The KEY to All Your Real Estate Needs |
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The Treasure Valley real estate market continues on its record breaking path. Once again, the month-over-month median home price hit an all-time high. And, we're not alone. Check-out the infographic depicting year-over-year average equity gains throughout the United States. We're number one, but it looks like everyone gained equity over the past year. Not a bad investment, I'd say!
Thinking about buying a new build? I found a great article on why you shouldn't go at it alone and have your own agent with you when you walk through the door.
I'm happy to have free outdoor concerts back this year! I've found a few local venues that are sure to have some fun music for everyone.
And, finally Happy 4th of July. Be safe and keep our beautiful, dry land safe. Enjoy one of the professional shows taking place throughout the Valley.
Be Well!
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Key Market Takeaways...
- The median sales price for homes in Ada County reached a new record of $523,250 in May, up 8.7% compared to April 2021. Crossing this threshold may have been anticipated by some, considering the recent report from realtor.com that the Boise metro’s price growth was the highest in the country over the past four years.
- The Boise region has faced insufficient supply for years, which has been the main driver of home prices, but several factors have accelerated the growth in recent months. Buyer demand remains high due to historically low mortgage rates, and the added ability for more people to work remotely has likely increased in-migration due to our relative comparative affordability in comparison to more expensive metro areas.
- Further, the supply of homes for sale continues to be restricted by longer homeownership tenure, baby boomers aging in place, and a hesitancy from potential sellers who may be concerned about finding another home in these competitive market conditions.
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New construction has often been an option for those looking to sell their existing home; however, due to rapid increases in material costs — especially lumber — coupled with supply chain disruptions, not only are new construction homes more expensive, some builders have held back available inventory until they are closer to delivery so they can price the property based on final materials costs. As a result, new construction home prices in Ada County reached a median sales price record of $544,986 in May 2021 — an increase of 16.0% from the previous record of $469,900 in April 2021.
- With delays in new home delivery, demand for existing homes that are ready to move-into, further increased. Prices followed suit with nearly 70% of buyers willing to pay over list price for existing homes in May 2021, compared to 30% from a year ago. This led to a new record median sales price in Ada County for the existing segment of $523,250, up 8.7% from the previous record of $481,208 in April 2021.
- However, the amount buyers were willing to pay over varied by price point of the home, with the most expensive homes selling for the highest amount over list. For homes that sold at or above $750,000, buyers were willing to pay nearly $80,000 beyond list price, on average, in May 2021, putting additional upward pressure on the overall median sales price.
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Last year the April 2020 market report showed a nearly 20% drop in sales year-over-year in Ada County, a figure not seen since 2011. This did not come as a surprise as agents and consumers heeded the statewide stay-home order that was in place at that time. As anticipated, sales rebounded as we moved through the phased re-opening plan.
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Real estate proved to be a great investment anywhere in the U.S. last year. But, check out our home state of Idaho with an average year-over-year equity gain of $71,000. Wow - we were number one in the nation! |
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Buying a New Construction?
Why You Need Your Own Real Estate Agent
When you’re house hunting, the allure of new construction is undeniable. You get to be the first to live in the pristine home—one untouched by grimy hands or muddy shoes. It’s full of brand-new appliances and the finishes and treatments that you picked to fit your aesthetic. And you won’t have to worry about making any cosmetic or structural upgrades for years.
If you are interested in buying a new construction, the builder’s agent will be ready to help you with the process. But make no mistake: You need your own real estate agent from the get-go. Even if it seems like plug and play to sign up with the builder’s on-site agent, you’re going to want someone representing your side of the deal.
What is a builder’s agent?
When you buy a new construction, the home’s builder is considered the seller, and the agent representing the builder is called the builder’s agent.
“The builder’s agent will always have the builder’s best interest in mind,” says real estate agent Jason Walgrave, with Re/Max Advantage Plus, in Lakeville, MN. After all, the job of the builder’s agent is to get the highest price for the homes the builder is selling so the agent is not going to be as eager to negotiate down.
Why you should hire your own real estate agent
It’s a good idea to have your real estate agent accompany you on your first visit to the new construction. Why? Because the builder (aka the seller) will be responsible for paying the commission, and needs to know if you’ll have a real estate agent representing you. So bringing your agent to the first visit will make it clear that the builder’s agent will be on the hook for paying commission. Some builders might even refuse to pay your agent a commission if you don’t register the agent the first time you visit the home on a new construction site.
