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Applying For a Twin Falls Mortgage: 6 Documents You’ll Likely Need

Buying, Twin Falls / April 29, 2024

If you’re applying for a Twin Falls mortgage, it’s a good idea to start by organizing your financial documents. Most lenders will require various forms of documentation for your mortgage application, read on to learn more about the documents required.

Tax Returns

When you apply for a mortgage loan, the lenders and banks want to know your complete financial story and will examine all aspects of your financial life.

Depending on your employment status, the lenders usually ask for one to two years’ worth of tax returns. The main objective of this requirement is to verify that your annual income is consistent with your reported earnings, and that there are no significant fluctuations in your income from year to year.

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Paystubs, W-2s, or other proof of income

When you apply for a loan, your lender will likely ask you to provide your paystubs from the previous month or so. Although your tax returns can provide an overview of your income and financial status, paystubs help lenders determine your current earnings and ensure that everything is in order.

If you have any additional sources of income, such as social security benefits, investment or rental income, a side hustle, or child support, your lender will want additional documentation for those.

Credit Report

In order to gauge you as a borrower, your lender will likely pull your credit report (with your written permission).

Different loan programs will have different qualifications as far as your credit score and history.

FHA loans – This type of loan is commonly known as the first-time homebuyer loan, but you don’t need to be a first-time buyer to use it always. These loans are backed by the government and require a minimum credit score of 500 to be approved. However, your credit score will also affect your down payment. If your score is below 580, you will need to put down 10%, whereas if it’s above that, you can generally put down as little as 3.5%.
VA loans – VA loans don’t require a certain credit score to qualify so individual lenders can set their requirements. Low credit scores are likely easier to get away with on a VA loan than a conventional loan.
USDA loans – Another government backed loan program, there aren’t set credit requirements from USDA. Also, this is a zero-down program is popular in more rural areas (outside Twin Falls City generally).
Conventional loans – Conventional loans are not government-backed loan programs and will likely require a credit score of at least 620 and around the mid-700s to qualify for better rates.
Jumbo loans – The credit requirements for jumbo loans are typically the strictest because of their large amounts. You may need a score in the low-to-mid 700s or above to qualify.

Bank Statements

When evaluating your risk profile, lenders will review your bank statements, investments, and insurance assets.

Lenders require borrowers to have reserve funds to cover mortgage payments for several months in case of an emergency. Additionally, they verify that the down payment money has been in the borrower’s account for a while and did not just appear recently.

Gift letters (if receiving gifted funds)

If you are receiving a gift from family or friends to purchase your home, the lender will require a letter confirming that the funds are a gift, not a loan.

The letter will need to state a variety of things, such as the person’s relationship to you, the amount of money, signatures, etc. Your lender will give you the exact requirements.

Photo ID

As with any major purchase or process, you will need to provide a form of photo ID, such as a driver’s license, to verify your identity.

I hope this helped you get a better understanding of what you’ll need for applying for a Twin Falls mortgage loan.

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Twin Falls County Real Estate Market Update: February 2024

Buying, Relocating, Selling, Twin Falls / April 15, 2024

I’m looking for homeowners in Twin Falls County or anyone planning to become one, here’s what went down in March 2024 in the Twin Falls County real estate market.

Read on for helpful tips and real truths about how the current market could impact your real estate goals if you’re considering buying or selling this spring or summer.

What You Need to Know About the Twin Falls County Market:

Number of Residential Sales
Months of Inventory (MOI)
New Listings
Average Sales Price
Days on Market

Number of Residential Sales

The total number of residential sales in March reached 107, a massive 59% increase in listings sold month-over-month (MoM). I think it’s safe to say that the spring real estate market is officially heating up, and we can expect to see more of the same throughout April and May. This is the time of year when we will see the largest majority of home sales because of the favorable weather, school breaks, etc.

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Months of Inventory

We’re still firmly situated within a seller’s market, and in Twin Falls County, the Months of Inventory (MOI) remain low, sitting at 3.19 months in March 2024.

The MOI serves as a reliable gauge of the current market dynamics and potential future trends. While a balanced market typically has about 4-6 months of inventory, we’ve consistently observed the balance tipped in favor of sellers over the past five years.

Homes that are appropriately priced, well-maintained, and strategically located continue to be in high demand. It’s not uncommon for them to attract multiple offers and secure acceptances within the first week of listing.

