Monthly Facts and Boise Market Trends

Posted by: admin  :  Category: Boise Market Trends, Buying Boise Homes, Housing Market, Idaho Real Estate Price Trends, Local Boise Market Update, Local Boise Price Charts, Market Trends, Market Updates, Real Estate & Housing, Selling Boise Homes, Selling Homes

Monthly Facts and Boise Market Trends

In June, nationwide home sales were at their highest in eight years. What do I need to know about the Ada County market? 

An increase in home sales typically occurs in spring and continuing through June and July. Even so, Brenda Kolsen, 2015 President of the Ada County Association of REALTORS®, acknowledges this year’s whopping 36.1% increase over June 2014 as an “enormous amount of activity” in Ada County.

And our community isn’t alone: according to the National Association of Realtors, existing-home sales nationwide increased in June “to their highest pace” in over eight years.

Job growth, population increases, and improved consumer confidence scores may very well be factors, at least in the Treasure Valley. Consider the following statistics:

  • Both statewide and Ada County’s population increased from April 2010 to July 2014 (up 4.3% and 8.6.%, respectively) according to U.S. Census Bureau data
  • These increases include buyers from California, Washington, and Oregon, many of which are professionals and retirees who are able to purchase at higher price points
  • The Idaho Department of Labor reported a 2.5% growth in jobs in May 2015
  • The Conference Board Conusmer Confidence Index® increased from 94.6 in May to 101.4 in June

This statistical data indicates that, as job stability increases and consumer confidence scores improve, people aren’t just more comfortable buying a home, they are also financially capable of spending a bit more.

Here’s a closer look at what’s up and what’s down in my latest monthly market trend indicators update.

Housing Market Trends and Indicators

Upward Market TrendsTrending up

  • 1,028 homes sold in June 2015 (up 26.1% from last June)
  • $230,000 median home price (up 6.0% from last June)
  • $279.5 million total volume of single-family home sales (a 36.1% increase from last June, and a 17.9% increase over May 2015)

Arrown indicating downward market trends in Boise's housing marketTrending down

  • $296,900 new home price (down 1.4% from last May)
  • 3% of homes sold were distressed properties (REOs and short sales), down 50% from last year
  • 42 days on market (down 5 days from than last June, a decrease of 36.2%)
Static Boise real estate market trendsTrending Consistently
  • 2.6 months available inventory (even with last year—inventory was at 2.1 months for existing homes and 4.29 months for new construction in June 2015)

While it may presently be a seller’s market, it’s important to remember that, if you’re listing your home, it won’t sell itself. Sellers should seriously consider home staging and the overall first impression they present to potential buyers. Also, many factors should affect your initial listing amount, and sellers should be cautious about overpricing. Home buyers need not be deterred by the high demand, either, rates are still at historically low levels, which still presents an ideal financial opportunity.

We’d be happy to meet with you to review your situation and discuss the possibilities.

Your Boise Market Trend Experts

Monthly Facts and Boise Market Trends

Posted by: admin  :  Category: Boise Market Trends, Housing Market, Idaho Real Estate Price Trends, Local Boise Market Update, Local Boise Price Charts, Market Trends, Market Updates, Real Estate & Housing, Selling Boise Homes

Monthly Facts and Boise Market Trends

Are you sure it’s a buyer’s market? It seems like there have been fewer homes available.

Despite nationwide trends—decreases in home price and a lack of homes for sale in many markets—the situation is by no means bleak, especially in Ada County. In fact, we differ in one key area: new construction.

According to the Building Contractors Association of Southwestern Idaho, there was a 10% increase in residential new construction permits in April. This presents a great opportunity for move-up buyers.

Also, there’s more to the local housing market than meets the eye.

“Throughout the spring market, we saw some buyers getting frustrated with the lack of inventory available, especially in the lower price points. But many owners weren’t ready to list because they didn’t want to be competing for homes, once theirs sold,” reports ACAR.

Here’s a closer look at what’s up and down in my latest monthly market trend indicators update.

