‘People Looking To Sell May Be Too Late’ In Idaho
A pair of reports from Idaho. “If you’re looking to buy a home in the Wood River Valley, there are almost 1,100 of them to choose from. That’s about 400 more than were on the market at this time last year. ‘It’s a good time to look around and make an offer, because there are deals to be had,’ said Jim Figge, president of the Sawtooth Board of Realtors.”
“Meanwhile, prices have started to drop, in some cases by as much as 10 percent.”
“Figge acknowledged that the residential housing market has been unusually flat this summer. ‘Our phones are more quiet than usual for the end of July,’ Figge said. I think there’s a lot of people who have a sit-back-and-wait attitude,’ he said. ‘Buyers are witnessing that our market is in a period of adjustment, and they’re electing not to buy. They’re waiting to see what the market will do.’”
“So, what’s going on with the valley’s housing market? The market has leveled off and is readjusting following the recent real estate boom. Figge said many potential buyers are waiting to see if prices are going to come down further.”
“He said some sellers have overpriced their properties because of the real estate boom of the past few years. Now that the market has flattened out, they may have to lower prices if they’re anxious to sell.”
“‘I don’t think anyone is chipping into their equity yet,’ he said. ‘I think what sellers need to do is make it look like a deal, so it looks like if you don’t buy it, the next guy will.’”
“If you’re thinking about buying a house in Kootenai County this summer you will have more to choose from. More than 1,800 homes are on the market right now, an increase of over 600 homes from last year and real estate agents say the market is finally cooling down after a year of record sales.”
“Real estate agents say the tables have turned and with more homes on the market buyers have more selection and that means it’s taking longer to sell a home.”
“‘We don’t have as many investors in the market as we did last year and we do have more listings because I think they saw what happened last year and wanted to take advantage of the acceleration in prices,’ (realtor) Christy Oetken said.”
“People looking to sell their homes may be too late. Buyers are paying on average $3,000 less than the asking price, and because there are more homes on the market it’s taking 30 days longer to sell.”
“‘I don’t think anyone is chipping into their equity yet,’ he said. ‘I think what sellers need to do is make it look like a deal, so it looks like if you don’t buy it, the next guy will.’”
And pray tell, short of swindling them, how do you do this ?
That is about the most swindliest comment I’ve seen in a while…and we’ve seen some very reckless statements lately.
‘I think what sellers need to do is make it look like a deal, so it looks like if you don’t buy it, the next guy will.’”
WTF!!
Well, to my horror, a sleaze bag realtor convinced a relative there were MULTIPLE bids and another offer on a house at a higher price magically at the list price. I convinced them to back off, because I’m pretty sure the agents were lying. Magically, the other offered disappeared, but the seller won’t come down. So stupidly, my relatives took allowed .5% off the price and considered themselves lucky because god wanted them to have a house and caused the other offer to fall through. The magic non-existent other offer.
There’s no reasoning with some people (because god is on their side).
They don’t call them greater fools for nothing. In fact, I don’t care they bought the house (they have a sizable equity chunk going into from a previous sale).
But I am disappointed another SLEAZE BAG real estate agent got a payday and won’t be flipping burgers this quarter
I remember when I sold a house of mine in ‘98, my family was convinced that it sold because of their prayers. The fact that pretty much any house put on the market for a reasonable prices sells, escaped them. God was on my side due to their prayers.
Where the f. is Idaho?
A place where some California investers chose to sink their liberated equity…
…..after they had reemed NNV.
Actually, after they had reemed ……the equity locusts landed just about everywhere.
–who think the “If you don’t buy it, the next guy will” routine will work in Boise. LOL.
