Legacy Community Open - Feb 27th & 28th 1pm-4pm
Legacy Community Open Feb 27 & 28, 1-4pm
You'll want to stop by Legacy Subdivision in Eagle, ID this weekend for the Community Open! We've gathered agents together to hold open homes from several of the prestigious builders with luxury waterfront homes in the neighborhood.
Legacy Subdivision broke ground in 2006, and currently features established landscaping, an executive golf course, a community pool, tennis courts, a soccer field, and a clubhouse. Many lots are available with maintenance-free living options, giving you more time to enjoy the neighborhood surrounds. An elementary school is established within the neighborhood, with walking paths and sidewalks providing easy access throughout the neighborhood.
Close to Eagle Island State Park, the community provides access to all the amenities of Eagle in a serene setting.
4989 Eagle Landing Ct
Legacy features homes by some of the areas premiere builders. At this community open, you will have the opportunity to view custom homes from CBH, Holmes Homes, Paragon, and more. Stop by any home with an open sign in front, and you can pick up a map with home details.
2016 Prediction: Rosy Year for Boise Housing Market
"Is this going to be your year to buy a new home?
No housing expert has a crystal ball, but Svenja Gudell, recently appointed chief economist for the housing site Zillow.com, has looked at enough data to make a pretty good guess.
She examines vast amounts of housing market statistics - everything from about where people are going to want to live to what areas will be hot to what the future could hold for renters - on a daily basis.
Reuters asked Gudell to share her insights on what she thinks the 2016 housing market will be like.
Q: What markets do you think will be places to watch in 2016?
A: Next year, the combination of unemployment, population growth and the home value growth will make markets like Boise, Idaho, Salt Lake City, Utah, and Omaha, Nebraska, stand out.
Denver, Seattle, Dallas/Fort Worth and Portland, where inventory has been declining in the last year and demand continues to rise, will also be hot locations in 2016."
To read the rest of this article, including Gudell's predictions regarding Millenials and mortgage rates, click here.
Deduct Mortgage Insurance for Tax Savings
Great news! Congress has voted to extend the tax deduction for mortgage insurance (MI) through 2016.
If your mortgage requires mortgage insurance, you can deduct it on your federal income taxes this year and next year.
Who qualifies for the tax deduction?
Borrowers with adjusted gross incomes up to $100,000 can deduct 100% of their borrower-paid MI premiums. Deductions are reduced by 10% for each additional $1,000 of adjusted gross income, phasing out after $109,000.
The threshold for married borrowers filing separately is $50,000 of adjusted gross income per person. Deductions are reduced by 5% for each additional $500 of adjusted gross income, phasing out after $54,500.
FHA to lower cost of mortgage insurance
Source: money.cnn.com By Chris Isidore
In an effort to make owning a home more affordable, the Federal Housing Administration will dramatically cut the costs associated with the mortgages it backs.
Premiums for FHA mortgage insurance, which is designed to protect the agency in case a borrower defaults on a loan, will be cut from 1.35% of a loan's value to about 0.85%, the White House said in a statement Thursday.
As a result, a typical first-time homebuyer will save $900 a year on their mortgage payments. Existing homeowners who refinance into an FHA loan will see similar savings.
"Too many creditworthy families who can afford -- and want to purchase -- a home are shut out of homeownership opportunities due to today's tight lending market," the White House said.
The White House estimates that the lower premiums will enable up to 250,000 new buyers to purchase a home.
To continue reading click here
Retire to One of These 5 Great Small Cities
Love the culture and excitement of urban life, but loathe the congestion and cost? One of these “Second Cities” could be your first-choice retirement spot.
Does the thought of retiring to a sleepy beach town or country hamlet bore you silly? Spending your post-work years in a city has plenty of perks, including easy access to the arts, cutting-edge health care, and a diverse set of neighbors. That said, the cons of urban living (like cost) can be daunting.
