Wilderness Ranch 2014 Report and 2015 Forecast

The Annual review of Real Estate sales in Wilderness Ranch and East Boise County for the 2014 year and the 2015 Forecast.

By: Paul Heim & Darcelle Sander of The New View Team at Silvercreek Realty Group

News and Headlines: Boise has made the top ten for best places to live in many polls, forums and magazines over the years and this year Boise wasn’t left out. Time rated Boise #1 out of Nine cities. The criteria for cities to make the list included a thriving economy, a booming cultural scene, quality health care, and a growing university.

You can also download this report directly here.

Year at a Glance: The first two quarters of the year had a lot of momentum but things across the valley seemed to go into a small lull late July through early November. Value increases in the Treasure Valley spiked the first half of the year then we saw some decline in prices the second half, but overall finished about 2013 values.

Oddly enough, just following the midterm elections the market picked up considerable speed and Nov and Dec finished pretty strong. In fact most Agents and Title Companies said it was one of the busiest Decembers they had seen. Low gas prices and a drop in interest rates may contribute to a strong spring.

East Boise County Statistics
•    There were 74 home sales in 2014 out of 136 listings.  Close to a 50% absorption rate and on par with 2013
•    Of which 4 were Short Sales
•    13 of the homes sold were Foreclosed Home sales (distressed)
•    13 Current Pending Sales as of Jan 8th 2015
•    Highest priced sale $479,000 in Osprey and lowest priced $30,000  with 204 sq ft
•    Currently 40 active listings as of this report
•    Average Days on Market (DOM) 100 days
•    Average list price to actual sale price was only 5% difference

We were privileged to be a party to 8 of the sales transactions in Wilderness Ranch in 2014 and we have two current pending sales from 2014 slated to close mid Jan 2015.

Wilderness Ranch Statistics
•    There were 14 Home Sales out of a Total of 23 Listings.  Counting pending sales that is an 80% absorption rate.
•    Zero Short Sales.
•    4 of the homes sold were Foreclosed (distressed).
•    4 Current Pending Sales as of Jan 8th 2015.
•    Highest Priced sale was $309,900 and lowest priced sale was $100,000 (bank owned).
•    Average non distressed home value was $236,356 .
•    With a average price per square foot of $118.36.
•    Average list price to sale was 4%.
•    Currently there are 5 active home listings.
•    Average DOM, 98 days.

2015 Forecast:

•    What a year 2014 was, a bit of a roller coaster at times it seemed.   Overall growth in values in the Treasure Valley increased from 5 to 7% on average depending on location.  The biggest gift of the year was the falling gas prices.  How and when this will this affect the economy and Real Estate is yet to be seen.

•    Sustained lower interest rates will hopefully make for a solid Spring.  However the low interest rates can’t last forever, sooner or later they will start to climb.

•    Boise has seen a lot of commercial growth in expectation of its influx of population.  This will continue to help the Boise area market.

•    Expect New Construction to pick up this year as the price gap between existing homes and new homes narrow.

There is much rumor that HUD, Fannie and Freddy may loosen some on lending standards and qualifications this year.   

•    They are also lowering PMI fees (Post Mortgage Insurance) from 1.35 to .85 as it was a very high cost on FHA loans.  This may increase the median sales price as more people will be able to qualify for a slightly higher priced home. However here is hopping they don’t let lending become too loose again.  But it is the government so I guess we can trust them right?  As an example: on a 200k loan that would be equivalent to a monthly savings on your mortgage of $83.00.

•    There may be attempts (as rumor goes) to try to repeal or amend all/or parts of the Frank Dodd Act.  If that does occur then only time will tell how that will ripple over to the housing market.  It could create a slightly more speculative real estate market which could be a blessing or a curse depending on your situation.

General News and Local Economic Forecast:  
We saw some long time residents move on this year like Tim & Fran Schaaf, Rich and Kari Doran, Steve and Karen Byrne, Tracy and Kevin Hocevar and they will be missed.   But we also received a number of new residents that will add to the overall community and become new friends and neighbors.

Late in the Spring we will be scheduling/planning a welcoming party for new residents.  Everyone will be invited to attend.  This will allow you a chance to get to meet them and them you.  Stay tuned for details!

If you ever have any questions or care to know where your value is currently, please always feel free to contact us anytime.  Always happy to help!

