Alison Blake Group Blog

Short Sales and Foreclosures are getting a lot of attention.If you have the patience to be able to go through all the ups and downs, not knowing until you close headaches, they can be a good deal.  First and foremost is to work with an experienced agent, secondly and just as important is to get a thorough home inspection.  Once a home goes into foreclosure or short sale status, the homeowners sometimes give up and don’t put the time or care into the property that they should.

A good list of foreclosures and short sales that are listed in the MLS is a good tool to have. I send out one weekly which has the price, tax value and suggested offer to the bank.

While you may have to look at a lot of properties to find the right one, be assured that you are buying these properties at bargain basement prices.  With a little elbow grease and some due diligence, you are most certain to find  a good investment.

If you would like to receive lists such as these on a weekly basis, drop me an email or call me at 409-7606.  For serious buyers, I also have a free website that I can put you on that will analyze the cash flow and the return on your investment for you.

Happy Hunting!

The recent transformation of low interest rates has put a good market for buyers into  a great buyers market.  According to the president of Idaho Central Credit Union, the rates are not only at the lowest in 37 years, it is coupled with bargain pricing, great inventory and on top of  it all the$7500 tax credit being offered by the government for first time home buyers. Some pricing in our market is at 2001 levels. With rates at 6.5% in October, it was a good market, however with rates well below 5% it is a GREAT BUYERS MARKET.  One thing to take into consideration is that the tax credit is an interest free loan, payable in portions through 2010.

If you choose to gamble on waiting this market out, you may find yourself gambling yourself right out of the market. While the bottom is definitely hard to find, some believe
with lower interest rates, buying now is not a gamble.

What most people don’t understand is the impact that interest rates can have on the monthly costs of home ownership. For example, a ten percent drop in home prices is nullified
by an increase of one percentage point in interest rates
on a conventional thirty year mortgage.

Interest rates are at a historic low , with conventional thirty year rates at 4.75% and investor rates at 5.5%. With prices as low as they are, you will find a good bargain if not great in almost all markets. Make surethat you do all your homework and look at the highsand lows in the area, area schools and amenities as well as pricing trends in the last month. All these put together
will show you whether or not your home is a good buy.