Rick Snyder

"Bailout" Passes. What's Next

Rick Snyder — Sun, 05 Oct 2008 21:46:00 GMT

After an initial and shocking failure, elected representatives spent most of the week scurrying to come up with a "better" version of Treasury Secretary Paulson's plan to use up to $700 billion in taxpayer funds to buy up bad mortgage and financial assets. In the end, the tab could run as high as $810 billion, with hopes that some of the assets can be resold back into the market for a profit. Of course, this assumes there will still be a market for them -- or any market at all -- when it's time to sell them

Stock Market Down Sharply Bonds Rallying!

Rick Snyder — Wed, 28 Feb 2007 00:57:00 GMT

This is great news for your clients as mortgage rates will be very attractive tomorrow. If you have rate shoppers call me ASAP, we can close quickly and save them a lot of money!

Bill Young
Senior Loan Officer
Direct Phone: (208) 472-5319
Mobile Phone: (208) 407-9933
Fax: (208) 472-8601
Email: byoung@metrocitiesmtg.com

1065 S Allante Place
Boise, ID 83709

Changing Times? Real Estate Today!

Rick Snyder — Mon, 12 Feb 2007 13:00:00 GMT

What changes have taken place over the past year? When I talk to clients as they begin their search for the home of their dreams, I must caution them the market may not be what has been stated for the past few months in print and T.V.

As buyers begin the daunting task of wading through the many homes on the market, they begin by stating that they want the most for their money, and to have low monthly payments. These goals are mine as well as I represent my clients. Many Realtors have stepped up their marketing directly to other real estate professionals, by emailing individual listings of their clients. Many of these emails offer incentives to buyers in the form of closing costs or price reductions reflecting “money off the price”. Some of the incentives are also offered to Realtors.

Do incentives make it easier for Sellers to get sell their homes or does it just make buyer clients offer lower prices? The answer is both.

My opinion when it relates to Realtor incentives is to state my personal belief that my duty is to my client. When I determine which homes to show my buyer clients it consists of wants and wishes of the buyer that was determined after lengthy discussions about a multitude of preferences. In other words, the incentives should be on the part of my client and not with my pocket book.

When I work with families that wish to place their home on the market for re-sale, my first goal is to determine what the market sales for “like homes” have been for the past 3 months. Their home is compared to the homes that were sold and a price range is determined. Home sellers usually want to move for different reasons, either to upgrade or possibly to relocate. It is ultimately the owner’s decision what the listing price will be. When this price is determined by Realtors, the price does not usually have built in cushions for price reductions.

Many of the homes that have had long “days on market” are new construction that are left over for the past two years. These may or may not be ideal for some buyers. There is still a great deal of interest in the “established or mature” neighborhoods.

Remember, the only thing that has changed in this market is the hurried, turn and burn sales that have heads still spinning. Mortgage rates are still at historical lows, and good values are available through your local multiple listing service and especially your Realtor.

Steady Climb Seen for Existing-Home Sales

Rick Snyder — Sat, 10 Feb 2007 02:22:00 GMT

Consumers are beginning to respond to more favorable housing market conditions, with existing home sales expected to steadily increase into 2008, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.

“After reaching what appears to be the bottom in the fourth quarter of 2006, we expect existing-home sales to gradually rise all this year and well into 2008,” says David Lereah, NAR’s chief economist.

Existing-home sales, which reached the third-highest total on record of 6.48 million in 2006, are forecast at 6.44 million in 2007 and 6.64 million in 2008.

New construction, on the other hand, will take longer to recover. Following a fourth-best 1.06 million in 2006, new-home sales projected to decline to 961,000 this year and then rise to 971,000 in 2008. “We look for that sector to turn around later in the year,” Lereah adds.

