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Homie’s Boise, Idaho Housing Market Update December 2020

The real estate market is getting hotter and hotter. The local Boise market is no exception. Here’s your monthly update on what’s happening.

Data from Intermountain MLS from December 1, 2020 to December 31, 2020.

Monthly Sales

According to data from the Intermountain MLS, Boise home sales are dipping monthly but higher year-over-year. At 1,245 units sold, there were 91 fewer monthly sales in December than in November, a 6.8% decrease. This follows seasonal real estate trends. Looking at yearly changes, there were 28 more homes sold in December 2020 than in December 2019. That’s an increase of 2.3% from last year.

ID Monthly Sales Dec 2020

Data via Intermountain MLS.

Sale Price

At $452K, Idaho’s average sale prices continued to rise last year. The average home price in December 2020 was $87K, or 23.7%, higher than in December 2019. The monthly trend follows the yearly move upward. Average home sale prices were up by $3.7K, or .8%, from November 2020.

Idaho Sales Prices Dec 2020

Data via Intermountain MLS.

Days on Market (DOM)

Homes in Boise are going off the market faster than ever. December’s average number of Days on the Market was 18. The previous month’s average DOM was 17, so the average DOM has stayed steady with a one day, 5.5% increase. The average DOM in December of 2019 was 48. That means a 30-day (a whole month!) decrease year-over-year–a staggering drop of 61.9%. Homebuyers will need to jump to make an offer quickly when they find a home they like.

ID DOM Dec 2020

Data via Intermountain MLS.

Analysis from Max Coursey, Homie Head of Idaho Real Estate

“Boise is one of the fastest growing cities in the country. Since COVID-19, this trend has only accelerated. There are roughly 2,000 (79%) fewer houses on the Boise market now than there were last year, and we already had a housing shortage a year ago. I have personally never seen numbers this low in my 18-year career in the Treasure Valley. This lack of homes for sale and tremendous population growth has led to a very strong seller’s market. It’s not unusual to hear of a seller receiving 20 offers on a property.

Because of the fierce competition and lack of inventory, many homes are selling significantly above the asking price. To sweeten the pot further, buyers often waive inspections and appraisals and offer generous seller leasebacks and other concessions. Sales price data typically lags, as it usually takes 30 days for a home to close after listing, and reports come out monthly. I believe Boise’s median average home prices are actually higher than the numbers stated in the reports.

The good news for buyers is that interest rates are at or near their lowest levels in the last 40 years. This has made home buying more affordable. Buyers can procure a strong hedge against future inflation by securing low interest rates that are fixed for 30 years. If inflation ever comes back, these buyers will be repaying depreciating dollars. In other words, they get more bang for their buck.”

Turn to a Homie

Homie now has local real estate agents in Idaho. These agents are pros in everything they do, including understanding the local real estate market. Click to start selling or buying and to get in touch with your dedicated agent.

The post Homie’s Boise, Idaho Housing Market Update December 2020 appeared first on Homie Blog.

Source: homie.com

Steps to Getting A Financial Advisor in your 20s

Getting a financial advisor in your 20s is a responsible thing to do. At the every least, it means that you are serious about your finances. Finding one in your local area is not hard, especially with SmartAsset free matching tool, which can match you up to 3 financial advisors in under 5 minutes. However, you must also remember that a quality financial advisor does not come free. So, before deciding whether getting a financial advisor in your 20s makes financial sense, you first have to decide the cost to see a financial advisor.

What can a financial advisor do for you?

A financial advisor can help you set financial goals, such as saving for a house, getting married, buying a car, or retirement. They can help you avoid making costly mistakes, protect your assets, grow your savings, make more money, and help you feel more in control of your finances. So to help you get started, here are some of the steps you need to take before hiring one.

Need help with your money? Find a financial advisor near you with SmartAsset’s free matching tool.

1. Financial advice cost

What is the cost to see a financial advisor? For a lot of us, when we hear “financial advisors,” we automatically think that they only work with wealthy people or people with substantial assets. But financial advisors work with people with different financial positions. Granted they are not cheap, but a fee-only advisor will only charge you by the hour at a reasonable price – as little as $75 an hour.

Indeed, a normal rate for a fee-only advisor can be anywhere from $75 an hour $150 per hour. So, if you’re seriously thinking about getting a financial advisor in your 20s, a fee-only advisor is strongly recommended.

Good financial advisors can help you with your finance and maximize your savings. Take some time to shop around and choose a financial advisor that meets your specific needs.