New Listings

Though the available inventory continues to remain low, we did see 144 new listings in Twin Falls County for March. This number is up almost 11% from last month when 130 new homes hit the market.

This number should continue to rise over the next few months as the school year comes to an end and the weather warms up. The good news for buyers is that you should have more choices available; the bad news is that homes hitting the market are being absorbed almost as quickly.

When you’re out there shopping, it’s more important than ever to have a solid idea of what you’re looking for so that when you find it, you are ready to make a move on it.

Sales Price

The median sales price for a home in Twin Falls County remained basically unchanged with a median sales price of $364,950 in March, whereas in February 2024, it was $365,000 for all single-family homes.

Looking at the prices year over year, prices continue to increase rapidly, with the median price of a home up 7.34% from $340,000 at this time in 2023. On average, homes appreciate at a rate of 3% per year; however, over the last four years, we have seen incredible gains of well over 10% annually.

Breaking it down by category, pre-existing single-family homes sold on average for $346,500, new construction for $441,957, and single-family homes with acreage sold on average for $568,750.

Days On Market

As I’ve been mentioning, this time of year is when we witness a lot of market activity. The days on the market have significantly decreased from last month. In March 2024, the average days on the market were 74 compared to 104 in February, which is a 29% decrease in days on the market month over month.

In March, the median days on market for all single-family homes sold in the county was only 30. Despite the various factors that are making housing less affordable, people are still finding ways to make it work and have reasons for moving. The competition level remains high in our local real estate market.

If you want to be a strategic seller and have a lot of showings for your property right away, it’s important to price your home correctly. This will help you sell your property quickly so that you can move on to bigger and better things.

Conclusion

Alright, so I’m sure you know what some of my concluding thoughts are for this month’s update. If you’re a buyer planning to make a move this spring or summer, it is time to get educated and prepared to ensure you have the most successful experience possible. Competition is tight out there—especially for first-timers.

As I touched on a bit last month, the Fed keeps discussing rate cuts, but currently, it doesn’t seem likely that anything is going to happen as inflation continues to grow at a pace faster than they would like to see. My personal opinion is to buckle up and get used to rates around 6% and make a plan for something you can afford at that interest rate. If/when rates do come down, great! Most lenders are offering refinances with waived or reduced fees.

Waiting for these rate drops poses a couple of different problems. Firstly, prices keep rising, practically on a monthly basis and certainly on an annual scale. If you keep putting off purchasing, by the time rates come down, the amount you save in interest will likely be offset by the increased purchase price. Secondly, when rates do drop lower, competition will inevitably increase. I’m actually relieved that the rates haven’t dropped too much yet. Currently, it’s a bit disappointing because rates are at their highest in months, but a gradual decline is necessary to avoid an influx of activity like we saw before.

Sellers, this is a great time for you if you’re willing to be strategic. Proper pricing and a well-maintained home often lead to a quick sale at or above the asking price. Depending on the type of move you’re planning to make, now could be a great time.

Again, this is all general information, and each and every situation is completely unique. I am always here to have a discussion about your real estate goals, set up a time with me to talk here. Or, if you’d like an instant home valuation, you can grab one here. Thanks for reading, I’ll catch you next month!

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Things to Know Before Moving to Twin Falls, Idaho

Community, Relocating, Twin Falls / March 11, 2024

If you’ve been considering moving to Twin Falls, Idaho, there are some things you’ll want to know before relocating or purchasing a home here. Twin Falls is a great area and family-focused community, but read on to learn my top five things you should know before relocating or buying a home here.

5 Things You Should Know Before Moving to Twin Falls, ID:

The central location of Twin Falls makes it an ideal place for outdoor enthusiasts to live and play.
Despite the rapidly increasing housing prices, the cost of housing in Twin Falls remains lower than the national average.
Twin Falls has four-season weather, and sometimes you find you experience it all in one day.
Year after year Idaho ranks in the top states for economic growth, making Twin Falls a great place to start or grow a business.
The sense of community holds great significance here, and there is a strong inclination towards supporting local businesses and people.

The central location of Twin Falls makes it an ideal place for outdoor enthusiasts to live and play.

If you love the outdoors, Twin Falls is the perfect place for you. Even within city limits, there are plenty of opportunities for outdoor activities such as kayaking, rafting, rock climbing, and more, all just a few minutes from home.

