The KEY to All Your Real Estate Needs |
|
The June market remained relatively even between May and June of this year, while inventories as of the beginning of June were similar to those from June 2019. When making comparisons, it's important to look beyond the year-to-year comparisons between 2021 and the COVID impacted year of 2020.
While inventories are increasing, the market is moving at a fast pace. As a buyer, you need to be prepared to put yourself in the best position possible to get that home. That means if you're financing a mortgage you must be pre-approved. I've included an article on the reasons why.
Don't let this summer get away from you without taking advantage of some of the many fun and unique activities taking place in the Treasure Valley.
Stay Cool & Be Well!
|
|
Key Market Takeaways...
- The median sales price for homes in Ada County reached $525,000 in June, nearly even with May 2021. While our region has faced insufficient supply for years, the main driver of home prices, June marked three consecutive months of inventory growth. While still low compared to previous years, there were 729 homes available for sale at the end of the month, up 27.9% from May. In Canyon County, the median sales price reached $424,000, with an inventory of 477 homes.
-
After home prices rose above the $500,000-mark last month, homeowners may have been encouraged to list in June, as existing/resale inventory was higher than the previous month and year for the first time since March of 2020, just before the pandemic put the brakes on the Spring market. At the end of June, there were 485 existing homes available for purchase, up 27.0% from May 2021 and up 10.7% from June 2020.
-
Despite more inventory, the speed of the market reached a new low, as the average number of days between when a home was listed for sale and an offer was accepted dropped to 10 — two days faster than in May 2021 and 22 days faster than June 2020. That said, low inventory does not mean no inventory.
-
Connecting with a lender and getting pre-approved before searching for a home is imperative for buyers using a mortgage. In June, nearly 70% of existing homes sold for more than the original list price — another factor behind rising home prices. On average, buyers paid 6.8% more than the original list price on existing homes. Knowing how much you’re able to borrow facilitates searching for homes within your budget and know if there's room to negotiate.
|
|
An analysis of weekly listing activity, saw a jump in the number of existing properties coming onto the market starting the week of June 6th. Listing activity has been much higher than 2020 (expected due to the COVID-related restrictions in place at that time) and mostly ahead of 2019. |
|
Buying a Home With a Mortgage?
Why You Need A Pre-approval
Ever had an agent deny to show you a home because you weren’t pre-approved for a mortgage? It’s not because they’re mean, or they don’t value your business… it’s actually because they’re looking out for your best interests.
Let’s face it, shopping for a home before getting pre-approved for a mortgage is like walking into a grocery store without a wallet. You may have the desire to buy, but you lack the ability. Let’s cover some basics…
What is a mortgage pre-approval?
In a nutshell, a mortgage pre-approval is written assurance from a lender or broker that you’re able to borrow money to purchase a home up to a certain amount. It’s based on the income, employment and asset documentation you supply at the time of application, in conjunction with your credit history. So let’s look at the 6 reasons you should get pre-approved.
1. It carries more weight than a “pre-qualification”.
A pre-approval differs from a pre-qualification. With the former, the lender has actually checked your credit and verified your documentation to approve a specific loan amount (usually for a particular time period such as 30, 60 or 90 days). A pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but it’s a less accurate indicator of your ability to purchase. A pre-approval always carries more weight.
2. You’ll know how much house you can afford.
Getting pre-approved before you begin house hunting allows you to know how much house you can realistically afford. Knowing this narrows down the options and makes the selection process more efficient. Not to mention, it protects you from the unpleasant surprise of realizing the home you fell in love with doesn’t fit your budget.
3. It adds clout to your offer.
In today's market, many homes attract more than one offer. If the sellers are weighing one offer against another, they may lean towards the one accompanied by a pre-approval letter. That’s because pre-approvals instill confidence that the buyer is financially capable of purchasing their home.
4. It could increase your negotiating power.
In addition to strengthening your offer when compared to buyers who haven’t taken this step, getting pre-approved may give you the upper-hand when negotiating the price. If the homeowner is eager to sell, they may be more willing to accept a lower offer from someone they’ve been assured is financially capable of purchasing their home.
5. It saves time.
Obtaining a mortgage is a lengthy process. Getting pre-approved ahead of time shortens the time between contract to close — this way you’re ready to proceed with finalizing the mortgage once you’ve found the home you want to purchase.
6. Without it, most agents won’t work with you.
Makes sense, too. Right? Think about it: when you hire an agent, he/she will invest countless hours showing you homes over the course of your house hunt. If you were in their shoes, wouldn’t you want assurance that your hard work would lead to a favorable outcome for both you and your client?
Courtesy of Inner Circle
|
|
Take in a Movie Under the Stars |
|
Before this summer is over take in a movie under the stars. I've included a list of parks in the Treasure Valley that are screening outdoor movies.
