by Phil Hoover, Real Estate Broker

How $4 Gas Affects Boise Real Estate

If you think $4+ gas isn’t affecting local real estate, better think again!

I am hearing from many of my buyers that they want to live “closer in” vs. living in Nampa, Star, Middleton, or Horsehoe Bend.

When you consider the cost of commuting and factor in the time/aggravation of fighting traffic, many buyers are opting to live closer to work.

And, higher gas costs are causing Realtors® to re-think how they do business too.

Realtors® are now having to think twice about giving buyers the free grand tour of the Treasure Valley if they’re “just looking”.

Most experienced agents are now asking their buyers to get their financing pre-approved and sign a Buyer Representation Agreement before showing property.

The other option? Charge buyers to see homes.

Don’t laugh ~ it’s already being done in other areas.

August 21st, 2008 Posted in About Boise, ID | Print Print | 1 Comment »

My Take On The Boise Real Estate Market

Those of you who are regular readers know that I am anything but a real estate cheerleader.

To the contrary, my colleagues often label me as “negative” because I openly discuss the truth about the realities of our current market without hesitation.

I like to deal in facts, provide information, and let my clients make their own informed decisions without the usual sales talk.

That said, if you believe what you see and hear in the media it would be easy to conclude that foreclosures are up a zillion percent, everyone is about to lose their home, we are headed for a depression, etc.

The simple fact is that things are not all that bad in the Boise area.

If you think the end of the world is nigh, notice how many roads are being widened by ACHD, check out the MASSIVE new medical center under construction near St. Luke’s Hospital in Meridian, and notice the resurgence of new homes under construction in many of our subdivisions.

Boise is a terrific place to live and people are still moving here and buying homes!

The Boise area is not Las Vegas, Phoenix, Florida, or California.

It’s good to remember that all real estate is local, there is no national real estate market, and the doom and gloom Case-Schiller index doesn’t know Boise even exists.

Yes, our real estate market has slowed and prices have come down as much as 15-20% in some instances, but it’s not the end of the world.

Lower home prices = increased affordability, which provides terrific buying opportunities!

507 homes valued at $126.9 MILLION dollars changed hands in Ada County in July.

And 697 more Ada County homes were in escrow at the beginning of August.

Does that sound like the end of the world?

August 20th, 2008 Posted in About Boise, ID, Boise Market Stats | Print Print | 1 Comment »

Boise Real Estate Mid-Year Market Statistics

Here’s an interesting comparison of mid-year market stats for the Boise real estate market:

Active Listings:

  • 2007: 4,968
  • 2008: 5,052

Average Sales Prices

  • 2007 Average Sales Price: $282,483
  • 2008 Average Sales Price: $262,381
  • % Change: -7.1%

Median Sales Prices

  • 2007 Median Sales Price: $238,900
  • 2008 Median Sales Price: $210,000
  • % Change: -12.1%

YTD Closed Sales: (number of homes sold)

  • 2007: 4,032
  • 2008: 2,730
  • % Change: -32.3%

Months’ Supply of Listings

  • 2007: 7.4
  • 2008: 11.1

Phil’s Plainspoken Summary:

  • We have enough homes for sale to last nearly a year if no more were listed.
  • We are selling 2/3 as many homes as we were a year ago at lower prices.

Notes:

  1. Data pertains to Ada County single-family homes on lot/acreage.
  2. Data is for the 1st half of each year.
  3. Months’ supply calculated by dividing the average number of YTD closed sales per month into the number of active listings.
August 19th, 2008 Posted in Boise Market Stats, Combined Market Stats | Print Print | No Comments »

When Will We Stop Comparing To 2005?

Am I the only one who’s growing weary of the endless real estate market comparisons to 2005?

Yeah, 2005 was just great ~ everyone and their cat got their real estate licenses, we had busloads of speculators/flippers flooding into the Boise area trying to buy every home in some of our subdivisions, and everyone thought homes would continue to appreciate at 24% per year forever.

Now that we are back to a normal market, the media remains obsessed with comparisons to the 2005 real estate market.

Guess what, folks ~ 2005 was an aberration, an anomaly, unrealistic, and (insert your own description here).

2005 was then; 2008 is now!

The market we have is the market we have and all of those silly comparisons to 2005 are meaningless.

I wonder if the media will still be comparing current real estate market statistics to 2005 in 2015?

August 16th, 2008 Posted in Boise Market Stats, Combined Market Stats | Print Print | No Comments »

Boise River Greenbelt On A Sunday Afternoon

One of my favorite things to do on a Sunday is to walk the Boise River Greenbelt.

After showing a few homes earlier this afternoon, I discovered this stretch of the greenbelt just West of the Eagle Road bridge over the North Channel of the river.

Best of all, it’s just five minutes from my home in Eagle!

August 10th, 2008 Posted in About Boise, ID, About Eagle, ID, About Our Area, Around Boise | Print Print | No Comments »
« Previous Entries
Page 1 of 7312345»...Last »