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.
Event Details: When: Friday, August 23rd, 5:30pm to 9:00pm Where: Zoo Boise, located at 355 Julia Davis Dr. Boise, ID 83702
Face Painting • Giraffe Encounter • Zoo Farm Feeding • Butterflies in Bloom Food and Drinks Provided • Photo Contest
Event Description:
You are invited to join us as our guest, at our 5th Annual Client and Friends Appreciation Party at Zoo Boise! Each year, we love to host an event to connect with our clients and friends and to say thank you for allowing us to serve your Real Estate needs.
Renting out the zoo was a huge hit last year so we've done it again, only this time we decided to schedule it for you to enjoy the recently opened Gorongosa National Park Exhibit and Expansion!
Please grab your friends and family and join us for an evening of fun! We look forward to seeing you there!
P.S. If you, or anyone you know, have questions about buying or selling a home, please do call us. We would be honored to be of help.
Selling Your Home - What to Expect When You Are Expecting a Home Inspection
After you have accepted an offer on your home for sale, the next step is often the buyer’s home inspection. The most common inspection is a physical inspection conducted by a home inspector. Here’s what you can expect so that you can be best prepared.
What Are They Going to Do?
A home inspector will look at everything they can without risk to themselves or damage to the house.
The buyers may want to meet the inspector towards the end of the inspection to review the findings.
No Home is Perfect
No one’s home is perfect, and every inspection report will list at least a few items. Even brand new homes commonly have issues too. Remember that it’s the inspector’s job to be picky and find every little thing he can. What most sellers do with the report is to look for big, red flag items and not the little nickel and dime stuff. You’ll have the opportunity to discuss the buyer’s requests with your agent and determine an appropriate response.
Getting Prepared
It’s in your best interest as a seller to provide quick and easy access to your entire home. Here are some ways you can help:
Clear areas around your attic and crawlspace access points as well as your electrical panel and water heater.
Make sure all pilot lights are on for fireplaces and furnaces (even in summer).
If the home is vacant and the utilities have been shut off, have them reconnected before the inspection.
Leave instructions (if needed) for the inspector that might be helpful to help them operate systems around the home.
Who Pays for a Home Inspection?
While well and septic inspections are often paid for by sellers, the general home inspection is almost universally a buyer expense. Who pays for what will always be spelled out in the Purchase and Sale Agreement.
How Long Does a Home Inspection Take?
The duration of a home inspection varies widely, mostly depending on four factors:
Home size
Number of defects
The quality and thoroughness of the home inspector
The helpfulness of the owner when preparing for the inspection
Most commonly, expect somewhere between two and four hours unless there are exceptional circumstances.
Is It Best for Sellers to Attend an Inspection?
We recommend that sellers leave and let the inspector do their work without interference. However, it’s still your home and you have the right to be there if you need to be. The inspector just has to be able to have free access to all areas of the home.
We strongly recommend that you do not discuss the condition of the house with the inspector of the buyers if they come. The inspector has to make his own findings, and we don’t want anything we say to be seen as influencing him.
Questions or Concerns?
If you have questions or concerns about your upcoming home inspection, please give us a call at 208-501-8200. We want to be sure your questions are answered and that you feel prepared. Thank you for your trust in us and for choosing our team to be a part of this process.
The local housing market here in the Boise, Idaho area and the Treasure Valley has certainly been a hot topic in the news lately. Depending on which media outlet you watch, it can start to be a bit confusing to understand what’s really going on with interest rates and home prices here in the Valley.
The best way to show what’s really going on in today’s real estate market is to go straight to the data and it's what we love to do here at West Real Estate Group. We strive to keep our clients in the loop so they can make the most informed decisions. To help better understand the market, we put together the following three graphs along with a quote from Chief Economists that have their finger on the pulse of what each graph illustrates.
Interest Rates:
“The real estate market is thawing in response to the sustained decline in mortgage rates and rebound in consumer confidence – two of the most important drivers of home sales. Rising sales demand coupled with more inventory than previous spring seasons suggests that the housing market is in the early stages of regaining momentum.” - Sam Khater, Chief Economist at Freddie Mac
Income:
"A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound." - Lawrence Yun, Chief Economist at NAR
Home Prices:
“Price growth has been too strong for several years, fueled in part by abnormally low interest rates. A mild deceleration in home sales and Home PriceIndex growth is actually healthy, because it will calm excessive price growth — which has pushed many markets, particularly in the West, into overvalued territory.” – Ralph DeFranco, Global Chief Economist at Arch Capital Services Inc.
