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

May 25, 2023

MAY 2023 REAL ESTATE NEWS

 

MONTHLY NEWSLETTER 

Tight Inventory Issues Continue to Keep Prices High

"How's the real estate market?" is the number one question I am asked.

I get it. With higher mortgage rates, home prices, inflationary concerns, and many other factors in our economy, there is a lot going on. 

For most people, the cost of housing is the number one expense we have each month, so it's the one we tend to watch the most as we try to make wise and informed decisions. 

Since we track the housing market very closely and are passionate about educating our clients, we love to get asked this question. And while the market data affects buyers, sellers, and investors all differently, we would love to chat with you about any real estate questions or goals you have and how the market conditions might affect your situation. 

Here are a few brief bullet points about our current market conditions as we head into the 2023 spring/summer months:

  • Inventory of available homes remains extremely low at less than 6 weeks of available homes which is keeping our home prices from falling, and if this trend continues, we could continue to see home prices going back up. 

  • Homes prices were originally expected to fall, but the new research anticipates a nationwide price decline is likely not in the cards.

  • Existing homes continue to be the hottest commodity, spending an average of 31 days on the market, making it a great time for those wanting to sell.

  • Down payment assistance programs and rate buy-down programs continue to be an asset to buyers who are hesitant due to recent mortgage rate changes.

  • Interest rates are predicted to start to drop into the summer months, which, if this does happen, could very well drive up prices once again due to the lack of available homes on the market.

In summary, there is a lot to consider when selling and or buying a home, and now more than ever before; it's important to work with a Real Estate professional who knows the market conditions well and who can help offer you the advice and council you need with the heart of a teach, not a salesman.

What are your real estate goals this year? Give us a call at 208-501-8200 or contact us with your questions. There are so many great opportunities now for buyers and sellers, and we don't want you to miss this window of opportunity.

We look forward to hearing from you!

 

 
 
1) BRR: April 2023 -  Market Report
Whether you are purchasing your first home or upgrading to fit your current lifestyle, real estate remains a powerful long-term tool for your financial portfolio.

READ MORE  >

 
2) Owning a Home Helps Protect Against Inflation 
Having your largest monthly expense remain stable in a time of economic uncertainty is a major perk of homeownership.

READ MORE  >
 

3) The Worst Home Price Declines Are Behind Us 
As we look at the most recent data for the early part of 2023, these graphs also show a recent rebound in momentum with prices ticking back up.

READ MORE >

 

4) The Best Time To Sell Your House Is When Others Aren't Selling
If you’re thinking about selling your house, you should know the number of homes for sale right now is low

READ MORE >

 
 
 
 
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MEET ALEX ZAYSHLYY  |  TOP PRODUCING AGENT

"Alex Zayshlyy is a great member of West Real Estate Group! You can always count on Alex being knowledgeable, professional and providing top level support in any real estate transaction. I highly recommend him!"
- Nik P Bukhantsov

Need an outstanding Realtor? Alex is ready to help:
Click here to connect with Alex Zayshlyy
 
Nationally Endorsed by Dave Ramsey
5.0 Google Business Review
 
Your Team at West Real Estate Group
From top left: CJ WestwoodDerek CasselDawn Lee-SchleiderLuke BrodtNicole BrusheyDaniel WestAlex Zayshlyy From bottom left: Marena CrouchVictoria WestJohn WestNelja Westwood 
April 20, 2023

APRIL 2023 REAL ESTATE NEWS

MONTHLY NEWSLETTER

The Spring Market Breaks Historical Trends

Historically, we see sellers bring their homes to the market in the Spring, and this is one of the first years that we have been tracking that we have seen the opposite trend to be true.

We were expecting that this would finally be the week that inventory started rising, but instead, the inventory of available homes fell again. Inventory levels have returned to their pandemic-era lows. While demand may be lower than the insanity of last year, there are still plenty of buyers competing for the limited supply of homes on the market, and this has created a big window of opportunity for those wanting to sell this spring.

Interest rates have been one of the largest factors for the low inventory of available homes and have caused many people to stay on the sidelines; however, rates are forecasted to start seeing some improvement starting in May and into the summer of this year. If rates do indeed start to come down and start to settle, we suspect we will see strong demand from many homebuyers who have been on the fence waiting, which certainly will have an impact on our housing prices.

We track the market closely so we can help our clients make informed decisions about their real estate goals, and more than ever, if you have any real estate plans this year, you need to be working with an agent that is up to date with the market and is able to help you understand how the current market trends may affect you.