To stay up to speed remember to visit www.WildernessRanchHomes.com and for Boise County in general visit www.BoiseCountyHomes.com and if you get a chance stop in and please give us a like on facebook www.facebook.com/WildernessRanchHomes .

 

2012 Wilderness Ranch Idaho Annual Real Estate Sales Report

                                                                     

Our Annual Review of Real Estate sales in Wilderness Ranch for 2012 and your 2013 forecast.

By: Paul Heim & The New View Team

Wow what a year!  While I had forecasted in last year’s report that we had passed the bell curve and would see an increase in market values for 2012, the market surpassed what anyone had expected or predicted.  We saw an unprecedented turn around in the Treasure Valley real estate market.  Overall values increased anywhere from 10% to 15%. These gains were primarily in homes under $350,000 but higher priced homes benefited also.

What were the causes and effects?  What we witnessed was a market correction.  It showed that homes had become undervalued.  I like to use the Circuit City analogy.  ‘Best Buy won the war’, … however I would bet Circuit City had way more customers the last four months they were open during  their  ‘Going Out of Business Sale’.  Best Buy had no way to compete with their prices those last months, but after their biggest competitor was finally gone, they knew they would see a spike in their growth and profit.

Likewise, as the banks ‘Going Out of Business Sales’ (foreclosed homes) were nearing a completion, the average seller was not able to compete with these prices.  We then entered a period of contraction.  This simply means we had more buyers than available listed properties.  Supply and demand rules ensued.

With the low inventory of listings on the market, we often dealt with multiple bids in the Valley when homes were priced competitively.  But how did Boise County and Wilderness Ranch fair in comparison? 

In 2012 East Boise County finally crossed an important barrier.  For 18 months we had no sales over $230,000 and that was causing difficulty in appraisals.  Not that the value wasn’t there in higher priced homes, just that appraisers couldn’t validate them for the lenders and the lenders need the appraisals to issue the loans.   The New View Team was able to complete two high-end sales (Boise County, but not in WR) very early spring, (cash deals) that helped remove that barrier and set precedence for every other sale and refinance that occurred moving forward in 2012.

Boise County tends to lag behind the Boise Valley (Ada County) by six to twelve months typically.   The Boise Valley saw a noticeable turn in the market starting the fourth quarter of 2011 so we anticipated it to carry over to Boise County by spring, but as summer set in it happened better than anyone had expected.  No complaints here!

Here are some graphs to illustrate key trends in the Boise Valley and East Boise County Real Estate Markets

How home sales compared in Boise County Idaho and Wilderness Ranch 2003 through 2012

2013 Forecast:

Boise is still seeing a contraction as developers try to re-group and get approval on new parcels through the hoops of planning and zoning for building.

I expect to see more homeowners (who were previously tight on the current value vs. what they owe) attempt to list in 2013, now that values have increased.  Nationally, home prices are predicted to increase 1% to 3%, but I predict Treasure Valley real estate increases to be somewhere between 3% to 5% conservatively.

In part, this projected increase will be due to a rebound in land values, which affects ‘over all’ home values.

Boise County, I believe, will see the START of a land recovery in Spring of 2013.  Whether it will do as good as housing did in 2012 is yet to be seen.  If you are looking to invest, then NOW may be a good opportunity to consider land, prior to a potential rebound.

I would suspect we will see more building and new construction homes taking place in Boise County in 2013.

There are some other exciting things happening in Boise County potentially for 2013 and we will keep you updated with them as the year progresses.  Some highlights are:

–          The opening of the Hot Springs in Idaho City which will help this end of the county economically.

–          Dr Matt Nelson’s new Family Practice office, which will be located directly across from the old Rock’s Lodge.

If you have any real estate related questions, please feel free to call or email us anytime, or visit our website!  We would love to hear from you.

Paul Heim & the New View Team

(208) 344-5700 – office

(208) 794-8175 – Paul Mobile

http://www.NewViewRE.com

What is there to do in Boise ID

What’s all the fuss about Boise Idaho?  Why is it always ranked high for best places to raise a family.  Is it the most beautiful place on the planet, no but it is very mountainous and beautiful and offers a quick easy escape to nature in almost any direction.  Is it the cheapest on the planet?  No, but the quality of life dollar for dollar is significantly better compared to most states and cities with the same amenities.  Did I mention the friendliness you find everyday.  You will find a large amount of big city amenities but still have the small town friendly feel. That is why many migrate here to raise a family and many others choose to retire here. But isn’t Idaho just a lot of potatoes?   Common misconception,… I know you were thinking that.    Actually Idaho is the largest exporter of wheat, so wheat overrules potatoes.