If you find yourself with some free time, there are some incredible locations within a few hours’ drive from here. If you head north from Twin Falls, you’ll reach the Ketchum/Sun Valley area, which is renowned for its world-class nordic and cross-country skiing. In addition, the town boasts fantastic festivals and local restaurants. If you keep heading north, you’ll come across Redfish Lake, Stanley, and other must-see destinations in Idaho.

If you head west from Twin Falls, you will reach Boise, which is approximately 120 miles away. Boise is famous for its excellent hiking, biking, and boating opportunities. However, you can also discover several hidden gems between Twin Falls and Boise, including Thousand Springs State Park, Blue Heart Springs, Miracle Hot Springs, and many more.

If you head east from Twin Falls, you will reach the Mini-Cassia region, which, in my opinion, has the best part of the Snake River for boating in the Magic Valley. In addition, during the winter season, you can access skiing and snowboarding at Pomerelle, and enjoy camping at Lake Cleveland, plus many other activities.

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Despite the rapidly increasing housing prices, the cost of housing in Twin Falls remains lower than the national average.

Although the cost of housing in Twin Falls, as well as the rest of Idaho, has been rising rapidly since 2020, it is still lower than the national average. Therefore, moving to Twin Falls, ID could be a more affordable option.

According to The U.S. Census Bureau and the U.S. Department of Housing and Urban Development, the average cost of a home in the U.S. in November of 2023 was $488,900. However, according to IMLS, in Twin Falls, the average cost of a home in November 2023 was $389,534, nearly $100,000 less than the national average.

Twin Falls has four-season weather, and sometimes you find you experience it all in one day.

A huge perk of living in Idaho is the four-season weather. When moving to Twin Falls, ID, you experience the beauty of watching the scenery change with the weather throughout the year.

Twin Falls, on average, receives 210 sunny days a year (national average is 205), an average of 10 inches of rain a year (national average is 38 inches), an average of 18 inches of snow (national average is 28 inches), and on average some form of precipitation 79 days per year.

Our weather in Twin Falls is usually mild, but can be unpredictable, with high winds and seeming-like four seasons in one day.

Idaho consistently ranks as one of the top states for economic growth, making Twin Falls an ideal location to establish or expand a business.

In 2023 Idaho ranked #1 in household income growth and fifth for dollar growth of income in the nation when comparing 2013-2017 to 2018-2022 with a 15% increase in median household income.

“Idaho’s jump in median household income between the two five-year periods can be partially attributed to the state’s rapid population growth during the COVID-19 pandemic. The need for entry-level service workers exceeded the supply of willing employees, boosting wages in sectors like health care and social assistance, accommodations and food service, and education. The pandemic also increased demand for construction workers due to the housing boom.”

Based on the data from the Idaho Department of Labor, Idaho has seen significant growth in its housing units and ranks 4th in the nation, surpassing all neighboring states except Utah. Over the course of two five-year periods, approximately 57,000 new housing units were added, with about 62% of them located in Boise.

The sense of community holds great significance in this place, and there is a strong inclination towards supporting local businesses and people.

The Twin Falls community is supportive and caring, always willing to lend a helping hand.

You will frequently come across charitable events organized to support the locals and various activities in Twin Falls. Participating in these events can be a lot of fun. If you are seeking a place where people still value and care for each other, moving to Twin Falls, Idaho could be the right decision for you.

Moving to Twin Falls, Idaho is becoming increasingly popular. If you’re interested in discussing the area further, feel free to contact me to schedule a call.

The Best Happy Hour in Twin Falls, ID

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How to Sell My Home In Twin Falls, Idaho

Selling, Twin Falls / March 4, 2024

When you’re considering selling your home you may be asking yourself, what do I need to do to help sell my home in Twin Falls, Idaho for top dollar?

I’ve got you covered with my top five tips for getting your home in the best shape to put on the market. Read on to learn about my top tips that will help you get top dollar for your home and sell your home in the least amount of time with the least amount of stress.

What Should I Do To Help Sell My Home In Twin Falls?

Enhance The Curb Appeal: Make A Lasting First Impression
Declutter And Depersonalize: Showcase Your Home’s Potential
Complete Minor Repairs: Fix Any Small Items Needing Repaired
Research And Set A Realistic Listing Price: Competitive And Attractive
Conduct A Pre-Listing Inspection: Ensure A Smooth Transaction

Enhance The Curb Appeal: Make A Lasting First Impression

One of my top tips for getting your home ready to put on the market is to freshen up the outside and enhance your home’s curb appeal. This is a cost effective way to help make a lasting impression on home buyers by doing simple updates and cleaning.

