West Real Estate Group Video Blog

Expert Tips for Navigating the Idaho Real Estate Market

Our mission at West Real Estate Group is to be your resource for your Real Estate needs in Idaho. Whether you are a buyer, seller, or investor, our team of professionals can answer any questions you might have about Real Estate. Watch the videos and articles below to get the latest news on local market trends and receive expert tips for buying or selling a home. Call us with any questions you may have at 208-501-8200

April 17, 2017

How Can Idaho Buyers and Sellers Benefit From Current Market?

 

Buying a home? Click here to perform a full home search

Selling a home? Click here for an INSTANT Home Price Evaluation 

Call us at (208) 501-8200 for a FREE home buying or selling consultation

John West of West Real Estate Group discusses what’s going on in the Boise, Idaho, and Treasure Valley housing market and how it’s affecting buyers, sellers, and current homeowners. 

The Boise, Idaho, and Treasure Valley real estate market is sizzling hot and moving fast. Homes are selling quickly and for top dollar. Low-interest rates are still keeping house payments low. In short, both buyers and sellers can benefit from the current market.

Many people ask us; "Why is our market so hot and should I buy a home or sell a home now?"

In today's market, both those selling a home and buying a home, both have benefits to making a move.

A major factor driving our market is supply vs demand. The continued shortage of inventory (homes for sale) vs the strong amount of buyer demand has pushed the average sale price of existing homes up near record highs in Ada County, even setting a brand new record in Canyon County.

As of March 2017, the average sale price in Ada County is up 8.4% from last year. Currently, the median sale price of a home in Ada County is $233,000. In Canyon County, the median sale price is up 10.2% over last year and sits at an all-time high of $164,700.

 


Both Home Sellers And Buyer Are Benefiting From Our Current Market. 

       ”

 

While more homes for sale are being listed each month, it’s really still not enough to keep up with the current demand from buyers in our area searching for a home for sale.

The key to fixing our inventory crunch lies with home builders. They must continue to increase the inventory at all price points to not only help our current buyers but existing homeowners who don’t know where they’ll move when they sell.

Builders know there is demand for new homes at all price points and they are eager to meet it. However, in order to be profitable, they are often building homes in higher price points because of the material costs, land prices, and a shortage of labor.

Curious what brand new homes are for sale today? Click here to view all new homes for sale!

As more homes become available for purchase, existing homeowners could move up and free up those properties in the low to middle price points which would greatly help stabilize our current market. 

What does all this information mean for you? 

Well, if you’re thinking about selling your home in 2017, it’s an ideal time to sell as there is low competition and high demand for houses causing many sellers to net top dollar in most cases.

If you’re thinking about buying a house, the low-interest rates can keep your monthly payment low, especially when compared with high monthly rental costs in our area. However, the interest rates have begun to rise and are projected to go up even more throughout the year. 

Click here to learn more about how mortgage guidelines have changed allowing more buyers to qualify for homes loans!

If you are not thinking of selling or buying a home but own a house in our area, the value of your home has likely improved since you purchased it and is predicted to continue to see improvement which is great news. You can always use our INSTANT value check tool to see what your home is worth in today's market by clicking here: 

What is my home worth in today's market? 

Call our team today at 208-501-8200 to get answers to your questions.

Click this link for a complete breakdown of the market statistics

You can also start browsing for all brand new homes in Boise, Idaho and the surrounding areas by clicking here: Yes, show me new homes for sale!

April 5, 2017

Don't Like Where You Live? Why Not Move?

 

Buying a home? Click here to perform a full home search

Selling a home? Click here for an INSTANT Home Price Evaluation 

Call us at (208) 501-8200 for a FREE home buying or selling consultation

"If you don't like where you are, move—you're not a tree!"

Have you heard that quote before? It can mean a lot of things, but I think it certainly applies to real estate. Do you like where you live and your current situation? Do you rent now but eventually want to be a homeowner? Do you own a home but you'd rather be in a different area or different school district? 

People move for many different reasons, and when people call us to ask questions about Idaho real estate, they sometimes tiptoe into it. It's almost like they feel guilty about talking about moving from their current home. However, when people move, we find that they get excited about the new location and their new situation and are so glad they made the move.


The best way to get these answers is by asking a professional real estate team like ours.

       ”



So what's the next step if you're not crazy about where you live or your home no longer fits your needs? Talking with our team is a great start. We call this the education phase where you are simply thinking about your options and gathering information. What might it look like if you moved into a new home and area? How much would more square footage would benefit your family's needs? What's the cost associated with a move? Could you build your dream home?

