Here's the latest on the market and have a happy Thanksgiving! 

Here is a quick October Market Update from BRR®:

• Median Price = $533,950 (holding steady last couple months)
• Inventory UP 158% YOY (but DOWN 30% compared to 2019, for perspective)
  • Still historically low at only 1.4 months of inventory (Meaning, if no new homes came on the market, it would take 1.4 months for everything to sell. A "balanced" market between buyers & sellers is around 4-6 months so we're still a long ways off from stabilization)
• Avg Days on Market (DOM) = 21 Days
• Fastest DOM in last 5 years = 9 days in May 2021
• Since then, the DOM metric has inched up, reaching an average of 21 days in October 2021 — eight days longer than in October 2020. For perspective, 14 days FASTER than October 2019 (since we all know 2020 was WEIRD)
• Price Reductions in 2021
• Jan 1- June 6 = 1 price reduction/week
• June 7 - Nov 1 = 8 reductions/week
• The $500,000-749,999 price range had the largest share of price reductions, making up nearly half of all adjustments year-to-date.

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As the market adjusts to buyer’s expectations and needs, we may continue to see price reductions or even a drop in the average list price for existing homes. If list prices go down, it doesn’t necessarily mean sales prices will also drop. The median sales price for existing homes has held relatively steady, as has buyer demand. Homes are still selling at near record highs, but the rise in list prices may have eliminated some of the multiple offer situations and competition we saw occurring earlier this year. Stay tuned!

~ Friends,

The 2021 holiday season has officially begun! We hope you are as excited as we are.

We’d like to take a moment to express our gratitude to all of you this Thanksgiving. We have met some truly wonderful people, and we’re proud to have helped so many reach their real estate goals over the years.

We wouldn’t be where we are today without all of your support.

Enjoy your Thanksgiving dinner—that’s what we plan to do!

In the meantime, please don’t hesitate to reach out to us if you have any real estate questions. We would be happy to help you.

Happy Thanksgiving!

Here’s what you should know about home price appreciation here in Boise.

Home prices have been skyrocketing in 2021, but what’s going to happen in 2022? We all know that one of the major storylines of this year has been the strength of the residential real estate market. Home price appreciation is one metric that’s firmly in the spotlight these days. We’ve seen increases across every price point. According to the latest data from CoreLogic, each price range is seeing at least a 19% year-over-year increase. In fact, every region in the country is experiencing at least a 14% year-over-year increase. Idaho is in the high end of that range.

These numbers are great for today’s home sellers, but what do they mean for the market in 2022? Inventory is starting to pick up, but CoreLogic predicts that there will still be an inventory shortage in 2022. Most forecasts are calling for appreciation to moderate in next year. The Home Price Expectation Survey is calling for a 5.12% rate of appreciation next year. That’s quite a drop from what we’ve seen this year, but it’s an increase nonetheless. Even though the market might slow a bit in 2022, it’s still going to be a great year of real estate and a great year for home appreciation.

If you are thinking about buying or selling, you might consider doing so now as prices and rates are predicted to increase. If you have any questions for me about the market or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

Here’s why more homebuyers prefer space over convenience these days.

Would you rather live in a smaller home that’s closer to your neighbors and amenities like schools, restaurants, and shopping, or would you rather live in a larger home further from your neighbors but also further from those amenities? A recent survey says that six in 10 U.S. adults would choose the latter. People value space over amenities 7% more than they did in 2019. Back then, the majority was flipped, and more buyers wanted to be closer to amenities. In 2021, it turns out that Americans want more distance from their neighbors. A recent Pew Research Center study showed a shift in home preferences since the pandemic, with more consumers saying they’d prefer a larger home even if the location was less convenient.

"What’s your preference?"

I live in the North end of Boise and love it. We have plenty of access to trails and a lot of local city amenities. Many of the people moving here are looking for more space in a more rural setting. What’s your preference? If you’d like to discuss further or have any other real estate-related questions, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

Here are all the numbers from June and what they mean for the market.

As we roll into the second half of the year, I want to give you a quick update on the numbers from June. Things have been great so far this year, so I’m looking forward to what these numbers say about our future!

The median sales price in Ada County for June was $525,000, up just a little bit from May. From April to May, there was a larger, 9% increase in price. So while prices are still rising, they didn’t increase as much as the previous month. Meanwhile, the median price of new construction is up to $552,000. 70% of buyers in both May and June paid over list price, with the average buyer paying 7% over list price.

Interest rates are also still historically low. As of the recording of this video, rates are at 2.75% for a 30-year fixed loan and 2.5% for an FHA 30-year.

"It’s important to remember inventory is still historically low.”

We’ve also seen a slight increase in inventory this month. June was the third consecutive month we’ve seen an increase in inventory. Since May, inventory is up 27%. We’re probably going to start hearing people ask if the market is leveling off, but it’s important to remember inventory is still historically low. If inventory is so low, a 27% increase isn’t as much of a difference as it might seem.