Among the other key highlights of NAR’s new forecast: (read more)

Fiesta Bowl: Boise State downs Sooners in all-time thriller

Rick Snyder — Thu, 04 Jan 2007 02:16:00 GMT

The ninth-ranked Broncos completed a perfect season with an exhilarating 43-42 overtime victory over No. 7 Oklahoma in the Fiesta Bowl Monday night, leaving Boise State and top-ranked Ohio State as the only teams with perfect records read all

Boise State Broncos beat Oklahoma Sooners to WIN the Fiesta Bowl

Rick Snyder — Thu, 04 Jan 2007 00:13:00 GMT

BSU beat the Sooners in a New Years day Fiesta Bowl. The score was 43 - 42, in what has been described as one of the most exciting bowl games ever.

GO Broncos

First-Time Homebuyers Jump Back in the Game

Rick Snyder — Wed, 20 Dec 2006 21:01:00 GMT

Sellers are getting the message and cutting their asking price, real estate professionals say. That, along with the recent drop in interest rates, is encouraging first-time buyers to start looking again.

The interest rate picture "has created some momentum for first-time buyers, not to write an offer today, but to start looking again and be serious about moving in January or February," says Phil Sveum, broker-owner of Coldwell Banker Sveum, REALTORS®, in Madison, Wis.

A growing number of first-time buyers in Florida's Tampa Bay area are taking advantage of special deals from builders looking to unload newly constructed homes that are bloating their inventories, says Craig Beggins, president of Century 21 Beggins Enterprises.

Affordability remains a problem for many would-be buyers. In the second quarter, buyers had to stretch more than ever before in 25 of the top 50 markets, according to Bank of America analyst Daniel Oppenheim. Even with the recent price declines, he estimates that to make homes as affordable as they have been in the last decade, home prices would have to drop another 7 percent in 2007 while incomes rose 4 percent.

Source: The Wall Street Journal, Ruth Simon (11/13/2006)

Existing-Home Sales to Trend Upward in 2007

Rick Snyder — Wed, 20 Dec 2006 20:57:00 GMT

Existing-home sales are expected to rise gradually in 2007 from current levels, with annual totals slightly lower than 2006, while new-home sales will continue to slide, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.

David Lereah, NAR’s chief economist, says market conditions will vary around the country next year.

“Roughly three-quarters of the country will experience a sluggish expansion in 2007, while other areas should continue to contract for at least part of the year,” he says. “Most of the correction in home prices is behind us, but general gains in value next year will be modest by historical standards.”

For Buyers, a Window of Opportunity

“Buyers, especially first-time buyers, with the combined benefits of seller flexibility and an unexpected drop in mortgage interest rates, have a window of opportunity,” he adds. “These conditions will persist in many areas until early spring when inventory supplies are likely to become more balanced.”

Existing-home sales for 2006, finishing the third-best year on record, are projected at 6.47 million, a decline of 8.6 percent from 2005. For 2007, sales expected to rise steadily to an annual total of 6.40 million, which would be 1 percent lower than this year’s total.

“By the fourth quarter of 2007, existing-home sales will be 4.6 percent higher than the current quarter,” Lereah says.

Builders Slow New-Home Construction

New-home sales in 2006 are expected to fall 17.7 percent to 1.06 million, the fourth highest total on record, before sliding an additional 9.4 percent in 2007 to 957,000.

Much of the contraction in the new housing market results from cuts in builder construction to support pricing for current inventories. In addition, high construction costs in many areas are taking a bite out of potential profits.

Total housing starts for 2006 are likely to drop 12.3 percent to 1.82 million units, with another 15.1 percent decline in 2007 to 1.54 million.

Mortgage Rates Seen Rising to 6.7%

The 30-year fixed-rate mortgage is forecast to gradually increase to 6.7 percent by the fourth quarter of 2007. Last week, Freddie Mac reported the 30-year fixed rate dropped to 6.11 percent.

The national median existing-home price for all of 2006 is projected to rise 1.4 percent to $222,600, with another 1.0 percent gain next year to $224,700. The median new-home price should ease by 0.5 percent to $239,700 this year, and then rise by 0.8 percent in 2007 to $241,700.

“Keep in mind that overall home prices were still appreciating at double digit rates in the first quarter of this year — prices in this buyer’s market are temporarily a little below a year ago when we were in a strong seller’s market,” Lereah says. “This correction is one of the factors drawing buyers into the current market, but most sellers are still seeing very healthy long-term gains.”