The only way to get these answers to these types of questions is by asking, and it's something our team loves to talk about. It's even part of our mission statement

If you'd like to talk through any of these questions, don't hesitate to reach out us. We'd love to start a conversation about your goals with you.

Call our team today at 208-501-8200 to get answers to your questions.

You can also start browsing for all brand new homes in Boise, Idaho and the surrounding areas by clicking here: Yes, show me new homes for sale!

March 20, 2017

What Is Your Home in Idaho Worth in Today’s Market?

 

Buying a home? Click here to perform a full home search

Selling a home? Click here for an INSTANT Home Price Evaluation 

Call us at (208) 501-8200 for a FREE home buying or selling consultation


The real estate market in Boise, Idaho and the Treasure Valley is incredibly strong right now for home sellers. There is a lot of buyer demand without much supply of homes for sale. This demand for housing affects your home's value positively which is always great news to hear. If you’re curious about what your home in Idaho is worth in today’s market, we have a resource that can help you get an instant value check on your home. 

In this video, West Real Estate Group's John West explains how the home value tool on the website allows you to check your home’s value whether you are thinking of selling, getting a refinance, or just curious. 

One question we are often asked is, “We love this tool, but how accurate it the value check it provides me? Is the information your system gave me reliable?”  

Our system uses three factors to determine your home’s value: 

1. Recent and pending sales in your home's area.

2. Comparable homes to your house in size, bedroom/bathroom count, level, etc.  

3. Public records and taxes information. 

 


We always follow up with you to double check the value of your home.

       ”

 

We find that our system is very accurate in determining a value for your home if there have been a lot of recent sales in your area, and if your home is similar to those properties that have recently sold. If the system has enough information to pull together, then you will often get a pretty accurate estimate. 

However, if there aren’t many recent sales in your area or if your home has some unique factors, then the system might not be so accurate. Our home value tool doesn’t know that your property might sit on a larger lot or that you might have RV parking or other amenities and updates that your neighbors do not. 

Either way, when you use our home value tool, we will personally double check the value you receive to make sure that you have the correct information.

Check Your Homes Value Here

If you have any questions, please don’t hesitate to reach out to us. We would be happy to help you!

Call our team today at 208-501-8200 to get answers to your questions.

You can also start browsing for all brand new homes in Boise, Idaho and the surrounding areas by clicking here: Yes, show me new homes for sale!

March 3, 2017

Thinking of Buying a Home In Idaho? Three Reasons to Consider Building Instead:

 

Buying a home? Click here to perform a full home search

Selling a home? Click here for an INSTANT Home Price Evaluation 

Call us at (208) 501-8200 for a FREE home buying or selling consultation


Have you ever considered or wanted to build your own home here in Idaho? Over the last two years, we’ve seen more and more people build their very own dream homes, and there are three reasons why you might want to consider building a brand new home instead of buying an existing home.  

1. Price

Many people think building a home is too expensive, but we’ve found that when compared to existing home prices in our current market, building a home is often more affordable for many people's budgets. 


Building has actually become very affordable for many people.

       ”

 

2. Existing Homes Are In high demand
There is a lot of competition for existing homes in our current market because there’s not a lot of inventory available in the market. Buyers are paying top dollar for existing homes, which means you’ll get the most money for your current home to build your new dream home. You can click here to learn what your home might be worth in today's market. 

3. Ease of the Selling/Moving Process 
When you’re building a house, you get about four or five months of preparation time to get everything in order to move which allows many people to only have to move once. This allows for a much smoother selling and moving process, which takes a lot of stress out of the equation. 

If you have any questions about buying or building a new home, please don’t hesitate to reach out to our team. We would be happy to walk you through what’s going on with our current real estate market here in Idaho and explain more about the new construction process and show you what your options are. 

Call our team today at 208-501-8200 to get answers to your questions.

You can also start browsing for all brand new homes in Boise, Idaho and the surrounding areas by clicking here: Yes, show me new homes for sale! 

Feb. 21, 2017

How to Buy a New Home in Idaho & Sell Your Existing Home

 

Buying a home? Click here to perform a full home search

Selling a home? Click here for an INSTANT Home Price Evaluation 

Call us at (208) 501-8200 for a FREE home buying or selling consultation


If you’re thinking about buying a new house here in Idaho but you have an existing home to sell, how does that process work? We get asked this question often, so in this video, team leader John West will go over a few tips to help guide you through the process. 

Unfortunately, the answer to this question isn’t the same for everyone. However, there are three steps you can take to determine what your specific process might look like.

