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Boise Area Real Estate Thoughts, April 24, 2009

Spring is upon us, and the Boise area real estate market is definitely feeling the it.  From one humble inside observer, activity is certainly starting to heat up in the area.  Here are  a few thoughts for the day:

1.  We’re starting to encounter multiple-offer situations:  It’s been awhile since a buyer ran into the uncomfortable situation of multiple offers (or the seller enjoying this fine treat).  We actually had this situation this week, where our clients submitted an offer and another buyer did the same thing.  This is tough for us to deal with but does show some promise for a fledgling market.  Either we’re really good at finding great deals that attract savvy buyers (which we try to be), or the market is starting to move some (which it is).

2.  We received an offer this week on one of our listings, so it  now has a pending contract on it:  This is great news and is another example of the market turning.  With the $8,000 tax credit (thank you, big brother) and some very favorable lending options, buyers are starting to come our of the woodwork…just like the sun creeping out of the depths of winter.

3.  Others in the industry are talking:  I try to ask anyone in the industry what their view of things are right now.  Nobody is crying anymore.  Things aren’t flying high like we would prefer, but there is certainly activity out there.  I haven’t spoken to anyone in the last several weeks that thought things were getting worse.

4.  The lending situation is stabilizing:  I can’t say we’re out of the woods yet (because we’re not), but loans are actually coming wrapped in a little bit of common sense now.  Where a couple of years ago you couldn’t believe they would give money to somebody, last year you couldn’t figure out why they wouldn’t give money to anybody.  It seems that cooler heads are prevailing and the loan market is starting to function again.  Brokers can actually say, “I think we can close in about 30 days,” which, believe it or not, was not the way there for awhile.  Along with some awesome down payment programs (which I’ll write about in another post), the lending market is working again.

5.  There are lots of homes to buy:  This is both a joy and a curse for a wanna-be Realtor like myself.  It’s very fun to allow our clients to pick and choose…but is can sure take a lot of time to look at all those houses:).  We do it happily, though, because we’ve seen it the other way (where a buyer had to make an offer immediately without the opportunity to look at many homes).  This is lots of fun and provides us the chance to find hidden deals out there (which is my absolute favorite thing to do).  Many great options exist to buy low (including REO’s and short sales).

All in all, my thoughts this week are very optimistic.  We are not flying high yet.  I don’t know that we’re at the bottom yet (you never know that until you’re half way up the other side, unfortunately).  However, there are some nice things happening.  The other great thing is that we haven’t had any horrible news for a couple of months, and the powers that be are trying to inject some optimism and confidence in the markets, which is like precious rain in the driest desert following a lengthy drought.

Until next time….

Adam Levanger, Idaho Summit Real Estate Team, Silvercreek Realty Group

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