Housing Market Trends and Indicators

Upward Market TrendsTrending up

  • 901 homes sold in May 2015 (up 14.5% from last May)
  • $229,000 median home price (up 9.6% from last May)
  • 49 days on market (2 days longer than last May), and 92 days on market for new construction (up from 76 days last May)

Arrown indicating downward market trends in Boise's housing marketTrending down

  • $296,900 new home price (down 1.4% from last May)
  • 3% of homes sold were distressed properties (REOs and short sales), down 50% from last year
  • 2.8 months available inventory (down 9.7% from last year)
  • 5.9 months of new construction supply (a decrease from last year, but still higher than 2.2 months of inventory for existing homes)

If your family has grown or you’ve been considering more spacious housing options for other reasons, it’s a great time to do so. There are homes available, especially new construction and properties at higher price points. Also, rates are still at historically low levels, which presents an ideal financial opportunity for home buyers.

We’d be happy to meet with you to review your situation and discuss the possibilities.

Your Boise Market Trend Experts

On Stage -A Field Guide to Selling

Posted by: admin  :  Category: Home Staging, Real Estate & Housing, Selling Boise Homes, Selling Homes, Staging

What can you do to prepare a house for sale?

“Banish the clutter! Trim the bushes! Hide your Star Wars collection! Take down the family pictures!  Here are tips, hints, thoughts and ideas for sprucing up, cleaning out, decorating, staging, creating a great first impression and making a house appealing to buyers.” (A. Siudzinski, Senior Library Information Specialist)

  • Put trash bins out of site
  • De-clutter and create clean surface areas
  • Remove personal items
  • Freshen up that landscape and maximize your first impressions
  • Clean the windows (wow- what a difference that makes)
  • Make sure all light bulbs are working (including the one above the stove)

The same advice would apply to preparing your home for the professional photos that we include as part of the sale process. A full article with links to additional staging stats and stories can be found here at this link, compliments of the National Association of Realtors. Here’s one reason NOT to bother reading too deeply on this topic…. you may not have to! We’ll walk you through ways to make the best impressions and get the best price for your home.

We’ll take care of staging for you!

The team at Buy-Boise Real Estate Group has the equivalent of a secret weapon, when it comes to staging a house for sale. Her name is Gale. We bring her in to help advise you on which personal effects to remove or move. She’ll shift around your own furniture in ways that might make you want to stay. Yes, she makes it look THAT good!

We’ve seen it make a difference. A house without staging requires imagination to generate the “wow” response that a nicely staged house can generate on its own.

Gale Napier, Home Staging Specialist Photo

Gale is Buy-Boise’s home staging specialist of choice. We bring her in before the photographer and then wow our clients as well as the buyers shopping for a home in Boise.

If you’re considering having an agent sell your single family home, don’t hesitate to ask about the finer points of the marketing and sales preparation. These points are:

  • Professional photography
  • Professional staging
  • Helping you “prepare for the parade”

Preparing for the parade

Preparing for the parade is sometimes simply cleaning, carpet cleaning and doing an exterior cleanup to enhance the curb appeal. Other times, there’s painting or repairing to do. See the bottom half of my home-selling secrets blog for more about the parade, and why it’s important to impress, if you and I haven’t already talked about it one-one yet.  http://fosterboise.com/home-selling-secrets

“You will be surprised at how much larger your kitchen will feel and look once you remove extraneous items. Use this same technique to clear off your major appliances and wipe them down clean to reveal their controls and finish,” as divulged on  Realtybiznews.
A neat, clean and staged kitchen makes a difference.

 

Next Step – Pro Photos (We take care of that too)

The photos are an extremely important part of your listing. That’s why we professionally stage first, and hire professional photography next. People do a lot of “window shopping” through the windows on their computers these days, and if those photos don’t look good, your listing won’t make the cut when it comes to setting up a buyer’s tour and viewing potential properties with their agent. Notice how all the lights are on in the photo above-  including those above the stove and below the cabinetes. Lighting is the most important element in photos.

HOT TIP FOR BUYERS! If you see a listing that might appear better in person than on the listing due to mediocre photos but great specs, add it to your tour and check it out in person. In this market, the reduction of competition helps (sellers with bad photos are accidentally weeding out your competition for you).

