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Dori Wick
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Date Archives: August 2021

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August
30

5 Factors That Reveal Where The Real Estate Market Is Really Headed

Boise Downtown

It's the old supply-and-demand predicament: U.S. home sales continue at a rapid pace, but the number of listings remains limited. Amid historically low mortgage rates, buyers keep shopping, reducing inventory and sparking a rise in home prices.

Meanwhile, homebuilders are coping with an increase in material costs and a shortage of labor. These issues come during an ongoing housing shortage. A National Association of Realtors study shows the U.S. has a deficit of about 2 million single-family homes and 3.5 million other housing units.

Follow along to learn the five factors that illustrate where the U.S. housing market is today and is heading tomorrow.

ROCK-BOTTOM MORTGAGE RATES TO GRADUALLY RISE

Low interest rates continue to fuel demand from homebuyers. Some experts believe mortgage rates will creep up later this year, but they expect rates to remain near historic lows. In June, the Mortgage Bankers Association reported that 2020 closed with the average rate for a 30-year, fixed-rate mortgage at 2.8%. But the association anticipates the average rate climbing to 3.5% at the end of 2021 and 4.2% by the end of 2022.

What does it mean for you?

When mortgage rates are at or near historic lows (as they are today), you should seriously consider taking advantage of those rates to borrow money for a home purchase or to refinance your existing mortgage.

HOME PRICES EXPECTED TO KEEP CLIMBING

In June, the national median list price for a home reached an all-time high of $385,000, up 12.7% on a year-over-year basis. And according to the Home Buying Institute, various reports and forecasts indicate home prices will keep climbing throughout 2021 and into 2022. While this may be welcome news for homeowners, high prices are pushing homeownership out of reach for a growing number of first-time buyers.

What does it mean for you?

If you're a buyer waiting on the sidelines for prices to drop, you may want to reconsider. While the pace of appreciation should taper off, home prices are expected to continue climbing. And rising mortgage rates will make a home purchase even more costly.

SINGLE-FAMILY HOME SALES REMAIN ROBUST

Single-family home sales are down from their peak in October 2020 yet are still above the overall level last year. In May 2021, 5.8 million existing single-family homes were sold in the U.S. That's a 45% increase over the 4 million homes sold in May 2020.

However, home sales saw a 0.9% dip in May 2021 compared with the previous month, the National Association of Realtors says. That was the fourth straight month for a decline in home sales. The number of home sales has slid recently because of rising prices and a lack of inventory, but Fannie Mae expects total home sales to tick up slightly in the fourth quarter and finish the year up 3.8% over last year.

What does it mean for you?

The market for single-family home sales remains quite active. As a result, if you're a homeowner, you may want to ponder whether to sell now, even if you hadn't necessarily been thinking about it. With demand high and inventory low, your home could fetch an eye-popping price.

LACK OF INVENTORY STILL CONSTRAINS THE HOME MARKET

According to the National Association of Realtors, in May there were 1.23 million previously owned homes on the market, down 20.6% from the same time last year. This translates to a 2.5-month supply of homes, which is well below the 6 months of inventory typical in a balanced market. According to the Realtors group, the lack of inventory translates into tougher searches for buyers and contributes to a rise in prices.

What does it mean for you?

If you're thinking of selling your home, now may be the right time to do it. Across the country, it's a seller's market, meaning demand is outpacing supply. That supply-and-demand imbalance puts sellers in a great position to sell their homes at a premium price. The May 2021 Realtors Confidence Index from the National Association of Realtors found the average home that was sold attracted five offers, and the association says nearly half of homes are selling above list price.

CONSTRUCTION OF SINGLE-FAMILY HOMES SEES SLIGHT UPTICK

Frustrated buyers may soon find some relief from an increase in new construction. Economists forecast that 1.1 million new houses will be started in 2021, compared with a predicted 940,000 units just six months ago, with 1.2 million new starts predicted for 2022 and 2023, according to the Urban Land Institute.

What does it mean for you?

