2012 Real Estate Update. Overall we can deem the year 2012 in Real Estate as promising! Housing construction and building has consistently improved, contributing to economic growth! 2012 has significantly improved compared to the prior few years.
Refinancing remains consistent. Both Short Sales and Foreclosures showed decreases of 11% and 2% respectively.
Regarding Short Sales here in Idaho, we did get the good news the Mortgage Debt Relief Act is extended the end of year 2013. For more information, click the Short Sale Information and Assistance button.
Building permits are up about 30 percent compared to last year at this time.
Renters are finding they can purchase a home with a payment equivalent or often less than the rent they are currently paying. If you are a Renter and have questions about renting VS buying and what type of loan and down payment you need -contact me at 208-365-8143.
How Much Will the House Payment Be?. When looking for homes to purchase; a good ruler to use is the following: Each $1,000 of the purchase price is approximately $6.50. So purchasing a $100,000 home would equate to a mortgage payment of $650. And this is PITI, Principle, Interest, Taxes and Insurance. There are other factors to consider, such as your down payment, but this gives you a good idea without using a mortgage calculator.