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Oct. 13, 2014

Announcing the Prize Entry Winners!

Video: John West Announces the Prize Entry Winners from our 2nd Annual Clients and Friends Appreciation Party!

 

 

 

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Oct. 9, 2014

Real Estate Market Update October 2014

October 2014 Real Estate Market Update Meridian Idaho

Too Much of a Good Thing?

I’m a pretty average runner.  By that I mean that I run like the average person.  I go out and do it faithfully for a few days and then I stop.  A while later, I get back into it only to stop a little while later.  That’s what the average person does, right?  But while I’m not an expert on the subject, I do know a thing or two about the process.  For the first few steps nothing changes.  Then you start breathing a little harder and your feet turn to lead.  In a little while, you catch your stride, and you keep cruising along without too much effort.  After a while, you notice that you’re sweating pretty hard.  It gets harder and harder to catch your breath, and your heart is racing.  What you might not have noticed is that your heart was beating pretty quickly the whole time.  Should you be alarmed?  Of course not.  You’ll come to your senses soon and stop running.  Your heart will continue to pound for a few minutes, and then it will slow down as you stand in front of the freezer trying to make a decision.  But what would happen if you made it all the way through that well deserved bowl of ice cream and your heart was still pounding away like it was at the end of your run?  You’d start to get concerned wouldn’t you?  What was good during the run is not so good an hour later.

This illustration is pretty easy to understand, but for some reason, it’s harder for us to apply this same logic to the Real Estate market.  “Oh no!” the newspapers scream, “we’re not selling as many houses in the fall as we did in the spring!”  “Yes” we reply “and it’s colder at night than during the day.”  In other words, that’s the way it’s supposed to work.  What should really worry us is if the market never stopped to catch its breath.  It would overheat just like that poor runner in our story.

Let’s look at the numbers.

Just like last year, the peak of our sales came in July.  After that point, the number of properties sold each month started to decline.  We fell a bit faster in August than we did in the same month last year, but we had a slightly stronger September this year than in 2013.

Our total sales volume for the third quarter of this year was almost identical to 2013.  The combined total for the second and third quarters of this year beat the same period last year.  So this is two years in a row with very robust growth.

The average sales price dipped slightly, but it is still well within the normal limits.  Most of that had to do with volatility in the Ada County market.  Canyon County actually saw a slight increase in value from the previous month.

The average days on market rose again, but it is still under 50.  Anything under 60 is generally considered to be a quick market.

Since June, sellers have had to give up more and more in their negotiations in order to sell.  They are now coming down 4.5% on average.  This isn’t a huge figure, but it does show that balance is returning to the market.

Fewer new houses went on the market last month relative to the number of houses that sold.  So on the one hand, while we might expect to see more houses on the market because it’s taking a little longer to sell them, we aren’t seeing a rush of new properties on the market on the other hand.  In other words, the inventory levels aren’t increasing dramatically.

So we’re sitting down to a bowl of Tillamook Mudslide right now, and if things go like they did last year, we’ll have a bit of a nap through the winter before getting up early in the spring for another run.

Sellers: What Does This Mean?

  • There’s a chance that things will continue to slow down through the rest of the year.  Don’t waste time getting your house on the market.  Do it now!
  • Prices aren’t falling, but they aren’t going up either.  Be realistic and expect to negotiate with an equal partner instead of telling them to take it or leave it.

Buyers: What Does This Mean?

  • Don’t feel like you have to panic every time a new house comes on the market.  Take a look at new listings, but now you have a minute to think before you act.
  • There are fewer new houses coming on the market right now, so be flexible in the way you look at houses.  Don’t get so locked into a particular dream that you can’t see the great house in front of you.

 

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About Derek CasselAbout Derek Cassel

As the Designated Broker & Lead Buyer Specialist at West Real Estate Group, Derek provides a wealth of knowledge with over 10 years of real estate experience. He has the ability to thoroughly explain any step of the process to new home buyers or seasoned buyers and will keep you constantly informed during the journey to homeownership.


