North Idaho Janna

Janna Rankin Scharf, GRI, CLHMS, CSP - Coeur d'ALene Idaho Real Estate

Currently, I am representing some buyers who are hoping to purchase a short sale property.  The listing agent, a great guy and very busy listing agent, is using the title company to handle the short sale process and negotiations.  The sellers have given authorization to the escrow officer, not the listing agent. The listing agent passed off the purchase contract to the title company.  The title company was assigned to work with the seller to acquire and handle all the short sale paperwork and submit the packet. Then follow up, negotiate and take care of everything.  The title company, whose business is all about title insurance.

In this  case, I am actually coaching the escrow officer through the process, answering her questions, and giving her direction! The listing agent, who would normally be taking care of all of this, is completely absent from the process! Because it is in the best interest of my buyer clients, I am doing anything I can to increase the odds of success for them by being a short sale information resource to the title company! 

I have come to find that a lot of agents locally are doing this.  They take the short sale listings, pass them off to the title company, and don't invest any PERSONAL effort to get the deal done. If the escrow officer is successful in getting an approval, great.  If the short sale approval  isn't forthcoming, well, they didn't invest much  time, so it's not a big deal to them.  It's a numbers game, get as many listings as you can to the title company and some will stick.

This poses a very interesting question.  The escrow officers at the title companies aren't negotiation specialists, and they don't have an ethical or fiduciary or agency responsibility to the Seller.  They are trying to be a helpful resource to the agents as they compete for the title policy business of these agents.  But this is certainly not in the best interest of the Sellers.  

As the listing agent with short sales, it takes an unimaginable amount of effort to get most deals done. The failure rate is high, statistically up to 60%.  That's why it is so appealing to some agents to pass the buck file to the title company and move on.  As a Seller in that scenario, your odds of success are much less than if you have a hands on AGENT experienced in the ins and outs of short sales personally  working on YOUR file and pulling out all the stops to keep your home out of foreclosure!

Click here for a glimpse of what it took to get one of my short sales closed... 

Before you list your home as a short sale in 
Coeur d'Alene, be sure you know WHO will be negotiating on your behalf!

Janna Rankin Scharf, GRI, CLHMS, CSP - Coeur d'Alene Idaho Real Estate

For the most part, Sellers in Coeur d'Alene have come to grips with the reality of the current market conditions and are pricing their homes appropriately. 

Buyers in the Coeur d'Alene area, on the other hand, still seem convinced that all Sellers should be grateful for any lowball offer that comes their way.  Buyers I have worked with in the last six months have been convinced they can get their dream home at much less than whatever a Seller is asking.  They have been surprised to find competitive conditions in the under $200,000 price ranges, and most have lost out in multiple-bid situations before finally getting a home under contract.

An interesting look at the actual List Price to Sales Price ratios for all single family transactions in the Coeur d'Alene area prove that Sellers are NOT coming down much, if any, from their asking price!

• In Coeur d'Alene, the average SOLD price for homes up to $200,000 was 98.43%of the listed price.  In the price range of $125,000 to $150,000, the 67 closed sales in the past six months closed at an average of 99.5% of listed price!  Overall, the list to sales price ratio in Coeur d'Alene for the past 6 months was 96.4%.
  
• In Post Falls, the average SOLD price for homes up to $200,000 came in a hair better at 98.52%.  There were 5 properties in Post Falls that sold for under $100,000 in the past 6 months, and those homes sold for 99.9% of their asking price.  Overall, the list to sales price ratio of all homes that sold in Post Falls in the past 6 months was 97.2%.
  
• In Hayden/Hayden Lake, the average SOLD price for homes up to $200,000 in the past 6 months was 96.4%.  The two homes that sold between $100,000 and $125,000 sold for 100% of their asking price.  Overall, the list to sales price ratio in Hayden was 93.7%.

In general, in the Greater Coeur d'Alene area, the higher priced the home, the more the List to Sales Price ratio drops.  In particular, the luxury home market is experiencing lower ratios, often well under 90%.

The current List to Sales Price Ratio in a particular price range and community is one factor that a savvy Buyer will take into consideration when preparing a purchase offer. And any listing agent worth her salt will include these ratios when discussing the merits of an offer with her Sellers.  

But unless you are purchasing a distressed luxury home, gone are the days
when a buyer can expect to come in with a drastic lowball offer and expect to be taken seriously!

