Boise Real Estate Information and News

You’ll find our blog to be a wealth of information, covering everything from local market statistics, new home listings,  home values, real estate market happenings  home design, and community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

May 6, 2021

Harris Ranch- OPEN HOUSE | Saturday May 8th from 1-3PM


Take a guided virtual or in-person tour of our brand-new listing today! 

5080 E Stemwood St | Boise, ID 83716

3 Bed | 2 Bath | 3 Car Garage | 2,301 SqFt

 

Immaculate home in coveted Harris Ranch offers the perfect blend of natural materials & striking, modern updates. Soaring entry flows seamlessly into bright & airy family room with panoramic windows showcasing views of backyard with mature landscaping & garden space. Tastefully updated kitchen feat. stainless silver appliances, gas range & wine rack. Main level master opens onto the back patio & lavish ensuite boasts dual sinks, walk-in shower & dream closet. Spacious upstairs loft is ideal for media room & private home office.

>> Click HERE for more property info

 

May 5, 2021

What Credit Score Do You Need for a Mortgage?

 

What Credit Score Do You Need for a Mortgage? | MyKCM

According to data from the most recent Origination Insight Report by Ellie Mae, the average FICO® score on closed loans reached 753 in February. As lending standards have tightened recently, many are concerned over whether or not their credit score is strong enough to qualify for a mortgage. While stricter lending standards could be a challenge for some, many buyers may be surprised by the options that are still available for borrowers with lower credit scores.

The fact that the average American has seen their credit score go up in recent years is a great sign of financial health. As someone’s score rises, they’re building toward a stronger financial future. As more Americans with strong credit enter the housing market, we see a natural increase in the FICO® score distribution of closed loans, as shown in the graph below:What Credit Score Do You Need for a Mortgage? | MyKCMIf your credit score is below 750, it’s easy to see this data and fear that you may not be able to qualify for a mortgage. However, that’s not always the case. While the majority of borrowers right now do have a score above 750, there’s more to qualifying for a mortgage than just the credit score, and there are still options that allow people with lower credit scores to buy their dream home. Here’s what Experian, a global leader in consumer and business credit reporting, says:

  • Federal Housing Administration (FHA) loans: “With a 3.5% down payment, homebuyers may be able to get an FHA loan with a 580 credit score or higher. If you can manage a 10% down payment, though, that minimum goes as low as 500.”
  • Conventional loans: “The most popular loan type typically comes with a 620 minimum credit score.”
  • S. Department of Agriculture (USDA) loans: “In general, lenders require a minimum credit score of 640 for a USDA loan, though some may go as low as 580.”
  • S. Department of Veterans Affairs (VA) loans: VA loans don't technically have a minimum credit score, but lenders will typically require between 580 and 620.”

There’s no doubt a higher credit score will give you more options and better terms when applying for a mortgage, especially when lending is tight like it is right now. When planning to buy a home, speaking to an expert about steps you can take to improve your credit score is essential so you’re in the best position possible. However, don’t rule yourself out if your score is less than perfect – today’s market is still full of opportunity.

Bottom Line

Don’t let assumptions about whether your credit score is strong enough put a premature end to your homeownership goals. Let’s connect today to discuss the options that are best for you.

April 28, 2021

3 Ways Home Equity Can Have a Major Impact on Your Life

 

3 Ways Home Equity Can Have a Major Impact on Your Life | MyKCM

There have been a lot of headlines reporting on how homeowner equity (the difference between the current market value of your home and the amount you owe on your mortgage) has dramatically increased over the past few years. CoreLogic indicated that equity increased for the average homeowner by $17,000 in the last year alone. ATTOM Data Solutions, in their latest U.S. Home Equity Report, revealed that 30.2% of the 59 million mortgaged homes in the United States have at least 50% equity. That doesn’t even include the 38% of homes that are owned free and clear, meaning they don’t have a mortgage at all.

How can equity help a household?

Having equity in your home can dramatically impact your life. Equity is like a savings account you can tap into when you need cash. Like any other savings, you should be sensible in how you use it, though. Here are three good reasons to consider using your equity.

1. You’re experiencing financial hardship (job loss, medical expenses, etc.)

Equity gives you options during difficult financial times. With equity, you could refinance your house to get cash which may ease the burden. It also puts you in a better position to talk to the bank about restructuring your home loan until you can get back on your feet.

