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With your help it was easy to determine which subdivision best suited our needs. The financial decision to purchase was made based on soled facts which you promptly made available. I feel very comfortable recommending you to anyone -- your work speaks for itself.

Wiebe Listing

752 N Morningside Way, Boise
	Asking: $899,000 Bed: 4 Bath: 4 Sq Ft: 4183 Garage: 4 View Home »

Spring 2009 Meridian, Idaho first time buyer market priced under $140,000

Hey, have you heard of the $8,000 tax credit that everyone is talking about? It's for first time home buyers. It's a way to get some money from the government (may as well... the banks are). Seems that this give-away in combination the warmer weather has brought out the buyers. I've been working with just such an individual. Here's an assessment of market conditions related to what he's after.  We've been shopping for a home priced under $130,000 that has the following features:Minimum 3 bedroomsMin 2 bathsMin 2 car garageNewer than 1995At least 1,000 sq/ftBoise or Meridian location (forget about Boise, it's out of the price range)Everyone wants a deal, right? So the best deals are going to be bank owned properties; foreclosures (called REO's). Another option could be to offer on a short sale properties and hope the bank owning the existing mortgage is willing to forgive the seller for part of the loan they can't repay at closing.It turns out that this segment of the market is just getting hammered by the buyers. You see, In review of sold transaction since 3/1/2009 with the criteria above, we can see what buyers have been able to get for their money. It's exactly our search criteria above. Obviously the market is becoming more aggressive in this segment for the reasons we've discussed. Consistently, buyers are paying $90 to $100 per sq/ft.Statistically...20% sold were sold as short sales.50% were sold as REO bank owned. So are there any properties left to consider? YES. But it's getting thinner. There are only a few REO's left in this range and the short sales are going into contract. You'll need to pick through the list and likely make some adjustments to your want list. Start by looking for homes a little older than 1995. Increase the search to $140,000. Consider Nampa near the Idaho Center. Have some patience and wait for the next REO listing to onto the market.  The deals are still out there and more to come, but the competition is heating up as buyer look to get a deal, a tax credit and a low rate. 

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