The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Steve Murray on the importance of protecting property rights

In this episode, Steve Murray, RealTrends advisor and industry stalwart, discusses some of the issues facing private property rights, including how a case in Germany could potentially affect U.S. legislation.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Real Estate

Homes in Boise, Idaho are “flying off the market”

With less than a week's worth of inventory, buyers are bidding up to six figures over asking prices

Boise-Idaho-HW

Boise, Idaho was the No. 1 midsized housing market to watch in 2020, according to Zillow, because of its draw for young professionals, families, and retirees alike. In 2018, Forbes ranked the city No. 1 on its list of America’s Fastest Growing Cities.

The demand is clear — the Boise housing market has just 0.3 months worth of supply, according to Keller Williams Realty Boise, and homes typically stay on the market for just five days. That has led to a sharp increase in the median home price to $390,000, a 16.4% increase compared to this time last year.

Steven Caporale, founder and principal of Accel Realty Partners in Boise, has been in the industry for 25 years and said he’s never seen the housing market look like this.

“In high-demand areas where only one or two properties come on the market, maybe in a month, we’re seeing [buyers paying] upwards of $100,000 to $150,000 over asking price.”

It’s not uncommon to hear that bids on homes are that high, according to Stacie Herrig, a Realtor with Epic Realty in Meridian, Idaho, and sometimes she can see 10 to 20 offers on a home. Especially if a home has acreage, it will “fly off the market.”

Herrig said the demand leads to really quick turn times.

“I’ve talked to an agent and they’re like ‘Oh yeah, I had this coming soon and I already had an offer on it.’ They’ll just write an offer sight unseen,” she said.

In Ada County specifically, where Boise is located, the number of homes for sale dropped from 1,697 last October to just 355 in October 2020, a 79% decline. There’s 0.35 months worth of housing inventory, which is the lowest ever, the report from Keller Williams said. Notably, in 2011, existing home prices in Ada County were at $160,113. Now, in 2020, median existing home prices are at $410,414.

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