Here is how the current market may affect you:

Considering Buying a Home:
Instead of paying well over the list price and competing against multiple offers, you now have time to consider your options and make fair offers that are getting accepted. Yes, interest rates are certainly higher now than they were, but the price of the home is lower today, and your total cost of ownership over the term of your loan is cheaper today. If you can’t seem to make the payments work with the 30-year fixed loan, consider getting a 7-year (ARM) adjustable-rate mortgage. Data shows most people are not even living in their homes longer than 5 years these days. If you wait for rates to drop, you will need to factor in paying more for the house and having to face more competition again. We suggest the concept of marrying the house and dating the rate. You can always refinance when rates drop to make it more affordable, but waiting will almost certainly cost you more.

Considering Selling a Home:
There are still plenty of homebuyers out looking for homes, and there is little competition to deal with. If you are selling your home, it’s CRITICAL that it is being presented and marketed in a way that stands out among the rest. Also, your pricing strategy is more important right now than it has been in a very long time. If you are thinking of selling, this Spring market may be the window of opportunity you need to sell for a good price in a reasonably short time.

Bottom Line:
Based on the data in the first quarter, we can already see the price strength in the housing market all the way through mid-summer at least. If you have a hypothesis about home prices falling in 2023, that trend can’t even start until the 3rd quarter at the earliest. Home prices for 2023 are not showing any signs of further price decline. It all happened in 2022. Maybe that changes later, but not yet.

What real estate goals do you have this year? We want to hear from you.

Give us a call at (208) 501-8200 and or send us an email, and we can walk you through your options.

At your service,

 

 
 
 
1) BRR: March 2023 -  Market Report
There were 1,134 single-family homes available in March 2023, split into 613 existing homes and 521 new construction homes.

READ MORE  >

 
2) Think Twice Before Waiting for Lower Home Prices 
As the housing market continues to change, you may be wondering where it’ll go from here...

READ MORE  >
 

3) Want To Sell Your House This Spring? Price it Right.  
In today’s market, how you price your house will not only make a big difference to your bottom line, but to how quickly your house will sell.

READ MORE >

 

4) Homebuyer Activity Shows Signs of Warming Up for Spring 
The recent uptick in mortgage applications, as well as the decline in mortgage rates, is good news for sellers because it means more buyers are actively looking for homes.

READ MORE >

 
 
 
 
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MEET DEREK CASSEL   |  DESIGNATED BROKER

"Great experience working with Derek Cassel. He was very professional and had a really good eye for what we were looking for. He gave us the pros and cons of each house we looked at and made sure we made informed decisions. The whole process was smooth and efficient."
- Jason Sterling

Need an outstanding Realtor? Derek is ready to help:
Click here to connect with Derek Cassel
 
Nationally Endorsed by Dave Ramsey
5.0 Google Business Review
 
Your Team at West Real Estate Group
From top left: CJ WestwoodDerek CasselDawn Lee-SchleiderLuke BrodtNicole BrusheyDaniel WestAlex Zayshlyy From bottom left: Marena CrouchVictoria WestJohn WestNelja Westwood 
March 23, 2023

MARCH 2023 REAL ESTATE NEWS

 

MONTHLY NEWSLETTER

Growth in pending home sales points to strong buyer demand

Since the start of the year, housing demand in Boise, Idaho, and the Treasure Valley has been surprisingly robust. Home prices fell across the country late last year, so they are down year over year.

But they haven’t shown continued declines since the new year. And while you may see headlines highlighting home prices going down very soon, these changes are behind us now and the data shows that prices aren’t yet declining further.

If you are considering selling a home or buying a new home this year what does this mean for you?

Low Inventory of New Homes For Sale Pushes us Towards a Seller’s Market

The Boise, Idaho market and the surrounding areas have been strong for several consecutive weeks. A big reason for this is due to low inventory of available homes which is one of the reasons we continue to stay in the Seller’s Market territory. 

With very low availability of homes for sale it is not surprising that prices have recently resumed their climb. The median list price for Boise, ID area is now $626,949 and this is an increase over last month. 

Where is Pricing Headed? 

The price per square foot is increasing fairly consistently as of recent despite the fact that overall price trends haven’t shown a consistent upward push. This can imply that investment conditions are opportunistic. 

Home prices can be climbing each week and still be lower than 2022 prices. Remember that most of the price declines happened late in 2022. As of right now, there doesn’t seem to be further downward pressure on prices, but the annual comparisons are going to keep getting worse for a few months because prices from 2022 were jumping so quickly. If economic conditions worsen, prices could start falling again like they did in the second half of 2022.

For the most extreme predictions of home price declines to be realized — folks who expect 20% plus home price declines — we’d have to have significant economic weakness hit us. It certainly seems possible, but the data right now does not show it yet.

We expect price reductions to start ticking up next week. Once April is almost upon us, the homes listed in Q1 that didn’t get offers yet will start taking price cuts. Price reductions have probably hit their low point here at just over 30%. The question is, do they rise on the curve from last year? Again, if recession and job losses hit hard, you can expect to see it in the price reduction data. If we manage a soft economic landing, this curve stays flatter. A flatter curve here is an indication that home prices are not declining further.  

