Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Feb. 25, 2020

Powerful Reasons to Own

Powerful Reasons to Own your Home instead of Rent

- You are paying for housing whether you own or rent. 

Some argue that renting eliminates the cost of property taxes and home repairs. Every potential renter must realize that all the expenses the landlord incurs (property taxes, repairs, insurance, etc.) are baked into the rent payment already – along with a profit margin!!

- Owning is usually a form of "forced saving"

Studies have shown that homeowners have a net worth that is 44X greater than that of a renter. As a matter of fact, it was recently estimated that a family buying an average priced home this past year could build more than $42,000 in family wealth over the next five years.

- Owning is a hedge against inflation

House values and rents tend to go up at or higher than the rate of inflation. When you own, your home’s value will protect you from that inflation.

- Housing is typically the one leveraged investment available. 

Home-ownership allows households to amplify any appreciation on the value of their homes by a leverage factor. A 20% down payment results in a leverage factor of five, meaning every percentage point rise in the value of your home is a 5% return on your equity. If you put down 10%, your leverage factor is 10.

Example: Let’s assume you purchased a $300,000 home and put down $60,000 (20%). If the house appreciates by $30,000, that is only a 10% increase in value but a 50% increase in equity

own or rent

Credit: Keeping Current Matters

 

 

Posted in General
Feb. 21, 2020

Things to do

What to do, what to do? I know we are getting quite a bit of cabin fever and we bet you are too! Let's get out and try something new!

First things first, a must-see home on 2.45 park-like acres in Nampa. OPEN HOUSE Saturday from 12-3pm CLICK HERE for the address and to preview this home. 

Maybe a drive in the sunshine? Bogus Basin is hosting Special Olympics Idaho Winter Games today from 5p-8p and at Terrace Lakes in Garden Valley tomorrow from 9a-12p. Or go visit the beautiful town of Hagerman and support their volunteer firefighters at their Annual Chili Cook-Off.  

Click Here for some great local events and happenings in our beautiful Treasure Valley

Whatever you choose, we know the scenery will be amazing. Enjoy it out there!

 

 

 

Posted in Things to do
Feb. 20, 2020

New Reduced Price and Open House at 2207 E Greenhurst Rd!

New Reduced Price and Open House this Saturday 2/22 12-3pm!

Must see this gorgeous fully renovated home on 2.45 acres of park like setting! Property can be used as a venue and rents monthly on Air bnb. Beautifully remodeled kitchen with upgraded appliances and built in refrigerator and ice maker, opens to living room with stone fireplace and sunken wet bar! Home has amazing sunroom with hot tub. Basement is set up as rec/bonus room with full bathroom. Grounds have mature landscaping, pond, RV Hook-ups and so much more!

 

CLICK HERE for Full details

Posted in Listing Updates
Feb. 20, 2020

Pre-Approval

Step #1 - Get your PRE-APPROVAL letter.

This is so important for many reasons. A lender will tell you exactly what price range you can search in and help you determine where you are comfortable with monthly payments. In this market, having your letter is a Must! When submitting an offer on your dream home you don't want to get miss out and have your offer rejected simply because you don't have your lender's pre-approval letter yet. Our team at Pack It Up Boise has amazing lender partner's we can refer you to. Find your agent now and let us help guide you through the process. 

CLICK HERE to see our amazing team of Realtors ®

 

Posted in General
Feb. 14, 2020

Open House at 2207 E Greenhurst Rd

2207 E Greenhurst Rd, Nampa, ID 83686

Tour this incredible home Sunday 12/16 11-2pm! 

Must see this gorgeous fully renovated home on 2.45 acres of park like setting! Property can be used as a venue and rents monthly on Air bnb. Beautifully remodeled kitchen with upgraded appliances and built in refrigerator and ice maker, opens to living room with stone fireplace and sunken wet bar! Home has amazing sunroom with hot tub. Basement is set up as rec/bonus room with full bathroom. Grounds have mature landscaping, pond, RV Hook-ups and so much more!

CLICK HERE for Full details 

Posted in Listing Updates
Feb. 14, 2020

Valentine's Day

 

You've stolen a pizza my heart.

We're mint to be.

I love you from my head to-ma-toes.

We make a great pear.

I yam in love with you.

I want to spend more thyme with you.

Words can't espresso how much I love you.

Don't go bacon my heart.

You're my everything bagel.

You're the one pho me.

We're butter together.

I donut what I would do without you.

Hey Valentine, you're a gouda one!

I love you berry much.

You make my heart skip a beet.

I love you a latte.