2. Where to get financial advice?

Choosing a financial advisor is much like choosing a lawyer or a tax accountant. The most important thing is to shop around. So where to find the best financial advisors?

Finding a financial advisor you can trust, however, can be difficult. Given that there is a lot of information out there, it can be hard to determine which one will work in your best interest. Luckily, SmartAsset’s free matching tool has done the heavy lifting for you. Each of the financial advisor there, you with up to 3 financial advisors in your local area in just under 5 minutes.

3. Check them out

Once you are matched with a financial advisor, the next step is to do your own background on them. Again, SmartAsset’s free matching tool has already done that for you. But it doesn’t hurt to do your own digging. After all, it’s your money that’s on the line. You can check to see if their license are current. Check where they have worked, their qualifications, and training. Do they belong in any professional organizations? Have they published any articles recently?

Related: 5 Mistakes People Make When Hiring a Financial Advisor

4. Questions to ask your financial advisor

After you’re matched up with 3 financial advisors through SmartAsset’s free matching tool, the next step is to contact all three of them to interview them:

  • Experience: getting a financial advisor in your 20s means that you’re serious about your finances. So, you have to make sure you’re dealing with an experienced advisor — someone with experience on the kind of advice you’re seeking. For example, if you’re looking for advice on buying a house, they need to have experience on advising others on how to buy a house. So some good questions to ask are: Do you have the right experience to help me with my specific needs? Do you regularly advise people with the same situations? If not, you will need to find someone else.

5 Reasons You Need to Hire A Financial Consultant

  • Fees – as mentioned earlier, if you don’t have a lot of money and just started out, it’s best to work with a fee-only advisor. However, not all fee-only advisors are created equal; some charges more than others hourly. So a good question to ask is: how much will you charge me hourly?
  • Qualifications – asking whether they are qualified to advise is just important when considering getting a financial advisor in your 20s. So ask find about their educational background. Find out where they went to school, and what was their major. Are they also certified? Did they complete additional education? if so, in what field? Do they belong to any professional association? How often do they attend seminars, conferences in their field.
  • Their availability – Are they available when you need to consult with them? Do they respond to emails and phone calls in a timely manner? Do they explain financial topics to you in an easy-to-understand language?

If you’re satisfied with the answers to all of your questions, then you will feel more confident working with a financial advisor.

In sum, the key to getting a financial advisor in your 20s is to do your research so you don’t end up paying money for the wrong advice. You can find financial advisors in your area through SmartAsset’s Free matching tool.

  • Find a financial advisor – Use SmartAsset’s free matching tool to find a financial advisor in your area in less than 5 minutes. With free tool, you will get matched up to 3 financial advisors. All you have to do is to answer a few questions. Get started now.
  • You can also ask your friends and family for recommendations.
  • Follow our tips to find the best financial advisor for your needs.

Articles related to “getting a financial advisor in your 20s:”

  • How to Choose A Financial Advisor
  • 5 Signs You Need A Financial Advisor
  • 5 Mistakes People Make When Hiring A Financial Advisor

Thinking of getting financial advice in your 20s? Talk to the Right Financial Advisor.

You can talk to a financial advisor who can review your finances and help you reach your saving goals and get your debt under control. Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post Steps to Getting A Financial Advisor in your 20s appeared first on GrowthRapidly.

Source: growthrapidly.com

Advantages And Disadvantages of Money Market Accounts

Saving money in a place like a money market account can assure that the money will be there safely when you need it. A money market account is an alternative to savings account, and usually pays more interest rate than a savings account.

See, Money Market Vs. Savings Accounts: What’s The Difference.

Overall, money market accounts are worth it, especially if you’re saving for a short-term goal. However, like any investments, there are some disadvantages to money market accounts. 

In this article we will address three main things: what is a money market account and what are the advantages and disadvantages of money market accounts.

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What is a money market account?

Before we get to the advantages and disadvantages of money market accounts, it’s best to define what a money market account is.

A money market account is an interest bearing account that you can open at a bank or credit union. It is more like a savings account, though there are some key differences.

Money Market Accounts Advantages and Disadvantages.

Advantages

Let us consider the advantages of money market accounts.

Interest rate: The main benefit of a money market account is that the interest rate is much higher than that of a regular savings account. For example, CIT bank offers a money market account with 1.00% APY. Whereas the interest rate for a typical savings account is anywhere around 0.10%. MMAs interest rates are similar to those of certificate of deposits. The main difference, however, with a CD you earn a fixed interest for a fixed amount of time. And CD rates are higher than MMAs. And a penalty may apply if you withdraw your money early.