Thanks for reading!

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional and source of real estate market trends in Boise Idaho &Sherri Battazzo Boise

 

To Sell it Yourself . . .or Not

Posted by: admin  :  Category: Buying Boise Homes, Home Knowledge, Housing Market, Real Estate, Real Estate & Housing, Selling Boise Homes, Selling Homes

Selling Your Home on Your Own. . . To “DIY or Die Trying”?

“We thought we didn’t need realtors to help sell our house because we found our own buyer. Now, after listening to you go over our contract to purchase, we don’t feel like we protected ourselves on our sale. I guess we didn’t realize that was an important part of the process, and now, we wish we had hired an agent to protect us as sellers.” —Phil and Kelly Owens, For-Sale-By-Owners sellers turned Buy-Boise represented buyers.

There are homeowners who decide they’re ready to try buying or selling on their own. We recommend evaluating all the pros and cons of such a significant decision first. Confidence may be brought by increased access to information offered by the internet, or the “seller’s market” we’re in.

Do-it-yourself or DIY sellers would be right to declare that it’s not rocket science and no single step is too large to tackle. In a seller’s market, there also may be more room for error (assuming more sellers than buyers go off on their own).

 Some of these stories unfold with success, and some with the worst kind of losses (or the best, depending on how you look at it)… the unknown losses.

 There’s also more to a deal than the average person knows, if they’ve worked with agents in the past. Every deal includes a variety of terms and deadlines that experienced agents should have down pat, based on  sheer number of deals completed, continuous education and their consistent immersion in the intricacies of the market.

 I’m in the service industry and identify myself as a representative of and advocate for my client and not a commission-chaser, so this topic is a tricky one for me to try tackle, yet an irresponsible one for me to ignore. I’ve seen successful realtor-free transactions, but then hid my cringe at some of the terms in other seemingly “successful” transactions. The lesson here – sometimes it works. With my clients, it’s my job and responsibility to ensure that its’ not only going to work, but also work well, and in the best interest of my client. I also strive to make sure we’re worth our weight in gold, in terms of the value we provide.

Here are a ten reminders of what we do, with worthwhile considerations if you’re contemplating going at it alone on one of the biggest transactions life tends to bring:

  1. Value. We provide service in a way that it brings as much value to the client as possible. In some cases we simply try to earn it, in other scenarios, our service pays for itself. We’re skilled, conscientious and working hard on your behalf. We’re also well aware that not all Realtors can say the same and that’s disappointing.
  2. Zillow data is not known for accuracy.  Sites like Zillow and trulia are helpful for buyers to online shop, but fall short in terms of accuracy, because the information is derived purely from public records, like your tax assessment, because that information is made available for free, compared to a paid-for membership site like the invaluable offering that agents participate in, that is the multiple listing service.  Zillow’s prized ’Zestimate’ is based  soley on a flat formula (an algorithm) that does not take into account the how the desirability of certain parts of town or highly sought-after school districts substantially impact property value. If it were that easy to price property or determine value, tax assessed values would measure more closely to market values, and they don’t. Sure, give it a look, knowing it’s not your substitute for real-time MLS updates on market activity, agent-provided analysis, and the specific knowledge of an industry expert who can point out these subjective factors that impact pricing in the marketplace.
  3. Price isn’t the only term in a contract. It can be nice to have someone on your side, who has expertise at screening offers, avoiding unfavorable terms and helping you land as closely as possible to your target (with less trial and error). That said, hopefully a realtor helps you get the full fair market value.
  4. Not all buyers are equal. At one glance at a contract, an experienced agent can see a story starting to unfold, and help you respond or negotiate accordingly.
  5. Finding a Buyer isn’t the Hardest Part - it is one item, of many important things to take care of in the sale.
  6. A good deal is a good deal for everyone. Agents are obligated by ethics to play nicely and Sherri and I take that obligation seriously. We act in the best interest of our client to get them a good deal, without alienating the other party, or making them feel like they are not getting a good deal.
  7. Knowledge first. Negotiations second. We know the market, the contracts, the ins and outs, what’s fair and what’s attainable and can counsel clients on the pros and cons of aggressive versus attractive pricing. We help sellers choose a price that will set them up for success.  We’ll advise on practical preparations and have saved many clients from spending too much money on unnecessary home repairs (carpet cleaning versus carpet replacement). We’ve also saved clients from putting their house on the market before it was ready to attract the most amount of attention possible.
  8. Recommendations. If you’ve worked with us, you’ve heard me discuss the value of a home inspection, the importance of a quality, local lender who can get us to the closing table on time and reminded about items worth of discussion with an accountant, attorney or the county (e.g. the homeowners exemption office). You’ve also likely been provided the names of providers we trust from experience.
  9. Connections. This includes, but is not limited to the 3,000 realtors exposed to listings on the MLS.
  10. Ease. We watch the contingencies, manage the deadlines and escort you all the way to the closing table. 

