thehousingbubble@gmail.com
Blog

Some Buyers Need To Sell Faster Than They Originally Thought

A report from KIVI TV 6 in Idaho. “It’s no secret that the housing market in the Treasure Valley is booming. Jessica Argyle and her family just got the keys to their new house. The process went smoother than she thought. ‘We didn’t think we would qualify for a house because we both went back to school and have been getting back on our feet and just decided to see where we were at and luckily it all worked out,’ said Argyle.”

“She only started looking for a house six to eight weeks ago. ‘It went really fast after that,’ said Argyle. ‘We thought we were like a year off and it worked out that we aren’t and it’s awesome.'”

The Standard Journal in Idaho. “‘I get a lot of complaints from younger families who would like to buy a home. They would rather live closer to campus, but there’s not that much available. What is available is overpriced and only lasts a very short period of time before it sells,’ said Rexburg Real Estate Agent Bob Canning.”

“There are significantly more homes available between $250,000 and $300,000 in the region. Currently there are 31 such properties available, but first time buyers often can’t qualify to pay those costs. ‘That kind of price keeps young families out,’ Canning said.”

“Yet, for those who snag a home, financing is available thanks to various flexible nontraditional home loans. Beehive Credit Union Mortgage Loan officer Jeanne Wright says that the credit union relies on nontraditional ways to help get young families into home loans. The credit union uses Idaho Housing and Rural Development of Idaho to help families get into a home.”

“‘With rural development, there is 100 percent financing. They don’t need a down payment,’ she said.”

“Idaho Housing also relies on other sources of credit for young families who may not have much on their credit report, Wright said. ‘For instance, we could use a 12-month rent history. We could use a history of paying their utilities, school tuition – anything they pay,’ she said.”

“The bank also considers student loans that are in forgiveness when considering a family for a home of their own. ‘If they have applied for an income-based repayment program, and it says ‘Due to their income, they don’t have to make any payments,’ we can use that. We can get them on the HUD housing Idaho housing preferred program,’ she said.”

From Lehigh Valley Live on Pennsylvania. “Prices keep decreasing in today’s housing market. There’s no one reason why, according to real estate experts. Homes could be overpriced from the get-go or some buyers could be in financial binds and need to sell faster than they originally thought.”

“If a seller prices a home too high — even in a hot market — it’ll sit on the market, growing stale to savvy buyers until they reprice it, said Ilyce Glink, who hosts the ‘Real Estate Minute’. We gathered a sampling of some of the most recent reductions across Northampton and Lehigh counties and listed them from high to low, according to Trulia.”

“We also found a few homes that have hit the foreclosure stage and going up for auction later this month. The steepest savings we found in the sampling included one home reduced by nearly $338,000.”

From New Jersey Advanced Media. “One of only three homes in the state designed by famed architect Frank Lloyd Wright went back on the market over the weekend for $1.45 million, according its Trulia listing.”

“Known as the James Christie House and designed in 1940, the Bernardsville home is located on more than 7 acres and has been on-and-off the market since June 2016, when it was first listed for $2.2 million, according to the listing.”

“Besides the distinctive architecture, the home also has a great master suite (pictured above) and two fireplaces. Since the current owners bought the home in 2015 for $1.7 million, they have made a variety of updates, including replacing the roof and electrical upgrades, according to previous reporting by NJ Advance Media.”

Related Posts
This Post Has 29 Comments

  1. ‘The bank also considers student loans that are in forgiveness when considering a family for a home of their own. ‘If they have applied for an income-based repayment program, and it says ‘Due to their income, they don’t have to make any payments,’ we can use that. We can get them on the HUD housing Idaho housing preferred program’

    Jeebus…

    ‘With rural development, there is 100 percent financing. They don’t need a down payment’

    This “rural” program is available almost everywhere.

    1. So ultimately, who will be the bagholder for those Idaho mortgages? US taxpayers in general? Or just taxpayers in Idaho?

    2. Checked out a 2/1 in Boise yesterday at 9am. Went on the market 9/29. Built in 1900, double lot. Asking was $300k, as is. Incredible neighborhood and schools, but definitely needed some work – but wasn’t horrible. At 9am yesterday, they had three offers: one of which was waiving all contingencies (including inspection) and was above asking (not sure how much).

