Archive for the 'Garden Valley Sellers' Category
Get a CLUE! Getting Insurance on a New Home
April 25th, 2008 Categories: Garden Valley Buyers, Garden Valley Real Estate, Garden Valley Sellers
Picture it! You are all packed and ready to move in.
You can’t wait. You have finally sold your house in the suburbs and have found the home, in the mountains, that you have always dreamed of.
AhOh! The insurance company calls to let you know that the premiums will be double what you expected. The higher insurance premiums where not calculated into your budget for the new house. This is going to crimp your style.
How can this happen?
Have you ever heard of the Comprehensive Loss Underwriting Exchange (CLUE) database? All claims filed against a property are captured in the CLUE database. The CLUE database report provides insurers with an insurance claim history. This report is one tool used by insurers to perform a risk assessment. A look at claims on the property is valuable in identifying damage history. The data may even be indicative of probable future claims activity.
A CLUE report on the Buyer is also used as one benchmark to determine insurance risk.
Hypothetically, a CLUE report that shows a claim paid for flood damage, on a particular property, could result in higher premium payment for a future home owner. Should the new home owner have a CLUE history that reflects frequent insurance claims, the combination could lead to insurance sticker shock.
Insurance companies will also evaluate a Buyer’s credit score to way in on payment risk. Factors in the credit score history may be an indication of the likelihood that premiums will be paid on time.
How to Avoid Surprises.
- When preparing to purchase a new home, contact your insurance company to inquire about your insurance health. Some companies may refer to this as your insurance score.
- Know your credit score, or FICO score. Take steps to increase your credit score, if necessary. This might help in your insurance costs. Higher credit scores may also earn you better loan terms when financing a new home. Get your free, annual, credit report at www.annualcreditreport.com.
- Once you’ve chosen a home to purchase, ask the Sellers to provide you with the homes CLUE report. Property owners are entitled to one free CLUE report each year. They can find their CLUE report at www.choicetrust.com.
- Talk to your Realtor about insurance contingencies when offering to purchase a home. A guarantee of affordable insurance may be an important factor to you.
- Apply for insurance immediately after an offer to purchase is accepted. If you wait until the last minute, the insurance company will offer initial coverage pending a review of the property. You don’t want to discover, after the fact, that they cannot insure the home for some reason.
Surely, you know the Girl Scout motto. “BE PREPARED“.
Part of your fiscal responsibility includes being aware of your financial health. Know your credit score. Consider your credit health when making major purchases or applying for credit. Talk to your insurance agent about your insurability. Find out what the company policies are for reporting to the CLUE database. Do they only report claims or will an inquiry about a possible claim appear on the database?
Take care of yourself. Schedule a fiscal checkup each year when you schedule your physical checkup.
Related Articles:
Is Your Eye On The Right Financial Target. Healthy Credit Is Not Just For Borrowers Anymore.
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Is Your Eye On the Right Financial Target?
April 20th, 2008 Categories: Garden Valley Buyers, Garden Valley Real Estate, Garden Valley Sellers
Don’t Change The Channel. Healthy Credit Is Not Just For Borrowers Anymore.
How important is your FICO score or credit score? As financial institutions swing hard away from the liberal lending policies of the past few years, they are scrutinizing borrows more closely. Lenders use your credit score as an indication of your credit risk.
The higher your score, the more likely you are to make your payments and make them on time. Higher scores will receive preferential treatment in the form of lower interest rates. Paying attention to your credit score can save you more than money. It’s important to understand that it’s not just the lenders that use FICO to judge you as an investment. Car dealers, utility companies, landlords, insurance companies and even hospitals all use the same measuring stick. Any entity that is considering investing in you is using FICO. You may be surprised to learn that most employers will check FICO scores before making a hiring decision. Many avenues of your life are impacted by the health of your FICO rating.
According to our neighbors at Les Bois Federal Credit Union:
FICO or Credit Score is a 3 digit number ranging from 300 - 850.
720, or above, are considered good scores.
FICO scores are based on:
35% - Payment History
30% - Amounts Owed
15% - Length of Credit History
10% - Types of Credit Used
10% - New Credit
Credit Scores to US Population:
350 to 499 1%
500 to 549 5%
550 to 599 7%
600 to 649 11%
650 to 699 16%
700 to 749 20%
750 to 799 29%
Over 800 11%
How can you find your FICO score?