Here's my number, so kale me, maybe?

Olive you so much.

Credit Goodhousekeeping.com

Posted in General
Feb. 12, 2020

Market Update January 2020

ADA COUNTY

  • As the share of new home sales continues to increase, so does the overall median sales price. In January 2020, 40.2% of all home sales were new construction, up 8.2% compared to January 2019. New homes are typically priced higher due to increasing cost of land, labor, and materials.

  • Persistent demand from home buyers compared to the record low number of existing/resale homes for sale — just 361 existing homes available, down 28.1% from January 2019 — also drove prices up.

  • While condos, townhomes, and mobile/manufactured homes are a small part of our area’s overall housing supply, these property types may offer buyers additional options at lower price points.

Home prices in Ada County hit a new record high median of $363,000 in January 2020 due to an increasing share of new home sales, and, a lack of supply of existing homes compared to demand.

As we’ve noted before, the Ada County housing market has been shifting to a new norm with new construction sales gaining more and more of the total market share. In January 2020, new construction sales made up 40.2% of all sales — an 8.2% increase from a year ago. New homes are typically priced higher primarily due to increasing cost of land, labor, and materials. In January 2020, the median sales price for new construction was at $419,440 — up 12.2% from the same month last year.

Persistent demand (as indicated by pending sales) compared to the record low of number of existing/resale homes for sale in January 2020 also drove up prices for the existing/resale segment, and in turn, the overall median sales price.. There were only 361 existing homes available to purchase at the end of the month — down 28.1% from January 2019 while pending sales were up 5.4% year-over-year. In January 2020, the median sales price for the existing/resale segment was at $340,000 — up 18.7% from the same month last year.

Rising prices and fewer options can be discouraging for those looking to buy, but it’s important to note that the median sales prices noted here are based on sales activity for single-family homes with or without acreage. As a reminder, the median sales price is simply the point at which half of the homes that sold during the month sold for more, and half of the homes sold for less.

Furthermore, BRR’s market reports have traditionally focused on single-family activity only, but there are additional property types available. For example, in January 2020, there were 39 town homes that sold in Ada County for a median sales price of $264,500. This left 45 town homes available for purchase at the end of the month. (NOTE: Learn more about sales activity and median prices of these property types in our new Condos, Town homes, and Mobile/Manufactured Homes Market Report.)

Your REALTOR® has access to the latest and most comprehensive database of local homes for sale, including town homes and condos which are sometimes available at lower price points. In addition, current low mortgage rates are helping to increase buyers purchase power. If you are considering a move, make sure you are working with a mortgage lender and a REALTOR® to understand all the options available to you for financing and inventory.

To read the full article and report from the Boise Regional Realtors please visit FULL MARKET REPORT

Posted in Market Updates
Feb. 12, 2020

Increase value with small improvements

It is a great time to make some updates! Whether you are planning to sell or you just want to ensure you maintain the highest value in your home, read on to learn how to maximize that value and increase profit down the road.

1. Paint, paint, paint! Some of us tend to go Uggggg!! But believe us, after just a few hours of painting you will be impressed with the huge return in that small investment!

2. Kitchen updates: Do a mini-remodel :) Freshen the paint, add a splash of color with new back splash, go stainless steel, or my favorite - Add a rolling island and a pot rack with brand new pots and pans and a hanging wine holder! (Hint: you can most likely keep these items if/when you decide to sell!)

3. Meet with a pro. Any one of our team members would be happy to come over and give advice on increasing value. Most Realtor's will do this for free or you could pay a consult fee to meet with an interior designer.  

Posted in General
Feb. 7, 2020

Tax season is here

Have you thought about using your refund for a down payment? The average estimated tax refund for Americans is $2,725.00.

Or have you considered using your refund to freshen up your current home? That refund could go a long way in updates to get you a higher sales price when you sell. (Keep an eye out for our post next week with tips to get you more $$ when you sell!)

We choose to use our refunds in many ways such as saving, investing, splurging, etc. What about investing in a new home? With interest rates remaining low, talk with a lender about your options. It is free and informative! Let us refer you to some intelligent, talented people so you can start increasing Your personal wealth.

 

 

Posted in General
Feb. 5, 2020

ADTV Season 7/Episode 4

The next episode with Michelle Colton on The American Dream airs tomorrow! A huge Thank You and shout out to The Closet, Inc. for allowing us to be a part of your 10-year anniversary. Congratulations and thank you for all you do for our community! Check out the promo here WATCH HERE #ADTV 

 

 

ADTV logo

Posted in General