Janet Sorensen Real Estate Blog

Why NOW is a Great Time to Buy a Home in Idaho Falls

Janet Sorensen — Fri, 17 Sep 2010 18:07:41 +0000

So you are waiting to buy a home because you have heard that home prices may drop some more? That may or may not happen – no one has a glass ball that can foretell the future. However, even if home prices do drop a little further, does it really benefit you you delay making that purchase? Here are some reasons why buying now is most likely the best option.

1. It is possible that the prices right now are the lowest they are going to go. It is however likely that interest rates will rise. Even if prices drop another 5%, an increase in your interest rate of just 1% will cost you an extra $75 PER MONTH on a $175,000 home. So is it worth the wait?

2. The amount of inventory on the market right now in most areas, even Idaho Falls, is higher than it has been in recent history. It’s a buyers market. Most people and banks are willing to give you a deal – and your selection has never been better.

3. How long are you planning on living in your new home? Unless you plan on selling within 12 months, it really doesn’t make any difference if home prices drop a little in the next year. They will eventually begin to increase.

4. If you are trying to sell a home to purchase a new one, you need to understand that you are not going to be able to sell your home for top dollar and then turn around and purchase a home in the same area for rock bottom prices. Its either a buyers market or a sellers market – not both. If you wait a year hoping to get a better price for your home, guess what – the home you want to purchase will have also increased.

So the reality of the housing market both here in Idaho Falls and in most other areas of the country is that your best bet is to lock in to a historically low interest rate, have a huge selection of homes to choose from, and get a great deal today. There has never been a better time to buy a home in Idaho Falls.

Moving to Remax Homestead Realty

Janet Sorensen — Wed, 08 Sep 2010 21:25:57 +0000

Just wanted to announce my move to Remax Homestead Realty! I am so happy to be at the top producing agency in Eastern Idaho! I know my move here will benefit all of my clients who are trying to sell their home. With tons of media advertising and a very reputable name, you can’t go wrong with Remax! Please feel free to call me and ask me about my Hassle Free Listing if you are interested in selling your home here in Idaho Falls!

Looking for Luxury Homes in Idaho Falls, ID?

Janet Sorensen — Tue, 24 Nov 2009 19:16:47 +0000

Lets face it – the current economy is bad news. We hear it every day when we switch on the TV or surf the web. But guess what? The current economy has done wonders for pricing on luxury homes. All over the country, many people got caught up in speculation and built very large, very expensive homes. Some built them to live in, others just as an investment. I am saddened by the amount of homeowners who got in over their heads.

The good news is that it forced a huge price reduction on the higher end homes here in Idaho Falls. Luxury homes that were listed at 1.2 million dollars just 2 years ago are being sold for half that amount. In fact, of the 12 homes that were sold this year in Bonneville County over the $400,000 mark – the average sales price was just 79% of the original list price.

What does that means for buyers who are looking for a luxury home in Idaho Falls? It means that there are some great deals out there. Not every luxury home that is on the market is a distressed property. But there are some that are really fantastic buys. If you are looking to upgrade or buy a new luxury home in Idaho Falls, call me and let me put my experience to work for you.

Short Selling Your Home in Idaho Falls May Not Be the Answer

Janet Sorensen — Fri, 20 Nov 2009 20:03:57 +0000

Are you struggling to pay your mortgage payments? Have you experienced a significant decrease in income? Are you already behind in your payments? Do you owe more on your home than it is worth? If you answered “yes” to some or all of these questions, you may want to visit www.makinghomeaffordable.gov
The federal government is offering 2 different types of help for home owners who are struggling to make their mortgage payments.

Loan Modification: If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.

Loan Refinance: If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be able to refinance.

To see if your home in Idaho Falls qualifies for either of these programs, make sure to visit www.makinghomeaffordable.gov.

Watch this video for stories of people just like you, who found themselves in trouble with their mortgage.
You Tube Video – Getting the Help You Need

If you do not qualify, please call me so that I can explore alternate options with you.