FDIC Insured. One of the benefits of money market accounts is that they are FDIC insured. Your money is secured by the federal government of up to $250,000. If you have more money than that, then you will need to open another account so all of your money can be protected.

To recap, money market accounts are FDIC insured, they offer higher interest rates than savings accounts, and they permit check writing privileges. Despite these many advantages, money markets also have disadvantages.

What are the disadvantages of a money market account?

Minimum balance: Most money market accounts require a minimum deposit account of $1,000. Although, that’s not a big amount, it may not be feasible for a young saver. Plus, a penalty will apply if your balance falls below the minimum requirement.

Limited check writing: While MMAs offer check writing privileges, there is a limit. With a money market account, you can only write six checks per month against your balance, which can be a disadvantage if you pay a lot of bills every month. So, money market accounts are a disadvantage for those who need to write more than six checks per month. 

Account fees: Another disadvantage of money market accounts is the fee. If you don’t maintain the required minimum balance, a fee will apply. So, maintaining the minimum balance is important because any fee will eat out your interest or earnings.

Taxes: Taxes are another disadvantage of money market accounts. You will pay taxes on whatever interest you earn in a MMA.

Inflation: just like taxes and account fees can reduce your interest, inflation can do the same thing. Let’s suppose you generate a 3% return on your money market account per year, and the inflation is 4%. That can impact your total return significantly.

Best Money Market Accounts

CIT Bank Money Market Account

The CIT Bank money market account is one of the best ones out there. Currently, the money market account offers a 1.0% APY.

This is very competitive comparing to other MMAs.  Moreover, CIT Bank’s MMA has a required account minimum of only $100.

Open a CIT Bank Money Market Account.

Bottom line:

While money market accounts offer several benefits, there are disadvantages as well. The main disadvantages are that the minimum balance can be high for a young investor. Moreover, taxes and account fees can eat away whatever interest you might earn. 

Related: 

  • 7 Best Short-Term Bonds to Buy in 2020
  • Vanguard CD Rates: How Much Can You Earn
  • Grow Your Money: Mutual Funds & CDs

Speak with the Right Financial Advisor

  • If you have questions about your finances, you can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc).
  • Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.
*TOP CIT BANK PROMOTIONS*
PROMOTIONAL LINK OFFER REVIEW
CIT Bank Money Market 1.00% APY Review
CIT Bank Savings Builder 0.95% APY Review
CIT Bank CDs 0.75% APY 1 Year CD Term Review
CIT Bank No Penalty CD 0.75% APY Review

The post Advantages And Disadvantages of Money Market Accounts appeared first on GrowthRapidly.

Source: growthrapidly.com

8 Upfront Costs of Buying a House

Looking to buy a home soon? There will be upfront costs of buying a house.

You may have found a house that you like. You may have been approved for a mortgage loan, and have your down payment ready to make an offer. If you think that, at that point, all of the hard work is over, well think again.

In addition to the down payment, which can be significant depending on the price of the property, there are plenty of upfront costs of buying a home. As a first time home buyer, this may come to you as a surprise. So, be ready to have enough cash to cover these costs. In no particular order, here are 8 common upfront costs of buying a house.

If you are interested in comparing the best mortgage rates through LendingTree click here. It’s completely free.

What is an upfront cost?

An upfront cost, as the name suggests and in terms of buying a house, is out of pocket money that you pay after you have made an offer on a property. They are also referred to as closing costs and cover fees such as inspection fees, taxes, appraisal, mortgage lender fees, etc. As a home buyer, these upfront costs should not come to you as a surprise.

What are the upfront costs of buying a house?

Upfront cost # 1: Private mortgage insurance cost.

If your down payment is less than 20% of the home purchase price, then your mortgage lender will charge you a PMI (private mortgage insurance). A PMI is an extra fee to your monthly mortgage payment that really protects the lender in case you default on your loan. Again, depending on the size of the loan, a PMI can be significant. So if you know you won’t have 20% or more down payment, be ready pay an extra fee in addition to your monthly mortgage payments.


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Upfront cost #2: inspection costs.

Before you finalize on a house, it’s always a good idea to inspect the house for defects. In fact, in some states, it is mandatory. Lenders will simply not offer you a mortgage loan unless they see an inspection report. Even if it is not mandatory in your state, it’s always a good idea to inspect the home. The inspection cost is well worth any potential defects or damages you might encounter.

Inspection fee can cost you anywhere from $300-$500. And it is usually paid during the inspection. So consider this upfront cost into your budget.

Upfront cost # 3: loan application fees.

Some lenders may charge you a fee for applying for/processing a loan. This fee typically covers things like credit check for your credit score or appraisal.