Given the issues affecting the new-home market, it may make sense to widen your home search to include both new and existing homes. Your brand-new dream home may not be available, but you might be able to find an existing home that lives up to your vision. Keep in mind that we can help you find either a new or existing home and can advocate for you to ensure you get the best deal possible.

ARE YOU THINKING OF BUYING OR SELLING?

If you're in the market for a home, you're ready to sell your house or you've simply been wondering whether you should sell, you could benefit from an expert to help you navigate the hot real estate market. Let's set up a free consultation to discuss your situation. We can review your options and come up with a plan to capitalize on the value of your current property or to find your ideal next home. Contact us today. We are here to #guideyouhome.

August
23

Interior Design Trends: Cottagecore Home Decor

When you buy a new home, you want it to be a reflection of you and your style. As you consider various trends, you may come across a popular new one called cottagecore. But what is it, exactly, and will it work for your interior design needs? Essentially, cottagecore home decor is a nostalgic journey to a simpler time and place. If sipping tea in a garden, breathing in the delicate scent of roses and honeysuckle strikes your fancy, this could very well be the interior design style you are seeking. If the homes you are asking to be shown are reminiscent of country living, you may want to consider these key elements:

  • Nostalgia
    From the garden to the living room, the house should speak of bygone days. This may look different to each person. If your cherished memories include crocheted Afghans and ruffled curtains, by all means, include them. If they lean more toward the brown leather overstuffed couch and the roll-top desk you might find in an 1890's ranch house, then go that direction. It's even possible to blend styles a bit in this very unscripted decor. If you have antiques or just books and knick-knacks that have been in the family for a long time, cottagecore provides a perfect setting to display them.
  • Simplicity
    Although many of us work in the world of technology, we don't all want to live there. When incorporating cottagecore interior design trends, necessary technology will often be hidden inside wooden cabinetry or disguised in other clever ways. The lifestyle celebrates minimalism, including handcrafting, home cooking, and creativity over video games. Rather than the cold, sleek surfaces you will find in industrial decor, you will find the warmth of wood, the natural textures of organic materials, and the cozy atmosphere they bring. Shining wooden floors with simple rugs and a wooden coffee table that reflect the same color as the floor. You might find the same wood theme repeated in bathrooms and bedrooms. 
  • Nature
    Embracing nature is critical to the cottagecore style. This doesn't mean that you must raise your own chickens and livestock in order to enjoy the designs. But the interior of the home should blend with the environment surrounding the exterior. This can be accomplished with muted colors, natural materials, house plants, and fresh or dried flowers. Imagine a little girl collecting wildflowers and displaying them in a milk bottle. The romantic ideal of rural living can be reflected in prints and paintings without the less pleasant realities of farm life. An indoor herb garden is just the right touch to a cozy kitchen, while the fresh herbs bring your recipes to life. 
  • Vintage
    Antiques are certainly great additions to cottagecore home decor, but you can obtain the vintage feel without an extensive collection. Simple lines, wooden frames, and natural textures will help balance the design. Wooden chairs next to pristine white wainscotting in the dining room are reminiscent of homes of a hundred years ago, even if they were just purchased recently. The elegance of a colorful quilt can carry the sleeper back to Grandma's house. Overstuffed chairs reupholstered with soft, nubby fabrics or floral designs are both frugal and practical, echoing the lifestyle of the past as much as the appearance. 
  • Do-it-yourself
    To truly embrace the cottagecore lifestyle, you should bring in your own creations. Have you learned to embroider? Frame an original piece and hang it on the wall. Did you grow your own fruits and vegetables? Proudly store them in wire baskets on the kitchen counter. Craftspeople know that you can't create anything worthwhile without making a little mess. You can embrace the clutter a bit without letting it take over. A basket of colorful yarn complete with knitting needles will actually enhance the decor of the den. A loom in the corner will make a fascinating conversation piece. You may even discover common interests with friends you didn't know existed. 

If you've been waiting for some of the vintage things you love to come back in style, the time has come. Our real estate professionals will be happy to help you find your new home. Contact us when you're ready to make the change. 

