The KEY to All Your Real Estate Needs |
|
Happy New Year!
I hope you all had a wonderful holiday season, and are ready to jump into the new year.
I don't know about you, but the coming of a new year prompts me to look back on the events of the past year, while looking forward to the new year with anticipation and excitement! As a Realtor, that means looking back at all the awesome clients I had the privilege to work with and help achieve their real estate goals. As you can see in this newsletter, I was all over the Treasure Valley!
Looking forward, I'm always excited to meet new people, learn new things, and continue becoming the best real estate agent and resource for my clients. This year, I've started the year becoming 72SOLD certified. Sellers... I would love to employ the principles of this program to help get you the most $$'s for your home. While none of us really know what the 2023 market will bring, I've include some information from some deemed experts on predictions for 2023.
Finally, If you've never been to the McCall Winter Carnival, this may be a good year to check it out. It's my understanding that this year's 10-day event will be shortened to a single weekend in 2024.
May your new year be filled with health, happiness and prosperity...
|
|
Year-End/December 2022 Market Report |
|
2022 Key Market Takeaways...
- Compared to the last several years, 2022 brought a new set of challenges and opportunities. Demand for housing peaked during the pandemic, with too many buyers chasing too few homes, which lead to bidding wars and a highly competitive market.
-
The Fed’s efforts to reset the housing market to bring balance and slow price appreciation have made 2022 a transitional year. The increases in mortgage rates due to Federal Reserve rate hikes in the second half of 2022 lessened demand for housing, resulting in lower home sales and downward pressure on home prices.
- Ada County ended the year with 20.8% fewer total sales than in 2021, and the lowest number of sales since 2014. Higher mortgage interest rates, combined with the swift home price appreciation in the last several years, have impacted buyers’ purchasing power and ability to afford increased monthly payments. As a result, some buyers have made budget adjustments and others have pressed pause on their home search.
- The impact of mortgage rates on demand is evident when comparing the declining monthly sales as rates rose in the latter part of the year. Monthly sales were dampened during the summer and fall months - when we normally see a higher amount of activity, which affected the overall sales for the year.
|
|
Key Market Takeaways...
- Home prices continue to be driven by supply versus demand. With lessened demand, the median sales price has declined year-over-year for the last two months, with a 2.5% drop in November 2022 and a 5.5% drop in December 2022.
- The Days on Market (DOM) metric, which measures the time between when a property is listed and when it has an accepted offer, has trended up in the last six months - giving inventory a chance to accumulate. In December 2022, DOM was 62 days, compared to 32 days in December 2021. This uptick in supply has also contributed to the downward trend in prices.
|
|
In my ongoing effort to be the best Realtor I can through continued education and associating myself with successful programs and people, I've recently become 72SOLD certified.
You may have, or will be seeing a lot more about this successful program in the media in the near future. I've already seen a few commercials about it on TV. 72SOLD is a program designed for sellers to get their homes sold faster and for more money than traditional real estate.
Thinking about selling? Reach out to me and let's chat about how we can get top dollar for your home!
Learn more about 72SOLD at: 72SOLD
|
|
I love looking back on the previous year and seeing all the buyers and sellers I had the privilege to work with.
2022 found me all over the Treasure Valley exploring new neighborhoods, revisiting known neighborhoods and continually increasing my familiarity with the Treasure Valley.
Let me share my experience with you!
|
|
Can You Qualify for More Home?
New higher conforming loan limits for Fannie Mae and Freddie Mac may help you qualify for more home!
The news means you may be able to qualify for more home at a lower rate, because a "conforming" loan often has a better rate than a "jumbo" loan that you would normally need for higher mortgage amounts.
The conforming loan amount is going from $647,200 to $726,200 in 2023. Some areas of the country qualify for even higher limits, sometimes as high as $1,089,300!
The other nice benefit is that you can borrow up to $726,200 and only have to put down as little as 5% (most Jumbo lenders like to see 10% or even 20% down) of the home purchase price. That flexibility can be very nice.
If you'd like to know how that affects you, let me know and I'll be glad to go over it with you. Remember, if you're thinking of buying a home or refinancing, I'm here to help.
|
|
Contributor:
Eric Leigh, NMLS: #65666
|
|
If we only had a crystal ball... |
|
If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market this year. In 2022, the market underwent a major shift as economic uncertainty and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. But what about 2023? We may not have that crystal ball, but here is some perspective from some experts in the field.