It’s a GREAT time to buy a home in Idaho Falls, Idaho!

Janet Sorensen — Thu, 05 Nov 2009 21:39:58 +0000

With interest rates at an all time low, declining home prices, and the tax credit, PLUS a large inventory of homes for sale in Idaho Falls, NOW is a great time to purchase a home. In early 2007 there were only 550 homes on the market in Bonneville County – the selection was limited and prices were higher. Today there are more than 1000 homes for sale in Bonneville County – and there are some GREAT deals to be had out there! The selection has never been better and the prices are outstanding. If you are in the market to buy a home in Idaho Falls, give me a call today and let me help you get into your new home before Christmas!

First Time Homebuyers Tax Credit Extension – Idaho Falls

Janet Sorensen — Thu, 29 Oct 2009 03:49:46 +0000

Breaking news! Associated Press – Wednesday October 28, 2009

WASHINGTON — Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, said a congressional aide, who spoke on condition of anonymity because he was not authorized to publicly discuss the deal.

There has been information that has been floating around out there that the extension will also DECREASE the amount of the credit up to 10%. There is still time to get in on the current $8000 first time homebuyers credit – homes must close before November 30th of this year. Typical escrow for Idaho Falls is 30 days, but many of the local banks can close a loan much faster.

First time home buyers hurry and contact me before time runs out!

Facing Foreclosure??? There is Help for Homeowners In Trouble in Idaho Falls!

Janet Sorensen — Mon, 26 Oct 2009 19:27:30 +0000

With the recent economic troubles, it is understandable that some homeowners are having trouble making their mortgage payments. There are options out there to help! The WORST thing you can do is NOTHING. The following are some options that you may want to consider:

Refinance	Homeowners who are current on their mortgage payments may be able to take advantage of today’s lower rates and refinance their current mortgage via the Home Affordable Refinance, a component of the Making Home Affordable initiative launched in early 2009. For more information on this program you can visit www.makinghomeaffordable.gov
Sell and Bring Cash to Closing	Although many people today do not have the necessary cash to pay the deficiencies at closing, they may have assets that they can liquidate to cover the loss. This option enables the homeowner to protect their credit rating.
Lender Workout	Lenders will often work with distressed homeowners to help them keep their homes. Some of them may forgive back payments, roll back interest rates, or possibly recast the entire loan and wrap all fees into a new fixed rate mortgage. In order to take advantage of this, you MUST call and talk to your lender. I understand that this is a very personal matter, and sometimes quite embarrassing, but it is in your best interest to contact them and see what they can do for you.
Short Sale	A short sale is a situation where a homeowner owes more on their property than is likely to be produced if they sell, and the homeowner is unable to bring the cash to closing to cover the deficit. In a short sale, the bank has not yet foreclosed on the property, but the homeowner is behind in their payments. The homeowner MUST have a hardship which has caused them to fall behind in their payments. Examples of hardships include: Loss of Job or Income Divorce or Death of Spouse Illness and medical costs Natural Disasters If you believe you may be eligible for a short sale, contact me! I have extensive experience in getting short sales approved. I have worked with many of the national and local banks and have a 100% approval rate in the shorts sales I have done.
Deed in Lieu of Foreclosure	A “deed in lieu” occurs when the borrower agrees to trade the property to the lender in exchange for the cancellation of the note.
Foreclosure	If you are only weeks away from foreclosure, some of the above options may not be an option for you. My advice is to contact your lender IMMEDIATELY and see if they are willing to entertain any foreclosure alternatives. In a foreclosure, the bank looses too – so their best options is to work with you!
Do Nothing – Walk Away	If you are simply unhappy that the value of the property is less that what you paid for it or what you owe, you may need to contact an attorney for advice. This is the worst option and can have a very detrimental affect on your credit.

If you are having trouble making your mortgage payments – remember the WORST option is to DO NOTHING. Please feel free to contact me if I can help you in any way!