For example, we only have 0.7 months of inventory available. This means that if no new homes came on the market, all available homes would be sold in 0.7 months. For context, a balanced market is considered four to six months of inventory.

If you have any questions about today’s numbers, or if you have other questions, do not hesitate to reach out to me. I am always available and willing to help!

Here’s some helpful info about Ada County property tax assessments for 2021.

Property tax assessments are finally out for Ada County homeowners. According to our assessor Bob McQuaid, we’re seeing one of the largest increases in property tax assessments for Ada County in at least 50 years. We typically see a 7% to 9% increase annually, but this year we’re seeing a whopping 25% jump. How does this massive increase impact you?

A higher property tax assessment does not necessarily mean there will be a higher tax bill to pay. Taxing districts like schools and city councils will set their budgets in the fall. McQuaid said that a 25% increase in assessed values does not correlate with a 25% increase in property taxes. Additionally, there's a new tax perk for owner occupants as of this year: The Homeowners Exemption has increased from $100K to $125K. That means that if you occupy your home, and it is assessed at $500K, you will pay taxes on $375K vs paying taxes on the full assessed value of $500K.

If you do have concerns about your assessment and want to know how to dispute it, I can help walk you through that. The deadline to file an appeal is June 28, so reach out to me ASAP so we can chat.

If you have any other real estate-related questions, don't hesitate to reach out via phone or email. I look forward to hearing from you soon.

How does Boise compare to San Diego? We’re discussing that today.

Today I wanted to share a Q&A session I recently did with fellow Realtor James George in San Diego. James does a video series on YouTube called “The Best Places to Live Across the U.S.,” and of course, I had to throw Boise into the hat. We had a great conversation about how Boise compares to San Diego in terms of home prices, the weather, and great spots to visit.

Feel free to follow along in the video above or else use the timestamps below to navigate the discussion at your leisure:

0:00—Introducing today’s topic

1:20—How I ended up in Boise

2:20—What attractions does Boise offer?

3:08—What kind of homes can you get for $300,000?

4:00—What kind of homes can you get for $1,000,000?

4:36—Wrapping up our discussion

If you have any questions about Boise real estate or what our wonderful community has to offer, don’t hesitate to reach out to the Capital Group. We’d love to help you.

If you're interested in watching the interview in its entirety, follow this link!

Don’t believe these three common seller’s market misconceptions.

With all this talk about what a hot, competitive seller’s market we’re in, many people might think they can just take some iPhone pictures of their house, put a ‘For Sale’ sign in the front yard, and have it sell in no time. Unfortunately, that’s not the case. There are three seller’s market misconceptions you should be aware of before listing: 

1. You don’t need to hire a professional Realtor. Your home may eventually sell if you don’t hire a Realtor, but would you be leaving money on the table? Would you also be spending your valuable time dabbling in what can be a confusing and arduous process? Are you choosing the right buyer who’ll buy your property for the most money and least hassle? Are they even qualified? How can you be sure? 

These are just a few hurdles we Realtors navigate every day with systems and a stellar team behind us. It is essential to have an experienced professional such as myself at your side to maximize your profit and minimize the hassle in your daily life.

"Your home may eventually sell if you don’t hire a Realtor, but would you be leaving money on the table?"

2. You don’t need to stage or update your home. Many people think that in a market like this, a home’s condition doesn’t matter. While that may be true in certain price points, condition always drives price. Even if it’s just a little decluttering, deep cleaning, and fresh paint, some updates can maximize your profit. My goal is to always get you the most amount of money in the least amount of time, and statistics show that staged homes sell quicker and for more money. 

Ultimately, sometimes it does make sense to sell a home as is and sometimes it doesn’t. Before you make any improvements, give me a call or speak with a Realtor who’s knowledgeable about your market. 

3. You must have your next home lined up before listing your current home. This misconception is prohibiting a lot of people from listing their homes right now. They don’t know where they’ll go next, and that’s an understandable concern. While this can also be true in a buyer’s market, one of the great things about being in a hyper-seller’s market is that many sellers can set favorable terms that make transitioning into your next home much smoother. For example, you can negotiate a short closing date or long leaseback. Some of my team’s clients have been able to close on their existing homes quickly and stay in those homes for up to 60 days (sometimes rent-free) while they identify and close on a new home. 

If you’d like to know more about your options as a seller in this market or there’s anything else I can help you with, don’t hesitate to reach out to me. I’d love to hear from you.

Here are the stats from the first quarter of the 2021 market.

As I’m sure you’ve heard by now, our housing market is incredibly fast-paced and competitive at the moment. Today we’ll take a look back on the stats from the first quarter of this year and use those to predict what we can expect from the year to come.

On average, a home put on the market took 22 days to receive an offer, which is 50% faster than in March of 2020. Offers that include new construction and existing homes were accepted even faster, with an average of 14 days. I thought those numbers seemed a little high, considering that, for the homes we’ve sold since January of this year, our brokerage had an average of four days on market. That’s why I looked across the valley to the more popular areas for buyers. Areas like north and southeast Boise, Eagle, Meridian, and Nampa all averaged around four or five days on market.

