of-state buyers and retirees stimulating the market. This up turn is good news in real estate and most expect home values to rise 3-4% a year, but many advise it will likely still be a decade before they return to their pre-2006 prices.

No one will try to hype Boise as being a bustling metropolis, but despite it’s relevantly small size by national comparison it is home to a thriving cultural scene which includes an opera company, several orchestra and theater productions as well as wonderful Art and History museums.

Residents of the Treasure Valley enjoy access to all manner of outdoor activities from trail hiking to fishing, hunting, biking, skiing, rafting and more! Surrounded by mountains and a number of streams and rivers Boise also boasts a mild climate year round making for more chances to get out and enjoy what nature has to offer.

Low cost of living and the number of available amenities are made even better by the low levels of crime in Boise which is about half of the national average and remarkable for a city of it’s growing size.

Here are some vital stats:

Whether you are looking for the perfect place to retire, or simply relocating to Idaho for work or a change of pace, Boise has a lot to offer any potential resident. The Blake Mayes Team knows Boise real estate and can not only help you find some of the best homes in Idaho but also help you get settled in to the valley. Visit our website to learn more about Boise or to get started finding homes in Boise online today!

Beautiful and elegant two story home unlike any other around it. This great home has some amazing views. Very large 4 bed 3 bath with over 3529 sqft of living space. Large and open yard. Lot is over 1.20 acres for you to enjoy with tons of space for RV parking or room to store the other toys. Inside you will love the marble entry way, and huge gourmet kitchen. Granite counters and beautiful flooring.

Bank Owned real estate in Idaho is a hot ticket these days and The Blake Mayes Team is prepared to help you make the most of this historically unique Idaho real estate market. There are still tons of great deals on outstanding properties in Boise and around the Treasure Valley and you can find them all on our website! Visit our website and use the searches or contact us to get help from our team of experienced Boise Realtors!

Trends are showing that buying a super-sized home in todays market could lead to woes down the road when it comes time to sell.

A study by the National Association of Home Builders states that by 2015 new homes will be 10% smaller, green, and packed with more technology and features than today’s homes.

The NAHB’s study on new homes in 2015 caters to the reality of the economic downtown and the developing “less is more” movement that has come to include everything from homes designed with fewer frivilous features and smaller “pocket neighborhoods” with smaller homes.

The study itself covers answers from over 230 home building professionals including home builders, architects, designers, and manufacturers who say the average new single family home in 2015 will be about 2,500 square feet. This is a good 10% smaller than the average homes started in 2010 and the first major change to come since 2007.

Even these new smaller homes may yet be too large considering the fact that more than 60% of all US households are made up of only one or two people according to the Census Bureau.

These small homes do have their perks however. Smaller homes cost less to build and maintain especially when it comes to heating and cooling costs. As the population itself ages and tight mortgage is tight these smaller homes will be a great benefit for those in need of afforable living.

Other key points of the report:

The living room is no more! The traditional concept of the living room will either disappear or merge with a “great room” style or become a smaller personal parlor.

Other rooms that get the out will include a third bathroom, fourth bedroom, dining room, or bonus room.

Greener living. From “low-e” windows to engineered beams and air flow design the homes of the future will be change not only HOW the homes are built but WHAT they are being built with.

Collective design. More technological conveniences that require less room and feature options to help better adapt a home for people of numerous age ranges and personal preferences.

There’s nothing wrong with loving luxury, and everyone likes to have plenty of room to grow and play. No matter what kind of homes in Boise you may be looking for The Blake Mayes Team can help you find them! Contact us today to find the real estate in Boise you’ve been dreaming of!

Foreclosures in Boise, Nampa, and other Treasure Valley cities has declined since May as compared to the same time last year. This has been the ninth month in a row that the local foreclosure rate has fallen.

Reports shows that the rate of foreclosures for outstanding mortgage loans in the Boise area was over 2.5%  this May which is actually down from the over 3% that is was in 2010 – which is far below the national foreclosure rate of nearly 3.5%.

In addition the mortgage delinquency rates have also dropped with the 90 day or more rate being over a full percent lower than last years rate. Idaho homes likely to become short sales or foreclosures has also decreased slightly as compared to last year as well.

This turn could lead to a smaller inventory of available foreclosure properties in the Treasure Valley overall and a rise in general housing prices if these changes continue, making it an optimal time to find some of the best deals in Idaho real estate. Are you currently looking for a home in Boise, Eagle or Meridian?  We can help you find the best available homes online today! Contact The Blake Mayes Team or visit our website to start finding homes today!

What a beautiful home, very open and family friendly, 2 sided fireplace in wall between great room & living room. Lots of tile work in bathrooms, walk-in shower in master. Backyard is incredible with firepit area for roasting marshmallows.

A must see! This Property is eligible under the Freddie Mac First Look Initiative through July 27,2011. On eligible properties Owner-Occupant Buyers may be eligible for a 2-Year Home Warranty. Property to be sold “as is”. Buyer/Buyers agent to verify all info presented

Check out more photos and info of this listing here

OR view ALL Bank Owned Homes in Boise Here

Price Check!
Check the selling prices of comparable homes in your area. Realtor Websites such as The Blake Mayes Team can give you a general idea of what you should expect to pay. You can also do a quick search of actual MLS listings in your area.

Can You Afford It?
See what you can afford. Use the mortgage calculator on our website to see what your payment would be. Find out what your total monthly housing cost would be, including taxes and homeowners insurance. To get a feel for the maximum amount you should spend, including taxes and insurance. In some areas, what you’ll pay for your taxes and insurance escrow can almost double your mortgage payment.

Insurance is Good
To get an idea of what you’ll pay in insurance, pick a property in the area where you want to live and make a call to a local insurance agent for an estimate. You won’t be obligated to get the insurance, but you’ll have a good idea of what you’ll pay if you buy. For an idea of what you’ll pay in taxes, most properties on my website have property-tax information in the property features. Just remember that exemptions and the intricacies of local tax law (such as Florida’s Save Our Homes value cap) can create differences between what a homeowner is currently paying and what you can expect to pay as a new homeowner.

Closing Costs
Find out how much you’ll likely pay in closing costs. The upfront cost of settling on your home shouldn’t be ignored. Closing costs include origination fees charged by the lender, title and settlement fees, taxes and prepaid items such as homeowners insurance or homeowners association fees.

Budget!
Look at your budget and determine how a house fits into it. Fannie Mae recommends that buyers spend no more than 28% of their income on housing costs. Go much past 30% and you risk becoming house poor.
Talk to reputable real-estate agents like me about the real-estate climate. Do they believe prices will continue falling or do they think your area has hit bottom or will rise soon? This insight into how the market is behaving could save you big money.

The Big Picture
Remember to look at the big picture. While buying a house is a great way to build wealth, maintaining your investment can be labor-intensive and expensive. When unexpected costs for new appliances, roof repairs and plumbing problems crop up, there’s no landlord to turn to, and these costs can drain your bank account.

Looking for homes in Boise? Are you a first time home buyer who is not sure where to start? Our Boise home buyers agents can help you with all the information you will need to make your next move the right one !

Home affordability is at an all time high and interest rates are at historic lows – there has never been a better time to buy a home in Idaho than now. Contact the Blake Mayes team today to find the homes and real estate that fit your needs!