At annualcreditreport.com you can request a free credit report once a year.
How can you keep you good credit score healthy?
- Pay on time - Keep your payments current
- Keep debt to a minimum.
- Keep you credit card balances to 30%, or less, of approved limit.
- Ask your credit card company to increase your limit if you owe over 30% of your approved limit.
- Don’t open new accounts you don’t need.
- Don’t close zero balance accounts.
- Credit check inquiries can add 5 points to your score, so don’t open several new accounts in a short period.
- If you are shopping for a mortgage and several mortgage companies check your credit, it will count as one inquiry.
- Checking your own score will not count as an inquiry.
- If you find an error on your credit report dispute it. The Federal Trade Commission tells you how.
How can you build credit if you have none?
- Establish credit and maintain good credit for at least 6 months
- Apply for a credit card and manage it responsibly
- Develop a mix of credit types. Include installment credit, such as car loans, and revolving credit, such as credit cards.
- Keep debt to a minimum.
- Keep credit card balances low
- Don’t open new accounts you don’t need.
Get an annual checkup. Make your credit score health a priority just as you do your physical health.
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Know Your Strenghts and Weaknesses
April 18th, 2008 Categories: Garden Valley Buyers, Garden Valley Real Estate, Garden Valley Sellers
Is Your Realtor a Mountain Property Specialist?
I love the mountains. I understand them. Mountain property is a unique character. Living in the mountains has it’s own idiosyncrasies. There is snow load, planting seasons, septics, wells, surveys, emergency services, road grading, zoning laws, building codes and on and on.
If a client wanted to hire me to assist them with property in, lets say, the Boise North End. I would have to admit that I am not an expert in the unique characteristics of that neighborhood. Certainly, I can investigate the market. I have many tools available to me for that purpose. But I could never truly know the nuances of the area. It would be in the best interest of the client for me to refer them to an agent who has that particular knowledge.
Buyers and Sellers alike are best serviced when their agent is suited to their needs. Find out if your agent has the expertise you require. Often a client has a great relationship with a particular agent. That agent has done a great job earning your trust and deserves your business. When you need a service that extends beyond your agent’s area of expertise, you can still include them in the transaction. Ask them to find a better suited agent to help you. Most Real Estate companies will agree to offer a generous referral fee to your agent.
After all, would you hire the landscaper to take out your tonsils?
Give your agent my number. Have them ask me about my referral fee.
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Garden Valley Idaho Market Conditions
April 4th, 2008 Categories: Garden Valley Buyers, Garden Valley Real Estate, Garden Valley Sellers
Just the Facts
There is so much controversy about media coverage of the economy. There are those who believe this is the end of the world, as we know it. There are others who sprinkle flower pedals where ever they tread, and never notice they are stepping in a puddle.
Here’s your chance to make up your own mind on the current market conditions in Garden Valley, Idaho.
These facts were taken from the Idaho Intermountain MLS.
Hint: Buyers! Are these numbers speaking to you? Now would be a good time to visit Garden Valley.
Click here to search for available Garden Valley homes and land.
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Welcome Tyler Fortunati
March 3rd, 2008 Categories: Garden Valley Buyers, Garden Valley Real Estate, Garden Valley Sellers
Idaho Central District Health Department Appoints New Boise County Representative.
Tyler Fortunati has been appointed the Boise County representative for the Central District Health Department, replacing the recently retired Malcolm McGregor.
Tyler visited Garden Valley Properties offices and gave us some updates.
Fees for CDHD services, including septic permit applications and renewal applications are reviewed by the department annually. This year fees have increased for those services and others. Here is a link to the current fee schedule.
Applications for septic permits, along with associated fees, must be in the CDHD offices before a representative will visit your property. You can find the application forms, along with instructions, at this link. CDHD will take credit cards, as payment. Be aware that the process requires you to dig a test hole to monitor soil type and ground water. The permit fees do not include the cost of excavation. You will be responsible for hiring the excavator and coordinating his visit with the CDHD representative.
Tyler reminded us that some properties require long term monitoring to evaluate drainfield suitability. In these cases, expect to prepare the site for weekly ground water monitoring from February through June.