Thanks for reading! As always, don’t hesitate to contact us with any questions you may have!

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional and source of real estate market trends in Boise IdahoSherri Battazzo Signature

Shana Moore & Sherri B

Your Boise Market Trend Experts

 

 

Monthly Facts & Boise Market Trends

Posted by: admin  :  Category: Boise Market Trends, Housing Market, Idaho Real Estate Price Trends, Local Boise Market Update, Local Boise Price Charts, Market Trends, Market Updates, Real Estate & Housing

Monthly Market Trends & Facts

“When is the most popular time to buy or sell a home in Boise?”

Spring. It’s also a very popular time for rental turnovers and moving in general.

That said, we’re still getting into things right now.  It’s a fairly competitive market – there may be five buyers for every property. This creates the need for a little more buyer patience and extra negotiation skills on my part (including looking at ways to create a strong offer, which is not limited to price). When we receive multiple offers on one of our listings, I weigh things like the financing, lender (are they consistently getting the job done), close date and contingencies or lack thereof.

We’re also still a little “pre-season” in terms of inventory, but that should turn around. As ACAR puts it, “we had a very slight increase with months of inventory available 3.8 months of inventory in February. As we head toward spring and summer, we could use an increase in inventory.”

Market trends infographic

 

 

I’m seeing the good inventory selling quickly. Sellers are bringing their “A game” to the market. When a house is priced well and looks good, it’s resulting in multiple offers right now.

Traditionally, February would be the weakest month for home prices, however it was quite strong this year according to ACAR’s most recent data. “This could indicate a strong spring and summer to follow,” reports ACAR.

Home sales are up – existing home sales are up at a higher rate than new home sales, although there is building activity budding in Boise, so it will be interesting to watch the market trends among new homes in Boise.

In terms of what else is up, down and level in Boise, here’s your monthly market trend indicators update:

Housing Market Trends & Indicators:

 

Upward Market TrendsTrending Up

  • 507 Homes sold in February 2015 (up 10% compared to last February)
  • $224,900 Median home price  (up 10% from last February)
  • $196,750 Existing home price (up 11.25% from last year)
  • $305,000 New home price (down 1.45% from last year)

Arrown indicating downward market trends in Boise's housing marketTrending Down

  • 67 Days on market (down 3 days from last month)
  • $305,000 – new home median price (down 1.45% from last year)

Static Boise real estate market trendsStatic Trends

  • 3.8 months inventory – the increase was so slight, with the need still apparent, that I’m putting inventory in this “static” column

Thanks for reading and for considering me your real estate resource for buying and selling homes. Don’t hesitate to let me know if you’re considering selling and would like help pricing or preparing.

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional and source of real estate market trends in Boise Idaho

Shana Foster Moore,

Your Real Estate Market Trends Resource

Unlocking Tax Tips for Homeowners

Posted by: admin  :  Category: Home Knowledge, Local Boise Price Charts, Real Estate, Real Estate & Housing, Selling Boise Homes, Selling Homes, Tax Tips

Maximize Your Tax Deductions!

