Archive for the ‘Idaho Real Estate’ Category

How to Prevent Becoming an Overwhelmed Home Shopper

May 2, 2014

Searching for a new home, while exciting as it can be, often can be a very emotionally exhaustive exercise for a Buyer.   How does a Real Estate Agent help a buyer with ‘Home Shopping Fatigue’?

Don’t know if you have ever had a chance to dine at the Cheesecake Factory.  Wow what a menu!  Choices upon choices and more choices; in fact about 50 pages of them.   As intoxicating as that may sound, you can spend a half hour just trying to decide what to order.  My waiter comes back after about five minutes and says ‘Are you ready to order yet’?  and I have to tell him “I’m only on page five of ten of the appetizer section of the menu sorry”.

Where an agent brings value to his client is by quickly learning and understanding the needs and wants of a buyer, which can often be two separate things.

The problem lies here: ‘What a Buyer doesn’t know, he doesn’t know’. An experienced agent realizes that a buyer often starts with an idea or picture in his head, but after viewing actual properties their ideas, needs and wants will tend to evolve.  It is important to listen and ask thought provoking questions which will require the Buyer to honestly evaluate and discern where they can be flexible and where they cannot.  No home will ever give you 100%, even if you build it from scratch, after you were done there would be things you wished you did different. Try this with each property:

  • A good technique is to give each home a nick name.  That will help you better recall them, because after viewing a number of homes they can blur.
  • Rate each home 1 to 5 stars and half stars count, even quarter stars if need be.  This will assist in the process of elimination as you rehash the homes you visited.  It will also help clearly define which things on the list are more important.

Once you have a clear picture of their needs, wants and desires, you as an agent can assist them by narrowing the search criteria to homes that will conform more closely to the items they cannot compromise on. Remember that your client is not just buying a house, their buying a home.  Happy House Hunting!

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2012 Wilderness Ranch Idaho Annual Real Estate Sales Report

February 4, 2013

NewViewFBLogo                                                                     

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

Idaho Mountain Real Estate Stats

Homes in Idaho

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 made you move to Boise?

February 4, 2013

Boise is a unique city experiencing  an influx of folks that migrate from many places.  As it grows it has developed its own unique personality.  But many of the things that make Boise so great are the foundations that were laid by others years ago, by the everyday people who created it through good times and bad.

I just wanted to share what I love about Boise and what drew me here and hoping to hear your story too.

I have resided in the Boise area for almost ten years.  My first regret was that I didn’t move here ten years earlier.  However I have had some history to Boise prior to moving here, as my sister has lived here for over 30 years.  Having visited on numerous occasions I easily fell in love with the laid back people, the easy quick access to mountains and nature, and one of the last places to feel what the ‘Wild West’ was about.  Since well over half of Idaho is available to the public, you can spend your life exploring the back country and never scratch the surface.

My best way to explain the Boise phenomena is this way;  is it the most beautiful place in the world?  No, but it does have a lot of amazing beauty.  Is it the cheapest in the world?  No, but life here is pretty reasonable and the quality of life is well worth it.  Is Boise the safest place in the world?  No, but if you lost your wallet, odds are on your side you will get it back,…with your money in it. I can attest embarrassingly to this fact twice over the years.  Is it the friendliest place?  Perhaps not, but I and most others agree, people here are down right neighborly and will help someone in need.  Lest I forget, you can actually get service at local commercial businesses from people who actually smile and if they don’t have what you need, they will tell you where to find it.  Almost like going back 50 years when it comes to manners.

There is no true utopia and you will find bad elements anywhere you go in the world.   So while Boise may not always win first place in everything, if you add up all the well-rounded benefits it offers in so many of the facets important for day-to-day living, statistically it is kind of hard to beat.  It’s the only place I have ever lived that I look forward to coming home from vacation.

Please share what you love about Boise, what drew you here and/or Idaho in general.  I want to hear.

What is there to do in Boise ID

October 14, 2012

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.

Boise Idaho Real Estate sees a ‘Come Back’!

September 22, 2012

The Boise area housing market has seen a significant turn around in 2012.  Homes values have seen some correction and sales/absorption rates have increased dramatically.  Boise also benefits from being an influx state where many people relocate from other states.  Why? .. For quality of life.  Idaho boasts more public lands than any US state outside of Alaska.  If you flattened Idaho out it would be larger than the state of Texas.  If you are looking for that quality of life change than we recommend you should investigate Idaho for yourself.

The Core Logic Index Rate has ranked Boise as the #1 spot for a real estate turn around in the US>   The median home price in the Greater Boise area is very affordable compared to most metropolitan areas that offer similar amenities.  There are many quality homes to be found in the Treasure Valley area of Boise between the 100k – 200k range, offering 3 bedrooms 2+ baths and often even three car garages.  You can investigate Boise area homes by clicking here.

You can learn more about the Treasure Valley area of Boise Idaho by visiting http://www.cityofboise.org/  Come experience the difference.

Forbes has Boise No. 2 on its “Best Cities For Raising A Family” list.

September 21, 2012

Many ask what makes Boise Idaho so special.  Of all the places in the world, it isnt that we are the most beautiful, or the safest there is in the world, or the cheapest economy, or the best real estate prices, best schools, etc…..  However if you want a beautiful mountainous home, safe environment, reasonable priced place to live, well priced real estate, along with good ranked education, then Boise has a great portion of so many things, that when put together ‘it’s hard to beat’.  See why for yourself!

Idaho Statesman reports about the recent real estate frenzy we are feeling in the Boise Treasure Valley area.

June 15, 2012

The Boise market has really been heating up.  An article written by the Statesman “Shortage of homes for sale creates fierce competition”  describes the current conditions we also are experiencing here.  Their article  refers to the L.A. area but mirrors the same frustrations many buyers are having here in Idaho.

