Posts Tagged ‘Boise Idaho Home Sales’

WILDERNESS RANCH ANNUAL REAL ESTATE REPORT FOR 2013 SALES

February 12, 2014

2013 Wilderness Ranch Annual Real Estate Report
Our Annual Review of Real Estate sales in Wilderness Ranch & Boise County for 2013 and your 2014 forecast.

By: Paul Heim & The New View Team

At the start of 2013, Boise was named one of the top ten cities leading the national recovery by Forbes (as posted Feb 4th 2013), as well as one of the cities with the highest home price appreciation.  But how did we fare throughout the year and where are we today, but more importantly, where will tomorrow take us?

Year at A Glance: The first and second quarter of 2013 showed continued growth and sales in both Ada and Boise Counties. While prices leveled off and a sense of normality returned to the market place, the third quarter showed a decrease.  This was mostly due to the government shut down and sequestration which added both uncertainty and increased interest mortgage loan rates by 1% to 1.25% .

The end of the fourth quarter saw a small rebound.  Average overall increase in value on a median priced home in 2013 was fairly similar for both Ada and Boise Counties, coming in at around 11%.

While the third quarter brought some price pressure on homes under 150k (mainly due to higher interest rates) we saw significant hurdles overcome in homes priced over 300k and upwards to 1 million. The following graph shows the average sales per year based on price range.  As shown below, home sales of higher value were up significantly in Boise County.   (see chart below)

GRAPH OF UNIT SALES IN BOISE COUNTY LAST 5 YEARS BASED ON PRICE RANGES
chart1

Boise County Trending and Sales compared to Wilderness Ranch Properties Detailed in Following Graphs.

chart2

chart3

BULLET POINTS
Boise County Statistics:
•    78 Units Sold in Boise County 2013 compared to 157 Units Listed about a 50% absorption rate.
•    However homes in the 250k and above range showed a much higher absorption rate.
•    14 short sale listed 4 sold, 1pending
•    17 bank owned listed, 11 sold & 4 pending,
•    3 HUD listings, 2 sold & 1 pending
•    Boise County Overall Average List Price was $183,375 per sq ft $90.22
•    Boise County Overall Average Sold Price $177,619 per sq ft $86.70

WR STATS:
•    Wilderness Ranch had 27 Active Home Listings
•    20 homes Sold and
•    4 Pending Sale prior to Jan 2014
•    Makes an absorption rate of 73% roughly and if you count homes hat went pending 2013 but close in 2014 it is closer to 85%
•    Average List Price in WR $236,145 and
•    Average price per square foot list $99.52
•    Average Sold Price $230,997
•    Sold Price per sq ft $97.54
•  Highest Sold Price per sq ft was $166.12 and lowest was $39.15.

WR Comprised nearly a third of all the home sales in Boise County and on average continues to maintain a higher absorption rate and garner a higher sales price per square foot.  The next closest neighborhood by comparison to WR would be Osprey, which generally sells at a higher price per sq ft.  However it has a minimal amount of existing residences by contrast, hence therefore has a smaller turnover rate by proportion.

General News and Local Economic Forecast:
•    As many are aware, the Warm Springs has reopened. This has helped Boise County and especially the Idaho City economy and   will continue to do so.

•    As the large mining operation in Placerville grows (as is anticipated) this will also have an impact on Idaho City, as workers will no doubt frequent Id City for goods and services as well as increase rental rates.

•    In addition, the new Medical Family Practice by Dr. Matthew Nelson known as ‘Mores Creek Family Medicine’ was a well needed addition to the county.

2014 Forecast:
The Federal Reserve has determined to decrease the ‘Quantitative Easing’, whereby the Government buys back its own bonds, which the rumor alone resulted in an interest rate hike of about 1% for mortgages in second half of 2013.  When this does occur (and trust me it will eventually), then you can expect to see interest rates increase.  As of end January 2014 the Feds have unanimously agreed to cut back from 70 billion to 60 Billion a decrease of about 10 billion.   Depending on how this affects the market, and their continued endeavor to diminish the easing, we can potentially see mortgage rates go to 5 or 6% by end of year and in the next two years we can easily see 8%+.

While this may be good overall for the US dollar in the long run and no doubt for people intending to live on interest from savings (because currently that is near zero) it will have a serious affect on real property sales for a period as it lowers buying power.

Here are two good source articles for reference:

Quantitative easing Federal Reserve announcement
http://www.knoe.com/story/24575935/quantitative-easing-federal-reserve-announcement

Citing Growth, Fed Again Cuts Monthly Bond Purchases
http://www.nytimes.com/2014/01/30/business/federal-reserve-policy-decision.html?ref=quantitativeeasing&_r=0

Prediction: How will this affect or housing market in the year to come?  Once people realize and accept that the trend on interest rates may be a steady climb upwards, I forecast that it will initially create a wave of buyers trying to beat the rising tide.  Following that we will settle into a mental adjustment period where sales may go flat, and as laws of supply and demand go, can affect values.  The duration period to pull out of something like that is difficult to predict at this point.

You can liken the adjustment to gas prices.  Remember the first time you paid $2 per gallon?  We all had a fit, then we saw gas rise to nearly $5 per gallon.  Now we would dance for a chance at $2.  I get giddy when it drops down near $3.  People will always want and need to buy or sell, and eventually they will accept and settle in to the current norm of the day.

This spring may afford a window of opportunity.  If you were considering making a move, upsizing or downsizing, then you may want to evaluate your options today.

Please feel free to call or write us with questions.  We are always happy to help with information or to answer any questions.

Don’t forget to visit http://www.WildernessRanchHomes.com to see what is happening in your neighborhood.  Also If you are interested in East Boise County in general you may visit http://www.BoiseCountyHomes.com

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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.

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

February 9, 2010
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

Your Boise Realtor

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