“Your real estate agent’s job is to help you get the most value for your money, with the least hassle and frustration,” says Patrick Welsh, a real estate agent with Keller Williams, in Houston.
When buying new construction, here’s what your real estate agent will help you with that you might miss out on if you stick with the builder’s agent:
- Negotiating extras: Want upgraded counters or appliances in that new home? Your agent can help you with all those extra perks, amenities, and upgrades. “We can often negotiate with the builder on things like paint color or even the style of garage door, especially if the housing development is in the beginning stages,” Walgrave says.
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Recommending financing: A builder typically will have a “preferred” lender that it will try to steer you to, but your real estate agent can help make sure that you’re getting the mortgage that works best for your situation. Shopping around is always wise, and you don’t want the builder’s agent pressuring you into using their suggested professional unless it’s right for you.
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Overseeing a home inspection: Tempted to forgo a home inspection in new construction? Don’t do it, advises Welsh. “The number and severity of new-home defects often rival resale home problems,” he says. The builder’s agent is unlikely to push for or offer up an inspection, so it’s up to you and your real estate agent to make it happen.
How the builder’s agent can help you
All that said, the builder’s agent can be a valuable resource for learning about your potential new home.
“They are knowledgeable about the construction and available amenities, as well as the housing development and general community vibe,” says Walgrave. You can rely on the builder’s agent for background information—just don’t make this individual your sole point of contact on the buying and selling process.
Everyone wants to walk away from buying a home—whether it be a new construction or not—with peace of mind. Having a real estate agent in your corner will help facilitate that.
Courtesy of Realtor.com
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Take in a Free Outdoor Concert |
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A favorite summer activity for many are the free outdoor concerts taking place throughout the Treasure Valley. Here are a few venues that are sure to offer something for everyone! |
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BIG AL’S
LIVE ON THE PATIO
Big Al's - The Village
1900 N. Eagle Road, Meridian
Fridays and Saturdays
June thru September
8:00 PM - 10:00 PM
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MCCLEARY’S
SUMMER CONCERT SERIES
Outdoor stage at McCleary’s Pub
9155 W. State St., Boise
Saturdays through August 28 - 8:00 PM - 11:00 PM
Fridays September 10 &17 - 8:00 PM - 11:00 PM
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JUMP JAM & JIVE SUMMER CONCERT SERIES
JUMP
1000 W. Myrtle St., Boise
Various Dates (check website)
6:00 PM - 8:00 PM
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THURSDAY THUNDER
Boise Spectrum Center
7609 W. Overland Rd., Boise
Thursdays 6:00 PM
July 8 - August 26
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TUESDAYS ON THE CREEK
Indian Creek Plaza
120 S. Kimball Ave., Caldwell
Tuesdays thru September 28
6:00 PM - 9:00 PM
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Look to the Sky...
And watch a professional fireworks show this year. With impending high temperatures and drought conditions, this is a "safe & sane" way to celebrate the 4th of July and watch a beautiful display of fireworks. Find a location below.
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Meridian - The Meridian Speedway will be partnering with the City of Meridian to set-off their display from the back (east side) of the Speedway at dusk - approximately 10:20 PM.
Storey Park will be open for picnics and fireworks viewing. Food trucks will also be onsite at 4:00 PM.
Boise - Ann Morrison Park
Bring your blankets and chairs and enjoy the show. The park will be closed to vehicles on July 4, but you can walk or ride your bike into the park. There will be no food or drink vendors, but you can bring your own food and beverages (no glass bottles or containers). Fireworks start at dusk - approximately 10:15 PM.
Star - Enjoy a free concert and fireworks at Hunter's Creek Sports Park in Star. The local cover band The Front will play current pop to classic 80s and 90s music from 8:00 PM - 11:00 PM. Listen to some music, get some dancing in and watch the fireworks show. Fireworks start at dusk - approximately 10:15 PM.
Caldwell - Bring your blankets and chairs and enjoy the fireworks at Brother's Park (Ustick/Indiana). The show begins at dusk.
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May 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 May 2021, Nationally, Homes for Heroes...
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gave back $1,589,231 Million in Hero Rewards.
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connected 6,103 People with Homes for Heroes affiliated real estate professionals.
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helped 739 Heroes save money when buying, selling or refinancing a home.
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enriched 543 Communities with Hero related real estate transactions.
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awarded grant money to Tunnel 2 Towers
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.
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Julie Cendejas | Cendejas Group Real Estate, Keller Williams Realty Boise
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