If you live in Boise just count the for sale signs and you will know the crash is coming (a 20% to 40% price reduction is on the horizon). If you have to sell your home right now–good luck. You are going to need it. What’s troubling is not that speculators are going to lose tremendous amounts of money but that there are many hard working locals who were foolish enough to buy just before the market started its freefall. It is the common man who will be left holding the bag and whose life’s savings will be squandered. In truth, every local is already holding the bag in part as we have to deal with increased traffic and demand for city services caused by over development all the while as contractors, developers, and realtors have been raking in excessive profits. I just hope that when the market crashes that we the public do not have to bail out the banks as a result of all of the faulty loans. The fact is that there are very, very few high paying jobs in Idaho and many, many houses between $400,000 and a $1,000,000 that have been on the market for months. The local main line media seems to be complacent in talking about what is occuring perhaps not wanting to offend some of their best advertisers (real estate) or maybe it is for more altruistic reasons not wanting to create a panic or I suppose it could just be utter incompetence. Regardless, Boise’s real estate ship is sinking and sinking fast. Its time to man the life boats before one gets sucked down into a financial abyss by the undertow. One final thought — what happens to real estate in Boise when those in surrounding states realize that we have a serious problem with a life threatening disease — namely the west nile virus carried by mosquitos. I do know If I am the only one but I do not think that water features here in
Boise are so appealing right now.
Well, if you think of Oregon as Portugal, it’s like Spain.
‘It’s a good time to look around and make an offer, because there are deals to be had,’ said Jim Figge, president of the Sawtooth Board of Realtors.”
“Meanwhile, prices have started to drop, in some cases by as much as 10 percent.”
So it’s an even BETTER time to sit tight and wait for the real deals down the road.
How long do we have to keep warning buyers about the many years it took prices to hit bottom in past cycles before the mainstream press takes this task off our hands, the same way they have already relieved us of a primary task of announcing the market downturn and early evidence of declining prices?
Until my wife believes it. I’m still in the dog house for not trading up to a mcmansion.
climber, every time there is an article about the housing downturn in the local paper or respectable (of so seeming) national publication, I run out and buy it and just happen to leave it somewhere my hubby will run across it. Although I did convince him to wait out the summer, he thinks things will bounce and higher back next spring. Besides, it gives him something more interesting than catalogs to read while he’s sitting on the pot.
mrquioi:
hope springs eternal!
That is why we call a bear market the “slope of hope”
While the bulls say “climbing the wall of worry”
The timing is “when the DEBT bubble bursts”, then wait 2-3 years….If you can still buy a Mcmansion then buy it from the banker after about the 5th call begging you to help save his job!”
it doesn’t matter what you do, only idiots will buy now. because if you wait six months, a year, the deal will be better. there is only slide to the market now. the truly smart guy will have price outrageously right and get out while he can. you got to lead the pack, not follow it. this was true during up swing and most definitely true during down swing. ha… sad but true.
My guess is that it will take 3 or 4 years before prices revert back to where fundamental values support them.
I’m tracking Boise inventory - over the last month its moved steadily up from 2886 on 6/29 to 3823 this morning -about a 33% increase. Reminds me of Phoenix last fall and winter.
Where the f. is Boise?
In Idaho. Don’t they teach geography in school anymore?
i·ro·ny - An expression or utterance marked by a deliberate contrast between apparent and intended meaning.
It was a joke.
Don’t they teach literary styles in school anymore?
Oh, I’ll keep that in mind when someone throws out Sacramento, Albany, Springfield, etc.
Let me try one now: “Where the f. is Albany?”
And now hilarity ensues?
Just bustin’ your chops.
> Where the f. is Boise?
Go to the middle of that vast expanse of western north america where there is nothing but sage brush for 100’s of miles. Look north east and squint until you see the ONE place where there are some trees (it’s called Boise from the French for a reason don’t you know) in that whole god forsaken wasteland.
It’s right there.
West of B.F.Egypt.
I’m allergic to sage, according to my painful tests!
Boisé in French is an adjective that means “timbered”. So you just described the meaning of the word Boise
If Davis was Nampa, then Sacramento would be Boise.
Does that help?
So new “owners” who are now 10% underwater have lost no equity?