August
16

Cideries to Visit in Boise

Boise Cider

The end of summer and early fall is the perfect time of year to enjoy a crisp hard cider, made right here in the Boise area.

Hard cider is such a unique and enjoyable beverage. Many ciders are sweet enough to appeal to those who find wine too dry or beer too intense. And yet, there are also some dry ciders that appeal to dry wine and IPA drinkers. The Boise community is home to several great cideries, which our real estate agents recommend visiting while you're in the area.

  • Meriwether Cider House: 224 N. 9th Street, Boise, ID 83702
    Meriwether Cider House is a small, friendly cider bar in the downtown area. Not only do they make and serve their own cider, but they also stock ciders from all over the world. Their own cider is brewed using apples from the midwest, and sometimes also with other local fruit, such as cherries and plums.

    A favorite at Meriwether Cider House is their Foothills Semi-Dry cider, which is crisp and bubbly. If you're in the mood for something fruitier, the Blackberry Book and Strong Arm Semi-Sweet are both wise choices.

  • Good Apple Taphouse: 1728 E. McMillan Rd. Ste 160, Meridian, ID 83646
    Good Apple Taphouse is a modern taproom with a spacious outdoor seating area and a comfortable interior. The owners were born and raised in Boise, and they are very involved in the local community. Plus, the taproom is near Meridian homes for sale.

    Good Apple Taphouse offers a selection of ciders from producers like Edge Brewing Company, One Tree Hard Cider, and 2 Towns Cider House. They also offer a good selection of craft beers. If you want to take more home to enjoy later, they can clean and fill your personal growler. They also offer a variety of canned and bottled ciders to-go. 

  • CopenRoss Growlers: 5120 W. Overland Rd., Boise, ID 83705
    With 70 taps featuring cider, beer, kombucha, and other drinks, CopenRoss Growlers is the perfect spot to grab a pint with your friends after a long day of looking at Boise homes for sale. They serve cider and beer by the 32 and 64-ounce growler. You can then enjoy it on-site or take it home.

    The beer list here is really well organized, so you can skip right down to the cider section if that's what you prefer. Favorites include The Bad Apple by 2 Towns Ciderhouse and SpACE by The California Cider Company.

  • The Growler Guys: 2020 E. Overland Rd. Ste 100, Meridian, ID 83642
    The Growler Guys is another taproom that does not exclusively serve cider but has a good cider selection nonetheless. They have 54 taps, and while they do sell a lot of take-home growlers, they let you enjoy a pint on-site, too.

    One of the top ciders on tap is The Huckleberry Cider, brewed by Edge. Magic Berry from Rambling Route is also popular, as well as the Lemon-Basil cider from One Tree Hard Cider.

  • Edge Brewing Company: 525 Steelhead Way, Boise, ID 83704
    Edge Brewing Company has an awesome pub where you can sip their cider while also enjoying a meal. They have many great beers, but their Huckleberry cider brings lots of customers in the door! It's served in a pint glass, and you can buy 12-ounce cans to take home.

    Edge's Huckleberry Cider pairs perfectly with their Korean Pork Skewers or their Cranberry Cashew Chicken Salad. It's a nice match for the Grown-Up Grilled Cheese, too!

There's always something fun to try in the Boise area! Stop by one of these top spots to enjoy a hard cider, and contact us if you're looking for a real estate agent in Boise.

August
12

From Our Lending Partners at Idaho Central Credit Union

 

 

Breakthrough Job Gains as Labor Market Makes Vast Improvements

The monthly employment report brought stronger than anticipated data as the U.S. achieved breakthrough job gains. Simultaneously, incoming Institute of Supply Management (ISM) service data also yielded great news.

As the United States economy took home a couple of "wins," the impact negatively affected mortgage markets. Ultimately, mortgage rates ended the week slightly higher.

Breakthrough Job Gains

In July 2021, employment realized breakthrough job gains, gaining 943,000. Overall, this soared far above the consensus forecast of 850,000. Additionally, analysts revised results from the prior two months.

