2019 Idaho Real Estate Blog

2016 New Home Values being added to Community Profiles Main Idaho Real Estate Insights

Build Iaho is adding 2015 new home sales data to community profiles. Here is what home buyers should understand.

Treasure valley jnew communities

New Community Pricing Guides

The table includes:

  • Average Sales Price
  • Total Sales recorded (accroding to Intermountain MLS)
  • Average Price per Square Foot
  • Range of home prices in community

As a home buyer, every # is important. Knowledge is power and understanding the overall picture of the community will help you understand what you are getting for you money. We recommend reviewing all the #'s and talking to one of our agents so you understand what they mean but let's take a moment and discuss them briefly.

We include the average sales price as an overall summary of the community. This is an average so as part of your research take a closer look at total sales as well. The more sales in the community, the more solid that # is as a representation of home values in that community. For example if there are 111 sales, like Paramount, that is a lot of data so the average value in the community is very relevant. But, if there are 2 sales representing the average sales price you may want to review sales price range. If the low and high slaes numbers are relatively close together, you can have confindence in the average. But what if the low value and high value differ by $300k+?

In this scenario you should inquire about more details. One reason could be that there is a phase of luxury waterfront homes and patio homes in another phase. This is true in Legacy Community, for example. It could be that just one home is worth (or at least sold for) significantly more. As a home buyer, you would not want to be the guy who owns a home worth significantly more than other homes in your neighborhood. This would pull your value down. So, if you are buying or building a home and want to keep your value, make sure that the predominant values around your home are similar or more.

The average price per square foot is a great reference tool. You should not use this as an end all # though, we have explained 'price per square foot' several times in other posts. It is something buyers want to know but sellers do not like to het into and there are two predominant perspectives why.

  1. The Value Perspective
    Two people go shoppinmg one likes wine one likes beer. In buying a home these differences may be things like- carpet vs hardwood floors. Another could be heated floors or granite. All of these choices can affect the price per square foot but sometimes they are personal choice based on what you like and your economics.
     
  2. The Grocery Store Theory
    Similarly it is like going to the grocery store for food. One cart has burger, fish fillets, cereals, pop and snack cakes. The other has steak, salmon, ingredients for a cake and fresh fruit. The price per pound is very different but they both will feed one for a week. Now pretend they both represent houses but they are covered. Which one do you buy. If you know what is under the cover, that would help with your decision? What if you did not know what was under theh less expensive one, would you question the price. Imagine that is like a builder who cuts corners and tries to sell his home as the sale price or value as the cart with steak. The conclusion is that price per square foot can be very deciving.
     
  3.  
 
Posted by tlangford at 2/6/2016 3:26:00 PM
Comments (0)
No comments yet, login to post a comment.

Michelle Penick, Build Idaho Client Real Estate Services

Michelle Penick

Client Care Team
208.629.0217 | Info@BuildIdaho.com

Contact Agent
Archive
<August 2019>
SunMonTueWedThuFriSat
28293031123
45678910
11121314151617
18192021222324
25262728293031
1234567
Monthly
August 2019
July 2019
June 2019
May 2019
April 2019
March 2019
February 2019
January 2019
December 2018
November 2018
October 2018
September 2018
August 2018
July 2018
June 2018
May 2018
April 2018
March 2018
February 2018
January 2018
December 2017
November 2017
October 2017
September 2017
June 2017
April 2017
March 2017
February 2017
January 2017
December 2016
October 2016
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
June 2006
May 2006
April 2006
March 2006
October 2005
Current Weblogs
There are no blogs in this Group.
★★★★★ 5 stars - "Our experience with Full Sail/ Build Idaho was great from start to finish! "
 

Ask a Question | Schedule a Tour | Make an offer

*Full Name:*Phone Number:*Email Address:
*I'm looking for:MessageSource