Today, there are 2.7 million Americans who are currently in a forbearance program because of the pandemic. Ninety percent of those in the program have at least 10% equity. That puts them in a better position to get a loan modification instead of facing foreclosure because many banks will see the equity as a form of collateral in a new deal. If you’re in this position, even if you can’t get a modification, the equity allows you the option to sell your house and walk away with your equity instead of losing the house and your investment in it.

2. You need money to start a new business

We’ve all heard the stories about how many great American companies started in the founder’s garage (i.e., Disney, Hewlett Packard, Apple, Yankee Candle, Keeping Current Matters). What we might not realize, however, is the garage (along with the rest of the home) supplied the start-up money for many of these companies in the form of a refinance.

If you’re passionate about an idea you have for a new product or service, the equity in your home may enable you to make that dream a reality.

3. You want to invest in a loved one’s future

It’s been a long-standing tradition in this country for many households to help pay college expenses for their children. Some have tapped into the equity in their homes to do that.

Additionally, George Ratiu, Senior Economist for realtor.comnotes:

52% of Americans who bought their first home in 2020 said they got help with their down payment from friends or family. The number one lender? Their parents.

It’s safe to assume a percentage of that down payment money likely came from home equity.

Bottom Line

Savings in any form is a good thing. The forced savings you can earn from making a mortgage payment enables you to build wealth through home equity. That equity can come in handy in both good and more challenging times.

April 21, 2021

Millennials: Is It Time to Buy a Bigger Home?

 

Millennials: Is It Time to Buy a Bigger Home? | MyKCM

In today’s housing market, all eyes are on millennials. Not only are millennials the largest generation, but they’re also currently between 25 and 40 years old. These are often considered prime homebuying years when many people begin to form their own households and invest in real estate. If you’re like many millennials who are spending much more time at home these days, you may have a growing need for more space or upgraded features, making moving more desirable than ever.

For those millennials who already own a home, there’s a great opportunity to move up in 2021. Danielle Hale, Chief Economist at realtor.comexplains:

“Older millennials will be trade-up buyers with many having owned their first homes long enough to see substantial equity gains.”

Even if you bought a home sometime in the last few years, you may have more equity than you realize, and that’s a big factor to consider when you’re thinking about moving. According to the Homeowner Equity Insights Report from CoreLogic:

“In the third quarter of 2020, the average homeowner gained approximately $17,000 in equity during the past year. This marks the largest average equity gain since the first quarter of 2014.”

Growing equity can be the driver you’re looking for to fund your next move, especially if what you need in a home is changing right now. As equity builds over time, it can be put toward the down payment on your next home.

In addition to equity gains, today’s housing market affordability is powered by record-low mortgage rates, so moving at a time when you can get more for your money may be more realistic than you think.

Bottom Line

If you’re a millennial thinking about moving this year, you’re not alone. Let’s connect to shed light on the equity you have in your current home and the opportunities it can create.

April 21, 2021

Columbia Village- OPEN HOUSE | Saturday April 24th and Sunday, April 25th from 1-3PM


Take a guided virtual or in-person tour of our brand-new listing today! 

Updated kitchen with gorgeous granite counters. Master with walkout to hot tub & ensuite bathroom with tiled shower. Desirable community includes miles of paved paths, recreation center with 4 pools, outdoor tennis court, exercise rm, racquetball. Mins to Downtown Boise, Micron, airport, river, state park, mountains!

Wonderful single level home on nearly 1/4 acre in Columbia Village! Soaring ceilings & abundant light welcome you into spacious great room & large windows offer beautiful views of mature landscape includes apple & cherry trees. Updated kitchen with gorgeous granite counters. Master with walkout to hot tub & ensuite bathroom with tiled shower. Desirable community includes miles of paved paths, recreation center with 4 pools, outdoor tennis court, exercise rm, racquetball. Mins to Downtown Boise, Micron, airport, river, state park, mountains! 

>> Click HERE for more property info

 

April 16, 2021

Pier Point Home For Sale - Open House Saturday, April 17th & Sunday, April 18th 1:00-3:00 PM!


Take a guided virtual or in-person tour of our brand-new listing today! 

1607 E Regatta Ct | Boise, ID 83706

4 Bed | 3 Bath | 3 Car Garage | 2,692 SqFt

 

Rare opportunity to own a single level custom built home on 1 acre, centrally located in Boise, with option to build second dwelling! (Parcel is zoned R2.) Huge heated shop houses multiple cars, RV toys or hobby/business equipment. Newer home showcases 13 ft vaulted ceilings & open floor plan, while the expansive kitchen with gleaming granite counters & knotty alder cabinets are sure to please. Enjoy a spa-like experience in the master bath soaking tub & walk in a custom tiled shower.

