A recent article in the Wall Street Journal posed some questions about evaluating the market.  We took these questions and answered them based on the current McCall market. 

1. Is the housing marketing getting better?  McCall and the surrounding communities are similar to rest of the nation.  Although there are signs of recovery, it is still tentative and fragile.  Home sales were up over 100% from last year, but home prices were down 50%.   Our unemployment continues to increase as the market declines for new home builds.  However, McCall typically attracts the second home buyer, so unemployment in our area does not always influence homes sales, but it does affect the number of homes that possibly go into to default.  The increase of homes in default or foreclosure could potentially continue to decrease the value of homes in the area for sometime.

2. When will the market bottom out?  There probably won’t be any clear turning point.  It is very dependent on supply and demand.  As inventory depletes in certain areas, home prices in those areas will begin to increase in value.  A good example are lake homes and some of the premier view properties where limited supply is available.  These home values have not decreased as much as some of the other areas in McCall.  Overall, it will continue to be a buyers market until the inventory decreases.  At this point and time, it is difficult to predict when that might happen.

3. What signals should I watch to determine if the McCall market is improving?  One way to get a sense of supply is to ask a good realtor in McCall how many homes are listed for sale in the area and their opinion on how long it would take at the current sales rate to absorb that supply.  Anything over six months is considered high.  So, if you have a home on the market you may want to consider reducing your price or taking it off the market until the market recovers.   Another sign is the number of for sale signs in the area. Also, if properties look like they are not being taken care of, this could be a bad sign that the owners have gone into default or foreclosure.  Demand in McCall also has a lot to do with the overall economy and the number of people that can afford a second home or retire to McCall. 

4. How can I determine the value of my home?  It is always difficult to determine the value of your home until you put it on the market.  We suggest consulting with a realtor to determine the market values in your area before placing a price tag on your home.    As we mentioned earlier, the median price home fell 50% in McCall and surrounding communities.  In some of the high-end areas, such as Whitetail and Tamarack, the prices have fallen even more. 

5. Is this a good time to buy a home in McCall?  Yes.  Prices are down significantly and interest rates are at an all time low.  If you qualify, this is definitely great time to buy, especially with the first time home buyer tax credit.  Also, some people are forecasting that interest rates will go up after the first of the year.  So, even if prices go down another 10%, but the interest rates goes up a point, you may will still be making the same payment.  Something to think about?

6. Can I get a tax credit if I am buying a home in McCall?  If it is your primary resident yes.  Earlier this month, congress passed a tax credit for people who purchase or sign a contract on or before April 30, 2010, and complete the purchase by June 30, 2010.  The tax credit is up to $8000 for first-time home buyers and $6500 for people who have already owned a home for a least fiver consecutive years during the previous eight years.  The credit is available for individual taxpayers with annual incomes of up to $145,000 or joint filers with incomes up to $245,000.

Last week, the Adam’s County Commissioners in Idaho unanimously approved the Brundage Mountain Village.  The Village is a 388-acre development at the base of Brundage Mountain Resort in McCall.  Twenty-five percent of the village will be open space and 75% percent will consist of up to 1200 homes, including ski-in/ski-out homes, and a maximum of 50,000 square feet of commercial space.  The Brundage Mountain Ski Area will also expand to include new chair lifts [...] Continue Reading…

BOISE, Idaho — A judge will let Tamarack Resort homeowners intervene in a foreclosure lawsuit against the failed Idaho vacation getaway but refused to endorse their plan to use a Mexican real-estate lender’s cash to save the ski season.

In his decision Tuesday, 4th District Court Judge Patrick Owen wrote he’ll allow nine homeowners in the West Mountain Preservation Management Association to make their arguments, despite his “concerns that this is not a proper case for [...] Continue Reading…

Tamarack homeowners fear closing for central Idaho resort if judge doesn’t let them intervene
(AP) 

BOISE, Idaho (AP) – Tamarack Resort homeowners fear lifts and other equipment will be stripped and sold for pennies on the dollar if they can’t convince an Idaho judge to approve their plan to take $7.9 million from a Mexican real-estate investor to save the upcoming ski season.

On Monday, 4th District Court Judge Patrick Owen heard competing salvos from lawyers for [...] Continue Reading…

RE/MAX Resort Realty is a proud sponsor of the first annual Pink at the Rink Women’s Hockey Tournament in McCall, Idaho, November 6th-8th at the Manchester Ice & Event Centre.  Proceeds from the event will help local women, who otherwise couldn’t afford it, receive cancer screening mammograms at McCall Memorial Hospital’s Breast Care Clinic. The clinic performs 1,000 mammograms a year, of which 75 are paid from grants such as the Susan G. Komen grants. [...] Continue Reading…

Corbett Bottles Real Estate Marketing is holding a live property auction at the Shorelodge on October 24 at 12 pm.   Multiple properties will be auctioned, including 17 condominiums. Six of the condos are absolute — no minimum bid.  A 3,835 square foot home is also being auctioned. The home is situated on 61 acres with unbstructed westerly views looking at Oregon mountains and New Meadows Valley below. The minimum bid is $449,000.  Contact RE/MAX Resort [...] Continue Reading…

Based on recent sales from the Mountain Central MLS, the number of residential units sold in McCall and surrounding communities, from Jan 09 to Sept. 09,  were up by over 100% from 2008, during the same period.  The median price home fell approximately 50% from $275,500 in 2008 to $139,500 in 2009.  Lot/land sales were down by 7%, with a median price of $67,500, a 22% decrease from 2008.  Commercial property sales were up [...] Continue Reading…

McCall made the Bend Bulletin in the Oct. 7th issue.    Here is the link to the article.  I must say it is one of the best articles I have read about McCall.  Very informative and positive about our community and all of its great attributes, which is why we and numerous others have chosen to live and play in McCall.

http://www.bendbulletin.com/apps/pbcs.dll/article?AID=/20090920/NEWS0107/909200345

That’s what a group of nine Tamarack homeowners hope to accomplish through state District Judge Patrick Owen.  The group, which calls itself the West Mountain Preservation Management Association, filed paperwork with the state Friday indicating that Inmorbiliaria Las Fuentes S.A. has agreed to lend $7.9 million for the operation of the resort from Oct. 1, 2009 – August 30, 2010.

Tamarack property owners are worried that their property values will continue to decline without an operating ski area [...] Continue Reading…

The McCall Area Comprehensive Plan in the city of McCall identified 37 acres near Krahn Lane as an area for future business park development.  This area will be the focus of a project that will result in a Business Park plan.  The plan will include an annexation plan, infrastructure needs and costs, proposed future development including streets and sidewalks, zoning changes, and a plan for financing the infrastructure inprovements with a public-private partnership.  It is anticipated [...] Continue Reading…