Janna Rankin Scharf, GRI, CLHMS, CSP - Coeur d'Alene Idaho Real Estate

On March 9, the United States Department of Agriculture Rural Development (RD) announced that program funding for the Single Family Housing Guaranteed Loan Program (SFHGLP) will most likely be exhausted by the end of April.  This is particularly worrisome in our Coeur d'Alene area real estate market because these RD loans have financed the vast majority of our local home purchases in the past few months.

These RD loans have attractive terms favorable to entry level and/or lower income buyers. These are the same buyers who have been out in droves to capitalize on the $8000 first time homebuyer tax credit. 

With the looming deadline for buyers to be under contract by April 30th in order to claim the tax credit, this announcement adds additional urgency for buyers to get a home under contract just as soon as possible!

Many first time buyers risk losing out on the opportunity to claim the $8000 tax credit once these super affordable RD loan funds run out. Don't delay, take action now to get your new home under contract, FAST!  Click here to see the incredible success Steve and Alicia had this week.

Give me a call to get on the fast track to making your own real estate dreams a reality!

Janna Rankin Scharf, GRI, CSP, CLHMS - Coeur d'Alene Idaho Real Estate

Last weekend was gloriously sunny and warm in beautiful North Idaho.  It was perfect for a day trip north to Bonners Ferry, through Sandpoint and across Lake Pend Oreille. 

We headed out to meet up with my husband's sister and brother-in-law, who were headed our way, taking their own day trip south from Cranbrook, BC. 

The scenery was magnificent, the promise of spring in the air, and not a cloud in the bright blue sky.  My youngest son had spent the night at his friend's cabin at Schweitzer Mountain.  They had done some night skiing and were spending this glorious day on the slopes.  He had already texted me that it was the most incredible skiing conditions he had ever experienced!

As we crossed the bridge into Sandpoint, there in the distance was Schweitzer, all covered with snow and framed by the bright blue skies. The last throwback to winter, surrounded by lesser mountains dressed in their spring green with no sign of the cold white stuff.  I thought of my AR friend Kent Anderson who, from what I can tell, pretty much LIVES on his skiis on Schweitzer!  I enjoyed the thought of my son, at the very moment this photo was taken, swooshing down those slopes with his friends having the time of his life!

Beautiful North Idaho, what a place!  Those of us who live here are truly blessed to call it home!

Janna Rankin Scharf, GRI, CLHMS, CSP - Coeur d'Alene Idaho real estate

Here comes spring!  I remember learning very early that we Spring Ahead and Fall Behind.  This weekend marks the springing ahead part or our semi-annual Daylight Savings Time ritual.  Daylight Savings Time officially ends at 2:00 a.m. on Sunday, March 14th.  Be sure to set your clocks ahead one hour before you go bed on Saturday night.

I also remember learning at an early age that it is much
easier to Fall Behind than it is to Spring Ahead!  Good luck everyone!

Janna Rankin Scharf, GRI, CLHMS, CSP - Coeur d'Alene Idaho Real Estate Success Stories

Another first time homebuyer in Coeur d'Alene got a SUPER DEAL with an $8000 bonus today!

Today was a GOOD DAY for my first time homebuyers Steve and Alicia.  They closed on their first home, which is always a mixture of emotions.  Excitement, anxiety, anticipation, fear.... 

I don't think this cute couple fully realizes yet how big they scored today!  For starters, their mortgage payment is LESS than they have been paying in rent!  SCORE!  They have an interest rate that is just a hair above the lowest interest rates have EVER been!  SCORE!  The appraisal on the home they bought came in at $11,000 more than they paid.  SCORE!  From here on out, they will be able to itemize deductions and write off their interest on tax returns.  SCORE!  Uncle Sam is going to send them an $8000 cash gift when they file their tax return!  SCORE!

Today was a good day for these young, but savvy, buyers.  They recognized that the conditions at this moment in time in the real estate industry were stacked heavily in their favor.  They seized the moment and opportunity, and scored big time! 

Congratulations Steve and Alicia!  The world is your oyster, and the best is yet to come! 

It's not too late if you or someone you know would like to take advantage of the favorable buyer's market conditions as these two did.  To claim the $8000 you will need to be UNDER CONTRACT by April 30th, but will then have until the end of June to close the deal. 