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Oct. 4, 2014

Appreciation Party

You're Invited!

2nd Annual Clients and Friends Appreciation Party 

West Real Estate Group invites you and your family to its 2nd Annual Clients and Friends Appreciation Party on Saturday, October 11th, from 1-4pm. The event will be held at our Meridian office located at: 2490 N. Locust Grove Rd., Meridian, ID 83646.

Enjoy appetizers, drinks, prizes, pumpkin painting, a bounce house, and other activities!

Questions? Reach our team at 208-501-8200, or send us an email here.

  Click here to download a flyer to the event!

Flyer Invite

 

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Sept. 5, 2014

Real Estate Market Update September 2014

by Marc Lebowitz, RCE, CAE

ACAR Executive Director

Single family home sales in July 2014 were 832 in Ada County, a decrease of 7% compared to July 2013.   YTD total sales are down 3% compared to this time last year; 4,525 homes sold compared to 4,674.

In July 78% of our total sales were for homes priced above $160,000.

In July sales of homes in the $160,000 – $200,000 were up 18% from June 2014 to 194. This category had the greatest sales increase month-over-month and was the highest sales category behind.  Sales in price points above $200,000 cooled slightly in July

Days on Market for July were 47; one day more than last month. In July 2013, Days on Market was 44.

New homes sold in July totaled 156; down 5% from last year; up 3% over June.

Existing home sales were 676; down 8% from July 2013.

Historically July sales fall off from June levels.   Last year and this year the trend has been reversed. July 2013 increased over June 2013 by 9%. July 2014 increased over June 2104 by 4%.

July 2013 was the peak in a very strong sales year. Although we’ve had four consecutive months with sales behind the previous year, our sales trend for 22014 is strong.

Pending sales at the end of July were 988; down 20% from July 2013. Pending sales have trailed behind previous year’s pending sales for twelve consecutive months.

July median home price was $213,800; up 3% from July 2013. Our YTD median price is $208,729; up 7% over last year.

New Homes median price for July was $311,540; up 16% from July 2013. For Existing homes the increase is 3% to $195,000.

The number of houses available for sale at the end of July increased 4% from June 2014 to 2,907.  This is an increase we really need.  This is 14% more than last year at this time.

We anticipate continued inventory growth from now until the end of Summer.

The price point with the largest increase month-over-month is $160,000 – $200,000 at 7%. The next highest is $120,000 – $160,000 with 6%.

In Ada County we now have 3.6 months of inventory on hand, essentially unchanged from the end of June.

The price categories in shortest supply are $120,000 to $160,000 which has 2.1 months; and $100,000 – $119,000 which has 2.2 months.

From $160,000 to $400,000 we have 3.6 months; not much change from last month.

Of sales in July, the most popular price point was $160,000 to $200,000 (23%); and $120,000 to $160,000 (18%) followed by $200,000 – $300,000 with 16%.

So…what’s next?

We’ve compared pretty well to 2013 for the first seven months of 2014. From now until December we should trend ahead of 2013 sales and median should hold steady.

We have more inventory coming online in the <$160,000 which will release some pent up demand among first time buyers.

Median price shows no signs of weakening.

Boise was named the “Best City to Move to in 2104” last week because of our ‘Median Income” “Home Value Growth” and “Home Affordability”.

All in all, I’m still feeling pretty good about how we will finish the year.

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Sept. 5, 2014

Your September 2014 Update

 

 

 

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July 8, 2014

Ada and Canyon County Homeowner's Exemption Application

Most people don't think to much about this form until they buy a new house and even then it's easy to forget about it until it's to late.

Did you know that Idaho gives you a homeowner's tax exemption (tax break) as long as you, the owner, occupy your home? The exemption includes the value of your home and up to one acre of land.

