Build Idaho | 2020 BOISE IDAHO REAL ESTATE BLOG
Main
Entries 1-15 of 43
1 2 3 | Next
Mar 23

 As many families are going back to basics and doing without excess expenditures, maybe it is time to take an honest look at cities requiring minimum sq. ft. requirements for new homes and minimum requirements for open space, etc.

Look at some of the older homes in the north end that people love and yet we can't build them today!  Even though I have not seen it in print anywhere, it is almost an unwritten law that if a developer tries to get a plat approved in Meridian that allows single family homes under 1,400 sq. ft. it won't get approved.  I remember when I first started with new home sales, they had plats allowing 900 sq. ft., then it moved to 1,000 to 1,100, etc.

Cities have increased landscaping requirements, open space requirements, larger lot sizes, etc. to the point that the developement fees and costs alone amount to about $35,000 in Ada County per lot!

Since I don't see that changing any time soon, it may be time for more condo plats consisting of entry level homes.  We don't really need any more high rise view condos downtown right now.  

Should the cities be the ones to decide if you have vinyl siding or not?  Should they dictate if the home is astetically correct or not?  Should they be able to say that only people that can afford a certain size home should be allowed to build a new home in their jurisdiction?  

I say absolutely not!  I am a firm believer in a fair market economy and know if people can afford something nicer, they will seek it out.  However, if they have to move to Melba or Middleton because they can't afford it here in Ada County and yet they drive to work tying up the interstate paying the money they saved on their homes on gasoline and vehicle upkeep and maintenance, did anyone really win?

What would have happened if the person that was allowed to build the one bedroom home I used to own while attending Boise State University wasn't allowed to have built it?  Would I have had to consider going to school somewhere else because I couldn't afford to live here?  Instead, that modest home allowed me a place to start and since then I have upgraded several times into my current home and rentals myself.

 

Jim Paulson, CRS, GRI - Owner / Broker - Progressive Realty Corporation

www.IdahoMLStours.com


Mar 19

I have just researched the market in the MLS for Meridian Idaho. With the new tax credits and incentives, it is a great time to consider real estate again.

Oct 24

Who knows how many more "Deals of a Lifetime" CBH will ultimately have; however Corey Barton has proven to be almost like a cat with nine lives and always seems to land on his feet.  While many builders are struggling, CBH has actually seen a 133%  increase in sales over last year accroding to an article in last weeks Business Review!

I know this promotion is also going to be successful for CBH because two of my Realtors have already written offers on homes for their clients. 

This promotion runs from October 24 - 26th.  It covers 200 Brand New Homes located throughout the valley in their communities.  They range in price and have a number of floor plans to choose from.

For a complete list of homes and prices, just email or call me.

Jim Paulson, Owner/Broker - Progressive Realty Corporation www.IdahoMLStours.com


Oct 12

Congrats to the winners of the election and thanks for stepping up to the plate in the leadership of the Ada County Association of Realtors.

Oct 09

With today's announcement of the 15% job reductions over 2 years at Micron (Idaho's largest private employer) how will that impact the local real estate market?

Oct 08

The Federal Reserve cut the key US interest rate by a full half point this AM.  Even China has cut their interest rates trying to stimulate their slowing economy.

Keep in mind that this rate is not directly tied to mortgage rates.  It does however have an immediate impact on short term money loans such as credit cards, home equity lines of credit, etc.

As Bank of America continues to be the white night of several institutions, it will be interesting to see how the next few years impacts them.  From what I understand, at least their acquisitions are being made via cash, not leveraged buyouts!

It will be interesting to see what the Feds do during their regularly scheduled meeting on October 28-29th.

What would a bank statement be these days without a disclsoure, so "The US Treasury Secretary, Henry Paulson, is no known relation to me, Jim Paulson". 


Oct 07

I just read an article of the top 25 appreciating markets in the United States and Boise, Idaho Falls and Kellogg all made the list in the top 20.

Oct 02

Enough about houses aren't selling already. The problem is we have too many homes on the market and too many people servicing the industry, the reality is that there were still 145 closings reported in the Intermountain MLS in September.