Bottom Line
These three graphs indicate good news for the spring housing market! Interest rates are low, income is rising, and home prices have experienced mild deceleration over the last 9 months. If you are considering buying a home or selling your house, let’s get together to chat about our market!
In a strong seller’s market, like the one we have experienced over the past few years here in the Boise, Idaho areas, bidding wars are common and expected. This makes sense! A seller’s market is defined as a market in which the inventory of homes for sale cannot satisfy the number of buyers who want to purchase a home.
According to the Cambridge English Dictionary, bidding wars occur when two or more parties repeatedly outbid each other as they compete to purchase something- in this case, a home.
In some areas of the country, first-time buyers have been met with fierce competition throughout their experience. Some have been out-bid multiple times before finally winning a bid on a home to call their own.
According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), there is currently a 3.7-month supply of homes for sale. Here in Idaho, we are trending less than a month worth of inventory in many price points.
With the current number of houses listed for sale and the level of demand from buyers, this means it would take 3.7 months for all the homes listed to sell if no additional listings came to market. Any supply number under a 6-month supply is considered a seller’s market. According to NAR, the housing market hasn’t had a 6-month supply of homes for sale since August 2012.
Good News for Buyers
A recent report shows that the percentage of houses sold including a bidding war before settling on a final price decreased from 53% in January of 2018 to 13% this year.
One reason for the decline is an influx of homes being listed for sale. Even though the month’s supply number is not increasing, the number of homes for sale is. The chart below shows the year-over-year change in inventory over the last 12 months.
As you can see, the number of homes for sale has started to build over the last eight months. Before this reversal, inventory levels had fallen for 36 consecutive months when compared to the year before.
Danielle Hale, realtor.com’s Chief Economist, gave some insight into why bidding wars are less common on a local level this year,
"[Last year] you might have been the only listing in your neighborhood, and you could put your home up at a certain list price and you would likely see multiple offers at or above that list price. That tide is turning this year.
It's going to depend on what neighborhood you're in, but we expect it to be more common this year that you won't be the only listing."
Inventory in the luxury and premium markets (the top 25% of listings in an area by price), is increasing at a higher rate than the starter home market. As the choices buyers have continued to increase, the likelihood of a bidding war will decrease.
Bottom Line
If you are debating listing your house for sale this year, you may not want to wait for additional competition as inventory continues to rise.
Find out what your home might be worth in today's market by clicking here.
Falling in Love with a House, Only for it Not to Work Out
Like many people, our home buying experience started out while we were in a major life transition... having a baby. I (Victoria) had often considered Dave Ramsey’s advice on the matter, that an infant doesn’t take up much space and is not justification for needing a “bigger” house, but what I couldn’t shake was the idea that we needed more space. We had simply outgrown our starter home.
What initially started out as a tiny thought soon escalated into me obsessively searching my husband’s real estate website for the house of my dreams. Over the course of my pregnancy, my husband John slowly came onboard with the idea and was on the lookout for a house that might be a good fit for us as well.
One evening, I received a call from John who was insistent that I check out a new home which had just come to the market. John has been in the real estate industry for over a decade and sees houses day in and day out. He rarely gets too excited like that, so I thought this house must be pretty special. With little daylight left, I met him at the home and agreed, the house had everything on our wants list and met our desired budget. That night while in the living room of that property we decided to move forward and put in an offer. Our offer was accepted and the next few days were both exciting and daunting as reality set in, and we thought of all the details that would be involved with us moving houses.
What I didn’t know was, that as I was growing more excited, my husband was regretting the decision we made. I’ll never forget when he told me that he wanted to back out of our offer because he didn't feel the home was truly a good fit for our needs long term. I was so upset and frustrated. I couldn’t believe that my Realtor/husband could put his pregnant wife through this roller coaster of emotion and I stopped looking at homes. I couldn’t bear the thought of going through that again, so for several months, we didn’t even discuss the possibility of moving.
Then one day, after our daughter was born, we passed by a home for sale in a neighborhood that we both loved and had just come to the market. It was love at first sight and unlike the first home I liked, this one passed the needs and wants questions that John asks of his own clients who are looking to buy a new home. We put in an offer on this home and our offer was accepted. Unlike the first home, this time was different. It just felt right for so many reasons and we knew this was the right one. After being in our new home for over two years now, I cannot tell you how thankful I am that we didn’t move into that first house. Looking back, it was a painful journey but one that ended up being 100% worth it in the end.
What we failed to consider when we first found a house that “fit” our wants was that we needed someone who was not emotionally engaged to guide us through the process and to ask us the right questions. There were so many things that we would have settled on had we moved forward with the first house we fell in love with. Our new house is such a blessing to our family in so many ways and I am so thankful that my husband spoke up and voiced his opinions despite how it made me feel. That is what a good agent will do for their clients.