Interest Rates

In February, mortgage rates were around 6% and people were buying more homes than we expected. In recent weeks, the rates jumped over 7% and that has definitely slowed things down. Rates declined and then declined again this month in response to the bank failures. While lower rates are obviously better for home buyers, it’s hard to imagine how bank failures won’t add to the fears that make buyers more reluctant. 

When the February sales data hits the headlines here at the end of March, remember that the homes that sold in February were on the market and taking price cuts in November and December. We’d expect that for home sales prices to decline from here, there would need to be much weaker demand right now. If the economy drives weaker demand, we’ll see price cuts ticking up more rapidly each week. 

It’s the economy and financial markets that we need to keep our eyes on. If you need to know what’s happening in our market then book a free consultation with our team. We’ll help you interpret this crazy market so you can make the best informed decisions. This is a critical time to be properly informed about the market.

 

 
 
 
1) BRR: February 2023 -  Market Report

More than 40% of all home sales that closed in February were new homes... 

READ MORE  >

 
2) An Expert Gives You Clarity in Today's Housing Market

A real estate expert uses their knowledge of what’s really happening with home prices, housing supply, expert projections, and more to give you the best advice.

READ MORE  >
 

3) Leverage Your Equity When You Sell Your House

If you’ve owned your home for a while, you’ve likely built up some equity – and you may not even realize how much.

READ MORE >

 

4) 4 Tips for Making Your Best Offer on a Home

When you buy a home this spring, let’s connect so you have the guidance to make your best offer. 

READ MORE >

 
 
 
 
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MEET NICOLE BRUSHEY   |  ASSOCIATE BROKER

"Nicole Brushey of West Real Estate Group helped us purchase our very first home; seven years later, she was our only choice for helping us sell it. Nicole explains every step, each bit of jargon, and all considerations and choices to you in simple, coherent terms. She empowered us with all the knowledge we needed to proceed comfortably and confidently through every stage of buying and selling. She even managed to find us a house that hadn't yet been listed, so we could put an offer on it the night before it was set to go on the market.

There is no one I could recommend with as much confidence to handle any real estate transaction you face. Nicole is the best, and West Real Estate Group is exactly what real estate agencies should aspire to be."
- Norm Vogele

Need an outstanding Realtor? Nicole is ready to help:
Click here to connect with Nicole Brushey
 
Nationally Endorsed by Dave Ramsey
5.0 Google Business Review
 
Your Team at West Real Estate Group
From top left: CJ WestwoodDerek CasselDawn Lee-SchleiderLuke BrodtNicole BrusheyDaniel WestAlex Zayshlyy From bottom left: Marena CrouchVictoria WestJohn WestNelja Westwood 
Feb. 16, 2023

FEBRUARY 2023 REAL ESTATE NEWS

MONTHLY NEWSLETTER

Has the Idaho Housing Market Hit Bottom?

The available number of available homes for sale nationally as well as here in Boise, Idaho, and the Treasure Valley continues to fall at the end of January. Additionally, the demand for housing has picked up considerably this year as interest rates have seen improvements in the last several weeks and buyers are returning to the market. The combination of lower rates, increased demand from homebuyers, and low levels of available homes for sale is helping to stabilize home prices which were falling in the 4th quarter last year.

So the question is: have we already seen the bottom for the housing market? Or, is this a temporary blip, a red herring, before an inevitable recession hits or interest rates climb again?

Everyone has their opinion of course, but here’s the data as we know it, right now, and since we track the housing market in Ada and Canyon counties very closely every week, we present the data so that our clients can make informed decisions based on what actually is going on in the market.

Homebuyers Are Defying Expectations

Out of the gates this year, the increased homebuyer demand is defying the expectations that many experts predicted last year. We even wrote an article in September of last year addressing why we didn't think the market would crash and it appears the data continues to support our opinion. If you’re a buyer on the sidelines hoping for carnage in the housing market so you can swoop in for a great deal — there just isn’t any sign of that in the data and in fact, it appears that December might very well have been the bottom for the home prices. However, prices are better and today’s buyers have more negotiation power, more options to choose from, and more time to make a decision making it a great time to buy a home. If you are considering buying a home this year, this might be the best time to start the conversation and get started before this window of opportunity is gone.

Climbing Home Prices

In response to the surprising amount of home buyer interest and the tight supply of available inventory, falling home prices have stabilized and might very well start to see improvement this year. It’s not skyrocketing. It’s not like last year. But, home prices aren’t falling like we were experiencing last year as the market was resetting. If you are looking to sell your home in the coming months, you will need to ensure your expectations are in line with what’s happening in the market. The days of a listing going under contract in a matter of hours for well over the asking price are over and for many, this is welcomed news as we have a much healthier market today. Our advice to sellers is to make sure to work closely with a professional and well-informed real estate agent on your pricing and marketing strategy in order to reach your goals.