 

>> Click HERE for more property info

 

April 16, 2021

Sonata Hills New Listing - 4848 S Mausell Way, Boise, ID 83709


Take a guided virtual or in-person tour of our brand-new listing today! 

4848 S Mausell Way | Boise, ID | Sonata Hills

5 Bed | 3.5 Bath | 3 Car Garage | 2,876 SqFt

 

Beautiful custom home with expansive floor-plan on nearly ¼ acre lot! Amazing kitchen with granite counters, gas top, wall oven, pantry with appliance counter. Five bedrooms + office, included. Convenient main level suite with bathroom, offers plenty of flex space to suit your lifestyle & don’t miss the ‘secret’ room off great room! Master offers private retreat with well-appointed spa bathroom, walk-in closet. Relax on your covered patio & enjoy gorgeous yard with play structure, dog run & attached storage shed. Dual HVAC, large garage.

 

>> Click HERE for more property info

 

April 15, 2021

Central Boise Home For Sale - Open House Sunday, April 18th 1:00-3:00 PM!


Take a guided virtual or in-person tour of our brand-new listing today! 

2115 S Three Mile Creek | Boise, ID 83704

3 Bed | 2 Bath | 7 Car Garage | 2,302 SqFt

 

Rare opportunity to own a single level custom built home on 1 acre, centrally located in Boise, with option to build second dwelling! (Parcel is zoned R2.) Huge heated shop houses multiple cars, RV toys or hobby/business equipment. Newer home showcases 13 ft vaulted ceilings & open floor plan, while the expansive kitchen with gleaming granite counters & knotty alder cabinets are sure to please. Enjoy a spa-like experience in the master bath soaking tub & walk in a custom tiled shower.

 

>> Click HERE for more property info

 

April 14, 2021

Where Have All the Houses Gone?

 

Where Have All the Houses Gone? | MyKCM

In today’s housing market, it seems harder than ever to find a home to buy. Before the health crisis hit us a year ago, there was already a shortage of homes for sale. When many homeowners delayed their plans to sell at the same time that more buyers aimed to take advantage of record-low mortgage rates and purchase a home, housing inventory dropped even further. Experts consider this to be the biggest challenge facing an otherwise hot market while buyers continue to compete for homes. As Danielle Hale, Chief Economist at realtor.comexplains:

“With buyers active in the market and seller participation lagging, homes are selling quickly and the total number available for sale at any point in time continues to drop lower. In January as a whole, the number of for sale homes dropped below 600,000.”

Every month, realtor.com releases new data showing the year-over-year change in inventory of existing homes for sale. As you can see in the map below, nationwide, inventory is 42.6% lower than it was at this time last year:Where Have All the Houses Gone? | MyKCM

Does this mean houses aren’t being put on the market for sale?

Not exactly. While there are fewer existing homes being listed right now, many homes are simply selling faster than they’re being counted as current inventory. The market is that competitive! It’s like when everyone was trying to find toilet paper to buy last spring and it was flying off the shelves faster than it could be stocked in the stores. That’s what’s happening in the housing market: homes are being listed for sale, but not at a rate that can keep up with heavy demand from competitive buyers.

In the same realtor.com report, Hale explains:

Time on the market was 10 days faster than last year meaning that buyers still have to make decisions quickly in order to be successful. Today’s buyers have many tools to help them do that, including the ability to be notified as soon as homes meeting their search criteria hit the market. By tailoring search and notifications to the homes that are a solid match, buyers can act quickly and compete successfully in this faster-paced housing market.”

The Good News for Homeowners

The health crisis has been a major reason why potential sellers have held off this long, but as vaccines become more widely available, homeowners will start making their moves. Ali Wolf, Chief Economist at Zondaconfirms:

“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed.”

With more homeowners getting ready to sell later this year, putting your house on the market sooner rather than later is the best way to make sure your listing shines brighter than the rest.

When you’re ready to sell your house, you’ll likely want it to sell as quickly as possible, for the best price, and with little to no hassle. If you’re looking for these selling conditions, you’ll find them in today’s market. When demand is high and inventory is low, sellers have the ability to create optimal terms and timelines for the sale, making now an exceptional time to move.

Bottom Line

Today’s housing market is a big win for sellers, but these conditions won’t last forever. If you’re in a position to sell your house now, you may not want to wait for your neighbors to do the same. Let’s connect to discuss how to sell your house safely so you’re able to benefit from today’s high demand and low inventory.

April 14, 2021

March 2021 Boise Real Estate Market Stats

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