Desperate buyers forgo inspections, appraisals as Boise-area home prices push even higher

Looking to buy a home in Ada County? Good luck.


Load Error

Out-of-state buyers flush with cash are outmaneuvering Idahoans who need a bank loan. By offering cash, they cut down the time it takes to close a deal from a month to one week. Some buyers are dispensing with inspections and appraisals to speed up the process, and they’re coughing up nonrefundable deposits to win over sellers.

Meanwhile, the number of houses listed for sale is still dwindling.

There were a record-low 470 houses listed for sale in September — 288 new homes and 182 existing homes. A month earlier, there were 589 homes available, also a record low since the Intermountain Multiple Listing Service began tracking the numbers in 2006.

“With fewer than 500 homes listed for sale in a county where there’s demand for 1,200 home sales per month, that creates a crisis,” Boise real estate agent

Read More Read more

Why California’s Devastating Wildfires Will Push Home Prices Even Higher

As the devastating Glass fire raged through California’s scenic wine country in late September, Thomas Senander, 63, initially ignored the evacuation orders, But then a few days later, he and his family watched 100-foot flames rush straight in the direction of their Santa Rosa, CA, compound. When the fire began to lick the edges of a field leading onto their property, the retired engineer, his wife, and their grown son sprang into action.

Like many of their neighbors, they’d been through this hell before. Just three years ago Senander and his family lost their previous home—about 6 miles away in the same town—to the Tubbs fire. They were determined not to experience that anguish again.

He connected a fire hose to his 3,500-gallon water tank and blasted the blaze as it barreled toward him. His family poured buckets on runaway flares. The inferno was heading for an old barn

Read More Read more

Apartments With Privacy, Home Offices And Outdoor Space Command Higher Prices In New York City

After largely spending the last several months at home, New Yorkers who are still in the real estate market have certainly had time to narrow down their priorities. And they are prioritizing privacy and home offices as much as outdoor space, a new report shows. 

The report from real estate market data firm UrbanDigs, commissioned by Forbes, shows that homes in New York that were described in listings using words and phrases such as “privacy,” or that had home office or outdoor space, saw much less price flexibility, and also saw much higher median sale prices.

For example, the median sale price of units with listings that include the word “privacy” nearly doubled, from $1.58 million in April 2019

Read More Read more

Dallas-area home prices are still headed higher

Dallas had the biggest price gains in more than a year in the latest nationwide comparison. But local data shows home costs increasing at an even faster rate.

Dallas-area home prices were up 3.2% in the just-released S&P CoreLogic Case-Shiller Home Price Index. That was less than the 4.8% nationwide home price hike in July compared with a year earlier.

But reports from local real estate agents found that median home sales prices in North Texas were actually 9% higher in July and August than a year earlier, according to the latest data from the Real Estate Center at Texas A&M University.

The bump in local home price gains comes as a flood of buyers hit the market for properties hoping to take advantage of record low mortgage rates.

“Housing prices rose in July,” S&P’s Craig J. Lazzara said in the new Case-Shiller report. He said that home prices “rose

Read More Read more

Home Values Soar Even Higher In August As Inventory Tightens

Competition among buyers drove rapid sales and pushed values up while the rental market softened

– U.S. home values grew to $256,663 in August, a 0.7% increase from July. That’s the largest monthly increase since 2013.

– Low demand continues to push rents lower — typical rent dropped 0.3% from July to $1,771 in August, the biggest monthly decrease since 2017.

– Rapid sales further contracted inventory, which is now 29.4% lower than a year ago.

SEATTLE, Sept. 18, 2020 /PRNewswire/ — Pressure from this summer’s housing inventory shortage caused U.S. home values to rise sharply in August. They are up 0.7% from July to $256,663, the biggest month-over-month increase in nearly seven years, according to the August Zillow® Real Estate Market Report1. Home value growth accelerated last month in 48 of the 50 largest markets and was relatively constant in the other two: Birmingham, Ala. and Richmond

Read More Read more

Home Values Climb Higher Due To Limited Inventory

The housing inventory shortage this summer drove home values up 0.7% in August from July 2020, the biggest month-over-month increased in nearly seven years, according to Zillow’s Real Estate Market Report for August.

Additionally, the report revealed that home value growth increased last month in 48 out of the 50 largest markets in the U.S. According to Zillow, home values are up 5.1% in August, year-over-year.

One thing the rise in home values shouldn’t do is affect the ability of first-time home buyers to make down payments. While the value increases may be significant, in actual dollars the impact isn’t that painful.

“American home shoppers faced a historic shortage of listings to choose from this summer, and that scarcity is now reflected in rapidly appreciating home values after a sluggish start to the home shopping season this spring,” said Zillow economist Jeff Tucker. “Builders are racing to catch up with

Read More Read more

Higher tax proposed to support ‘homes for all’ in Kalamazoo County

KALAMAZOO, MI — A tax proposal is back on the ballot for Kalamazoo County voters in 2020 to continue and expand support for rent subsidies and affordable housing first passed by voters in 2015.

a man holding a sign: Homes for All co-chairs Stephanie Hoffman and Chris Burns are advocating to pass the housing millage on the Nov. 3 ballot.

© Lindsay Moore | [email protected]/
Homes for All co-chairs Stephanie Hoffman and Chris Burns are advocating to pass the housing millage on the Nov. 3 ballot.

The new millage purposes a 0.75-mill property tax for eight years, 2021 through 2028, to provide rental subsidies, permanent housing and related supportive services for residents of Kalamazoo County.

The previous millage was a 0.1-mill tax and was estimated to raise about $800,000 annually, for a period of six years. So far, the money has helped more than 500 families with children. The millage passed in 2015 with 18,971 votes cast in favor and 14,639 against.

The 2020 millage expands the language beyond helping families with school-age children. Housing

Read More Read more