The median price for Ada County overall is $467,325, which is a new record. The median price for existing homes is $475,000, which is up 35% over last year. A contributing factor to this jump in median price is that on average, existing homes sold for around $18,000 over list price.

"We have enough demand to soak up incoming inventory for a long time."

Time and time again, homes are going live on the market, getting multiple offers, and wind up selling for more than their asking prices. That, in combination with the restriction on inventory and high demand, is pushing prices up. One of our agents recently competed against 12 other offers and ended up winning with a bid for over $100,000 more than asking price; her buyers won the bid by just $5,000.

Interest rates are beginning to creep upward again, though they are still incredibly low at just over 3%. Low rates continue to drive buyer demand, alongside rising rental costs. Our new radio station KTVB reported that Boise rent has gone up by 16% since March of 2020 and rose by 3.4% specifically in March of this year.

Even though home prices are on the rise, the demand is still high, and we anticipate demand will continue for quite some time due to our low inventory, which is down 79% year over year. We’ve seen more homes come onto the market in the last couple of months. In March, we had 295 homes available, which is a small number, but that’s up by 57% over February. Currently, we have 0.5 months of supply, meaning that if nothing else came on the market, it would take just two weeks to sell everything we have.

Many have been discussing how much construction is going on in the valley, wondering how we can absorb this new inventory and whether the new inventory will burst the bubble. The truth of the matter is that we’ve had several years of decreasing inventory, and builders weren’t building much after the 2008 crash; we have enough demand to soak it all up.

If you or someone you know is thinking about buying or selling a home, please feel free to give me a call. I’ll answer any questions you have and guide you through the process so that you can find success.

Thank you if you’ve left us a review, and if you haven’t, please do!

Today I simply want to say thank you to everyone who has submitted testimonials and reviews of our team or agents on Google, Zillow, Realtor.com, and Facebook. It’s very helpful for us to have testimonials online. I don’t know about you, but whenever I’m looking for a service or considering buying something, I always look online to see what other people are saying. 

If you’ve worked with us and had a great experience, please leave us a review—we’d love to see them! Let the world know why they should work with us in the future.

"If you’ve worked with us and had a great experience, please leave us a review."

If you’ve worked with us and feel there’s something we could improve upon, please let me know. We’re continually trying to improve our services and provide a wonderful experience.

We recently had a client and friend post a video testimonial, and you can watch it here.

We’re full of gratitude for all the excellent clients we’ve worked with and look forward to speaking with you soon. If you have any questions about real estate, please call or email us. We would love to be your real estate resource.

If you’re thinking of visiting the Boise area, here’s what I recommend.

Here’s my list of the top seven places to visit and things to experience in Boise and the surrounding area:

1. Boise Greenbelt. The Boise River Greenbelt stretches 25 miles from Boise to Eagle. You can walk, bike, skate, float down the river, etc. Floating down the river during the summertime in Boise is a fabulous thing to do. You can set off from Barber Park, relax, have fun, and enjoy the amazing scenery. 

2. Downtown Boise. Downtown Boise is a wonderful place to hang out; there are a lot of great restaurants and live music all over the place. Also, you can hit up the farmers market every Saturday morning and afternoon for local goods and fresh produce. 

3. Bogus Basin. I’m looking out my window right now watching snow pile onto Bogus Basin, so there should be some good skiing/snowboarding happening right now. Bogus Basin is a smaller mountain with 2,600 skiable acres, and we’re fortunate to have it just 30 minutes down the road from us. 

"Whether you want to do a day-long hike or a camping trip, these mountains have some of the most stunning scenery you’ll ever see."

4. Shakespeare Festival. This is another great summertime activity, and it takes place on an outdoor amphitheater. You can not only see world-renown Shakespeare plays but also murder mysteries, comedies, and musicals. 

5. Ridge to Rivers trails. We have 190 miles of trails right in our backyard, and you can visit Ridge to Rivers’ website to search for different trails and activities. These trails are a great place to go in any season, and Ridge to Rivers will warn you which ones are particularly muddy. 

6. The Sunny Slope Wine Trails. I never expected Idaho to be an up-and-coming wine region, but we have upwards of 60 wineries. Some friends of mine have even started their own wine tour company called Ciao Bella Idaho Wine Tours, so be sure to check them out soon!

7. Sawtooth Mountains. One of the reasons my husband and I moved here in 2005 was because of a backpacking trip we took to Alice Lake in the Sawtooth Mountains. Whether you want to do a day-long hike or a camping trip, these mountains have some of the most stunning scenery you’ll ever see. There’s a cute little town called Stanley located in the heart of these mountains, and I highly recommend taking a visit there as well. Also, check out Redfish Lake!

If you have questions about this topic or any real estate needs, don’t hesitate to reach out to me. I’d love to hear from you.