Upfront cost # 4: repair costs.

Unless the house is perfect from the very first time you occupy it, you will need to do some repair. Depending on the condition of the house, repair or renovating costs can be quite significant. So consider saving up some money to cover some of these costs.

Upfront cost # 5: moving costs.

Depending on how far you’re moving and/or how much stuff you have, you may be up for some moving costs. Moving costs may include utilities connections, cleaning, moving

Upfront cost # 6: Appraisal costs.

Appraisal costs can be anywhere from $300-$500. Again that range depends on the location and price of the house. You usually pay that upfront cost after the inspection or before closing.

Upfront cost # 7: Earnest Money Costs

After you reach a mutual acceptance for the home, in some states, you may be required to pay an earnest money deposit. This upfront costs is usually 1% to 3% of the home purchase price. The amount you pay in earnest money, however, will be subtracted from your closing costs.

Upfront cost # 8: Home Associations Dues

If you’re buying a condo, you may have to pay homeowners association dues. Homeowners association dues cover operation and maintenance fees. And you will pay one month’s dues upfront at closing.

In conclusion, when it comes to buying a house, there are several upfront costs you will need to consider. Above are some of the most common upfront costs of buying a house.

Click here to compare mortgage rates through LendingTree. It’s completely FREE.

MORE ARTICLES ON BUYING A HOUSE:

10 First Time Home Buyer Mistakes to Avoid

How Much House Can I afford

5 Signs You’re Better Off Renting

7 Signs You’re Ready to Buy a House

How to Save for a House


Not All Mortgage Lenders Are Created Equally

When it comes to getting a mortgage, rates and fees vary. LendingTree allows you to view and compare multiple mortgage rates from multiple mortgage lenders all in one place and at the same time, so you can choose the best rates for your needs. LendingTree makes getting a loan faster, simpler, and better. Get started today >>>

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How to Get a Chase Debit Card Replacement

If you lose your chase debit card by any chance or if it was stolen, you can request a replacement very easily. But one thing you cannot do anymore is to just go to a Chase branch in your neighborhood and request a replacement card. While it was convenient, Chase discontinued that method due to fraud.  We’ll show you how you can replace your chase debit card in 3 other ways.

Note that if you card is about to expire, there is no need to request a replacement card. Chase will automatically send you a new card during the month your current card will expire. The main reasons to request a card are if your card has been stolen, lost, or damaged.

Three Simple and Easy Ways to Request a Chase Debit Card Replacement:

1. Do it online at Chase.com

The first way to request your Chase debit card replacement is to do it online.

1. Go to Chase.com to sign in. 2. Once you are on the homepage, click on the “More…” options. 3. Then, click on “Account Services.” 4. Then, click on “Replace a lost or damaged card.”

After you have completed all these steps, the new window will ask you to choose a Chase debit card that you need to replace. It also ask you to choose a reasons why you need to request a Chase debit card replacement.

The three main reasons you will notice on the drop down menu are: 1) my current cards needs to be re-issued; 2) My card is lost; 3) My card wasn’t received.

Once you have chosen a reason for replacement, review and submit your request. You should receive your card in 3-5 business days. If you don’t receive your card after five days, call Chase customer service using the number on your statement. 

2. Replace your Chase Debit Card by calling customer service.

Another way to order a Chase debit card replacement is through telephone. Using the Chase customer service is available 24/7. So you can call immediately, especially if you think your debit card was stolen.

The telephone number to call is 1-800-935-9935. If your credit card that is lost, damaged or stolen, the right telephone number is 1-800-432-3117.

3. Replace your Chase debit card is through the Chase Mobile app.

Lastly, the third way to replace your Chase debit card is through the Chase Mobile app.

If you have installed it on your phone, this should be very easy and straightforward. Right from your phone, follow these steps:

1) After you login into your Chase Mobile app, tap on the debit card or credit card you want to replace. 2) Scroll down to find “Replace a lost or damage card.” 3) Then, choose the card you want to replace and then choose a reason for replacement. 4) Review your request and submit it.

Simple and done!

In conclusion, if you think you need a Chase replacement card, request it either from the Chase Mobile app, sign in to chase.com, or call the 800 number. It’s easy and you can request it in under 5 minutes. But one thing you cannot do is visiting your local branch and request one instantly. Chase will not replace your debit card at any of its locations. You’ll have to use the three methods outlined above.

Related:

  • CIT Bank Savings: How Much Can You Earn?
  • How Much Should You Save a Month?
  • What is a Consumer Loan

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Source: growthrapidly.com