This uptick in activity, as well as the stabilization of mortgage interest rates, is a positive sign for a much healthier market for both buyers and sellers as we gear up for our spring market.

If you have any questions about how this information may affect your real estate goals this year, please call us today at (208) 501-8200 or book an appointment with us by clicking here.

At your service, 

 
Come Visit Our New Office!
1526 W Ustick Rd #130
Meridian, ID 83646
 
 
1. BRR: January 2023 -  Market Report

Newly pending sales data, a forward looking metric, could indicate that demand bottomed out and is beginning to recover.

READ MORE  >

2. Should You Consider Buying a Newly Built Home?

Even though there aren’t a lot of homes for sale today, new home inventory is on the rise, and many builders are offering incentives.

READ MORE  >
 

3. The Top Reasons for Selling Your House

If you also find yourself wanting a change in location or needing space your current house just can’t provide, it may be time to sell.

READ MORE >

 

4. Experts Forecast a Turnaround in the Housing Market in 2023

If you’re thinking about making a move this year, a turnaround in the housing market could be exactly what you’ve been waiting for.

READ MORE >

 
 
 
 
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Testimonials
Red quote

"Dream team"

West Real-estate Group for the win!! The way that they lead with such love, patience and grace is a game changer. We really challenged them but they handled it with perseverance, love and understanding. They truly made our home sale/purchase such a meaningful experience with such ease. A HUGE thank you to the entire team! You each play such a huge role and it makes a difference. Dream team!

 

-Tobi McGinnis

Nationally Endorsed by Dave Ramsey
5.0 Google Business Review
 
Your Team at West Real Estate Group
From top left: CJ WestwoodDerek CasselDawn Lee-SchleiderLuke BrodtNicole BrusheyDaniel WestAlex Zayshlyy From bottom left: Marena CrouchVictoria WestJohn WestNelja Westwood 
Jan. 19, 2023

JANUARY 2023 REAL ESTATE NEWS

MONTHLY NEWSLETTER | January 2023

Good News on the Home Front
 

The Federal Reserve raised the federal funds rate seven times in 2022 in an effort to slow down inflation. This drastically cooled the national housing market and certainly our local Idaho housing market. However, this change was much needed to bring our overheated housing market back into a more healthy market. 
 

Many people wondered if we were headed for another housing crash and decided to put their real estate goals on hold.
 

In September of last year, we wrote an article stating that we did not think the housing market would crash… but rather it would be cooling off and shifting back into a more balanced market which is what we have seen it do in the last few weeks.
 

As we are already halfway through January of the new year, we are seeing a tremendous uptick in homebuyers who have been taking advantage of the lower mortgage rates, which have continued to drop, and the lower home prices.  Today homebuyers have more options and negotiation power, and it's still an outstanding market for sellers to get a strong value on their homes. It appears a turning point for housing lies ahead this year.
 

If you have been considering moving, this window of opportunity might be exactly what you have been waiting for. Let's discuss your goals and see if now is the right time for you.
 

Call us at (208) 501-8200 or schedule an appointment online to discuss your goals by clicking HERE.
 

Wishing you the very best this New Year!
 

At your service, 

 
Come Visit Our New Office!
1526 W Ustick Rd #130
Meridian, ID 83646
 
 
1. BRR: December 2022 & Year-End Market Report

Compared to the last several years, 2022 brought balance and slow price appreciation making it a transitional year.

READ MORE  >

2. Pre-Approval in 2023: What You Need To Know 

The fact that a pre-approval gives you a better chance of getting your offer accepted is undoubtedly the most important reason to complete this step.

READ MORE  >
 

3. Have Home Values Hit Bottom?

Home prices month-over-month have depreciated for the past four months on record, but there’s a strong case to be made that the worst may be behind us.

READ MORE >

 

4. Think Twice Before Waiting for 3% Mortgage Rates

If you’re ready to buy a home now, today’s market presents the opportunity to get a more affordable mortgage rate, find your dream home, and face less competition from other buyers.

READ MORE >

 
 
 
 
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Testimonials
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"Stellar agent"

John West was amazing and really listened to my needs when I placed my first call to him. He paired me with one of his team members, real estate agent Nelja Westwood. I was was living in another state and Nelja was PHENOMENAL! She was very responsive to texts, calls and emails. She was very proactive in looking at houses I asked her to in an expedient fashion, very knowledgeable, and very thorough. She took videos as she toured since I was unable to be there in person. She was very timely in writing up offers and was amazing throughout the stressful home buying process December 2021-February 2022 when the market was a frenzied mess. She worked tirelessly and found ways to use what I had to my advantage. I cannot recommend Nelja highly enough to anyone looking for a stellar agent!

John was unbelievably friendly and checked in several times throughout the process as well to make sure my needs were being met. Both Nelja and John checked in after closing to see how I was doing and if there was anything else I needed. I was blown away by just how helpful and friendly they were.