After a brutal 2020, analysts saw massive growth in the leisure and hospitality sectors. In total, leisure and hospitality added 380,000 positions. Job gains primarily permeated bars and restaurants.

As an added bonus, the unemployment rate declined from 5.9% to 5.4%. Contrary to job gains, unemployment fell well below the consensus forecast of 5.7%. Finally, average hourly earnings jumped 4.0% higher than a year ago. Average hourly earnings also increased from 3.7% in June 2021. Investors and analysts view average hourly earnings as an indicator of wage growth.

More Breakthrough Job Gains to Come?

The pace of labor market improvement picked up significantly over the last couple of months. However, the full COVID-19 impact remains to be seen. This makes experts question whether the trend of breakthrough job gains will continue. Unsurprisingly, many of the new jobs appeared in sectors previously hurt by the pandemic.

Fed officials repeatedly noted that the timing of monetary policy tightening depends on its goals. Mainly, the Fed closely watches for progress toward their labor market goals. Concurrently, investors keep a close eye on the impact of rising COVID-19 case counts.

Strong Results from the ISM

Aside from the breakthrough job gains, the ISM released a couple of other significant economic reports this week. Both yielded strong results. Hitting a record-high, the national services index unexpectedly surged to 64.1. Meanwhile, the national manufacturing index came in at 59.5. Levels above 50 indicate that the sectors are expanding. However, analysts rarely see readings above 60. Of note, a large number of companies reported difficulties in hiring enough workers to keep up with growing demand.

Looking Ahead After Breakthrough Job Gains

Looking ahead after the breakthrough job gains, investors closely watch global COVID-19 cases. They also look for hints from Fed officials about the timing for changes in monetary policy. Beyond that, the JOLTS report comes out on Monday. The JOLTS report measures job openings and labor turnover rates. In addition, the Consumer Price Index (CPI) releases on Wednesday. Analysts follow CPI as a monthly inflation indicator. CPI examines price changes for a broad range of goods and services.

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We understand that no two paths to buying a home are the same. Whether you're a first-time homebuyer or a seasoned real estate mogul, we have a variety of products and loans designed specifically to meet your needs. We offer local underwriting and fast approvals to save you time and money. We have options for down payments and additional resources like our Finally Home! online program to help guide you through the home buying process. Contact one of our home loan specialists to discuss your options today!

 

August
10

More Homes are For Sale as Higher Prices Encourage Sellers

More Homes Enter the Market as Prices Rise 

By Breanna Vanstrom, Chief Executive Officer, Boise Regional REALTORS®

The median sales price for homes in Ada County reached $540,000 in July, up 2.9% from June.

While our region has faced insufficient supply compared to demand for years — the main driver of home prices — July marked five consecutive months of inventory growth. While still low compared to previous years, there were 1,055 homes available for sale at the end of the month, up 44.7% from June.

After home prices rose above the $500,000-mark in May, homeowners may have been encouraged to list, as existing inventory was higher than the previous month and year for the second month in a row, something not seen since March of 2020 just before the pandemic hit the market. At the end of June, there were 729 existing homes available for purchase, up 50.3% from June 2021 and up an astonishing 116.3% compared to July 2020.

Despite more inventory, the speed of the market continues to be fast. The number of days between when a home was listed for sale and an offer was accepted (also referred to as Days on Market) was at 13 days, on average, in July — 22 days faster than the same month last year.

While the uptick in the number of homes for sale is great news for buyers, they must still be prepared to act quickly. Buyers must also know that an offer acceptance is only the beginning of the work that a REALTOR® will complete throughout a transaction working on behalf of their clients.

Following the average 13 days on market, as noted above, there were another 52 days between the offer acceptance and closing, on average, based on the homes sold in July. During this time period, there is typically a home inspection and title search, and if the buyer is purchasing with a mortgage, an appraisal, and final loan approvals.