Give me a call if I can be of assistance in helping to make YOUR real estate dreams come true!

I love to read the witty musings of my ActiveRain blogging buddy Alan May.  I got such a kick out of this post that I reblogged it here on my blog for your reading pleasure. 

Alan and I must be of the same era, because I can always relate so personally to what he writes.  He is my favorite blogger to read in all of blogdom! Honestly, if you took him out of these stories and inserted me, it would still be accurate to my life to a T!  (Except for the part about the Bar-Mitzvah gifts.  Replace that with Christmas gifts and we still have a match!)

Alan, thanks for a smile to start another day!

Homeowners in North Idaho benefit from a substantial reduction in property taxes when they occupy the home as their primary residence.  But to receive it, you must apply by April 15th!  This exemption is provided by state law and deducts 1/2 of the assessed value of the building & the one acre home site, up to a maximum of $104,471 or 50%, whichever is less.  This rate may be adjusted annually.  You qualify if you have:

• A valid Idaho drivers license (if you drive)
• A vehicle licensed in Idaho (if you own a vehicle)
• Registered Idaho voter (if you  vote)
• File an Idaho resident income tax return (if you file)
• Reside in Idaho for a majority of the year

Wondering when to file?  On newly built homes that have not previously been occupied, the owner must apply within 30 days of occupying the home.  On existing or when purchasing a resale home, the deadline for applying is April 15 of the year that you occupied the home.  A good rule of thumb is for you to file as soon as the home is owned and occupied. 

Where to file?  The Homeowners Exemption Applications are available at the Assessor's Office and must be filed there.  In Kootenai County, the Assessors Office is located at 451 Government Way in Coeur d'Alene, on the main floor of the Administration building, next to the information desk.  Questions?  Call the Assessor's Office at (208) 446-1500.

A photo popped into my mailbox this morning of this frigid little lamb, taken LAST March 1st, 2009, by my sister Kerri.  What a contrast from today, when we awoke to blue skies, grass turning green and SUNSHINE!  I made a mental note to write a blog post today and use her wonderful photo.  Thanks Kerri!

I had the thought, "I wonder where I can find a lion standing in the sunshine to snap a picture to contrast with the shivering, snow covered lamb from last year."  Hmmmm.  That thought left my head just as quick as it entered, and I headed to the office.  I took a different route to town and there appeared before me a field of lambs!  Since I would never find a lion, I decided to stop and snap a shot of these lambs on March 1, 2010. 

As I approached them with my camera, they turned and walked away.  I asked them nicely to turn back around and look at the camera, but they pretended not to hear.  This was the best I could get considering their uncooperative attitude and the sun being in the wrong spot. Kerri need not fear that I will ever be any competition to her in the field of photography!  But what a difference from last year!

Last year's frigid little lamb seems to be pleading for a warm coat and earmuffs.  Contrast that to this year's grazing lambs, laden with their heavy winter coats that seem to be begging for someone with shears to come to the rescue! 

We still have three weeks before spring's official arrival, but here in beautiful North Idaho, we are thoroughly enjoying our sneak preview!

For a visual treat, take a stroll through OnLocation North Idaho where my talented sister Kerri posts a wonderful photographic glimpse into the people, places, and beautiful scenery of North Idaho.

Kerri Rankin Thoreson OnLocation

I wish I were a teenager again! If I were, I could get in on one of the four workshops that have been scheduled to instruct teens in grades 7 - 12 on the fine art of making 3-minute, YouTube-type videos.

Admittedly, I am an old dog learning new tricks.  I have created a YouTube account and have plans to produce videos that highlight the best features of our community parks, beaches and neighborhoods.  These productions will enhance my listings, my website and my business!  But my plan is still just that, a plan.  It would be so great to be a fly on the wall at these workshops and pick up some pointers.  I did learn a few days ago how to embed a video into my blog, a feat for which I am very proud.  WOOF!  Now I just need to learn how to produce my own awesome videos..

The past two years we have experienced record setting snow falls and hard winters here in beautiful North Idaho.  We shoveled 4 feet of snow from our roofs to keep them from collapsing.  We had to tunnel out from our front doors and garages.  It didn't let up, and just kept on coming, and coming, and coming!  No one expected after the record breaking winter of 2008 that we would get pummeled again with more record breaking severe weather that buried us for months and delayed summer water sports on our lakeside playground! 