Who doesn’t love to save money when possible, or get hard-earned money back at the end of the year, as the case may be at tax time? This article is meant to help homeowners maximize their returns by offering tips worthy of talking through with an accountant or tax attorney. I’m neither an accountant nor equip to give tax advice, but here’s what I have learned . . .

Real estate write offs and tax deductions

Mortgage Interest Paid– Mortgage interest is deductible on first homes, second homes and even equity lines of credit (if and only if that equity line was indeed used to improve the home). $1 million loan limit applies plus $100 thousand limit for home equity debt).

For new homeowners, the mortgage interest tax break will be larger, since the ratio of interest to principal paid is heavier in the early years of a loan. See below.

Example scenario:

$112,000 Loan at 4.25% interest
Principal and interest payment: $550
Around $50 per month more goes toward principal in year 5 than in year 1 (that’s nearly 10% in this example).
$1,700 in principal was paid the first year and $2300 will be paid in the fifth year.

 

Taxes –Local and state taxes can be deducted on our Federal Taxes. If these are paid through escrow, keep in mind it’s only the actual disbursement that is deductible (not the amount pulled into your escrow account).

Home office deduction – This applies only to the square footage that is used specifically and only for business or business-related storage. Your home office can be your only office and cannot be combined with another office deduction outside of the home. My accountant has advised diligence in these details, as it’s an area the IRS could be inclined to watch more closely.

Selling costs – If you sold a home in the 2014, the selling costs can be deducted from the gain from sale.  Examples include repairs, title insurance, advertising expenses, real estate broker’s commissions, and inspection fees. Repairs need to have been made within 90 days of the sale and clearly for the intent of marketing the property.

Capital gains taxand the two out of five rule. If your home is your primary residence for two of the last five years, up to $500,000 in profit from the sale of a home may be tax-free (if married/filing jointly). A new purchase is NOT needed to claim this tax benefit! You can also claim certain repairs to reduce your capital gains on the sale, if  they were made within 90 days of the sale and clearly made for the intent of marketing the property.

 

Real Estate Caital Gains Tax Chart

Homeownership has tax advantages. Particularly if you’re selling a home you’ve lived in for 2 of the last five years. The next best scenario is to hold it for at least one year for long-term capital gains taxes.

Points – If you pay points on a loan, these are deductible as the IRS sees them as “prepaid mortgage interest.”

PMI (Private Mortgage Insurance) is deductible.Moving Costs – If you had to find a new home because of a new job that is located more than 50 miles away from your old home, you may be able to deduct your reasonable moving expenses.

Casualty Losses – If losses are large enough (more than 10% of your income), the portion not covered by insurance could be a deduction. Documentation in the form of photos, videos or receipts can be key in times of loss, both for insurance and tax purposes.

Documentation reminder at tax time – Smart phones and tablets make it easier than ever to document the contents or condition of your home. This can help in times of loss.

The benefits of homeownership carry through to tax season. So do the benefits of having a good accountant on your side, who reminds you to track all of these deductions.  Hopefully, a good realtor also is a part of your household’s team and hopefully I have been, or will be that resource for you.

If you know anyone who is ready to sell their home, I would much rather work for them, than work on my taxes, so please, have them give me a call!

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional and source of real estate market trends in Boise Idaho

 

 

Shana Foster Moore

Your Boise real estate resource

 

Boise Market Trends

Posted by: admin  :  Category: Boise Market Trends, Housing Market, Idaho Real Estate Price Trends, Local Boise Market Update, Local Boise Price Charts, Market Trends, Market Updates, Real Estate & Housing, Selling Boise Homes

“How’s the real estate market right now? Is now a good time to sell?”
This may be one of the more common questions I address, and sharing market data and trends is the purpose of this blog entry, but it’s no substitute for a real conversation. It’s great to know the market but even better to discuss your specific buying and selling plans far enough in advance that we can put a strong plan in place to help make things go your way.

In reality, selling and buying plans are more often dictated by personal life experiences and less often by the status of the market. That said, sellers and potential sellers have a bit of an advantage right now. The laws of supply and demand may be in your favor, given a lower inventory currently on-hand. This makes for less competition.