Idaho offers more wilderness land than any other US state outside of Alaska.  If you flattened Idaho out it would be larger than the state of Texas. You could spend a lifetime exploring it.

But what does it have to offer for day to day living you may ask?   Besides the great dining, I have compiled a list of places to go and explore when you make your way here for a visit.  Maybe you already live here, so here is a bucket list to complete.

Boise Zoo , Idaho Birds Of Prey Center, Idaho State Historical Museum, Basque Block, Egyptian Theatre,  Boise Idaho Ballet ,   Julia Davis Park,  Live After Five,  Boise Philharmonic,  Discovery Center of Idaho,  Idaho Dance Theatre Inc.,   Boise State Broncos football , Idaho Shakespeare Festival,  Boise Opera,  Live Music and Concerts,  Bogus Basin Ski Resort , Lucky Peak Reservoir , Ann Morrison Nature Park,  not to mention ‘Fly Fishing’, great Bike trails, hiking the Boise foot hills, ‘White Water Rafting, comedy clubs, restaurants and pubs with a relaxing night life and much much more.  Don’t forget to check out the Boise Greenbelt a 25 mile long paved path that meanders along the scenic Boise river.

These are a few of my favorite things.  What have you discovered in Idaho.  Please share.

Where Is Your Real Estate Mind Set?

I recommend anyone looking to buy a home in the near future to read this article “Mistakes homebuyers make as seller’s market looms”  as it touches on many vital points to consider.  Buying today has changed and those who are slow to change their mindset may find themselves frustrated and discouraged.    Currently the market has made a fundamental shift but it is easy to stay caught in an old mindset.  The ‘Buyers’ market in many areas has all but diminished for now.  Where the future goes time will tell.

A couple of my favorite highlights in the article are;

• Some buyers don’t realize or can’t accept that the market has changed, real estate agents and analysts say.
• “Right off the bat, buyers say, ‘I want a steal,’ and I tell them they have to wipe that word out of their vocabulary,”
• WAITING TO GET PREAPPROVED FOR A MORTGAGE BEFORE STARTING THE SEARCH: During the boom years, buyers didn’t worry about arranging their financing up front because mortgages were easy to get. Not so anymore.

Wilderness Ranch 2011 Annual Real Estate Report

Annual review of real estate sales in Wilderness Ranch for 2011 and forecast for 2012.

The city of Boise and the Treasure Valley area was a mixed bag.  We actually saw a price increase of about 3% in homes under $150,000 mostly due to low interest rates, affordability and bank owned opportunities.  Many were multiple bid situations.  East Boise County always seems to lag the Valley in the curve.

So how did Wilderness Ranch fair for 2011 in the real estate market.  Sales and values were below average but considering the market and economic climate there were some pros and cons.

For starters in 2011 there were no sales in all of East Boise County over $230,000 which was extremely uncommon. I expect that trend to break this spring.

We had a total of 14 sales in Wilderness Ranch and two in Hidden Bowl, our close neighbors.  Of which I was party to 11 of the transactions in Wilderness Ranch, four of which were land sales.   I also moved two homes in Hidden Bowl off Daggett Creek.  Land sales were dismal as most people were taking advantage of  the competitive pre-owned homes market.

There were a total of 22 Home listings in WR for 2011 with 10 home sales; that makes a 45% absorption rate from list to sale which is phenomenal when compared to the rest of E. Boise County.  Our number of home listings were pretty average and much lower than the last three years as we have sold a lot of the excess inventory that was held over from the 2008 and 2009 market.

East Boise County in all had 134 Home listings (not including WR) and 43 Home sales; which was basically a 32% absorption rate.  So WR has consecutively outsold the County in general year over year. Proving that WR is a good place to buy with.

I currently have four homes pending sale in WR, two are short sale and two are non distressed.

Now for the nitty-gritty of it;  Of those WR sales there were seven that were distressed property; i.e. bank owned and/or short sale.  However I expect to see less distressed property in 2012 which I will cover in our forecast.