But, we got pounded again the next year, last year, the winter of 2009! 

Fast forward to this year.  Such a wonderful, mild winter!  Record breaking LOW snowfall and extra days of blue skies and sunshine.  It has looked like spring around here for the past few weeks! 

Last week, at least four golf courses opened for business.  Golfers were seen hitting the balls around Hayden Lake, Avondale, Coeur d'Alene and Prairie Falls courses.  I'm going to bet that there were others open as well!

Golfing in February in North Idaho!  Here's a view of the sunshine and tall timbers casting shawdows across the rapidly greening grass at the Hayden Lake Golf Course. It's a wonderful unexpected occurrence to see the green grass here in February, and the promise of spring, while the rest of the country is buried under piles of snow. 

Let's all enjoy it while we can!

This week hundreds of people gathered at the annual Real Estate Market Forum at the Spokane Convention Center.  I didn't attend this year, but the forecasts weren't exactly big news.

Unemployment is up, jobs are down, income is down, and the rate of growth on both are flat. In Kootenai County, the median wage for an individual is just $28,540.  More than half of households in Spokane and Kootenai counties earn less than $50,000 a year, and 75 percent make less than $75,000.

Kind of makes you wonder how we will absorb the huge inventory of high end homes for sale, doesn't it?

"The ability to buy a house isn't going to change in the next couple of years, and there will be little change in the next three years," said economics professor Grant Forsyth.

I smiled when I read the The Coeur d'Alene Press quote from my old friend Steve Griffitts. 

"Ever optimistic Steve Griffitts, president of Jobs Plus,Economic Development Corp., said he prepared by looking through various financial publications for signs of good news. One after another, his response was, "Oops," as stocks declined and retail expectations diminished."

He is an optimistic and upbeat person, and I agree with him that we have an opportunity not to be victims.  Knowledge is power. 

Read the entire Coeur d'Alene Press article here.

Last night we had a birthday celebration for my friend Tina's birthday as well as my upcoming birthday this week.  No getting around it, I'm getting older!  But then so are you.  And so are 80 million baby boomers approaching retirement age!

My left knee hurts.  My right foot hurts.  But only when I walk!  I need to schedule an eye appointment and face the music this time.  Yes, I really DO need bifocals!  My hairdresser keeps the gray at bay, and good genetics have blessed me with few wrinkles and an appearance years younger than my age.  Although the trade off was that darn fat gene....

When it comes to homes, as we age we begin to rethink things a bit.  Stairs!  Recent years have seen a change in home designs to accommodate the desires of the aging population.  One level living.  Smaller homes but larger rooms and higher quality finishes.  More and more buyers are insisting on homes with at the very least, a main floor master bedroom suite. 

The good news if you are looking to buy a home in the Coeur d'Alene, Post Falls and Hayden areas, there is an AMPLE supply of homes on the market with a main level master bedroom! 

Click here to see a search of the Coeur d'Alene MLS
that turned up hundreds of homes for sale with main level master bedrooms

Another option for aging homeowners is referred to as Aging In Place.  This refers to planning ahead and modifying the home you have been living to meet your needs as you age. 

New construction, taking into account the anticipated adjustments in design to accommodate your needs as you age in place is yet another option.  The video below discusses some of the characteristics that are incorporated into these new designs for our aging population. 

Sometimes I forget that EVERYBODY doesn't know about all the information that is available at our fingertips via the Kootenai County website.  I am on the site just about every day looking up information necessary to list a home for sale, research properties for potential buyers or a myriad of other real estate related reasons. There is a wealth of information that is a matter of public record if you just know how to access it! Here are some of my favorite pages:

Kootenai County Assessor Search.  Hit "I Agree" at the bottom of the disclosure page and then use the "Guest Access" button to access basic assessor details like parcel numbers, legal descriptions, property assessed values and exemptions.  You can search by address, owner name, parcel number or AIN.

Kootenai County Treasurer - Tax Search.  Hit "Begin Property Tax Search".  You can search for tax bills by owner's name, property address, mailing address, AIN or parcel number.  Here you will find tax amounts due and paid for the year.

Kootenai County Maps.  Maps can be pulled up by section, township, range and viewed as PDF images.

Aerial Viewing in Kootenai County.  A wonderful tool that allows great aerial views and basic property information using "General or Parcel Identify" tools.