To ensure your home looks its best, it’s important to maintain the lawn and landscaping by trimming, cleaning, and keeping it well-maintained. If it’s currently the right season, I suggest placing some planters with seasonal flowers near the front door. Also, don’t forget to power wash the exterior of your home, driveway, garage, and any other surfaces that could use a good cleaning.

In addition to the landscaping, you can consider enhancements like new house numbers, lighting, and doormat. A well-maintained exterior creates a positive first impression and attracts more potential buyers.

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Declutter And Depersonalize: Showcase Your Home's Potential

When you are preparing to sell your home, it is important to remove all of your personalized items and decorations, even though your home is a place of relaxation and personal expression. By doing so, potential buyers can better visualize their own items and envision themselves living in the space. This also makes it easier for them to fully appreciate the home’s features and imagine their personal touch on the space.

In addition to removing personal items, you will also want to remove excess furniture and organize closets and storage areas to highlight the available storage space.

Complete Minor Repairs: Fix Any Small Items Needing Repaired

If there have been home projects that you’ve been putting off, you’ll want to be sure to complete those before listing your home to help you get top dollar. Fix leaky faucets, replace burnt-out light bulbs, and patch up any small holes or cracks. These small details can significantly impact a buyer’s perception of your home’s overall upkeep.

You may also consider fresh paint, professional carpet cleaning, or professional home cleaning before listing your home. You only get one first impression with buyers, you want to make sure it’s your best.

Research And Set A Realistic Listing Price: Competitive And Attractive

When planning to sell your home, it’s a good idea to schedule a meeting with a local Realtor. This will help you get a more accurate idea of the value of your home. Although many home buyers and sellers rely on Zillow, it’s important to note that Idaho is a non-disclosure state. This means that in many cases, the Zestimate you see on Zillow may not be entirely accurate.

A Realtor will give you a range of values for your home based on recently sold homes in your neighborhood and area. It’s critical to gain insights into market trends and ensure your pricing strategy aligns with current market conditions. A well-calibrated asking price can attract more serious buyers and lead to a faster sale.

Conduct A Pre-Listing Inspection: Ensure A Smooth Transaction

It’s a good idea to get a professional home inspection done before you put your house up for sale. Doing this can help you identify any issues and solve potential problems before they affect the sale. Including the home inspection report for potential buyers can also boost their confidence in the property, making them more likely to purchase and leading to a quicker sale.

I hope this helped you answer the question of “What should I do to sell my home in Twin Falls, Idaho?”. If you have further questions, don’t hesitate to schedule a call with me, I’m always happy to help answer questions!

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The Best Happy Hour In Twin Falls

Community, Relocating, Twin Falls / February 26, 2024

If someone had told me ten years ago that Twin Falls would have such an amazing downtown area and Happy Hour scene, I probably wouldn’t have believed them. However, today, Twin Falls is home to a multitude of great local restaurants, breweries, and even Idaho’s first food hall.

Read on to learn about some of the best spots to check out for happy hour in Twin Falls, Idaho.

Slice

If you’re looking for a place to grab some cocktails after work, then Slice is the perfect spot for you. The ambiance of the place is simply beautiful with a dimly lit, open room. The artwork, exposed brick, and hardwood flooring create a comfortable and casual vibe that will make you feel at ease.

Slice is one of the best spots for happy hour in Twin Falls where you can enjoy great deals on drinks. They offer a buy one get one free deal on their wells, drafts, and even house wine. Although they don’t have any food specials, it’s a great place to visit for drinks. However, if you’re looking for something small to eat, they always have the slice of the day available. It’s perfect to hold you over until dinner.

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Scooter's Grillin'-N-Chillin'

Scooter’s is a local favorite for happy hour in Twin Falls. They were one of the first restaurants to come to downtown Twin Falls and remain running for many years to come.

Scooter’s is best known for their burgers, fries, wings, and killer Sunday brunch. However, they also have amazing specials for happy hour in Twin Falls. If you stop here between 3:00-6:00 PM (except Sundays), you will find their beers, single well cocktails, and most wines are 1/2 off.