Tyler said it is very important for the department to have the current name and contact information of property owners. The main reason is to protect property owners. When a septic permit is approved, but the systems is not installed and inspected, the permit expires after one year. The department sends written notification to the property owner to inform them of the expiration date and the renewal process. The fee for renewal is $73.00. Without the correct name and address, the owner may never be notified. Once the permit expires the land owner must pay the initial application fee and start the permit process over again. This oversight will cost the property owner $412.
Tyler is working closely with Boise County to insure that building permits, for new construction and remodels, have CDHD approval. He reminds us that some home additions may require expanded drainfields.
The Central District Health Department offers a wide range of services to the public. I recently benefited from their assistance when considering foreign travel inoculations. They are very helpful. You can even sign up for a customized, electronic, newsletter. Visit their site at www.cdhd.idaho.gov
Tyler, Welcome to Garden Valley. We look froward to working with you.
Malcolm, Congratulations on your retirement and thanks for all your help.
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Castle Mountain Creeks Real Estate Market Update
February 23rd, 2008 Categories: Castle Mountain Creeks, Garden Valley Buyers, Garden Valley Neighborhoods, Garden Valley Real Estate, Garden Valley Sellers
Since my last Castle Mountain market report, three months ago, the national news has been nothing if not discouraging. True, Garden Valley sales were down in 2007 from 2006. Land sales were hit especially hard. This has been aggravated by the continuing increase in vacant land inventory. Lenders have become extremely wary of investment lending which includes bare ground or speculative building. These loans have become very expensive. Construction loans can still be had for borrowers who intend to reside in the finished home.
On the other hand, home sales were down to a lesser degree, while the average sold price was higher compared to 2006. A lack of product mix in family starter and retirement homes is reflected in the low sales figures for modestly priced properties.
Here’s the Good News!
The reality is that current year-to-date sales are over $4,000,000 while the first six weeks of 2007 produced less than $800,000. In fact, the total sales for 2007 were just over 14,000,000. By my accounting that is not too shabby.
Yes I still think we have some hurdles to cross in the coming year. Garden Valley will not be totally immune to the national financial woes. However, if the current numbers are any reflection of the future, and I believe they are, buyers should be advised to move soon. When the national economy begins to improve it is likely Garden Valley momentum will move at warp speed.
How does this translate to Castle Mountain?
Castle Mountain has had one sale this calendar year. It was a residential property, sold for an undisclosed amount. The listing price was over $450,000. As a matter of fact, five of the eight residential transactions that occurred this year were over $400,000, an indication that the higher end buyer is dominating the market. Most of the 10 available Castle Mountain lots are priced below the average lot price for Garden Valley. We’ll continue to see land struggle as long as money is hard to get. However, Castle Mountain does offer the best inventory under $100,000.
Neighbors! The early indications are positive. The bulk of buyers seem to be looking for higher end homes with lots of attractive features. There are 40 homes on the market and 140 lots (not including the 164 lots in South Fork Landing). Now is the time to polish your properties by scrubbing , painting, trimming, planting, weeding. Look at your property from an objective view point. “Be the Buyer” Ask your agent for suggestions and review your pricing. Make the most of your assets.
I’m in the neighborhood and always available to help. Contact me or visit the Garden Valley Real Estate Blog at www.gardenvalleycurrents.com
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Jumbo Real Estate Signs - I Protest
February 18th, 2008 Categories: Garden Valley Real Estate, Garden Valley Sellers
Please Don’t Put That In My Back Yard!
Most municipalities have some kind of sign ordinance. Boise County is no exception.
I quote the ordinance:
“It is also the intent of this chapter to preserve the rural character by not allowing flashing, reader boards or outsized billboards but to encourage artistic design and creativity through simple effective signage. Therefore, the intent is to promote rural character and not a city center appearance in the county… Residents and tourists will notice the improvements this makes to the general appearance of Boise County.”
Most signage I see in Garden Valley meets the ordinance size and location requirements, except for a few direction signs. Most of those violators are out of area agents. Local agents seem to work hard to obey the laws and be courteous.
It’s true the ordinance allows for a maximum 32 square feet “for sale” sign. Sellers like the largest possible sign to insure that their property is not overlooked. Agents who offer these largest signs stand out as providing expanded services to sellers.
In my opinion the Jumbo sign is unnecessary and inappropriate. Statistics show that 80% of property buyers are shopping on the internet. Most internet savvy buyers are using Google Maps to focus in on property locations. These buyers need only a small, readable, obviously placed sign to confirm they have followed the map correctly. Granted this is often a clumsy solution in Garden Valley. This leads the unsuccessful navigator to stop by the Real Estate office to be guided to available properties. The result is the Realtor has the buyer in the car, as a captive audience, and is selling the property.
