The KEY to All Your Real Estate Needs |
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"Gone Fishing"
Well not literally... but, I was on vacation last month - thus, no newsletter. Vacations - important even for real estate agents! And, while this may be transparent to my active clients, some things also go on hiatus. Vacations are revitalizing and I'm ready to go!
With the coming summer, I know many of you are planning vacations, or maybe a staycation? Either way, there is plenty to do here in the Treasure Valley. Farmers and outdoor markets are in full-swing. I've also found some FREE upcoming events. Take in some art and music.
And, the real estate market - what can I say, prices continue to rise. I've included some detail about what things looked like in April in Ada County. Additionally, interest rates have been in the news. Take a look at a myth dispelling article shared with me from Eric Leigh, Mortgage Consultant.
Take Care & Be Well... And, Take a Vacation/Staycation!
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Key Market Takeaways for Ada County...
- The median sales price for homes in Ada County reached $595,000 in April 2022, an increase of 23.9% compared to the same month last year, and a new record for the county.
- Higher prices in the new construction segment played a large part in the overall price jump. New home sales made up nearly a third of all sales in April with a median sales price of $645,000, up 36.7% from last year. However, home prices rose across the board, with the median sales price for existing/resale homes reaching $570,000, a gain of 16.9% over last year. These were record highs for both segments.
- There were 1,525 pending sales at the end of the month, a 12.1% decline from April 2021, and 815 total sales for the county in April, down 17.0% year-over-year. The existing/resale segment claimed 586 of those sales, which was a drop of 12.3% compared to last year. Higher home prices, coupled with higher mortgage rates, which results in higher monthly payments for buyers who are financing a home purchase, may be hampering sales.
- Looking specifically at existing/resale sales data in April, 53.2% of buyers paid over list price, indicating that competition remained strong, particularly at the median and lower price points. While it may seem obvious, it means nearly half of all buyers did not pay over list, resulting in an average original list price received of 101.0% for existing/resale homes in April 2022, compared to 104.9% in April 2021.
- Buyers may be discouraged by increasing rates and prices, but there is some good news — in April, inventory increased by 170.0% compared to the same month last year. While supply is still constrained, especially at the lower price points, more year-over-year inventory is a sign we may be seeing a shift to a more balanced market.
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Mortgage Rate Myth
Here's the scoop...
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Mortgage Myth: The media keeps talking about an economic recession coming. That’s bad for mortgage rates, right?
Fact: The opposite actually happens! Here’s a chart for you to see that what the average 30 year fixed mortgage rate has done for the last 40 years.
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The five vertical gray shaded bars on the above graph represent periods of economic recessions. As you can see, mortgage rates typically move lower through a recession. Although there are a lot of reasons as to why this typically happens, the easiest way to think about this is by understanding that recessions are usually bad for the stock market. When the broader stock market is “selling off” that money has to be reinvested somewhere else. Often times, that reinvested money flows into the bond market or to purchase Mortgage Backed Securities (MBS). When there is more demand for MBS, the yields (and interest rates) on mortgages move lower.
If you or anyone you know has questions about a mortgage for a home purchase, Julie and I are ready to help! Feel free to reach out to me directly.
Contributor:
Eric Leigh, NMLS: #65666
Eric.Leigh@Rate.com
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Get Outdoors and Shop Local
It's time for Farmers and Outdoor Markets! Enjoy the fresh air and the array of local produce and crafted items at these Treasure Valley markets.
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The Boise Farmers Market
1500 Shoreline Drive
Saturday 9:00 AM - 1:00 PM
Boise Farmers Market is a food-centric and agriculturally based market. Within guidelines, the majority of the members must be agricultural. 95% of the vendors are food and agricultural products with 5% dedicated to non-food items.
Farmers markets have a long history of being more than merely a place to exchange goods. The Boise Farmers Market is committed to playing an important role in fostering new ideas in the regional food system. The Farmers Market is a place where the public can learn about the relationship of local food and farms to our health, our economy, and our culture.
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The Capital City Public Market
The Grove Plaza - 827 W. Main Street
Downtown Boise
Saturday 9:30 AM - 1:30 PM
The Capital City Public Market’s mission is to create and ensure a vibrant, secure downtown Boise marketplace that promotes community and commerce among our members, city residents and visitors. Learn more at: capitalcitypublicmarket.com
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Eagle Saturday Market
Heritage Park - 185 E. State Street
Saturday 9:00 AM - 2:00 PM
A handmade market located in the heart of downtown Eagle. An array of arts and crafts along with local produce, herbs and flowers, woodwork, specialty food items, and freshly prepared food. Every Saturday the park comes alive with the melodious sounds of local musicians and community members coming together to support local micro-producers.