Step one is to get a FREE estimation of your home’s value. This is something you can easily do by contacting our team. Once you get an estimation of your home’s value, you will understand what your budget might be, how much equity you may have in your current house, and it will help you get qualified for your new home.

Step two is to meet with a mortgage lender to determine your buying power on your new house. That lender might want to know what kind of equity you’re rolling over into the new house. They’ll also help you determine payments and set a new budget for the home you have your eye on.

 


Once you take these steps, you’ll be in a much better position to know what to do.

  ”

 

Step three is seeing if your wants, needs, and goals can be met with the price points you have from your lender with your budget and finding out whether you can afford the new home you want. You can shop online on our website and find out what homes are available in today’s market to get an idea whether the home you’re searching for is really out there, whether you can afford it, and whether the monthly payments are something you’d even want to afford.

Once you take these three steps, you’ll be in a much better position to sit down with your Realtor, discuss making this move, and understand what the process might look like for you. 

If you have any questions about this or any other real estate-related topic, feel free to give us a call. We’d love to help! Give us a call at (208) 501-8200 today!  

Feb. 8, 2017

Waiting Until Spring to Sell Your Home? Think Again!

 

Buying a home? Click here to perform a full home search

Selling a home? Click here for an INSTANT Home Price Evaluation 

Call us at (208) 501-8200 for a FREE home buying or selling consultation

 

If you’re thinking about selling your home here in Idaho, you may be wondering when is the best time to bring it to the market? We get asked this question often, so in this video, team leader John West will go over a few things to help you choose the best time to put your home on the market. 

Like many people, you might think springtime is the best time to list your home for sale, after all, our houses may look their best in the spring with freshly planted flowers and green grass.

However, the best time to sell has more to do with supply and demand than with what season our homes look the best. That’s why right now, during the winter months, when most people are waiting until spring, is the best time to put your home on the market. 

 


Demand for your home is greater in the winter months.




 

For example, think of housing demand in the winter as a really popular toy around Christmas. The more demand there is for that toy, the more valuable it becomes. The same is true for homes listed during the winter.  

In the springtime, we always see a huge influx of homes coming onto the market, which gives buyers a lot of options to choose from and more time to make a purchase. 

In the winter, buyers are more serious. They are looking to buy a home as soon as possible, which is another reason why less demand during the winter works so well in your favor. If you list during the winter months, you have less competition, and a competitive edge allows you to get your home sold quickly and for the most money. 


If you have any questions about selling this year, or any other real estate related questions, please feel free to give us a call or send us an email. Our team would love to help answer any questions you may have. Give us a call at (208) 501-8200 today! 

Posted in Selling a Home
Jan. 25, 2017

Boise, Idaho & Treasure Valley Real Estate Market Update-2017

 

Buying a home? Click here to perform a full home search

Selling a home? Click here for an INSTANT Home Price Evaluation 

Call us at (208) 501-8200 for a FREE home buying or selling consultation

 

At the beginning of each year, everyone wants to know how the real estate market is doing here in Boise, Idaho and the surrounding areas. In this video, team leader John West, talks about what to expect in the Idaho real estate market as we continue into 2017. 

 

Here in Idaho and the Treasure Valley, inventory is low. There simply aren’t enough houses on the market to keep up with demand. If you own a home, that’s good news, because home values and prices have gone up due to the inventory shortage. 

 


Now is actually a great time to list your home; don’t wait for spring.




 

A lot of the time, people plan on putting their homes on the market in the spring. However, it’s actually ideal to put your home on the market when inventory is low, and demand is high, so now may be the best time to list your home for sale. 

 

If this market is so great for home sellers, do buyers benefit from this market? Yes, this is also a very good time to buy a home. Right now, interest rates are still incredibly low, which keeps houses very affordable. Secondly, rental rates are at an all-time high right now. A lot of the time, it’s less expensive to make a monthly mortgage payment than it is to pay rent, which makes buying a home a very smart decision. 

 

In summary, the current housing market in the Treasure Valley is alive and well. If you are thinking about selling this year, it is an ideal time to take advantage of low housing inventory and sell your home or buy a new home before prices rise further. Our team would love to help answer any questions you may have. Give us a call at (208) 501-8200 today!

Posted in Market News
Jan. 20, 2017

Home Loan Guidelines Improve Making Buying a Home in Idaho Easier

If you are considering selling your home and or buying a new home in Idaho, recent 2017 mortgage guideline changes may affect you.