Is it really necessary? There is not a lot of visual competition for signs in Garden Valley. In the city there are signs everywhere. Advertisements, billboards, park benches, business signs, construction signs, so many that it’s hard to find the one you are looking for in the congestion. Even the small amount of drive-by shoppers in the Garden Valley market must be able to see well enough to pass the drivers test. So why do they need to read the sign from a mile away?
I wake up every morning to delight in the views of mountains, forest, streams, birds and all the panorama that Garden Valley has to offer. It would be reprehensible to wake some morning to find a “creative and artistic” 32 square foot sign replacing my current view.
Let me propose the ordinance be amended to modify the “for sale” sign maximum size to be 4 square feet. I believe this will better meet the intent of the ordinance, preserving the beauty that is Garden Valley.
Instead of listing their homes with the Brokerage with the biggest signs, sellers can hire the Brokerage with the most signs!
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Garden Valley Friday Favorites
February 8th, 2008 Categories: City of Crouch, Garden Valley Buyers, Garden Valley Events, Garden Valley Friday Favorites, Garden Valley Living, Garden Valley Real Estate, Garden Valley Sellers
Rocky Mountain Elk Neighbors
This is every hunters dream property. Five, unrestricted, acres adjacent to Rocky Mountain Elk Foundation land in Garden Valley Idaho. The proximity to Crouch City services and the future city park, makes it a great spot for the rest of the family, as well. This property has a wonderful building site, with views of the Middle Fork of the Payette River. The perfect combination of privacy, seclusion, great hunting and accessibility.
Find out more here, or, to see this great property contact me for a grand tour.
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The Glass Slipper and 2008 Real Estate Predictions
January 30th, 2008 Categories: City of Crouch, Garden Valley Buyers, Garden Valley Living, Garden Valley Real Estate, Garden Valley Sellers
Will Cinderella find her way out
of the ashes in Garden Valley?
It’s true! Garden Valley Real Estate looked more like a pumpkin than a shiny carriage in 2007 compared to the recent past. Residential sales were down some, while land sales got hit harder. In previous years land inventory was hard to come by. In 2007 land inventory skyrocketed. We are facing 2008 with a 5 year inventory level. The national news couldn’t be more dismal. CNN, MSNBC and the Statesman (just to mention a few) have some folks hiding their cash in the dust bin. The wicked stepmother is everywhere.
Is there any hope for a handsome prince?
Read the rest of this entry »
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Home Inspections! Making Money For Garden Valley Sellers!
November 20th, 2007 Categories: Garden Valley Real Estate, Garden Valley Sellers
Why would a Seller consider paying for a home Inspection? Isn’t that up to the Buyer? In a competitive market your listing package should include this valuable tool.
Garden Valley Sellers Tell All about Home Inspection Cash Benefits:
Preparation
What is the inspector looking for? Perform your own pre-inspection. Address any items that need attention.
Presentation
The inspector must have access to all areas of your home. Start to de-cluttter before he arrives and you’ll be ready for showings, too. “Get Packing”
Partnership
The home inspector is your friend. Having an inspection in your listing package immediately removes some of the Buyers risk and tells him you have taken the extra step to make your home Buyer Ready.
Cost
The cost of a Home Inspection in the Garden Valley market can run between $250 and $500 (don’t make the inspector move the boxes himself!). Pennies when you consider the cost of negotiating repairs at closing. Oh, by the Way! A Sellers Home Inspection is a marketing tool. Ask your agent to share in the cost.
Time
A Seller home inspection avoids delays, or worse. A Garden Valley home inspection can take from 10 - 20 business days. Any flaws could send the Buyer back to the negotiating table. Worse yet, the Buyer walks. All this time your home is pending on the MLS and no agents are showing it. You better hope it’s not November in Idaho.
The Big Payoff - Cash!!
A Seller home inspection can save you big money. Flaws that are found, after the Purchase Contract is signed, open the Seller up for renewed negotiation. By now, all of your precious belongings are in the moving van. You have lost all leverage. The Buyer may want thousands to make the repairs.
For More Information, Call Kathy Vaughan @ Garden Valley Properties - 208-462-4620
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