There is a happy medium. We set out to find places that won’t ding your nest egg with high taxes and nosebleed prices, yet still have great attractions and plenty of your peers. Read on for five affordable small cities (populations of 150,000 to 500,000) you may one day want to call home.
Click Here To See the 5 Best Cities
Check out the KTVB News interview with Sheila!
source: KTVB.com by Stephanie Zepelin
BOISE - Boise real estate agents are currently reporting the biggest housing boom in the nation.
RE/MAX compared data collected from the Multiple Listing Service (MLS), and it shows that Boise real estate agents saw the greatest increase in sales from January 2013 to January 2014, making it the highest sales increase in the nation.
Boise real estate agent Sheila Smith said she was not surprised by the report, because business has been very busy, and that it just accentuates what's been going on over the last year. She also says that in January, there were more than a thousand pending home sales.
"People are starting to move, they're starting to be able to get the value that they want in their homes, so that they don't' have to short sell it, they don't have to foreclose, that sort of thing," said Smith. "People are finally having those options to upgrade, to move."
Smith said based on what she's experience thus far, she thinks February 2014 may beat February of 2013.
"I listed a house this morning and I had over 20 showings and a house in that price range a couple years ago, I would have been lucky to have a showing for the whole week probably," she said. "So it's showing a big positive turn that we're all pretty excited about."
Smith believes there are many factors behind this positive sales increase including low interest rates, low inventory, still reasonable prices and the rebounding economy.
"The inventory dropped down so low during the big downturn that we just aren't keeping up," Smith said. "The builders are scrambling to pick up the pace and keep up with the demand but we're just behind, so until we can get that volume up again, you're just going to see, due to basic supply and demand, see an increase in prices in my opinion."
Smith said this is a great time to be a seller, buyer and real estate agent in this market.
by Stephanie Zepelin
Dodd-Frank Qualified Mortgage Rule
Here is a helpful article sent to us by our ever-helpful lender friend Terry Heffner, Branch manager at Guild Mortgage Company:
Only one month into the year, and we are seeing the effects of the new Dodd-Frank Qualified Mortgage Rule, otherwise known as QM-3.
I believe in 2014 it will be imperative that borrowers understand the importance of getting their finances in order, WAY in advance of making decisions to sell, buy, relocate, etc…. Now more than ever, buyers need to specifically understand that the rules have changed. Whether your buyer is self-employed, a physician, or even a rocket scientist, there are real reasons to get the financing piece figured out, sooner rather than later.
This has always been the case, but with new underwriting pressures coming down from all the agencies and filtering down to mortgage lenders, nothing should be left to chance or assumed in the qualifying process. Please remember, many of your borrowers may not have been down this road since PRIOR to 2007, when everything changed. When you add in the most recent retractions and limitations put down by Dodd Frank and the CFPB, the process can be light years from what many buyers remembered it being! Preparing them for the process can make life easier on all parties and lead to smoother transactions! Making sure they are working with a reputable lender, with local processing, underwriting, and funding is a must as well!
That said, we want to offer some tools for you all to make sure you are prepared to emphasize the importance of the pre-qualifying phase, to ALL your buyers. Attached is an article originally put out by Forbes magazine, it accurately describes the detail of assembling a complete mortgage loan file. This is a great article to share with your savvy buyers, and first timers alike. After reading this article, they will understand what to fully expect when applying for a home loan. It’s so important for buyers to be accurately prepared for the process of buying a home. In fact, their satisfaction with their lender, AND Realtor depend largely on how smooth this process goes. Think for a moment of flying on an airplane. If, for instance, the pilot warns you the take-off will be bumpy, whether it is, or it is not, you are typically ok with the take-off. If he does NOT prepare you for a bumpy take off, and you hit massive turbulence on take-off, your flight is ruined and it’s hard to look back on that experience as positive, regardless of the outcome.
Make sure your next deal takes off smooth and lands smooth!
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