As Buy-Boise Real Estate Group moves into its fifth year in business, we’re actively reaching out to sellers right now, both to accommodate our strong buyer pool and to put our strategic property selling steps into action.

Market Trend Infographic

This is a snapshot of Boise’s real estate market trends over the past month, compliments of Ada County Association of Realtors.

Housing Market Trends Update

 Upward Market TrendsUP Since 2014

  • Median home prices went up 8% since last year at this time- 13% for new homes and 4% for existing homes
  • Homes sold went up ever so slightly (1.67%) when compared to last January
  • Dollar volume of sales also went up 9% in Ada County since last year
  • Pending sales are up, at 867

Arrown indicating downward market trends in Boise's housing marketDOWN

  • Short sales and distressed properties continue to be down compared to last year and especially compared to the year prior
  • Inventory is a challenge right now
  • Interest rates are down a hair since last year at this time (mid-Feb), giving buyers more bang for their buck

Static Boise real estate market trendsSTATIC

  • At 70 days on market, we’re exactly where we were last year at this time and not far from where we were last month

Interest rates chart courtesy of Bankrate.com

Moving is always a big decision and one of the biggest transactions you’ll make. I’m happy to sit down and answer questions even before that decision has officially been made. Sometimes, it’s nice to have time to afford a very small action list of prep work. For buyers, this may mean getting pre-approved or working on some credit remedies. For sellers it could mean identifying whether any home improvements or repairs will be needed to help you “prepare for the parade.”

Thanks for reading. Please let me know if we should get together and talk about your plans for home buying or selling.

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional and source of real estate market trends in Boise Idaho

Shana Foster Moore,

Your resource for Boise market trends (and more)

 

2014 Market Trends Report

Posted by: admin  :  Category: Boise Market Trends, Buying Boise Homes, Housing Market, Idaho Real Estate Price Trends, Local Boise Market Update, Local Boise Price Charts, Market conditions, Market Trends, Market Updates, Real Estate, Real Estate & Housing

Was 2014 a good year for homeowners?

“What happened in real estate in 2014 and what can we expect in 2015?”

This time of year, we’re answering questions about the real estate market from a wider perspective, that looks beyond the current month-to-month stats and examines the overall market trends in Boise and the nation. In short, 2014 was a good year for homeowners.

In fact, 2014 was the third year in a row that I’ve had the pleasure of communicating good news about pricing and equity for homeowners. This has enabled owners the freedom to move around a bit. The average price was up about 6% this year, 17% last year and 13% the year before that.

This comes amidst other good news statistics, as well as ongoing and interesting reactions to the Great Recession. For one, there are more renters and fewer homeowners. Data suggests a seeming tentativity to enter home-ownership, despite low interest rates, recent government incentives and an overall upward trend in pricing.

To illustrate 2014 in terms of real estate housing market trends, and divulge what to expect in 2015 we’ve pulled the data below from the 2015 Idaho Real Estate Summit hosted by the Ada County Association of Realtors, and of course, our own client experiences.

Boise’s housing market was not far from the national housing market trends, which are show in this slide from the 2015 Idaho Real Estate Summit. Source: Ada County Association of Realtors.

 

Jobs have the biggest impact on any local real estate market, including the housing market here in Boise. Job growth trends in Boise have been favorable, mirroring the national trends, according to Lawrence Yun, the Chief Economist and Senior Vice President of Research at the National Association of Realtors.

Household net worth also is at an all-time high, reports Yun. Homeowner households tend to be 31-46 times the net worth of renter households, however our rate of homeownership is decreasing. When asked to make forecasts, Yun obliges – his predictions are below the job growth chart.

What’s next in 2015

Lawrence Yun suggests we’ll see:

  • More jobs, as well as a slightly increasing job-quitting rate
  • Manageable mortgage rates, increasing slowly and reaching 6% by 2016
  • Population growth and a pent-up demand for housing
  • Record high household wealth
  • More starts, sales, growth in prices, and transitional/erratic lending policies which should return to “normal” by 2016
  • Improving business opportunities in the commercial sector

On a more immediate and local scale, we’ve seen a winter slowdown following the previous period of rising home prices. Inventory requires patience from our buyers (us too, but it’s my job to be patient). We’re reaching out to sellers, in part because we need some inventory to present to our buyers.