Unemployment, Inflation Forecasts

The unemployment rate is expected to be 4.8 percent in 2007, after averaging an estimated 4.6 percent this year.

Inflation, as measured by the Consumer Price Index, is forecast to be 3.4 percent for 2006 and 2.3 percent in 2007, while growth in the U.S. gross domestic product is likely to be 3.3 percent for all of this year and 2.3 percent in 2007. Inflation-adjusted disposable personal income is projected to grow 2.6 percent for 2006 and 3.5 percent next year.

— REALTOR® Magazine Online

Study Ranks Nation's Safest Communities

Rick Snyder — Tue, 05 Dec 2006 17:08:00 GMT

Daily Real Estate News | December 5, 2006

The most secure location to live in the United States is St. George, Utah, according the third annual ranking of safe places from Farmers Insurance Group of Companies.

The rankings were compiled from 379 U.S. municipalities' crime statistics and job loss numbers and risks of extreme weather, natural disasters, environmental hazards, and terrorism threats. The study divided the communities into three groups: large metropolitan areas, mid-size cities, and small towns.

Top-ranked St. George, whose population of 110,515 places it among the small towns,
had the lowest crime rate of all 379 communities in the study and the lowest unemployment rate among the 138 small towns.

Here are the top 10 places to live among cities with 500,000 or more residents.

1. Boise City-Nampa, Idaho
2. Portland-South Portland-Biddeford, Maine
3. Las Vegas-Paradise, Nev.
4. Honolulu, Hawaii
5. Sacramento-Arden-Arcade-Roseville, Calif.
6. Scranton-Wilkes-Barre-Hazelton, Pa.
7. San Diego-Carlsbad-San Marcos, Calif.
8. Bethesda-Gaithersburg-Frederick, Md.
9. Syracuse, N.Y.
10. Santa Ana-Anaheim-Irvine, Calif.

Visit the Farmers site to read all the results.

— REALTOR® Magazine Online

Pending Home Sales Confirm Market Is Stabilizing

Rick Snyder — Tue, 05 Dec 2006 01:02:00 GMT

Pending home sales for October slipped 1.7 percent from September and 13.2 percent from a year earlier, the NATIONAL ASSOCIATION OF REALTORS® reports.

The latest Pending Home Sales Index, based on contracts signed in October, is at a reading of 107.2. NAR says the index shows an encouraging “narrowing” trend, as the year-over-year decline is slimmer than the previous two months; In September, the index was 13.6 percent below a year earlier, while in August the decline was 14.0 percent.

David Lereah, NAR’s chief economist, says the numbers show that the market is stabilizing. A fairly steady pace of home sales can be expected for the next two months.

“It’s important to focus on where the housing market is now — it appears to be stabilizing, and comparisons with an unsustainable boom mask the fact that home sales remain historically high,” Lereah says. “They’ll stay that way through 2007.”

He adds that the temporary correction in prices distracts from the fact that it is primarily the number of home sales that affects the economy. “The number for this year will be the third highest on record,” he says.

The index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed and the transaction has not closed, but the sale usually is finalized within one or two months of signing.

An index of 100 is equal to the average level of contract activity during 2001, the first year to be examined and the first of five consecutive record years for existing-home sales. There is a closer relationship between annual changes in the index and year-ago changes in sales performance than with month-to-month comparisons.

Regionally, the Pending Home Sales Index in the Midwest slipped 0.6 percent in October to 95.8 and was 15.4 percent below a year ago. The index in the South declined 1.7 percent to 122.9 and was 9.3 percent below October 2005. In the Northeast, the index eased 2.1 percent in October to 88.0 and was 13.5 percent lower than a year earlier. The index in the West fell 2.7 percent to 109.5 and was 17.4 percent below October 2005.

— REALTOR® Magazine Online

Greenspan Says the Worst is Over for Housing

Rick Snyder — Wed, 29 Nov 2006 18:16:00 GMT

Former Federal Reserve Chairman Alan Greenspan says that the worst of the housing adjustment is over and “sales figures have stabilized.”