“‘I don’t think anyone is chipping into their equity yet,’ he said. ‘I think what sellers need to do is make it look like a deal, so it looks like if you don’t buy it, the next guy will.” “Buyers are paying on average $3,000 less than the asking price, and because there are more homes on the market it’s taking 30 days longer to sell.”
Lines like these should be in a movie spoof on “Housing is not a Bubble” …..BTW, where are all the cameos on the second home in the mountains, beach, etc….
If it were made into a movie, I nominate Evel Knievel to play the housing bubble, as he jumps Snake River Canyon on his rocket bike.
If the average sales price is $300,000, the that is a huge 1% reduction! Yawn.
It’s hard to think of a more absurd place to have a housing bubble than Idaho. They could have named the state “Land Galore”. If all of Mexico moved to Idaho, they’d still have more land than they’d know what to do with. I used to do business in Idaho and there are very few employers there who pay executive wages, and many of those are struggling. Albertson’s got acquired, Micron has been in the tank for years, and then there’s J.R. Simplot — a french fry manufacturer (I’m not making that up). Wages in the area definitely do not support a median home price of greater than $150K. And did I mention that there’s buildable land as far as the eye can see?
Everything changed after Napoleon Dynamite was filmed there.
The new LA.
It’s different in Idaho. Lots of boomers moving in everyday.
I agree with the substance of your points but JR Simplot is much more than a french fry manufacturer. We’re talking about a huge food and fertilizer manufacturer with revenues in excess of 3 billion.
The area in the first article contains Sun Valley and Ketchum, which is like Aspen and Snowmass, only without a gondola. My relatives up there (who bought and still live in the house they bought in the 60s) say that people have gone friggin insane — basically everyone in town has been buying and selling real estate the past couple years. A lot of the old timers have left, using their equity to buy places and superinflate prices further out in the sticks in Eastern Idaho and Wyoming. Now it is no uncommon to have both husband and wife working two+ jobs so they can enjoy living up there with the nice resort life and clean air.
wow ID was hot - next UT then every state/county/city is negative
Brandon should love this. Idaho is a beautiful place but way too cold for this chick.
I do like this- I see the bubble in action every day when I walk the dog and see the same McMansions that have been on the market for months. I’ll stay a renter until prices come down t match our lackluster wages- Just over $17 an hour is the average pay in Boise.
I lived in Boise back in the 70’s and it’s a wonderful little city BUT at that time, 90% of the population subsists on jobs that paid slightly more than minimum wage and you had to be a Mormon to get hired. Plus, the winters are brutal!
Sorry to follow up on the prior post, but I couldn’t resist.
“Cruise said attendance at some of his classes has dropped by 50 percent, and he has canceled some classes for lack of interest. ” I had a friend who was getting an MBA in finance at NYU during the 1987 stock market crash. That evening, everyone showed up at class in a daze, and the professor said “well I guess the joke is over.” Almost everyone in the class dropped out, to save on the huge tuition payments which no longer had the same rate of return. My friend finished the MBA but remained a city planner.
http://www.thebestpageintheuniverse.net/c.cgi?u=idaho_blows
The last word on Idaho, from Maddox. WARNING: Crude and somewhat profane in places.
Moved from boise to south florida ( 3 years in boise ). A few comments:
1) Winters are very mild compared to the rest of Idaho.
2) sold my house in boise last summer at a 7% profit (buy owner) -owned her for 18 months. 2 weeks on market.
3) They can build a mcmansions out there in like 2 months. Thus, there is no way demand will outstrip supply in the long run with the exception of some desirable areas.
4) Was making 84k per year as a software engineer out there. There are some good paying jobs at hp,micron, and high tech startUps.
It seems that the non coastal cities are not immune and this is truly a national debaucle.
Simmssays…10 Ways To REALLY Piss Off Your Woman
http://www.americaninventorspot.com/relationship_advice
ot but wort reading
http://www.markettradersforum.com/forum1/1389.html
“rate hike worth than al kaida attack”
from germany jmf
http://www.immobilienblasen.blogspot.com/