Real Estate Information Archive

The change to Daylight Saving Time ostensibly allows us to use less energy in lighting our homes by taking advantage of the longer and later daylight hours. During the eight-month period of Daylight Saving Time, the names of time in each of the time zones in the U.S. (map) change as well. Eastern Standard Time (EST) becomes Eastern Daylight Time, Central Standard Time (CST) becomes Central Daylight Time (CDT), Mountain Standard Time (MST) becomes Mountain Daylight Time (MDT), Pacific Standard Time becomes Pacific Daylight Time (PDT), and so forth.

Daylight Saving Time was instituted in the United States during World War I in order to save energy for war production by taking advantage of the later hours of daylight between April and October. During World War II the federal government again required the states to observe the time change. Between the wars and after World War II, states and communities chose whether or not to observe Daylight Saving Time. In 1966, Congress passed the Uniform Time Act, which standardized the length of Daylight Saving Time.

Daylight Saving Time is four weeks longer since 2007 due to the passage of the Energy Policy Act in 2005. The Act extended Daylight Saving Time by four weeks from the second Sunday of March to the first Sunday of November, with the hope that it would save 10,000 barrels of oil each day through reduced use of power by businesses during daylight hours. Unfortunately, it is exceedingly difficult to determine energy savings from Daylight Saving Time and based on a variety of factors, it is possible that little or no energy is saved by Daylight Saving Time.

Arizona (except some Indian Reservations), Hawaii, Puerto Rico, the U.S. Virgin Islands, and American Samoa have chosen not to observe Daylight Saving Time. This choice does make sense for the areas closer to the equator because the days are more consistent in length throughout the year. Remember to set your clocks one hour forward on Sunday, March 11, 2012

Perrine Bridge

 This spectacular bridge spans the majestic Snake River Canyon on the northern edge of Twin Falls. It is 1,500 feet long and 486 feet above the Snake River. The four-lane bridge has pedestrian walkways with views of the river, sheer cliffs, the Blue Lakes, waterfalls, a park and two golf courses. A road descends to these areas. The Buzz Langdon Visitor Center is next to the bridge. BASE jumpers enjoy the Perrine Bridge as their launching pad for parachuting from the bridge to the canyon floor below. BASE jumping is a sport involving the use of a parachute to jump from fixed objects. "BASE" is an acronym that stands for the four categories of fixed objects from which one can jump: Building, Antenna, Span, Earth. A parking area adjacent to a Visitor Center allows for close inspection of Idaho's most striking bridge. It also provides easy access to the developed canyon rim trail system.

Perrine Memorial Bridge: The first Perrine Memorial Bridge was open in 1927. It towered 475 feet above the Snake River Canyon, and was the highest bridge in existence at the time. The old bridge was replaced in 1974 with this new two lane bridge.

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

 Time will run out on this great offer, please do not wait!-Lezamiz Real Estate Co.

Are you looking to buy or sell a home in Twin Falls or Jerome County?  It’s always good to know the market conditions for the price range of your home you want to sell, or one you are interested in purchasing. 

            Last week at Lezamiz Real Estate Co., we defined absorption rate in depth.  Today we will explore absorption rate further, and what exactly that rate means to you when you are ready to buy or sell real estate in Twin Falls or Jerome.

            As we talked about last week, the absorption rate equals the number of months it will take for all the listed homes, listed in a certain price range, to sell, provided that no more homes enter the market.  Depending on the absorption rates, this would categorize a group of homes price into either a seller’s, buyer’s or a neutral market.

            Below we elaborate on homes in Twin Falls and Jerome Counties, and what price ranges are falling into what market. 

Seller’s Market: 0-6 months

            A seller’s market favors the seller.  This is when there is more demand for a limited amount of inventory.  Another way to think about it is there are more buyers wanting to buy than there is seller’s wanting to sell.  In terms of absorption rates when there is less than six months worth of inventory, then we are in a seller’s market.

            There are seller’s markets in Twin Falls County in the $69,999 and under price range, as well as $70-89,000 and $100-119,999.

            In Jerome County, seller’s markets exist in the $69,999 and under price range, from $90-99,999 and $120-159,999.- Lezamiz Real Estate Company

If we stop and think through the process we tend to buy homes when everyone else is.  That also happens to be when sellers can ask more for their homes because of demand.  On the opposite side when we hear in the media that houses are not selling we tend to not purchase because “no one else is”.  For many buyers, now is the perfect time to buy.  Home prices are lower, mortgage interest rates are low and there are more residential homes to choose from.  Buyers need to be ahead of the crowd and access their own situation to see if they are just frozen in place out of fear.  I encourage buyers to get educated about their current situation.  Talk to your banker to find out what your credit score is.  Find out what incentives are available for homebuyers and take advantage of them.  Talk to a Real Estate agent to find out what is happening in the Twin Falls market rather than the national market.  Get to know what new “green” products are available to make your home more energy efficient.

We cannot predict when the housing market will change.  However, when it does it will have seemed to have happened overnight and we will all be wondering how we missed the opportunity. Kym Lott

One of the advantages of using Lezamiz Real Estate Company is our knowledge and expertise in assisting the closing process.  We have years of experience and professional training to market, prequalify buyers, price homes and assist in reading and understanding the Title Commitment. 

In selecting a Title Company, you will also be assigned a closing officer for your transaction.  The roll of the Escrow closing officer is an independent third party that acts solely on signed instructions from both the buyer and seller.  In addition, those instructions must be compatible with the instructions from the lender in the event of a new loan.  Only when the instructions of all parties in the transaction have been met does the escrow officer exchange monies and instruct the title department to record the transfer of title to the new owner. Whether buying or listing in Twin Falls or the Magic Valley, it is a good idea to use a Real Estate professional.  Your agent has contacts and the wherewithal to effectively market and move the transaction forward to a timely conclusion.- Lezamiz Real Estate Company

I don’t think there is anyone that hasn’t felt like they were tapping into their children’s college fund just to fill up their gas tank over the last 6 months.  It seems that we are seeing price increases on all of our necessities from gas to groceries all over the Twin Falls and the Magic Valley. We have had to make adjustments to family budgets and start thinking about conservation on a new level.  Is this a good time to buy a new home or put your current home on the market? This might be your next financial decision.

Now that we are seeing fuel prices start to decrease will we continue to conserve in anticipation of what will rise next?  What can we do to prepare for rising costs in the future?   And how do we know what to think of this Real Estate Market?  How do you know when to buy or not a buy a home?  Lezamiz Real Estate Company will help you with theses tough questions. We need to stay focused on the future rather than the past. -Kym Lott

When purchasing real estate in Twin Falls the Magic Valley, the buyer wants concrete evidence that their new home is free of title defects. Generally, the contract of sale requires the seller to provide the buyer a guarantee that the property is unencumbered by any legal attachments that might limit or jeopardize ownership. 

If you are relocating, or moving to a new home in Twin Falls, it is imperative as one would not know the history of the home you are purchasing. At Lezamiz Real Estate Company, we know how important this is for the buyer.  One wants to be certain that they are fully protected against errors in public records, hidden defects not disclosed by public records, or mistakes in examination of the title, fraud or forgery.- Scott/Alliance Title Company