      Certain neighborhoods are still driving this lunacy. Inventory is up, price cuts for most stuff sitting on market. Long was to go on this thing.

        1. Exactly what I told my wife in laughing at the person who’d take that gamble. From just a visual inspection: needed roof, asbestos abatement/removal on the ceiling panels, and the beautiful original hardwood floor in the main living room area was visually sloped – no idea if possible foundation or joist issue.

    3. “How much each job pays varied, but according to the webpage datausa.io, the average Rexburg wage is estimated to be $39,000.”

      Families around Rexburg also have large families often producing another child annually. SNAP cards are very popular around there.

  2. Beehive Credit Union. Catchy name.
    Maybe their slogan is, “We’ll put the sting on you”.

  3. ‘We didn’t think we would qualify for a house because we both went back to school and have been getting back on our feet and just decided to see where we were at and luckily it all worked out,’ said Argyle.”

    Oh, Argyle. You have no inkling of the schlonging that’s headed your way.

  5. “They would rather live closer to campus, but there’s not that much available. What is available is overpriced and only lasts a very short period of time before it sells,’ said Rexburg Real Estate Agent Bob Canning.”

    Keep slinging that “shortage” Kool-Aid, Realtor Boy. If these college students bother to read the headlines, they’ll know that soon enough the greedheads of yesterday will be the panicked sellers of tomorrow.

  6. “Besides the distinctive architecture, the home also has a great master suite (pictured above) and two fireplaces. Since the current owners bought the home in 2015 for $1.7 million, they have made a variety of updates, including replacing the roof and electrical upgrades, according to previous reporting by NJ Advance Media.”

    Housing always goes up. Housing always goes up. Housing always goes up 🙂

    1. I may be late to the party, but has anyone noticed the number of foreclosures in south NJ? Apparently they are mostly from the last bubble, and are only now (last year, this year) working their way out of the judicial system.

    2. Oh, and every dollar spent on renovations yields at least 1.5 dollars to your selling price. Cuz it makes the house more special and stuff.

    3. On the one hand, that house is a complete outlier – 7 acres and Frank Lloyd Wright, so you really can’t make any meaningful comparisons between it and other properties in terms of specifics.

      On the other hand though, it doesn’t make it immune to doing the wrong thing at the wrong time in the market, which the owners did. I’m pretty sure they weren’t expecting they would be taking a hefty haircut when they executed their plan to ‘flip’ that property just 3 years ago. It sounds like they will lose over a half million on it between price drop, fees and omissions, and all the money dumped into it. As they say… “That’s gonna hurt!”

  7. “Beehive Credit Union Mortgage Loan officer Jeanne Wright says that the credit union relies on nontraditional ways to help get young families into home loans. The credit union uses Idaho Housing and Rural Development of Idaho to help families get into a home.”

    Here we go again, bending over taxpayers to get the non-creditworthy into homes they can’t afford and are going to end up losing, all so the FIRE mafia can get its commissions. After the coming financial collapse, I hope we roll out the gallows for all these fraudsters and their political patrons who enabled such swindles on the taxpayers.

    1. So when do the bail-ins begin? Now, THAT will be a moment. Boffa and Wellsgo have been doing dry runs for at least the past year.

    1. That article article had an interesting comment from interesting.

      interesting
      Oct 2, 2018 at 6:36 pm
      I was just back visiting relatives from MI and it’s all about “the big 3” in terms of employment. So my sisters significant other has worked at zillions of auto plants. He’s installed machinery and wired 4 auto assembly plants so he knows WTF he’s talking about.

      Well he visited a Tesla plant late last year and his view of the operation is as follows: “they don’t have a clue WTF they are doing”.

      What he says he found most striking was all assembly plants have what is called a “ship line” meaning the cars rolls of the line and onto a truck to get delivered…….Tesla’s ship line is a really a “fix it line” where all the cars roll of the assembly line and the go and get “fixed”

  14. “‘With rural development, there is 100 percent financing. They don’t need a down payment,’ she said.”

    In$tall & outdoor pizza oven + free GAGA hat & flip.it!

    Ea$y pea$y …

Comments are closed.