Recommended reading.  There are a number of factors that are contributing to this in the treasure valley;
  • We are experiencing an all time low of viable home listings, so the law of supply and demand takes affect.
  •  Boise is an influx city with predictions of continued growth through 2020.
  • Many people are still migrating here,  a high number of which are either newly retired, about to retire in the next year or two and/or semi retired and buying now.  The upside to this is the strong capital they bring to the market as they generally either buy out right or borrow very little on a mortgage.  This in turn helps create a solid foundation in the market.
  • Boise also offers a lot of amenities for families.  I have dealt with many that have relocated here specifically because the environment fosters a great atmosphere to raise their children.
  • Cost of living is reasonable and very moderate compared to most other cities with a major airport.
  • Boise offers a mix of values and services that appeals to everyone but still maintains that small town politeness.

Boise is the only place I ever lived where I look forward to coming home from vacation.  Please let me know how you feel about Boise life and what are your predictions.  I look forward to viewing your opinion.

Wilderness Ranch 2011 Annual Real Estate Report

February 1, 2012

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

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USDA Home Loans for Idaho – Whats the Scoop?

July 15, 2011

Idaho is quite the agricultural state and the state’s biggest city, Boise, is no exception. Between 2002 and 2007 the number of farms in Boise went to 105 from 89 according to the U.S. Census of Agriculture. With crop sales accounting for 75 percent of products sold and livestock sales accounting for 25 percent, Boise farmers keep busy.
Undoubtedly, there are Boise farmers using USDA loans to finance their homes. Part of the Rural Home Loan program, USDA loans offer several benefits and favorable terms to prospective homebuyers. The title of the program often misleads homebuyers into thinking they need to be farmers to be eligible. However, this is no longer a requirement. Although farmers may still be eligible for a USDA loan, people seeking a home in a certain area may also be eligible.
Eligible areas include open country that is not associated with an urban area. Towns, cities and villages with fewer than 25,000 people may be eligible too, especially if they are far from an urban area, not included in a Metropolitan Statistical Area and lack mortgage credit. USDA loan borrowers’ income must fall within specified parameters as well. Borrowers’ income cannot be higher than 115 percent of the area’s median income. The USDA also decides if the sought after home is a reasonable size for the family, based on the number of people who will live there. Plus, the family must currently live in inadequate housing, meaning it is unfit because for the size of the family.
The Rural Home Loan program’s financial advantages are plenty. USDA loans in Boise come with no down payment. Other than a few other federal loan programs, no mortgage option has such a feature. More benefits of USDA loans include:
-Combining the 2 percent funding fee into a loan, making it 102 percent of the home’s value
-No private mortgage insurance cost every month
-Loan lives as long as 38 years with fixed rates
-Getting legal fees and closing costs lumped into the loan
-Financing the purchase, construction, repair, renovation or refinancing of a property
Like other government programs, the federal government does not issue the loan. Instead, the USDA guarantees part of each loan to protect lenders from an unlikely default. Consequently, the USDA does not have specific financial requirements. USDA-approved lenders do have some preferences, though.
These lenders calculate the cost of the loan divided by gross monthly income to determine whether a family can afford a USDA loan in Boise. If the resulting quotient is higher than 29 percent, the family won’t qualify. Similarly, lenders’ preferred credit score is 620 or higher. Another quotient—the debt-to-income (DTI) ratio—must be 41 percent or lower. DTI ratios are the quotient of total debt divided by gross monthly income.
With a niche in agriculture, Boise farmers are essential to the industry. They deserve a home and a financing option they can afford. USDA loans serve a niche that’s just as important the farmers who use them.

Written and shared by Kevin Pearia

Boise Idaho – What’s The Hype About?

March 29, 2011

Boise Idaho Relocation Guide

Idaho is a beautiful state filled with mountains and lakes. The capital city of Idaho is Boise and the state is landlocked; it is surrounded by Monatana, Wyoming, Nevada, Oregon, British Colombia and Utah. The state has a population of approximately 1.5 million people. For families considering moving to Idaho, here are some practical facts that you`ll need to know.

The cost of living in Idaho is one of the lowest in all of the western states. This is based on groceries, transport, health care, average cost of housing, utilities as well as other services. Idaho has an extremely low crime rate, which is great news for families who are thinking about moving there; according to statistics from the FBI, this state has the lowest crime rate in the west of the country. The rate of crime which is serious is more than a fifth less than the national rate.

In terms of education, Idaho is one of the top states in the country for adults who are aged 25 and over that have received their high school diploma. Almost three fifths of the general fund of the state is used for educational purposes and the majority of children who are of school age go to public schools. Nearly every city in Idaho which has a population of more than 20,000 people has a university or a college as well as technical training centers which teach vocational work.

Idaho is an environmentally friendly state; due to its mountainous location, the water which flows from these higher regions is of good quality. Air quality is also of a high standard, bar during certain months when the pollen count is higher.

Housing in Idaho is very affordable and moderate; there is a wide range of choice available, from luxury estates to simple cottages, depending on your family`s budget.

The economy in Idaho is diversified and strong.  Some of the main industries include agriculture and manufacturing but retail, tourism, tech work, information services, business and health care are also sectors which are growing quite rapidly. There are plenty of employment agencies to help people with finding work all across the state.

In terms of energy supply, the state of Idaho has a distinct advantage over the rest of the country. Rates for residential electricity and natural gas are highly competitive and are some of the cheapest to be found.

If you and/or your family are thinking about moving to Idaho, consider the advantages and ensure that you plan your move well in advance. Hiring a moving company can take alot of the stress out of relocating, as alot of the hard work is done for you.