To summarize;

• 22 Homes listed in all
• 10 home sales
• 4 land sales
• 45% Absorption rate on homes sales (odds of your home selling) which was above the 2010 average.
• Average Days on market was 85,
• Average list price was $152,
• Average sold price was $137,74
• Average price per sq foot was $71.71
• Highest price per square foot was $100 per sq foot
• Lowest sales price per square foot was $41 per sq ft.
• There are 2 non distressed pending sales
• There are 2 short sale pending sales

The overall average was skewed by a few smaller lower quality and bank owned properties, but I would determine the average value of a well cared for home in WR at around $85 to $103 per sq foot depending on quality of finish, views, acreage and other amenities.

So how did we compare to the rest of  East Boise County?  There were 59 home and land Sales in total (not including WR), of which we had;

• 134 Homes listed in all (not including WR)
• 43  Home Sales
• 16 land sales
• 32% absorption rate for home sales
• 98 Average days on market
• $111,457 Average list price
• $103,802 Average sold price
• $57.64 Average price per sq ft

2012 REAL ESTATE FORECAST;

The Federal Reserve has alluded that it will maintain its current interest rates through 2012.  Which I had anticipated since they want everyone focused on the elections.

As we all know we’re not out of the woods yet; but barring any unforeseen economic crises (holds breath) I do believe we are past the bell curve on the foreclosure market. We will yet see many more homes complete the foreclosure process and banks still have a back flow to list.  However as the year progresses we should start to see a gradual decline.  I suspect another 18 months before this market really becomes a part of our past.

I don’t foresee too much activity in land sales for 2012, though it more than likely will be an improvement over the last two years.

My anticipation is we will see a few more home listings this year than last year and as long as pricing is right and interest rates stay low, my goal is to increase our absorption rates by at least 10%.  If you have not had a chance please visit http://www.wildernessranchhomes.com and if your on Facebook send us a like and feel free to post a comment or a picture.

I look forward to assisting each one of you.  please feel free to call or write if you have a question.  Always glad to help.  You may email me at buyboise@gmail.com or phone me at 208 794-8175 Mobile or 208 344-5700 Office

Sincerely,

Paul Heim

New View team

http://www.paulsidahohomes.com

Idaho Real Estate Housing Trends

DECEMBER-2010 Newsletter Housing Trends eNewsletter

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.

Please click here to view the DECEMBER-2010 Newsletter Housing Trends eNewsletter.

If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.

Ten easy ways to improve the ALLURE of your home for sale.

They say people buy on emotion.  Indeed, buying the right home is a very personal endeavor. It has to have the right feel for the right buyer; it needs to feel like home.  Popeye used to say ‘I am what I am.’  Likewise our dilemma when selling our home is often; ‘it is what it is’ and that may not be as pretty as we would like.  So if we have a limited budget and want to make our home more alluring without breaking the bank, what options do we have?

Let’s discuss ten ways that you can improve the allure of your home without breaking the bank.  The first way to save money is by doing the work yourself.  As you often hear  ‘kids don’t try this at home’,  but hey we’re all adults here, so with a little homework and a little sweat we can be on our way to a successful sale.  Here are my top TEN SUGGESTIONS!

1) Staging can be costly but one great suggestion is to hire a staging consultant to come review your home for improvement suggestions.  I have found this to be very beneficial.  For about a hundred bucks, you can have a home stage professional/decorator walk through your residence and give you many practical suggestions about furniture and picture placement and color schemes.  They will write out their plan, then all you need to do is go to work on it.  You may not opt to do everything they recommend, but they will indeed help you get an outside perspective that will appeal to the general buyer.  Sadly, staging your home appropriately is often under rated by sellers but does offer a lot of value.

2) If your willing to put in that little sweat equity, then the first and most common cost effective upgrade I would recommend would be painting.  Don’t go with what suits your fancy, your not selling it to yourself. Stay with a neutral base color scheme.  What is acceptable or considered the norm may vary from area to area and your home type. If your not sure how to color coördinate then ask a friend who does, don’t guess.

3) New carpet is nice but not always cost effective, but what about what is under that carpet?  When it comes to what’s chic, wood is always in and always looks classy.  Refinishing your hardwood can add a ton of appeal to your home.  Even if all you are doing is adding a new coat of shine to it.  A good site to review hardwoods and finishes is A-Max Hardwood.

4) Still have linoleum in your kitchen and bathrooms?  My experience has been that most people associate linoleum with cheap.  Surprisingly tile isn’t all that expensive and not that hard to install.  You can even rent a tile saw pretty cheap for a couple days.  If your really trying to keep the budget down then look for discontinued product.

