J. Kent Erickson, Broker Associate
Direct / 208.447.7848

The #1 Reason to List Your House Today!

Posted by on Dec 31, 2017 in Uncategorized | 0 comments

The #1 Reason to List Your House Today! Many people believe that selling their house during “the spring buyers’ market” is the best thing to do. Their reasoning is that there will be more buyers than there are during the winter months and, therefore, their house will sell quicker and for a higher price. Historically, this made sense. However, today’s real estate market is not following the rules of the past. The National Association of Realtors (NAR) measures buyer “foot traffic” each month. It receives data on the number of properties shown to a prospective purchaser by a Realtor® (based on the number of lockboxes used). The data reveals the number of buyers out actively looking for a home, not just window shopping on the internet. NAR explains: “Foot traffic has a strong correlation with future contracts and home sales, so it can be...

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Home Prices Up 7% from Last Year

Posted by on Dec 30, 2017 in Uncategorized | 0 comments

Home Prices Up 7% from Last Year According to CoreLogic’s latest Home Price Index, national home prices have appreciated by 7.0% from October 2016 to October 2017. This marks the second month in a row with a 7.0% year-over-year increase. A lack of supply of homes for sale has led to upward pressure on home prices across the country, especially in areas where both existing and new home inventory have not kept up with buyer demand. CoreLogic’s Chief Economist Frank Nothaft elaborated on the significance of such a large year-over-year gain,  “Single-family residential sales and prices continued to heat up in October. On a year-over-year basis, home prices grew in excess of 6 percent for four consecutive months ending in October, the longest such streak since June 2014. This escalation in home prices reflects both the acute lack of supply and the strengthening economy.”...

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Why Is There So Much Paperwork Required to Get a Mortgage?

Posted by on Dec 28, 2017 in Uncategorized | 0 comments

Why Is There So Much Paperwork Required to Get a Mortgage? Why is there so much paperwork mandated by the lenders for a mortgage loan application when buying a home today? It seems that they need to know everything about you and requires three separate sources to validate each and every entry on the application form. Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago. There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history. 1. The government has set new guidelines that now demand that the bank proves beyond any doubt that you are indeed capable of paying the mortgage. During the run-up to the housing crisis, many people ‘qualified’ for mortgages that...

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5 Reasons to Sell This Winter!

Posted by on Dec 26, 2017 in Uncategorized | 0 comments

5 Reasons to Sell This Winter! Here are five reasons listing your home for sale this winter makes sense. 1. Demand Is Strong The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home. Take advantage of the buyer activity currently in the market. 2. There Is Less Competition Now Housing inventory is still under the 6-month supply that is needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have...

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Bubble Alert! Is it Getting Too Easy to Get a Mortgage?

Posted by on Dec 22, 2017 in Uncategorized | 0 comments

Bubble Alert! Is it Getting Too Easy to Get a Mortgage? There is little doubt that it is easier to get a home mortgage today than it was last year. The Mortgage Credit Availability Index (MCAI), published by the Mortgage Bankers Association, shows that mortgage credit has become more available in each of the last several years. In fact, in just the last year: More buyers are putting less than 20% down to purchase a home The average credit score on closed mortgages is lower More low-down-payment programs have been introduced This has some people worrying that we are returning to the lax lending standards which led to the boom and bust that real estate experienced ten years ago. Let’s alleviate some of that concern. The graph below shows the MCAI going back to the boom years of 2004-2005. The higher the graph...

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