 

-S Brown

Nationally Endorsed by Dave Ramsey
5.0 Google Business Review
 
Your Team at West Real Estate Group
From top left: CJ WestwoodDerek CasselDawn Lee-SchleiderLuke BrodtNicole BrusheyDaniel WestAlex Zayshlyy From bottom left: Marena CrouchVictoria WestJohn WestNelja Westwood 
 
Sept. 21, 2022

Is the Boise Market Going To Crash?

The market has shifted, and that’s a good thing.

It seems like on a daily basis, We get asked, "Is the housing market going to crash in Boise, Idaho?"

And since the real estate market has shifted in the Boise area, it is important to understand what the market is doing, especially if you are interested in buying or selling a home.

Demand and sales are headed back to pre-pandemic levels, which were some of the strongest in recent history. But, the shift has caused a great deal of confusion and uncertainty and it's important to see what the data is telling us.

HOUSING PRICE INCREASES

So, what’s the current national data telling us? Well, let’s do a real estate reality check. First, let’s talk about house prices.

House prices increased by 29% in 2020 and 18% in 2019. These are unprecedented numbers! But what caused the spike? Artificially low-interest rates, political reasons (people voting with their feet), and the ability for many people to work from home in large numbers.

Prices are still projected to be up 8% overall this year. And in 2023, prices are projected to be up 3-4%, which gets us back to the average increase for residential single-family homes the last 50 years.

SUPPLY AND DEMAND

One thing and one thing ONLY drives house prices: Supply and Demand. Any time there’s more supply of something than there is demand, the price goes down. Any time there’s more demand for something—a lot of buyers chasing a small supply of goods—the price goes up.

For example, if there’s a toilet paper shortage (remember that one?), prices will spike. If there’s a shortage of oil and gas because Washington has turned off the spicket, prices will spike (we’re still living this one!). Real estate is no different. When demand exceeds supply, house prices go up. For housing prices to go down, supply has to exceed demand.

Since we’ve had a shortage of homes for about the last two decades, plus the demand is high, the prices are therefore high. Because of this low supply and high demand, people have been willing to pay ridiculous amounts of money for homes—in many cases, way more than the appraisal price. This has caused people who weren’t even looking to sell their homes to be drawn into the market and become sellers.

Still, people are freaking out and saying, “it’s just like 2008. The market’s going to crash.”

Well, let’s take a closer look at the data.

Housing Shortage

In 2008, demand fell dramatically below supply. But currently, our supply of houses for sale is about 1/4 of what it was in 2007, and new housing starts (supply) is 1.38 million—35% lower than the 2.07 million in 2005. As you can see from the inventory and housing starts graphs below, any way you cut it, low used supply and low new supply equals low supply.

LUMBER SHORTAGE

On top of that, new housing got totally disrupted during the pandemic with all the supply chain issues. Factories shut down, causing a lumber shortage. Lumber tripled, came down, back up, and now has normalized at around $600 per 100 board feet. But overall, this has negatively affected building starts, leaving us with a shortage of new houses.

FROZEN FORECLOSURES

The government’s moratorium (a fancy word for freeze) on foreclosures during the pandemic is also driving the shortage. Banks stopped executing home foreclosures—essentially letting people live for free the last two years—and now there’s a pileup of homes to be foreclosed on. As the graph shows, we’re starting to see these foreclosures come back into the market. But it’s still not going to provide enough inventory to make up for the housing shortage, and here’s why . . .

HIGH DEMAND

Millennials have come of age—prime earning and home-buying age, that is. There are now 5 million more Millennials in their mid-30s than compared to 2006 when Generation X was in their mid-30s. Plus, in 2007 there were 116 million households in the U.S. compared to 128 million households in 2020. That’s 12 million more households wanting to own a home today. This makes for too many buyers chasing too few houses.

INVESTOR BUYERS

In 2007-2008 we had almost zero institutional investors in the market buying up houses. Today we've got these big investing conglomerates buying single-family homes like crazy. According to a report by the Harvard Joint Center for Housing, they bought 28% of the houses that were for sale in America in the first quarter of 2022. That’s up 19% year over year.

Of course, they’re not buying up homes in the problem cities. They’re buying in more appealing sunbelt cities like Atlanta, Jacksonville and Charlotte and avoiding places like Chicago, Minneapolis, and Portland where there’s lawlessness, high taxes, and Covid-limiting freedoms.

THE GREAT MIGRATION

And investors haven’t been the only ones seeking out better cities. The past two years, there’s also been a mass exodus of people across America moving out of undesirable political environments, tax environments and high-crime environments. We haven’t seen anything like this since the Dust Bowl. Big home sales in California and New York that turn into cash offers for twice the house in Texas or Tennessee have greatly affected the supply-demand curve in local markets.