In this video John West, Broker with West Real Estate group sits down with John Spiker of First Mortgage Company of Idaho to discuss how recent mortgage guidelines changes can help Idaho homebuyers purchase a new home in 2017. 

Looking Back - Mortgage Guidelines Before the Crash 

Just before the market started to crash in 2007, mortgage guidelines had become so loose that just about anyone could qualify for a mortgage loan. The guidelines that once allowed for safe lending practices were abandoned by lenders and by 2007, that house of cards began to fall. 

After the crash, banks over tightened their guidelines making it difficult for those trying to buy or refinance a home. 

Since that time, banks have since begun to return to safe lending practices and guidelines making it easier for homeowners to qualify for a mortgage. 

 Getting a Mortgage in Today's Market

John Spiker shares that he sees that we are in a healthy position right now as far as responsible lending is concerned and that it is much easier to get approved for a home loan now that it was in recent years. 

For example, many people still think they need 20% to qualify for a mortgage loan, and that is not the cause for many buyers.  Spiker said many loans require little to no down payments available. 

Average Down Payment | Simplifying The Market

 What If I Had a past Foreclosure or Had to Short Sale My Home? 

Many people were affected by the market crash and had their homes foreclosed on or had to short-sale their property which damages credit. Lenders like Spiker have programs to help people get loan approvals so they can purchase another home again and continue rebuilding their credit. 

If you are thinking of buying a new home this year, Spiker's advice is to talk with a lender to see what options are available to you. You may be surprised at what you find. 

Average FICO Scores | Simplifying The Market

Key Talking Points: 

  • Mortgage Guidelines have changed making it easier to qualify for a new home loan or refinance. 
  • There are many loans available to homebuyers that require little to no down payment available. 
  • People who had short sales or past foreclosures can also qualify in many cases for a new home loan. 
  • Home values have been on the rise and lenders have programs to help homebuyers qualify and buy homes in today's market. 

If you are thinking of buying a new home and have questions for John Spiker, you can reach him at (208) 854-8400 or you can email him JSpiker@FirstMortgageCo.com. 

To learn more or to start a loan application, you can visit his website:www.firstmortgageco.com/johnspiker/

If you are considering buying a new home and want to see what homes are available in today's market, visit our website

Jan. 17, 2017

The Most Important Step When Buying a New Home in Idaho

Buying a Home in Idaho with West Real Estate Group

If you are thinking about buying a new home in Idaho but don't have a home loan pre-approval letter in hand yet, you might want to consider taking this step first. 


In the Treasure Valley, the number of buyers searching for homes has significantly outnumbered the amount of available homes for sale. Because of this demand, it has led to a competitive marketplace where home buyers often need to stand out to get their offer noticed and ultimately accepted by a home seller.


One way to show you are serious about buying a new home is to get pre-qualified or pre-approved for a home loan before starting your home search. 


Another benefit to having a pre-approval from a mortgage lender is simply knowing your housing budget. This will help you and your Realtor to know what price range to stay within so that your dream home doesn't become a nightmare. 


Freddie Mac states the advantages of getting a pre-approval in the My Home section of their website:

 

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

 

Another advantage of working with a local Realtor is the knowledge we have about the local lenders in the area. We know and work with the area's best home mortgage lenders who will be able to help you with this process. 


Once you have selected a mortgage lender, you will need to fill out their loan application and provide them with the information regarding your credit reporting, debt, income, work history, down payment and housing history.


A simple way to remember what a lender is looking for is called the; 4 Cs which help determine the loan amount you will be qualified to borrow:

 

1. CapacityWhich looks at your current and future ability to make your payments
2. Capital or cash reserves: This is the money, savings, and investments you have that can be sold quickly for cash if needed.
3. Collateral: The property that you would like to purchase is most often be the collateral the bank will use which considering your loan approval. 
4. Credit: What is your history of paying bills and other debts on time? 

 

Getting pre-approved for a home loan is one of the most important steps in the home buying process. It will show home sellers that you are serious about buying, and it in Idaho's current highly competitive market, will ensure you have the best chance and getting your offer accepted. 


In our experience, we find that many potential home buyers start looking for their dream home first, only to be left scrabbling to get a mortgage loan once they find the perfect home. In many cases, by the time they receive their approval letter, their dream home has been snatched up by another home buyer.


If you considering buying a home in Idaho, we highly recommend you start by getting your home loan pre-approval so that you will be ready to make your offer when your dream home pops up on the market. 


If you are ready to start browsing for homes for sale, click the link below to start your home search now: 

Click here to start your Idaho home search!