Sep 29

As the stock market tanks today, I am glad I own more real estate than stocks these days!

Aug 30

Class space sells out as Realtors rush to get this timely designation from the National Association of Realtors. Now that I have my designation, I see why their slogan is "EcoBroker is Education that Means Business and Makes a Difference"

Aug 26

I was shocked watching how quickly the fire spread this evening in SE Boise and was even more so when I realized I was watching a friends home burn on live TV! Please do what you can to help these innocent victims reclaim their losses.

Aug 17

There were 497 homes closed in Ada County through the Intermountain Multiple Listing Service in the month of July 2008!

Aug 06

When disecting the term "customer service" it is amazing what I learned.

Aug 02

I interviewed an agent yesterday that is thinking of moving his license to my company. He was hesitant because he is curious about the state of the industry. Here is my reply to him.

Aug 02

It is really interesting listing to different people try to justify their price of their home these days. I just did a quick test for my own house and came up with a bunch of different answers all based on “statistical analysis”.

My home is 2,980 sq. ft. in Boise with four bedrooms and three full baths on an 8,000 sq. ft. lot.
 
I pulled up all the homes that homes have sold so far in 2008 in our MLS in Boise which range from 2,800 sq. ft. to 3,200 sq. ft. I loved the Average List Price of $364,335. I would donate thousands to charity if I could sell my house for that! Everyone says the market is horrible, yet 99 homes have successfully completed this year in this range alone! I am feeling overconfident right now.
 
Wait, the median price (where as many homes selling above that price as there are below) is down to $339,900. I consider myself a “realist” so if my house was average, I would still be extremely content to sell for $339,900!
 
Wait, why is the median sold prices for homes with this exact criteria that have closed this year only $315,000? Oh, I see, eight of the 99 houses elected not to report the selling price due to discounts and concessions at closing. That kind of distorts the numbers. I am glad they just changed the laws so we can’t cop out and not do that any more! But what is the right number?
 
I forgot to take the age of my home into consideration so when I adjust for homes that are 20 – 50 years old, the median sales price dropped to $265,500. My house has already dropped nearly $100,000 in value and I am still doing my research. My confidence is fading quickly! Better do more research before I post this blog!
 
Next, I factor in my home only has a two car garage. I sure am glad I have this basement on these hot summer days; so I include that criteria too. Since my area of town isn’t as pricy as the North End or Eagle, I exclude all the ones that aren’t in west Boise. I refresh the magic computer and come up with a revised estimate of $229,000.
 
Since I have done my homework and know the facts about what homes “like mine” have sold for this year; it is finally time to compare how it looks to the next potential homeowner. The median price of homes for sale meeting my revised final criteria is $244,900 and one is listed for $299,900. Then, I would need to compare my home with each of the others prior to putting mine up for sale to see which offers the best value. I would need to look at even more adjustments to determine upgrades, deferred maintenance, landscaping, curb appeal, location, etc. Then I would finally be ready to “begin” marketing my house! Based on the market, my motivation, the condition of my home, etc,. I would adjust my house up to $249,900 today knowing what I do about the homes that mine would compete with.
 
Beware of the agent that would have just given you a quick answer based on sq. ft. for your home, because if I had done that based on the first  analysis, I would price my own home at least $115,000 too high! Even if I was insistent on listing at the original average list price of $364,335, I would have agents lining up to list my house albeit not a reality that it would ever sell for it in this market. Some agents won’t tell their clients what they need to hear so they end up listing homes for unreal prices. Other agents know the price is unreal, but hope they can spin off buyers that are more realistic.
 
When it is time to buy or sell your next home, make sure your agent takes the time to look at it from all the angles because as you could see, the same house can lead you to the wrong conclusion and yet appear to be “proven” through incomplete research.

 

Jim Paulson, CRS, GRI, EPRO; Broker/Owner - Progressive Realty Corporation

www.Progressive-Realty.info


Entries 1-15 of 43
1 2 3 | Next

 

Michelle Penick, Boise Idaho Real Estate Agent

How may I help you?
Michelle Penick

818.472.1767
[email protected]
Schedule Tour