INTEREST RATES

On top of all this chaos, it’s been a bit of a shock to our system to see interest rates rise. It feels like they’re at an all-time high, but in fact they’re just starting to normalize. We have to keep perspective and remember that in 2020 and 2021, interest rates were at an all-time low. We reached our all-time high in the ‘80s when rates averaged around 17%.

In 1981, mortgage interest rates went to 18% and there was no “Housing Crash,” no huge drop in prices. There weren't as many houses and some sellers used price to attract one of the few buyers, but the market as a whole just sat and waited. In 1984, houses were sold with fixed rates of 14%, and there was a line around the block to look at model homes. That line was made of people who waited on rates to come “down” from 18% to 14%, and even then, there was no “Housing Crash.” Supply and Demand set prices—nothing else. Not interest rates, not fear, and not politics.

When you add up all this low-supply, high-demand data from all these factors, it’s easy to see how people are feeling boxed out of the market. Especially when you added in the fact that inflation just hit 9.1% in June, the largest 12-month increase in 41 years. Budgets—and emotions—are maxed.

Yes, there are lots of things you can’t control, such as:

  • Interest rates
  • Economy
  • Lumber Prices
  • The Fed
  • Inflation
  • Recession
  • Investors
  • Gas Prices

But there’s one important thing you can control . . . YOU!

Oddly enough, we can actually say with accuracy that this is a great time to buy a house AND it is also a great time to sell a house—if YOU are ready.

If you’re looking to buy, make sure you’re financially able to do so your home is a blessing, not a curse. That means you should have a fully funded emergency fund saved (ideally 3-6 months of expenses saved). Also, you’ll also want to have a strong 20% down payment so you can avoid private mortgage insurance (PMI). If you're unable to do that, it’s okay to put down 3.5-10%. Just know that you’ll have to get PMI. And your payment should be no more than 25% of your take-home pay. This keeps you from buying too much house and allows you to enjoy your life without feeling so strapped.

If you’re looking to sell your home, get a professional real estate agent to help you. Don’t have a friend of a friend from Facebook or Uncle Larry who just got his license be responsible for your largest asset. In the economy we’re in, it’s not amateur hour. You really need a pro who’s done a lot of transactions in your area.

Bottom line: Life is not a snapshot, it’s a film strip. Don’t let the scariness of one moment cause you to do something desperate or greedy. Base your decisions on facts, not fear. If you’re in a position to buy or sell, don’t wait on the “Housing Market Crash” because it’s not coming.

IS 2022 A GOOD YEAR TO BUY A HOME?

The year 2022 could be a great year to buy a house—if you’re ready. It could also be a horrible time to buy if you’re not. Remember, don’t let what’s happening with the housing market make your decisions for you.

The things that really matter when buying a house are your personal finances and the season of life. No matter what’s happening in the market, you’re only ready to buy a house when you are ready.

WHAT DOES ALL THIS MEAN FOR HOME BUYERS IN 2022?

It looks like you’ll still need to bring your A-game if you want to buy the home of your dreams in this market. With more buyers than sellers, you’ll probably be up against some competition and high housing market prices.

Another downside: Signs are showing that the low inventory issue is going to hang around for a while.

And while homebuilders are confident they’ll do plenty of business in 2022, that doesn’t mean buying a newly built house will be easy for you. Rising lumber prices, supply shortages, and even government tariffs are all making it crazy hard for homebuilders to actually build enough houses to keep up with demand.

Translation: The pickings may be better than they were a few months ago, but the inventory (amount of available homes) is still slim when it comes to buying a house. That means you may have to give up some of your wants to get a house that has everything you need.

WHAT DOES ALL THIS MEAN FOR HOME SELLERS IN 2022?

Sellers out there can feel pretty good about selling their homes in 2022. If that’s you, you might want to put your house on the market sooner rather than later—while inventory is still low. (But again, only do that if you’re truly ready to sell your house. Don’t let the market be the deciding factor!)

When you decide to sell, keep in mind that there aren’t quite as many buyers in 2022 as there were in 2021, but there are still lots of people wanting a home.

So if you work with an experienced agent, you’ll be able to capitalize on home prices, navigate multiple offers, and find the right buyer. With an expert by your side, it’ll be even easier to sell your house at a great price this year.

If you are thinking of buying and or selling a home this year, let's talk. Our team of experienced agents will ask you the right questions and give you straightforward advice. We have no problem telling you to wait if that is the wisest thing to do.

WE WANT TO HEAR FROM YOU

If you have real estate questions or goals, we want to hear from you. You can respond by calling us today at (208) 501-8200 or simply book a FREE complimentary appointment via phone, zoom, or in person. To book your 15-minute conversation, click here.

We look forward to hearing from you!

Your Team at West Real Estate Group
From top left: CJ WestwoodDerek CasselDawn Lee-SchleiderLuke BrodtNicole BrusheyDaniel WestAlex Zayshlyy From bottom left: Marena CrouchVictoria WestJohn WestNelja Westwood

 

Aug. 18, 2022

AUGUST 2022 REAL ESTATE NEWS

MONTHLY NEWSLETTER | August 2022

Our Party at Zoo Boise Was a Success!

