The answer is a moving target as homes are listed and sold every day. Take a look at today's breakdown
People, Idaho real estate agents in particular, talk about the lack of inventory of houses for sale. For at least four years now the local real estate market has been excessively strong with less than a month of inventory. That means that if no other homes were listed, there would only be a months worth of homes for sale.
Breakdown of current availability of property
This is just today and even still tonight some homes could be listed for sale, have an accepted offer and go PENDING, expire or even cancel. so tomorrow is a new day. Just to share, Thursday is a popular day to add a property so that it is broadcasted across the real estate search sites as available for the weekend. Activity on a new listing is heaviest the first two or three weeks, if it is not sold quickly.
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Understanding how to find and finance the perfect home for you. Buying a house requires a lot of time and effort, but these 10 steps can help make the home buying process manageable and help you make the best decisions possible.
Start searching websites, reading real estate blogs and magazines. Make a note of homes and comunities that interest. This will give you a sense of the housing market in specific areas.
Lenders generally recommend that people look for homes that cost three to five times their annual household income. It is also recommended that you save enough to be able to put a 20% down payment on a house. A professional loan officer will make recommendations based on your individual financial situation. Use our Affordability Calculator to see how much house you can afford.
As you start searching for a home, you will need to understand how much you can actually purchase. The best way to do that is to get prequalified for a home mortgage. To get prequalified, your loan officer will ask you to provide some financial information, such as your income and the amount of savings and investments you have. Your lender will review this information and tell you how much their company can lend you. This will tell you the price range of the homes you should be looking at. Later, you can get preapproved for credit, which involves providing your financial documents (W-2 statements, paycheck stubs, bank account statements, etc.) so your lender can verify your financial status and credit.
Real estate agents are important partners when you’re buying or selling a home. Real estate agents can provide you with helpful information on homes and neighborhoods that isn’t easily accessible to the public. Their knowledge of the home buying process, negotiating skills, and familiarity with the area you want to live in can be extremely valuable. And best of all, it doesn’t cost you anything to use an agent – they’re compensated from the commission paid by the seller of the house. Get Started
Tour houses in your price range. It might be helpful to take notes (using this helpful checklist) on all the homes you visit. You may see a lot of houses which can be hard to remember everything about them, so you might want to take pictures or video to help you to remember.
Make sure to check out the little details of each house. For example on an older home, test the plumbing by running the shower to see how strong the water pressure is and how long it takes to get hot water. Try the electrical system by turning switches on and off. Open and close the windows and doors to verify they work properly
It’s also important to evaluate the neighborhood and make a note of things such as:
Take all the time you need to find the right home. The next step is to work with your real estate agent to negotiate a fair offer based on the value of comparable sold homes in the same neighborhood. Once you and the seller have reached agreement on a price, the house will go into escrow, which is the period of time it takes to complete all of the remaining steps in the home buying process.
A home is closing is normally contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing. Our real estate agents usually will help you arrange to have this inspection conducted within a few days of your offer being accepted by the seller. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage!
Both you and the seller will receive a report on the home inspector’s findings. You can then decide if you want to ask the seller to fix anything on the property before closing the sale. Before the sale closes, you will have a walk-through of the house, which gives you the chance to confirm that any agreed-upon repairs have been made.
Our Preferred Lenders have a wide range of competitively priced loan programs and a reputation for exceptional customer service. You will have many questions when you are purchasing a home, and having one of our experienced mortgage professionals assist you can make the process much easier.
Every home buyer has their own priority when choosing a mortgage. Some are interested in keeping their monthly payments as low as possible. Others are interested in making sure that their monthly payments never increase. And still others pick a loan based on the knowledge they will be moving again.
Lenders will arrange for an appraiser to provide an independent estimate of the value of the house. The appraiser is a member of a third party company and is not directly associated with the lender. The appraisal will let all the parties involved know that you are paying a fair price for the home.
There is a lot of paperwork involved in buying a house. Your lender will arrange for a title company to handle all of the paperwork and make sure that the seller is the rightful owner of the house they are buying.
At closing, you will sign all of the paperwork required to complete the purchase, including your loan documents. It typically takes a couple of days for your loan to be funded after the paperwork is returned to the lender. Once the check is delivered to the seller, you are ready to move into your new home!
Congratulations, you just bought a home!
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