2020 BOISE IDAHO REAL ESTATE BLOG
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Jun 08

If You Want the Job Done Right, Hire a Professional

Any homeowner planning to remodel, wants nothing less than a professional job. Who wouldnt want the best quality in terms of workmanship and materials when it comes to improving their most prized and most valuable asset? However, when it comes to selecting a remodeler, too many buyers conveniently forget the time-proven adage that you get what you pay for.
 

Jun 08

Its Not About The Length, Its About The Girth!

The difference of Hazelwood Villages fiber optics technology is staggering.
 

Jun 08

Working with a credible home builder is critical but there's more to it

On a tour on Saurday, I found numerous new subdivisions that were looking run down. With a soft market not only do home builders start to go out of business, but developers can't complete a subdivision as they envisioned.
 

Jun 08

Market Impact on New Construction Homes verses Resale Homes in Ada County

As requested, I did some research on new construction vs. resale. It really isn’t possible to look back to see exactly how many houses were listed as “Active” this time last year to compare to this year, so I usually base it on sold numbers. I looked at the new construction numbers and as suspected, found the largest price reduction was in the new homes.

 
As many people here realize, lot prices have dropped about as quick as they jumped, so the replacement cost of a new home has dropped accordingly. That coupled with the fact the new homes are sitting, costing the builders money each month with no functional utility, they are the first to get discounted when times turn slow.
 
The ratio of new home sales hasn't really changed much as both 2007 and 2008 ran just over 25% new home sales. Of the active listings, just over 19% of them are new homes.
 
In May 2007, the median sold price of a resale home in Ada County was $215,000 compared to $285,500 for a new home so just over $70K more for a new home. In May of 2008 however that spread dropped to only $10K!
 
I was surprised to see the median price of a new home closed in Ada County in May of 2007 was $285,000 compared to $209,900 in May 2008. Many things come into play on that including the fact builders are building more affordable size homes on less expensive lots and including less to start with.
 
I can't understand that with these types of numbers why some sellers are still sticking to 2007 mentality. I guess maybe they think gas prices are going up so their house price should too? WRONG. 
 
In Ada County today, there are 4,607 homes listed for sale excluding homes that show as pending; which have yet to close. The average list; is $318,215 and the median price is still listed at $254,900. These numbers are well above the market. The homes that are being price based on today’s market are still selling. Of these 4,607 homes, only 893 are new homes.
 
I spent nearly four hours today one on one with Chuck Byers, the former head of the Pioneer Real Estate School, discussing pricing models, valuation, and appraisals. I agree 100% with his comment that in a market like this, you need to determine your motivation to sell and figure out what amenities you have compared to the competition. He emphasized looking at all the variables including your motivation/need to sell and set the price accordingly!
 
Too many people think they should price the home a little high to allow room to negotiate down. Stop and think for a moment however, if you were the buyer, and you liked two or three homes offered for sale, would you ever start negotiating on the higher price one hoping to get it below the lower priced one?  If you start negotiating on the lowest price one and the counter comes back full price, isn’t it still the best priced?  Won’t it still sell?
 
 

Jun 07

Remodel Within Your Limits: Tips on Coming In Under Budget

Whether you've lived there for 2 years or 15 years, it's not uncommon to find that you are delighted with your home with one or two nagging exceptions. You'd really like to remodel, but the project gets pushed to the end of the "To Do" list, because it's either too expensive or too big to tackle yourself. Still, lets face it, your tired of those high utility bills that just keep getting higher, or that tiny kitchen, or sharing your bathroom with the kids because the only other bathroom in the house is occupied.
 

Jun 07

Who Knows What an IDX Is?

A couple of weeks ago I had a woman (who is trying to sell her home) email me. She was livid that I was advertising her property as my listing on my webpage. I had never seen or heard of her property before.
 

Jun 07

Bring on higher energy prices . . .

Crude oil jumped over $10 a barrel yesterday. The corresponding effect is expected to be $.50cents at the pumps 4 weeks from now. What people aren't noticing is that Natural Gas is increasing along the same lines.
 

Jun 06

The Artist's Backdrop

For Boise builders, the canvas for their work is beautiful.
 

Jun 06

Analyzing the net impact of trading up from a 3 bedroom home to a 4 bedroom in Ada County this year.

Would you believe you might actually be better off if you sold your home this year and bought a new one instead of doing it last year when you could have gotten more for your home?
 

Jun 06

Ada County Association of Realtors (ACAR) is setting the national advertising stage!

It appears the Ada County Association of Realtors will be the first Realtor Association in the nation to lauch a major advertising campaign to utilitze the new Digital Billboards!
 

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Michelle Penick, Boise Idaho Real Estate Agent

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Michelle Penick

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