Thank you to all of those that came out to brave the hot weather and make the evening so special, we had over 400 people attend! 
It was mentioned that we have the kindest group of people the catering folks have ever served... What a compliment that was! We are so grateful to have the opportunity to serve your real estate needs and to get to know your families on a deeper level year after year! We pride ourselves on being a tight knit family style brokerage and hosting these types of events allows us to focus on fostering families. For all of those that weren't able to make it this year, be on the lookout for the invite next year.

A huge congratulations to Bonnie Brown, for winning the photo contest!


 


Photos of the Event!





 
 
1. BRR Market Report: July 2022
The month-over-month price declines indicate that the local housing market continues to be driven by supply verus demand, not speculation like we experienced over a decade ago.

READ MORE  >

 
2. Experts Increase 2022 Home Price Projections  
If you’re wondering if home prices are going to come down due to the cooldown in the housing market or a potential recession, here’s what you need to know.
READ MORE  >
 

3. Planning To Retire? Your Equity Can Help You Reach Your Goal. 
If your home doesn’t have the features or benefits you’re looking for, the good news is, you may be in a better position to move than you realize.
READ MORE >

 

4. Why Experts Say the Housing Market Won't Crash   There isn’t an oversupply of homes for sale today, lending standards are much tighter, and homeowners have record levels of equity

READ MORE >

 
 
 
 
Acreage Homes
55+ Homes & Communities
New Homes & Developments
Homes with a shop
Luxury Homes
Horse property
SEARCH BY PRICE
SEARCH BY AREA
 
We need your help
Our team has a big goal of helping 200 families with their real estate goals this year. Who do you know that we might be able to help? Fill out the form below.
CLICK HERE TO PASS ALONG A REFERRAL
 
 
 
Testimonials
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Worked so hard

"We were so fortunate to come across Nelja and her team at WRG. Nelja has everything going for her and her clients. She worked so hard finding the perfect home for us and in the process we found a new friend. I honestly cannot say enough about Nelja and WRG."

-Bradley Paz

Nationally Endorsed by Dave Ramsey
5.0 Google Business Review
 
Your Team at West Real Estate Group
From top left: CJ WestwoodDerek CasselDawn Lee-SchleiderLuke BrodtNicole BrusheyDaniel WestAlex Zayshlyy From bottom left: Marena CrouchVictoria WestJohn WestNelja Westwood 
July 6, 2022

7th Annual Client and Friends Appreciation Party at Zoo Boise (August 2022)

Join Us for an Evening at Zoo Boise as Our Guest!

Event Details:
When: Friday, August 12th, 5:30pm to 9:00pm
Where: Zoo Boise, located at 355 Julia Davis Dr. Boise, ID 83702

Carousel • Zoo Farm Feeding • Butterflies in Bloom
Temporary Tattoos 
• Food and Drinks Provided • Photo Contest

Event Description:

You are invited to join us as our guest, at our 7th Annual Client and Friends Appreciation Party at Zoo Boise! We are so excited to host this event this year to connect with our clients and friends and say thank you for allowing us to serve your Real Estate needs. 

Please join us for an evening of fun. We look forward to seeing you there!

Kindly RSVP by August 8th as we have limited tickets! Click here to register or fill out the event form below:

We believe that buying and selling real estate should be less complicated and more enjoyable. We are a group of people who are obsessed with educating, empowering, and helping people obtain the American dream of homeownership.

Your Team at West Real Estate Group
From top left: Luke BrodtDerek CasselCJ WestwoodDaniel WestAlex Zayshlyy
From bottom left: Nicole BrusheyDawn Lee-SchliederVictoria WestJohn WestNelja WestwoodMarena Crouch

Photos of the Previous Event!

 

June 15, 2022

JUNE 2022 REAL ESTATE NEWS

MONTHLY NEWSLETTER | JUNE 2022

Using Humor to Cope with Uncertainty
 

Like the hilarious scene from the 1998 movie, A Bug's Life, when the leaf floats down and interrupts the ant's line, the current housing market "shift" has caused people to pause and look for direction. Similar to the lead ant's comment about the 'Twig of 93' we too can't help but be nervous about the housing crash of 2008.

Having someone trustworthy to look to for guidance is more important than ever!

At West Real Estate Group we study the market and have the experience to help you make your move with confidence. If you have questions about the market and how it will impact your housing goals, please do not hesitate to reach out. We love helping our clients navigate the housing market despite what is happening.


To schedule a quick call click here. 
 

At Your Service,
John West
West Real Estate Group 
Associate Broker

 
 
1. BRR Market Report: May 2022
Prospective buyers have more options because of the increases in housing inventory and sellers have continued to receive great values for their homes.