Have some fun exploring all the great tools at the Kootenai County website.  If you aren't able to find what you're looking for, give me a call, I have some great resources I am more than happy to share with you!

The Stensgar Golf Pavilion at the Circling Raven Golf Club in Worley is the site of the Coeur d'Alene Tribe's Tribal Winter Blessing.

Everyone is welcome to this free cultural event which notes the significance of the winter season to the Tribe. 

The event will include story telling, drummers, dancers, historical artifacts, fry bread and a special wheatgrass blessing.

What a wonderful opportunity to join with our good neighbors to the south in honoring and celebrating their special culture!

Join in the festivities from 1-2 pm on Friday, February 26 and from 6-7:30 pm on Saturday, February 27. 

Reservations can be made by calling (800)523-2464

Photography credit goes to my sister Kerri Rankin Thoreson. 
See more of her exceptional photography at OnLocation North Idaho

Here's a fun excuse to get out and about this weekend in beautiful downtown Coeur d'Alene!  The Coeur d'Alene Plaza Shops are having a Cabin Fever Sale and putting on a good, old fashioned chili cook off! 

In a fun twist, the competitors are the different shops, each with a different chili. They have promised to have at least ten different varieties of chili available for $5.  If you make a purchase in any of the shops, you will receive a free beverage from Tito Macaroni's as well as your name entered in a drawing for a night at the Coeur d'Alene Resort.

Good chili, country music and good times!  From noon to 3 pm, Saturday, February 27th. 

Mark your calendars for Friday, March 19th, for our annual Keller Williams Realty blood drive to benefit Inland Northwest Blood Center.  It will be held at our office in downtown Coeur d'Alene, at 1044 Northwest Blvd. Come join us in donating the gift of life!

 This year, our drive is dedicated to our late friend and broker David Teague.

You can sign up by calling our office at 208-667-2399 or
sign up online at www.myinbc.org- sponsor Code: KellerWilliamsRealty

From a grateful beneficiary: "If I could give you a gift in return, it would be to give you a peak into my kitchen window about 6pm any weeknight - to witness the chaos, hear the voices and laughter, and see the bountiful life in our home - because of you and your incredible gift."

My son turned 16 this past year and was excited to be able to be a blood donor.  He has already participated in two blood drives, at our church and at Coeur d'Alene High School.  He is following in the footsteps of his grandfather, who was a longtime donor of many gallons.  Mom, if you read this, will you comment as to how many gallons dad donated in his lifetime. 

Check out these amazing INBC statistics:

2008 Donor Demographics
Total Donors: 25,384
Percentage of Male Donors: 48%
Percentage of Female Donors: 52%
Donor Age Range: Age 16 to 93
Number of First Time Donors: 9,260
Total Number of Whole Blood Units Collected: 42,375
Total Number of Units Collected on Mobile Drives: 25,161

Donors - Bring your photo ID, drink plenty of fluids, and eat a nutritious meal in the hours leading up to your donation.  Hope to see you here.  Pop into my office for a cookie and a hug!

Janna Rankin Scharf, GRI, CLHMS, CSP - Coeur d'Alene Idaho Real Estate

There is no shortage of great photo opportunities when living in a place as pretty as a postcard!  Where ever I go, whatever I do, I am surrounded by some of the most scenic beauty on the planet!

Happy are the times when I have my camera along, and the sun is shining, when a scene comes into view that takes my breath away. 

Those moments will never be routine, although they really aren't unexpected.  But moments when I am driving along, my mind on something pressing, and I round a turn and see a spectacular sight such as this, it still takes my breath away!

This is a truly sad story that underscores just how emotionally traumatized homeowners can get as they face losing their homes to foreclosure.

After what was called a decade long battle, a local bank was foreclosing on the guy's home and business.  Unjustly, says the homeowner, but we don't know the whole story.  In his frustration, rather than let the bank have his home, valued at $350,000 with a mortgage balance of $160,000, he leveled it with a bulldozer.

Now, I can say that I understand his distress and frustration, but that can't have been in anybody's best interest.  Especially his, as there will be consequences which he will have to face.

If you are frustrated and wondering if there is an option to avoid foreclosure, please call me.  Sometimes there is a better option.  Many homeowners are having success with short sales.  I can help you determine if you are a good candidate, and help you make it happen if you are.  There will be NO COST to you!