I think there are many people out there who might be experiencing those same feelings of falling in love with a house. Falling in love is a natural part of being a human and is a normal part of the home buying process. But as the saying goes, love is blind, you need to make sure you have a great Realtor who will ask you the right questions and to have the courage to tell you if a home you love, might not fit your needs or budget.
Buying a home is an emotional and exciting process and having the right agent can make sure your story ends with a happy ending. Your home is a big deal. It's a foundational part of your life. It's where you find security and comfort. It's where you get your rest, where you eat meals and connect with others.
Our personal story helped to shape and remind us of what we do here at West Real Estate Group. We understand that our clients are making big life decisions and are trusting us to help them make sure those decisions are wise ones. For us, it is not about transactions, it's about relationships. Our clients put their trust in us to help them find their way home and this is the work we love to do.
If you are thinking about making a move, please do call our team today to get connected to one of our amazing agents who have the heart of a teacher and a deep passion for the people they serve. You won't regret it.
Interest rates for a 30-year fixed rate mortgage climbed consistently throughout 2018 until the middle of November. After that point, rates returned to levels that we saw in August to close out the year at 4.55%, according to Freddie Mac’s Primary Mortgage Market Survey.
After the first week of 2019, rates have continued their downward trend. As Freddie Mac’s Chief Economist Sam Khater notes, this is great news for homebuyers. He states,
“Mortgage rates declined to start the new year with the 30-year fixed-rate mortgage dipping to 4.51 percent. Low mortgage rates combined with decelerating home price growth should get prospective homebuyers excited to buy.”
In some areas of the country, the combination of rising interest rates and rising home prices had made some first-time buyers push pause on their home searches. But with more inventory coming to market, continued price growth, and interest rates slowing, this is a great time to get back in the market!
Even a small increase (or decrease) in interest rates can impact your monthly housing cost. If buying a home in 2019 is on your short list of goals to achieve, let’s get together to find out if you are able to today.
The Cost of Waiting $200,000 mortgage example:
$300,000 mortgage example:
Today's New Real Estate Listings in Idaho
If you are searching for the newest listings of homes for sale in Idaho, you have found the right place. Our website updates instantly with a direct feed from the MLS system so you can be sure you are seeing property listings the moment they are published and marked NEW. Enjoy your home search.
Search Today's New Homes For Sale In Idaho by Price Range:
Call us at (208) 501-8200 for a FREE home buying or selling consultation
Thank you for attending the 2nd Annual Meridian Trunk or Treat! We also want to thank those who brought non-perishable food items to be donated to the Boise Rescue Mission! In the above video, John West, Realtor & Owner of West Real Estate Group, announces the winner of the $50.00 gift card to The Village at Meridian. If you were unable to attend this event, we hope to see you next year. Have a safe and spooktacular Halloween!
**Did your child forget to pick up their monster rock at the end of the event? We might have it at our office! Please call us at 208-501-8200 or stop by our office at 2490 N Locust Grove Rd, Meridian, ID 83646 to find out.
Join Us for an Evening of Fun at the 2nd Annual Meridian Trunk or Treat!
Hosted by: Several local businesses When: Monday, October 29th, 6:00pm to 7:30pm Where: 535 N. Locust Grove Rd, Meridian, ID (1.3 miles South of West Real Estate Group) Parking: On any of the side streets or neighboring businesses No need to RSVP, just show up in your costumes ready to have some fun!
Please bring a non-perishable food items to donate to the Boise Rescue Mission to be entered into our drawing.
We will provide the CANDY and GAMES and have a COSTUME CONTEST!
Community Wide Family Event
You are invited to join us in a safe and entertaining way to enjoy some Halloween festivities. Each year, we love to host different events in order to connect with our clients and friends and to say thank you for allowing us to serve your real estate needs.
This October, we have joined in with our friends at Rock & Armor to host a trunk or treat. This is a great opportunity to bring the whole family out for a night of costumes, games, and lots and lots of candy!
Please grab your friends and family and join us for an evening of fun! We look forward to seeing you there!
P.S. If you, or anyone you know, have questions about buying or selling a home, please do call us. We would be honored to be of help.
Thinking of buying a new home here in Meridian, Idaho or in one of the surrounding cities?
We find that many “potential” buyers let fear hold them back from purchasing a new home, and often times, they are fearful of myths that aren't even true.
In our newest video, we reviewed the Top 3 Myths we hear every day from buyers, and in this blog post we will teach you the facts so that you can move forward with confidence when buying your new home.