Housing Market Trend Update

 UPUpward Market Trends

  • Sales in 2014 were up in all price points above $160,000, when compared to the previous year
  • Median home prices have been on the rise in Ada County over the past year
  • Jobs are the biggest factor influencing the housing market and jobs in Boise, and the nation have been on the rise
  • Renter households also are on the rise nationwide
  • Existing home sales
  • Boise area housing permits

    Boise real estate price charts

    Source: Ada County Association of Realtors, as presented at the 2015 Idaho Real Estate Summit

 

Arrown indicating downward market trends in Boise's housing marketDOWN

  • Sales in 2014 were down in all price points below 160,000, when compared the the year prior
  • Now, and at the end of 2014, inventory has been down. This can be typical this time of year.
  • Homeowner households and the overall rate of home-ownership decreased alongside an increase in renter households

 

Static Boise real estate market trendsSTATIC

  • There is pent up demand for homes priced below $160,000 – this is a trend that first started being noticed back in 2006.
  • America’s Gross Domestic Product has been low – below 3% for nine years now. This was among the market indicators Lawrence Yun pointed out at the 2015 Idaho Real Estate Summit.

Thanks for reading. All that data leaves me ready for a break to go skiing! I’d recommend you do the same – it’s a beautiful time of year to take off for a spontaneous Bogus Basin visit. If you’re hungry for more market info, or an analysis of how these market trends are affecting your home’s value, please don’t hesitate to give me a call!

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional and source of real estate market trends in Boise Idaho

 

 

Shana Foster Moore,

Your resource for Boise market trends (and more)

 

 

 

 

You Deserve Real Results

Posted by: admin  :  Category: Moving in Idaho, Real Estate, Real Estate & Housing, Selling Boise Homes, Selling Homes

What to Expect from Your Agent

Have you ever wondered about an MLS listing missing photos or critical information. Or why your neighbor sold their home for so little. Or why a house sat on the market longer than it seems like it should, given the house’s price and appeal compared to overall market conditions. Sometimes I’m amazed by the evidence that a hard-working agent could have made the difference in the results.

You deserve great results, solid market information and helping-hand style customer service when working toward the biggest sale of your life – a home. Here are some things to look for when choosing an agent to make sure you’re not setting your sight too low.

AIM UP!

  • Availability. Are they available to work with your schedule and responsive to your calls and emails?
  • Information with experience. Are they experts in all elements of real estate, including the art of making and keeping a good deal, adapting to adversity, and keeping things on track when all does not go perfectly smoothly?
  • Market knowledge. Do they understand the market and are they going to seek that careful balance between your wants and needs, while providing insight on the opportunities and limitations of the current market? Do they drive traffic to your listing?  Do they check out houses to personally seek out pertinent information that might be missing from the listing (e.g. an unlisted shop or bedroom)?
  • Understanding. Are they listening to and hearing your needs, answering your questions, understanding your goals and helping translate your interests into opportunities, while striving to be helpful? Your agent’s primary interest should be your goals.
  • Pressure-free. Are they helping guide you toward your desired direction without pressuring you to make a decision that’s inconsistent with your goals, or the less than what the market can do for you.

What Else to Expect from Me

As those of you who have worked with me before already know, or have said here in my reviews on Zillow, I’m not afraid of hard work and extra efforts to help a deal succeed. I like to go above and beyond. . To me, it’s not about making a sale – it’s about making the sale work for my clients because, as those in the service industry should understand, I’m happy when they’re happy. What does this mean in details? Here’s some extra things I do with my clients.

I CARE!