 

Dec. 15, 2016

10 Interview Questions to Ask a Realtor Before Hiring Them:

10 Questions to Ask a Realtor Before Hiring Them

10 Interview Questions to Ask a Realtor Before Hiring Them:

My mom's friend's sister is a Realtor. Should I just use her?

Maybe... maybe not.

Unfortunately, not all agents are created the same. Our advice is to ask questions, and don't just settle with someone you might know who may just have a real estate license.

Since your home purchase will be one of the largest investments you will ever make, no one should judge you or guilt you for being careful about who you choose to represent you. Asking the right questions when interviewing an agent should help you gain insight into the Realtor's competence, experience, and personality. 

The agent you choose should offer reviews from past clients who they have helped. They should also be an expert in the neighborhoods and communities you are looking to purchase in and be someone who you actually like as you will be working closely with them through the home buying process.

1. "Can I see reviews from your past clients?"  
Every agent has clients they've served well. But the best agents consistently deliver excellent service. There's a difference between reading a few hand-picked endorsements and getting the full good, bad, and ugly on your agent. We think a good agent should have nothing to hide, which is why West Real Estate Group encourages public reviews from every client we serve. While you won't find that for every real estate agency, you can use sites like Google.com to see what customer opinions pull up for an agent you're considering. If you can't find any public reviews, this may be a sign you aren't working with a professional agent.

2. "Is this your full-time job or are you a part-time agent?"  
Many agents are part time. A full-time agent is more likely to be up-to-date with the market, the laws, and have the time you'll need when searching for the right home. You will want a high protein, high energy, Realtor working for you.

3. "When am I committed to using you?"
Selecting the agent that you are going to hire is an important decision, and it's not something you can do accidentally in Idaho. Make sure you get the facts about this important step. Our agents review and discuss this with you, so you won't be misled or confused.

4. "Do you work as a solo agent or part of a team?"
These days, real estate groups are becoming more popular. Whether it's a pair of agents who share the work, a single agent with a support staff behind them, or a group of several agents all under one business name, you'll want to know with whom you'll be working with. Do they specialize in one particular area or are they jack of all trades? The more you understand who you are hiring, the better.

5. "What sets you apart from other agents?"
What you're asking them is, "why should I hire you?" This is a fair question. Don't shy away from it. You're looking for experience, not just enthusiasm. You want to see a track record, knowledge of the market, and suggestions on the best neighborhoods in the Treasure Valley. You want to see reviews from past clients, reliability, and an in-depth knowledge of any special requirements you may need to know about.

6. "What's your fee?"
The seller of the home you buy pays your agent's fees usually around 2-3% of the sales price. Since the home seller sets the commission amount and this can vary from property to property, you'll want to insist that your agent is upfront about their share. You don't want to have an agent who is pressuring you into buying a home based on a larger commission. Click here to read more about what it costs to have a Realtor help me buy a home. 

7. "What experience do you have?"
An agent's experience should be more than simply how long they've been in the business. Longevity doesn't automatically equate to expertise. You need more. Finding an agent who is an expert in a neighborhood or city you wan tot buying will be a big asset for you. A buyer's agent in Idaho who knows their stuff will take your present and future needs into account. They'll use your needs to find you the right home in the right location (e.g. if you have kids you might want a neighborhood with great schools or parks that are close by).

8. "How will you keep me informed?"
This is the area where an agent has to shine. Buyers and sellers who have an agent who doesn't communicate typically find another agent. You want to make sure you discuss expectations and preferences up front- do they text, email, call, video message, or all of the above? For the relationship to be successful, this has to be discussed at the beginning.

9. "Do you represent buyers and sellers?"
When one agent represents both the buyer and seller, this is known as "dual agency," and it's not always a good thing for home buyers. If the seller's agent is trying to get the most money for his client's home, how can he also be trying to get you the best deal? Our team has Buyer Specialists that represent you and only you as a buyer.

10. "What if I'm unhappy with your service?"
If you are in a signed sales contract, most often, the agent will get paid when you purchase a home whether you are happy with the service or not. Ask your agent if they are willing to guarantee your satisfaction, and what recourse you may have if you have a bad experience. 

At West Real Estate Group, our agents are professionals. We're experienced, knowledgeable, and we have the heart of teachers. We know the Treasure Valley, the best neighborhoods to buy in, and where you can get the best cup of coffee.

But don't just take our word for it.

We're here to listen to your wants and needs. When you connect with our team of real estate professionals in Idaho, they'll walk you through the process at your pace- not theirs. Once you have decided to hire your agent, you can move forward to the next step in your home buying process!