READ MORE  >

 
2. Is the Housing Market Correcting?  
The housing market is moderating compared to the last two years, but what everyone needs to remember is that the past two years were record-breaking in nearly every way.
READ MORE  >
 

3. Why You Need an Expert To Determine the Right Price for Your Home
If your lifestyle has changed recently and you’re ready to make a move, taking advantage of today’s sellers’ market might be just the answer for your summer plans
READ MORE >

 

4. History Proves Recession Doesn't Equal a Housing Crisis   
In 4 of the last 6 recessions, home prices actually appreciated. 

READ MORE >

 
 
 
 
Acreage Homes
55+ Homes & Communities
New Homes & Developments
Homes with a shop
Luxury Homes
Horse property
SEARCH BY PRICE
SEARCH BY AREA
 
We need your help
Our team has a big goal of helping 200 families with their real estate goals this year. Who do you know that we might be able to help? Fill out the form below.
CLICK HERE TO PASS ALONG A REFERRAL
 
 
Please join us in welcoming Dawn Lee-Schlieder to the West Real Estate Group family! Dawn has a 8+ years of Real Estate experience and prides herself on delivering excellent customer service to her clients. We are confident that she will be a huge asset to our team and that you will love her! 
 
 
Testimonials
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"Wealth of knowledge"

Working with John West and his team was a pleasure. John kept us informed of what was going on and gave us down to Earth answers to our questions, even when it was not good. He has a wealth of knowledge that he brings to the table. We bought and sold our houses with West Real Estate Group.

-Gordon Makimoto

 
The West Real Estate Group Team
 
Nationally Endorsed by Dave Ramsey
5.0 Google Business Review
May 20, 2022

MAY 2022 REAL ESTATE NEWS

MONTHLY NEWSLETTER | MAY 2022

Don't let fear drive your decisions

There is so much going on in our world right now…increased inflation & gas prices, rising interest rates, war in Ukraine, a never ending pandemic, etc, etc and etc...

And all these factors are causing fear.  

But we know that fear is a terrible way to make wise decisions. 

Since we all have to live somewhere, we get to choose if we own our home or if we rent.

At West Real Estate Group, we believe that buying a home (or investing in homes) is a wise long-term wealth building strategy. And while we still are in a market that favors sellers, we are seeing increased inventory and less competitive offers which is providing opportunity for buyers willing to embrace it.

*If you need to sell your home in order to buy, now might be the perfect time for you to take advantage of getting the most you can from the sale of your home while also having success in getting your offer accepted on another home. 

  • We are seeing more offers that are contingent (or dependent) on the sale of another house being accepted in the marketplace.

So don’t let fear get in your way.

Housing is most likely the biggest expense you have, so take 5-10 minutes to discuss your goals with us to see if we can work together to make them happen. 

To schedule a quick call click here
 

At Your Service,
John West
West Real Estate Group 
Associate Broker

 
 
1. BRR Market Report: April 2022

Looking at existing/resale sales data in April - 53.2% of buyers paid over list price, indicating that competition remained strong...
READ MORE  >

 
2. Your House Could Be Closer to List-Ready Than You Think  
One of the biggest concerns for a homeowner looking to sell is the time they’ll have to put in before listing their house.
READ MORE  >
 

3. If You're a Homeowner, You Have Incredible Leverage When You Sell Today
In today’s housing market, homeowners have a great opportunity to sell their house and receive the best terms for their personal situation.
READ MORE >

 

4. How Today's Mortgage Rates Impact Your Home Purchase  If you’re planning to buy a home, it’s critical to understand the relationship between mortgage rates and your purchasing power.

READ MORE >

 
 
 
 
Acreage Homes
55+ Homes & Communities
New Homes & Developments
Homes with a shop
Luxury Homes
Horse property
SEARCH BY PRICE
SEARCH BY AREA
 
We need your help
Our team has a big goal of helping 200 families with their real estate goals this year. Who do you know that we might be able to help? Fill out the form below.
CLICK HERE TO PASS ALONG A REFERRAL
 
Victoria West
Director of Operations & Client Services

I love looking at homes and below are a few of my favorites active properties from this past week. 

These are properties that I believe have great value either as a primary residence, a vacation home, a recreational property or an investment property. 

I hope you enjoy looking through these great deals! 

If you see something you can’t live without. Don't hesitate to reach out.  :)

EASY MOUNTAIN LIVING
A HANDYMAN'S HEAVEN
THE HUNTER'S GETAWAY
GORGEOUS INTERIOR
 
Testimonials
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"Teaching me about the process"

They made my first time home buying experience easy. They helped by teaching me about the process and answering all of my questions in ways that were easy to understand and more importantly honest.

-Zack Nalder

 
The West Real Estate Group Team
 
Nationally Endorsed by Dave Ramsey
5.0 Google Business Review