Learn more at:
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Farm to Fork Farmer's Market
Indian Creek Plaza - Downtown Caldwell
Tuesday - 5:00 PM - 9:00 PM
The Caldwell Farm to Fork Farmer's Market is part of Tuesdays on the Creek at Indian Creek Plaza in downtown Caldwell. The Farmer's Market takes place in conjunction with the Summer Concert Series, which runs from 6pm - 8pm.
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Meridian Main Street Market
Meridian City Hall Plaza
Saturday 9:00 AM - 2:00 PM
The Meridian Main Street Market is the traditional Farmer's Market, but is unique in that it provides opportunities for youth as well. It also gives the public the chance to support local small businesses, farms and entrepreneurs. It is a way to provide healthy, organic food options for our community.
Visit their website at:
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Downtown Nampa - Lloyd Square Park
Saturdays 9:00 AM - 1:00 PM
The mission of the Nampa Farmers’ Market is to provide a venue where local farmers, producers, crafters and artisans come together to provide a variety of fresh produce and locally crafted products directly to the consumer. The market encourages direct communication between consumers and producers and promotes nutritious food choices. The goal is to provide support for vendors and enhance the quality of life in the local area by providing a quality community activity which fosters education, entrepreneurship, social gathering, community building and interaction in a friendly, vibrant open air market. Learn more at: nampafarmersmarket.com
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The Middleton Market
Piccadilly Park - 520 W. Main Street
Thursday 4:00 PM - 8:00 PM
The Middleton Market (Piccadilly Park 520 W Main Street) opens annually the Thursday prior to Memorial Day and runs through the Thursday following Labor Day. Thursdays from 4-8 p.m.
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FREE Activities to Get Your Summer Started
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Music on the Water is a FREE event being held at Esther Simplot Park in Boise. Surrounded by the waters of this beautiful park, a revolving roster of local talent will be playing live music. Enjoy live music, a kids crafts center, food trucks, or an adult beer garden.
Join the 5th annual celebration!
June 3rd: 4:00 pm – 9:00 pm
June 4th: 11:00 am – 9:00 pm
Esther Simplot Park 3206 W Pleasanton Ave, Boise
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Boise Parks and Recreation and Art & Roses, are hosting the 31st year of bringing the finest local artists together at the beautiful Julia Davis Park in downtown Boise.
You’ll find your favorite returning artists as well as some new-comers. Live music returns this year with Blaze and Kelly and The BFD! Enjoy treats from KB Burrito, Coned Pizza, Kona Ice, and Ankley Brothers Kettle Corn. Admission is FREE!
Julia Davis Park, Downtown Boise
Sunday, June 5
10:00 AM - 5:00 PM
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Boise Music Week is featuring the musical "Into the Woods." Five FREE performances take place at Morrison Center for the Performing on:
Thursday - Saturday, May 19-21 at 7:30 PM
Saturday - Sunday, May 21-22 at 2:00 PM
Velma V. Morrison Center for the Performing Arts
2201 W Cesar Chavez Ln, Boise
Your favorite fairy tale characters together for a timeless, yet relevant modern classic, written by James Lapine. The story follows the Baker and the Bakers wife, Jack, (of beanstalk fame) Cinderella, and little Red Riding Hood on a journey to break the curse of the witch. Everyone’s wish is granted but the consequences of their actions return to haunt them later with disastrous results. This Stephen Sondheim musical is enchanting and touching with elements of a magical world.
You must have a ticket for the event. Tickets are FREE at:
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March 2022 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 March 2022, Nationally, Homes for Heroes...
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gave back $1,438,365 in Hero Rewards.
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connected 7,323 People with Homes for Heroes affiliated real estate professionals.
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helped 603 Heroes save money when buying, selling or refinancing a home.
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enriched 445 Communities with Hero related real estate transactions.
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awarded $30,000 in grant money - $10,000 each to Navy-Marine Corps Relief Society, Army Emergency Relief, Lynchburg Area Veterans Council.
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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Everyday is "Take Your Cat to Work Day" When You Work From Home! |
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Julie Cendejas | Cendejas Group Real Estate, Keller Williams Realty Boise
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