He predicted that inventory levels will come down at a "reasonably rapid pace.” He also foresees housing price declines that will have an impact on consumer expenditures. “We haven’t see it yet,” he says.

Greenspan also announced he is preparing to publish an analysis of the effect of mortgage wealth on consumer spending. The paper will include data on gross equity extraction dating to 1968 and a more detailed analysis of data from 1991 to the present.

The thesis, he says, is whether extracted equity is "acting as a proxy for all types of financing of goods that would've been bought anyway."

Greenspan didn’t say when the analysis will be available.

-- Associated Press, Vinnee Tong (11/28/2006)

The Housing bubble myth

Rick Snyder — Sat, 11 Nov 2006 03:07:00 GMT

You hear it in the morning news shows, on the cable networks, and in local news papers. Screaming so called investment professionals saying the housing bubble is bursting.

As a real estate professional, I am regularly asked how I am doing with the market so far down. My answer is, “what are you talking about”? I have been working with buyers and sellers the same now as BB (Before the Bubble). I would like to take this time to say that there is no bubble in real estate. The bubble was coined for the dot com industry that exploded when the paper stock could not be sustained. Real estate buying and selling is the life blood of the United States of America; it has always run the economy and always will.

Boise and Southwest Idaho, just like other parts of the country have started into a correction in a market that was un-sustainable. If you look at real estate in the long term, we are on a swing in the direction of catch up. When you read in our local newspaper that real estate is taking a dive, you must look at the complete picture.

Most folks that have become interested in real estate either as a primary residential buyer, investor or for any other reason do not remember buying a house in the 70’s 80’s or even the 90’s. Most of the news reporters were either not born or were in grade school when their parents bought homes. Your parents bought home’s for sales prices of $29,000 and paid 12% interest and up.

What does a correction in the market mean? It allows buyers the American Dream, to own a home. Now is the perfect time to buy. Interest rates are still at an all time low, incentives to purchase are vast. The correction also means that some real estate professionals, loan officers and other related industries will not be in business next year. Why? Because they listened to the screamers on TV and print news and thought we were a dot com. But we aren’t are we! We deal with human beings that need to know the truth in buying.

What happened with real estate investors? Well, they were never investors. A true investor is a well educated and intellectual individual that has studied the real estate market and is in it for the long haul. Many off-shuts of the so called boom, was the group I call the flippers. No these are not fish, but individuals that tried to cash in on the “craze”. Are they around now? No! They were listening to the morning news shows and print newspapers.

Boise Idaho is a hot market that families from other parts of the nation want to live. We are going to continue to be that hot market. I am proud of our Home, and will continue to provide trustworthy guidance to my clients.

Welcome

Rick Snyder — Sat, 11 Nov 2006 02:50:00 GMT

Welcome to my blog

Property For Sale at 11837 Silverking!

Rick Snyder — Sat, 11 Nov 2006 02:46:44 GMT

11837 Silverking
Boise

Single level home with vaulted ceilings and bonus room, 3 bedroom 2 bath, 4 car garage, and RV parking. Wonderful fenced yard with hot tub. Hardwood floors in kitchen and breakfast nook, plenty of countertops and storage. Cozy living area with entertainment storage, bonus room located upstairs has closet and extra storage. Wood entry and split bedroom design. Tile floors in both bathrooms, walk-in closet and jetted tub in the large master bathroom, note the ceiling design in master bedroom, no back neighbors, close to neighborhood park
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Price: $325000USD

Property For Sale at 3408 Colorado!

Rick Snyder — Sat, 11 Nov 2006 02:46:38 GMT

3408 Colorado
Caldwell

Wonderful family home, 3 bed 2 bath 2 car garage. Mature professional landscaping. Large back yard. Upgrades include newer paint inside and out, comp roof, all windows, Kitchen tile, hickory solid cabinets, wine rack. Close to the new family Y. open floor plan with wide hallways Kitchen remodel in 2000, new windows 1and a half years ago, roof 2 and a half years ago, carpet and vinyl 1 year ago, and whitfield pellet stove.
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Price: $165000USD