5) Are your counter tops in good shape?  Do they match with your kitchen and cabinets?  Replacing your counter tops isn’t very expensive if you stay away from granite or corian.  Home Depot or Lowes are both good if you want a quick quote.

6) Nothing dates your home quicker than your lighting.  Buyers will often stereo type a homes quality by the modernes of your lighting fixtures.  Don’t get me wrong, you can spend the farm on lighting, but you can find decent updated fixtures (often on clearance), at a nominal cost.  I replaced nine fixtures in my home for less than $200 bucks.

7) Are your faucets crusty?  Have lime coated toilets and tub? Rickety old toilet seat?  Nothing turns a buyer off more than someone else’s crud. Their crud is OK to them, but not a strangers.  Make sure all your sink fixtures SPARKLE, if that’s impossible with yours then you may want to consider replacing them.  Don’t forget to clean those toilets and tubs good enough to grab a glass of water from them.

8) An easy one we all know is to clean your carpets.  Whether you do it your self or hire someone, it is a low cost item with good return. The clean fresh smell it adds and the new shine is definitely worth the price.

9) Nobody says it better than Shakespeare so I quote “O! my offence is rank, it smells to heaven.”  If you smoke inside your house, STOP!  Take it outside while you are trying to sell. In my experience, the two BIGGEST turn offs to a buyer is a home that smells of cigarette smoke and one that smells of animals, but any bad smell is a no no. While a person may not remember the details of every house they viewed, they will NEVER forget the ones that smelled bad.  That isn’t the impression you want to leave. Many times I have had buyers walk back out the door without even viewing the home.  Buy a fragrance for your home but beware, many people have allergies or are sensitive to smells, so don’t buy the cheapest on the shelf or splatter Old Spice around the house.  I have found that if you stick with a botanical or a better quality fragrance, it is more smoothing and seldom a problem.

10)  Have you ever seen what window treatments can cost?  Oh my gosh, you could buy a second car. But that doesn’t have to be true. I have staged a number of homes and have found quality awesome matching sets of window treatments in stores such as TJ Maxx, Ross, Marshalls, etc… to name a few.  You may need to do some driving.  I once had to visit three Ross stores to find six of the same matching curtains but hey, at $8 to $15 a curtain panel, it was worth the drive.

I hope these tips assist you on your way to a successful home sale, please feel free to comment on any cost affordable tips you have come across so I and others can benefit.

Paul Heim Boise Idaho Real Estate Sales

Total Blog Directory

Boise County Homes- Living the Idaho Dream

Click Here - Boise Home Search

by: Paul Heim

 

Do you dream of a Home in the Mountains, living amongst the trees, surrounded by the wonders of nature. All too often such locations are too remote for year around living. Look no farther, the Boise County area is a short drive to the city of Boise Idaho & offers the best of both worlds. Where as an everyday occurrence, the beauty of nature is right in your backyard.  Boise County Homes offers a number of Subdivisions and communities to choose from.  Some premier Subdivisions are Wilderness Ranch, Duquette Pines, Osprey Meadows, Elk Run, Elk Meadows, Timber Mountain & Robie Creek.  Some of the communities are idaho City, Placerville, Centerville, & Clear Creek.  Please contact Paul Heim for Boise County Home Information 208 344-5700.

Boise County sports a variety of recreational activities and wildlife to enjoy such as but not limited to;

 

• Hot Springs    

• Boating    

• ATV Riding  

• Horse Back Riding      

• Snowmobiling     

• Camping      

• Wildlife Viewing    

• Hiking      

• Robie Creek Race   

Geography 

Boise County, Idaho consists of approximately 1,908 square miles, with elevations ranging from 2,700 feet to over 10,800 feet above mean sea level (amsl). The mountainous terrain of Boise County includes the Boise River Mountains, the southern end of the Salmon River Mountains, and part of the Sawtooth Mountains. Federal or State managed lands constitute approximately 84% of the County and border much of the remaining 16% land base that is privately owned. Counties that border Boise County include Ada County, Gem County, Elmore

County, Valley County.

If you would like to know more details and demographics for Boise County please CLICK HERE

If you would like more information regarding Boise County Homes & Property contact Paul Heim today (208) 344-5700 or visit http://www.paulsidahohomes.com

Stumble It!

var addthis_pub=”paulster7″;