Be sure to check their websites to make sure everything is still on schedule.
|
|
Sparklight Movie Night Meridian
With an impressive lineup of weekly classics and new family-friendly hits, the popular Meridian Sparklight Movie Night events take place on Friday's at Settlers Park for free. Community partners and vendors join every week so you can enjoy a refreshing beverage and stroll through booths and displays—sometimes even bounce houses and giveaways. Movies start at dusk. Movienightmeridian
- July 30: Tangled
- August 6: The Croods: A New Age
- August 13: Hook
- August 20: Raya and the Last Dragon
|
|
Silver Screen on the Green Nampa
Concessions are available each night and movies start at dusk.
- July 30: The Greatest Showman
- August 6: The Secret Life of Pets
|
|
Movies in the Park Middleton
The Middleton Area Optimist Club, with the Greater Middleton Parks and Rec presents summer movie nights. Moviegoers can catch a drive-in style movie at Middleton's Foote Park, N Middleton Rd & Cornell St. on select Fridays throughout the summer.
- August 20: Dolittle
- September 10: Sonic the Hedgehog
- September 24: Sing
|
|
Lovely Hollow Farm
Lovely Hollow Farm is a cutting garden in Caldwell, Idaho. You can visit the farm and enjoy the beauty of the flowers and cut your own to bring home. Enjoy a relaxing Saturday or Sunday morning with some coffee. Or, a Wednesday evening sunset with some music and other concessions. Make sure you check their website to find out what's going on!
|
|
|
|
Lovely Hollow Farm
6230 SE 8th Avenue, Caldwell
Saturdays, 8am–1pm
Sundays, 9am–12pm
Wednesdays, 6:30pm–9:30pm
|
|
Bloom Where You Are Planted
|
|
"My mission? To have you leave the farm feeling serene and harmonious, with a bucket of blooms tucked into your passenger seat and a feel good in your soul."
Nikki,
Farm Owner
|
|
JUMP
FLYWHEEL FEST
JUMP is hosting the 1st annual Flywheel Fest on August 7th. The FREE festival is an opportunity to show off our amazing collection of over 100 tractors (50 on site).
Think of the Flywheel Fest as a Debutante Ball for tractors. Any Ball worth its weight needs a spread of food, good old-fashioned games, and great music.
EVENTS OF THE DAY:
Idaho Bluegrass Association
Bands from the Idaho Bluegrass Association will be playing music from 11:00AM – 2:45PM.They will also have a jam session for you to bring your instrument and join in.
Games and Family Fun
A mashed potato pool, grape stomping, pie-eating contests, and more. And don’t miss the wool crafting opportunities including felt crafting, crochet, knitting and weaving.
Fiber Frolic
To make this party even more festive, the folks from Idaho Wool Growers Association and The Twisted Ewe are bringing sheep and alpacas, educational booths, wool product vendors, and a community art installation to JUMP for a Fiber Frolic! Fiber Frolic showcases how wool is processed and transformed into sustainable clothes and products. Learn something new at the crafting workshops in weaving, crochet, knitting…even felted soap making. Local vendors will have yarn and wooly gifts for sale too!
Food & Drink
- Cider Flights and a Tap Take-over in the Beer Garden. Mother Earth Brewery, Proletariat, and Meriweather Cider.
- Food trucks from Potato Boi and Slay the Snow - All Natural Shaved Ice.
- Boise Urban Gardens will be in our Share Studio with samples and food demonstrations.
Community Fiber Art Project
The Twisted Ewe will debut a large public art installation, created by the hands of K-12 students and senior citizens in the Treasure Valley! The Twisted Ewe has partnered with schools to promote the creativity and education of wool to students. Over 300 students have collaborated on this project during the spring semester and will have a chance to view the surprise art installation at JUMP during the month of August.
|
|
June 2021 Circle of Giving...
We at Homes for Heroes, Treasure Valley are so proud to be part of this Circle of Giving and give back to those in our community who give so much.
In June 2021, Nationally, Homes for Heroes...
-
gave back $2,106,235 Million in Hero Rewards.
-
connected 5,764 People with Homes for Heroes affiliated real estate professionals.
-
helped 933 Heroes save money when buying, selling or refinancing a home.
-
enriched 641 Communities with Hero related real estate transactions.
-
awarded $10,000 in grant money to the American Nurses Foundation Covid Response Fund.
Join the circle by sharing this email and GIVING your HERO friends and family the gift of BIG SAVINGS on the sale or purchase of a home.
|
|
Julie Cendejas | Cendejas Group Real Estate, Keller Williams Realty Boise
|
|
|
|
|
|
|