When surveyed, these are the Top 3 Myths holding buyers back right now:
Limited Inventory of Homes They Like - 35%
Overall Affordability - 30%
Down Payment - 28%
Myth # 1: I won't find a home I will like due to the limited inventory of homes available
Fact: It is true that there are fewer homes available right now, and that limited inventory is a challenge; however, we are starting to see a shift in the number of homes coming to market. Every day we help people find their dream home and we would love to help you find yours.
Myth # 2: Overall Affordability
Fact: Generally speaking, homes are actually more affordable now than in the past, except only for the years when distressed properties dominated the market. In fact, a recent study showed that buying a home is now 26.3% cheaper than renting.
Myth # 3: I don't have a large enough down payment for a home right now
Fact: Many homebuyers have the impression that they must have a down payment of 20% or more to purchase a home, and although this is a great tactic if you don’t want to pay monthly mortgage insurance, it is not necessary. Many loan programs allow you to have a down payment as low as 3%! VA loans (Veteran Administration loans) and RD loans (Rural Development loans) allow as low 0% down.
If you are thinking of buying a new home, you may have some fears and concerns holding you back. Let's get together to discuss your real estate goals and ambitions. Our Realtors have the heart of a teacher, not of a salesman. We would love to help you understand more about the benefits of homeownership.
You are invited to join us as our guest, at our 4th Annual Client and Friends Appreciation Party at Zoo Boise! Each year, we love to host an event to connect with our clients and friends and to say thank you for allowing us to serve your Real Estate needs.
As this crazy, hot housing market continues on, we thought it would be fitting to hold this year's event at the Zoo! Please grab your friends and family and join us for an evening of fun! We look forward to seeing you there!
(RSVP list will be entered for a chance to win two season passes to Roaring Springs (valued at over $320.00!)
"They worked hard for us while selling our home; from the time our home went to the market to the time it closed was just over a month…he was AMAZING! Thank you, thank you, thank you! You guys do an amazing job and I will continue spreading good things about you and send business your way! "- Gary & Jenny Grant
"West Real Estate Group did an outstanding job of assisting us with the sale of our home. Complications and hurdles were promptly dealt with and the with minimal delay to our closing. Our home was sold in five days. John gave us his word that we would be in our new home as planned. John kept his word. Thanks for all you did John. We will be recommending you and your team to all wishing to sell their home." -Gary and Melanie Quast
"They gave great advice to get our home ready to sell, and gave us enough information throughout the process to feel confident we got the best deal possible. Our house ended up selling on one day, above the asking price! We would recommend West Real Estate Group to anyone wanting a good, fair deal-buyer or seller!" - Nathan & Laura
"John kept in contact with us while we were preparing the home to list. When we were ready- so was he with comps & analysis. He promptly helped us set a price, listed the home, and we had an accepted offer within a day! He helped us negotiate with the buyer to pay 1/2 of an unexpected furnace replacement cost, and we closed early. Excellent! Thanks, John." -Dan & Jennifer Hagan
"John and his team were fantastic through our entire selling process! Not only did he sell our home quickly, but he kept us well-informed and was willing to answer any and all of our questions. We would highly recommend him to anyone looking to make their selling experience a great one." - Brandon & Caitlin Robbinson
"What impressed us about John and his team was their ability to utilize technology and really get our home exposed. The HD photos of our home were perfect. John communicated with us weekly on the status of our home while it was being marketed. John and his team are true professionals in the real estate business. Thank you!" - Channon Romo
"We interviewed and hired this group to sell our home in Meridian, ID. We were impressed from the start and never disappointed throughout the whole process. The work done was professional, top notch, courteous and responsive. They were personally attentive and used the most up to date technology. Whenever we needed to contact them, they were available. John contacted us on a regular basis as well. We always felt we were in the loop and were constantly kept informed of the progress of our listing/sale. We would employ John and his team again in a minute when the need arises, and as a bonus, we made friends for life!” -Jane Sessions
"We have lived in many places across the country and bought and sold numerous homes. John and Nicole were the best realtors we have ever associated with. They were personal and professional. Very knowledgeable and easy to talk with. I would recommend them to everyone." Lori Washburn
Home Prices:
Our trunk display inspired by the movie Up.
Waiting in line to create monster rocks!
Waiting in line to create monster rocks!
Making monster rocks!
Making monster rocks!
Finished monster rocks left out to dry :)
Victoria and daughter Ophelia at the Event.
"They worked hard for us while selling our home; from the time our home went to the market to the time it closed was just over a month…he was AMAZING! Thank you, thank you, thank you! You guys do an amazing job and I will continue spreading good things about you and send business your way! "- Gary & Jenny Grant