An article from HousingWire offers this perspective:
“The red-hot housing market of the past 2 ½ years was characterized by sub-three percent mortgage rates, fast-paced bidding wars and record-low inventory. But more recently, market conditions have done an about-face. . . . now is the opportunity for everyone to become re-educated about what a ‘typical’ housing market looks like.”
This year, experts agree we may see the return of greater stability and predictability in the housing market if inflation continues to ease and mortgage rates stabilize. Here’s what they have to say.
The 2023 forecast from the National Association of Realtors (NAR) says:
“While 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of long-lost normalcy returning to the market, . . . mortgage rates are expected to stabilize while home sales and prices moderate after recent highs, . . .”
Danielle Hale, Chief Economist at realtor.com, adds:
“. . . buyers will not face the extreme competition that was commonplace over the past few years.”
Lawrence Yun, Chief Economist at NAR, explains home prices will vary by local area, but will net neutral nationwide as the market continues to adjust:
“After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”
Mark Fleming, Chief Economist at First American, says:
“The housing market, once adjusted to the new normal of higher mortgage rates, will benefit from continued strong demographic-driven demand relative to an overall, long-run shortage of supply.”
Curtesy of Keeping Current Matters
|
|
History of the McCall Winter Carnival
|
|
The inspiration for Winter Carnival dates back to 1924 when the town created the Payette Lakes Sports Carnival to beat the winter doldrums. Events included dog and snowshoe races, ski jumping, horse ski-jouring, and a tug-o-war where the prize was a box of oranges. In addition to these events, visitors could also take an exhilarating ride across the lake ice on a motor sleigh, a standard sleigh outfitted with and airplane motor for power.
As guest lodging was limited in the 1920s in McCall, the overflow of visitors were housed by residents who opened their homes for the event. In addition, a special train with sleeper cars attached was positioned at the train station and reduced rates were offered as another form of accommodation for visitors. The first Sports Carnival was attended by approximately 2,000 people.
|
|
The Payette Lakes Sports Carnival lasted several years, but began to fade out as organized clubs and the development of permanent facilities such as the Little Ski Hill made sporting competitions more formal and the need for festivals to hold such competitions were not needed. The Sports Carnival eventually evolved into an “Ice Break-Up Contest.” A person could purchase a ticket and enter a guess as to what day, hour, and minute the ice on Payette Lake would break up in the spring. The last contest was held in 1941 and ended as gambling became illegal.
Brundage Mountain Resort opened in 1961. In 1965, the community rallied to bring back a winter festival to McCall motivated by a desire to promote skiing in the area. The first official Winter Carnival was held in 1965 on the same weekend as the University of Idaho Ski Invitational at Brundage which included events such as slalom racing, cross-country skiing, ski jumping, and snowshoe races, snowcat races. It was a two-day event that drew regional visitors to the area. Since that time, the McCall Winter Carnival has continued to grow and expand into the 10-day festival we know today.
|
|
This year's Winter Carnival will be held from January 27 - February 5, 2023. The theme is Fairy Tales, Folk Tales, and Tall Tales.
|
|
What is Home for Heroes?
While many of you are familiar with the Homes for Heroes program, I thought I'd start the year by familiarizing those who are not with some details about the program. To those of you who are familiar with it, or have even used the program, here's a reminder - share it with family and friends.
Homes for Heroes, Inc. was created shortly after the tragic events of 9/11 as a way to say “Thank you” to those who serve and sacrifice so much. Its mission is to provide extraordinary savings to heroes who provide extraordinary services to our nation and its communities every day.
Are YOU a Hero? Do YOU Know a Hero?
Heroes are part of our everyday lives. They include:
- Firefighters / EMS
- Healthcare Professionals (including Veterinary Professionals)
- Military (Active, Reserve & Veterans)
- Law Enforcement
- Teachers and Educational Support Staff
You and the heroes in your life can save on your next real estate transaction when you select a Homes for Heroes affiliated agent. We give back 25 percent of our commission at closing. Doing the math, that can result in big savings to you.
Contact me and we can help you with buying and selling - we are full service agents that love to give back to our community Heroes!
Not a Hero yourself?? Well pass it on to one you might know - so many Heroes don't know this program is out there to help them - spread the word!
|
|
What's Your New Year's Resolution? |
|
Julie Cendejas | Cendejas Group Real Estate, Keller Williams Realty Boise
|
|
|
|
|
|
|