  • Insight – I maintain a blog to share my market trend knowledge, insights and tips, but when working together, you’ll receive individual information pertaining to your house or the areas you need guidance. Leveraging more than a decade in the industry,  I can run the numbers with you, share my resources and local connections and point out reasons not to buy into a deal, if I see something that you miss.
  • Creativitiy. Creative, professional photos accompany each listing, in addition to flyers, placement on Zillow and well-written descriptions. Adaptive deal-handling skills.
  • Availability X 2 – You have double the coverage and resources because I partner with Sherri B, the active broker at Buy-Boise Real Estate Group. Our clients get two of us for the price of one.
  • Responsiblity. I take responsibility for researching the price points, helping you prepare your home for sale and helping you evaluate your opportunities and determine which next steps are most reasonable for you. It’s my goal that you have a good experience and my responsibility to do what I can to facilitate that.
  • Extras – it’s hard to summarize what the “extras” might be in any scenario, but I know them when I see them and am not afraid to take on the extra expense, effort or work. It’s my goal to make sure your house is ready to sell when the parade comes through. For buyers, I’ll take extra time with you on the process, followed by extra steps to make sure your offer is going to receive all due consideration (and then some) – sometimes by writing a personal letter other times through solid negotiations to help ensure that the right deal isn’t lost due to details.

If you’re considering selling your home, or interested in assessing your readiness in terms of an equity standpoint, we should talk. Value assessments are part of my job.

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional and source of real estate market trends in Boise Idaho

 

 

Shana Foster Moore,

Your Caring, Local Boise Real Estate Agent

 

Cashing In

Posted by: admin  :  Category: Housing Market, Local Boise Market Update, Local Boise Price Charts, Market conditions, Market Trends, Market Updates, Moving in Idaho, Real Estate, Real Estate & Housing, Selling Boise Homes, Selling Homes

Cashing In: The Costs of a Sale

Those accustomed to moving, or 11.7% of the population in any given year according to Census data, seem to understand that moving carries a cost. Buyers understand there are costs involved with buying – down payment, closing costs, initial repairs or improvements and maybe a new couch that fits the new space.

A lesser known fact is that selling a home also carries a fairly standard set of inherent costs. Greg Kester of Pioneer Title breaks it down, “The seller is usually paying for anything associated with the sale, to show they have a sell-able, insurable property where the buyer is usually paying for anything to finance that home.”

Seller costs can be less intuitive, or more surprising, but a good rule of thumb is to budget 8-10% of the price of the sale to be safe.

Seller-paid costs

  • Real estate commissions -this is not a fixed number for all real estate companies, but Buy-Boise charges 6% to sell your home, 1/2 of which is given to the Buyer’s agent’s brokerage
  • Title insurance – also a percentage based on the price (.5% or less)
  • Settlement fees – usually split 50/50 with buyers and $680 or less
  • Unpaid taxes (billed bi-annually), irrigation fees, dues or assessments

Other potential costs to sell a home in Idaho

  • Capital gains tax (if there was a profit, and the home was not owner-occupied 2 of the last 5 years)
  • Seller-paid repairs
  • Seller paid closing costs
  • Transfer of security deposits and rents (for an occupied rental property)

Seller-paid closing costs have been trending up in Idaho. I started noticing it back when the Boise real estate market conditions took a big dip, but the idea seemed to gain traction, even as the market recovered. Buyers find it attractive more so than sellers, who already face some costs of selling.

Buyers often choose this form of negotiation because it decreases the amount they have to bring the closing table dollar-for-dollar in a lending situation. A reduction in purchase price only reduces “cash to close” by a percentage, in financing situations. It also affects the monthly payment ever so slightly.

“Whether it’s a buyers or sellers market can really determine whether buyers are asking for closing costs,” says our Pioneer Title expert Greg.

Costs to Buy a Home in Idaho

  • Down payment
  • Closing costs (loan origination, documentation, settlement fees  recording, pre-paid insurance, etc)
  • Appraisal – paid by the buyer about 60% of the time
  • Home inspection

A home tends to account for our biggest life purchases, and then one of our biggest sales. It’s important to fully understand all the numbers when making decision about selling your home, and evaluating the costs and profitability of a change.

For more information, please don’t hesitate to email me, or comment with your individual questions.

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional and source of real estate market trends in Boise Idaho

Shana Foster Moore

Your Local Boise Real Estate Professional