The REALTORS® representing the buyer and seller help keep these tasks on track and work through any follow-up items, such as negotiating repairs based on the inspection report, providing documentation to the escrow agent at the title company, requesting documents and financials from a homeowners' association (if applicable), and confirming closings costs or mortgage payoffs with the lender. Other behind-the-scenes duties include helping clients coordinate movers, obtain homeowners insurance, switch over utilities, schedule painters, assist with changes of address, maybe locate temporary housing, and much (much) more.

Research from the National Association of REALTORS® indicates that most people move every 10-15 years. Those gaps in time are where REALTORS® show their value in understanding every step involved, knowing that each home and transaction will be different. REALTORS® guide their clients through the listing, search, and offer processes, and then make sure all terms agreed to in the contract are fulfilled and done on time. They do this in coordination with lenders and escrow officers, etc., to ensure the financing and legal transfer of the property are done correctly.

Stages of a Real Estate Transaction

In each of our reports in 2021, BRR is focusing on the various phases of a real estate transaction to help consumers be prepared before, during, and after a real estate transaction, showing them what their REALTOR® will be doing for them along every step, and the key data points they can look for to make sense of the market. 

To view the Treasure Valley Market Report for July, CLICK HERE.

 

August
2

Does Your Home Need More Natural Light?

Spokane Lighting

Plentiful natural light is one of the top factors that can help sell a home. Experts are quick to tout the benefits of natural light in spurring home sales: not only does natural light help you cut back on energy usage, but it also seems to provide certain health benefits. What's more, potential homebuyers appear to respond better to well-lit homes than to dark ones. If you're thinking of listing your home among Boise homes for sale, you may want to assess your home's natural light and determine if there are ways to boost the light quotient.

Here are some suggestions for augmenting natural light in your home. 

  1. Add mirrors.
    Adding a mirror will indeed make a room look larger, but an even better trick is to hang a mirror opposite of a window. A mirror can reflect double the amount of light that's shining through the window. Hanging shiny objects on the walls and opposite from the window will also help. Some items in addition to decorative wall mirrors you can hang in your home that will bounce light around: furniture with glass or mirrored accents; silver photo frames; metallic finishes on the ceiling; decorative nickel cabinet pulls; and metallic light fixtures and faucets.

  2. Install larger or more windows.
    This might seem like a pretty drastic step, but if your home needs new windows anyway, you might consider it -- particularly if your home is in serious need of more light. Picture, bow, or bay windows are just the thing to open up your home to more natural light.

  3. Let light in with retro-looking glass blocks in an exterior wall section.
    This retro look is totally contemporary now, particularly with unique textures and shading to complement your architectural style. It's a subtle way to let light in without sacrificing security, privacy, or energy efficiency. 

  4. Open up the ceiling with skylights.
    Skylights let light into your home through the ceiling. Just make sure you have a pro to do the work, so the installation doesn't cause issues for your roof. Skylights are usually ideal in single-story bathrooms and family rooms.

  5. Solar tubes, anyone?
    If you don't have a single-story room that lends itself to a skylight, maybe your home is right for a solar tube. These are reflective, twisting pipes that can be as long as 30 feet from the roof to the ceiling. Available in diameters of 10-14 inches, they cause minimal interference with drywall or paint. The tubes can bring in the equivalent of three 100-watt light bulbs in the smallest size. 

  6. Lighten up.
    Go light when it comes to interior paint or furnishings. Lighter colors will reflect light, while darker walls and furnishing will absorb light. Painting the ceiling lighter than the walls is another trick to make the room look bigger, as well as taller and brighter. A shiny satin or semi-gloss paint will boost the reflective properties of the walls. Select a light-colored sofa or loveseat.

Our real estate agents have valuable experience that can help you sell your home quicker. Contact us today.

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 08/14/2022. The listing information on this page last changed on 08/14/2022. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of INTERMOUNTAIN MLS (last updated Sun 08/14/2022 9:48:58 PM EST). Real estate listings held by brokerage firms other than Coldwell Banker Tomlinson may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --

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