The Tax Commission is required by law to recompute the homeowner's exemption limit each year, based on the federal Housing Price Index for Idaho. The agency simply administers what the law says; it's not involved in decision-making. The Index is the same throughout the state and isn't adjusted to reflect housing price changes that vary in different parts of Idaho. That means a taxpayer's home value may increase, but the home is still subject to a lower homeowner's exemption.

If you don't agree that your assessed value reflects the market value of your property on January 1st (calculated before subtracting the homeowner's exemption) or have questions, you can contact them at:

Ada County Assessor's Office
190 E. Front St., Ste. 107, Boise, ID 83702

(208) 287-7200 Fax (208) 287-7209

www.adacountyassessor.org 

Canyon County Assessor's Office
1115 Albany St., #343, Caldwell, ID 83605

(208) 454-7431 Fax (208) 454-7349

http://www.canyonco.org/assessor

If you just have questions about how your value was developed, please call your county assessor before that date.

Value changes don't equal tax changes. Since taxes are based on the budgets of taxing districts, those districts can budget the same amount from property tax from one year to the next, but when property values go down, the levy rate goes up automatically to compensate. If one property's value increases more than others, its taxes go up faster than others. For most taxing districts, budgets are set in August or early September, so final property tax amounts aren't certain until then.

Click here for the Ada County Homeowner's Exemption Application

Click here for the Canyon County Homeowner's Exemption Application

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June 25, 2014

Just Listed! 1327 W Balboa Street, Kuna, ID 83634 (MLS#98559718)

1327 W Balboa Street, Kuna, ID 83634

By: John West

Beautiful Move-in Ready Home for Sale in Kuna!

Pride in ownership is easily seen in this beautiful home! Move in ready and priced to sell, this home is sure to please and will move quickly. Features 3 beds, 2.5 baths, living room, plus spacious family room. Large kitchen includes island and a big pantry. You will love the large .21 acre corner lot with RV parking potential, hot tub, 3 car garage, fully fenced yard, large covered patio, and gorgeous landscaping. Located in the popular Palomar Heights Subdivision. A brand new roof is being installed.

Posted in Featured Listings
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June 13, 2014

Just Listed! 2317 W Kootenai St., Boise, ID 83705 (MLS#98558456)

 2317 W Kootenai, Boise, ID 83705

By: John West

Charming Home for Sale in the Boise Bench!

Cute and charming Boise bench home, just minuets away from BSU and downtown. This house has the old feel charm with some great updated features. There's plenty of off street parking with a detached garage and a carport. There are beautiful original bay windows with great natural light. Mature trees and flower beds surround the home.

Posted in Featured Listings
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June 6, 2014

Just Listed! 1189 E Stormy Dr., Meridian, ID 83646 (MLS#98557104)

1189 E Stormy Dr., Meridian, ID 83646

By: John West

Great Home in Desirable Location Priced to Sell!

This single level home is move-in ready & priced to sell. Includes many extras such as central vac, full sprinklers, fireplace, & ceiling fans in all bedrooms. Located on a large corner lot with RV parking. This home has 3 bedrooms, a separate living room, & a large family room. Master bedroom is spacious with a walk in closet and a slider to a hot tub pad. Great size backyard with a large custom storage shed. Garage is oversized & can fit 2.5 cars. Great neighborhood with easy access to shopping & schools.

Posted in Featured Listings
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June 5, 2014

Just Listed! 8965 W Cornwall Drive, Boise, ID 83704 (MLS#98557250)

8965 W Cornwall Drive, Boise, ID 83704

By: John West

Great Property in Boise with Investment Potential!

This property is move-in ready and has a ton of investment opportunity as well. It has been completely upgraded with tile and wood laminate flooring through out, tile backsplash, corian countertops , new kitchen cabinets, stunning new gas fireplace with beautiful rock surround, new roof, new paint, new tankless water heater, and many other upgrades. Property sits on .25 acre lot with no backyard neighbors and has raised garden beds, 8x10 Shed, and a chicken coop/run. Come see tour this property today!

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