If you are looking for a quick bite to eat, Scooter’s happy hour menu offers a $5 menu with small items such as chips and salsa, mozzarella sticks, and more. Overall, this place is a great choice for happy hour.

Elevation 486

If you’re searching for a happy hour in Twin Falls that offers arguably the best view in the city, Elevation 486 is the place to be. This location boasts the most breathtaking views of the Snake River and Perrine Bridge. You can choose to sit either indoors or outdoors, providing you with the opportunity to enjoy the views throughout the year.

The food at this place is equally amazing as the stunning views, no matter what menu you choose to dine from. However, if you arrive between 2 PM and 5 PM, you can take advantage of their happy hour menu that offers some delectable choices such as vine-ripened tomato, burrata-style mozzarella, fresh basil, and balsamic reduction, or green bean fries served with delicious sauces.

You’ll find on the menu various drink specials, such as $5 well drinks, $1 off draft wine or beer, and some of the best margaritas in the Magic Valley. If you’re searching for a perfect place for your next happy hour, I highly recommend Elevation.

Anchor Bistro & Sports Bar

If you’re looking for a place to catch up on sports while enjoying happy hour, Anchor Bistro & Bar is the perfect spot for you. With 19 flatscreens that range up to 80 inches scattered all over the restaurant, you can watch sports events such as NFL Direct Ticket, MLB Direct Ticket, NBA, College Football, NASCAR & Golf without missing any of the action. Additionally, with an enticing happy hour in Twin Falls, you can’t go wrong.

If you’re looking for a great deal on drinks and appetizers, come by from 3:00 to 5:00 PM Monday through Saturday. During this time, you can get a 50% discount on draft beers and well-drinks, as well as $2 off any appetizer. If you’re a fan of nachos, you need to try the ones here – especially with the smoked pork. Also, if you’re visiting during the summer, you can sit on the patio or indoors. If you get a chance, visit Anchor during happy hour, you won’t be disappointed.

Redhawk Gastropub

Redhawk Gastropub is a recently opened restaurant in Twin Falls, which started operating in the summer of 2022. It is a unique dining experience, with a 28-tap bar and comfortable seating on the canyon rim. The restaurant offers both indoor and outdoor seating options, and during the winter months, you can enjoy one of their heated pods on the patio.

Redhawk features both an early and late happy hour in Twin Falls. Their first happy hour begins at 2:00 PM and ends at 6:00 PM, the second from 9:00 – 10:00 PM. You’ll find discounts on their appetizers like deep-fried pickles, spinach artichoke dip, and more. You will also find their beer, wine, and cocktails for $2.00 off.

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Twin Falls

Top Documents Needed For a Twin Falls Mortgage:

Tax Returns

Steal This!

Paystubs, W-2s, or other proof of income

Credit Report

Bank Statements

Photo ID

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What You Need to Know About the Twin Falls County Market:

Number of Residential Sales

Steal This!

Months of Inventory

New Listings

Sales Price

Days On Market

Conclusion

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5 Things You Should Know Before Moving to Twin Falls, ID:

The central location of Twin Falls makes it an ideal place for outdoor enthusiasts to live and play.

Steal This!

Despite the rapidly increasing housing prices, the cost of housing in Twin Falls remains lower than the national average.

Twin Falls has four-season weather, and sometimes you find you experience it all in one day.

Idaho consistently ranks as one of the top states for economic growth, making Twin Falls an ideal location to establish or expand a business.

The sense of community holds great significance in this place, and there is a strong inclination towards supporting local businesses and people.

Related Articles

Hi, I'm Sabrina!

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Recent Articles

Categories

What Should I Do To Help Sell My Home In Twin Falls?

Enhance The Curb Appeal: Make A Lasting First Impression

Steal This!

Declutter And Depersonalize: Showcase Your Home's Potential

Complete Minor Repairs: Fix Any Small Items Needing Repaired

Research And Set A Realistic Listing Price: Competitive And Attractive

Conduct A Pre-Listing Inspection: Ensure A Smooth Transaction

Related Articles

Hi, I'm Sabrina!

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Recent Articles

Categories

Top 5 Spots For Happy Hour In Twin Falls

Slice

Steal This!

Scooter's Grillin'-N-Chillin'

Elevation 486

Anchor Bistro & Sports Bar

Redhawk Gastropub

Related Articles

Hi, I'm Sabrina!

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Top Articles

Recent Articles

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