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!

Sept. 12, 2019

What Is the Probability That Home Values Sink?

What Is the Probability That Home Values Sink?| MyKCM

With the current uncertainty about the economy triggered by a potential trade war, some people are waiting to purchase their first home or move-up to their dream house because they think or hope home prices will drop over the next few years. However, the experts disagree with this perspective.

Here is a table showing the predicted levels of appreciation from six major housing sources:What Is the Probability That Home Values Sink?| MyKCMAs we can see, every source believes home prices will continue to appreciate (albeit at lower levels than we have seen over the last several years). But, not one source is calling for residential real estate values to depreciate.

Additionally, ARCH Mortgage Insurance Company in their current Housing and Mortgage Market Review revealed their latest ARCH Risk Index, which estimates the probability of home prices being lower in two years. There was not one state that even had a moderate probability of home prices lowering. In fact, 34 of the 50 states had a minimal probability.What Is the Probability That Home Values Sink?| MyKCM

Bottom Line

Those waiting for prices to fall before purchasing a home should realize that the probability of that happening anytime soon is very low. With mortgage rates already at near historic lows, now may be the time to act.

Sept. 6, 2019

Open House Weekend - 3 Lavish New Listings!!

 

We've got three lavish new listings on the market! Visit them all this Sunday, September 8th from 1 to 3 pm. 

3143 S Old Hickory | Harris Ranch, NE Boise (top right and bottom right)
Amazing location in desirable Harris Ranch! Contemporary single-level stunner features vaulted and tray ceilings with unique lines, floor-to-ceiling stone fireplace with custom alder mantel and beautiful hardwoods. High windows allow light to flow through the open spaces with double-sliding doors connecting spacious enclosed patio, perfect for entertaining indoors and out! Stylish dark cabinetry contrasts with crisp white Quartz counters in kitchen with island and large pantry.
3 bedroom |  3 bath |  2437 sq.ft. 
>> Click HERE for more property info

3873 S Woodcraft | Harris Ranch, NE Boise (middle left and bottom left)
Immerse yourself in all things Boise with this stylish townhouse in prime Harris Ranch, Mill District Square. Three years new with contemporary feel. Sleek dark wood cabinetry with granite counters, center island and stainless appliances. Open-concept living and wood floors on main. Quaint, verdant patio off dining area. Two spacious masters each with private ensuite bath. Convenient upstairs laundry room. Ample storage and built-ins throughout. Low maintenance living at its finest!
2 bedroom |  2.5 bath |  1671 sq.ft. 
>> Click HERE for more property info

7247 S Rudder | Charter Pointe, SW Boise (top left)
Come home to Charter Pointe, a subdivision packed with amenities. This home is ideally located just steps from the community center, pool, park, elementary school and recreational courts. All that in addition to miles of walking trails! Open concept living with new flooring throughout, trendy black appliances, butcher-block island and walk-in pantry. New carpet enhances the second floor with spacious master, ensuite bath with dual vanities, large tub and huge master closet.
3 bedroom |  2.5 bath |  2428 sq.ft.
 
>> Click HERE for more property info

Aug. 29, 2019

What’s the Latest on Interest Rates?

What’s the Latest on Interest Rates? | MyKCM

Mortgage rates have fallen by over a full percentage point since Q4 of 2018, settling at near-historic lows. This is big news for buyers looking to get more for their money in the current housing market.What’s the Latest on Interest Rates? | MyKCMAccording to Freddie Mac’s Primary Mortgage Market Survey,

the 30-year fixed-rate mortgage (FRM) rate averaged 3.60 percent, the lowest it has been since November 2016.

Sam Khater, Chief Economist at Freddie Mac, notes how this is great news for homebuyers. He states,

“…consumer sentiment remains buoyed by a strong labor market and low rates that will continue to drive home sales into the fall.”

As a potential buyer, the best thing you can do is work with a trusted advisor who can help you keep a close eye on how the market is changing. Relying on current expert advice is more important than ever when it comes to making a confident and informed decision for you and your family.

Bottom Line

Even a small increase (or decrease) in interest rates can impact your monthly housing cost. If buying a home is on your short list of goals to achieve, let’s get together to determine your best move.

Aug. 20, 2019

How Homeownership Delivers Unsurpassed Family Wealth

How Homeownership Delivers Unsurpassed Family Wealth | MyKCM

There are many financial benefits to homeownership, but probably none more important than its ability to create family wealth.

How Housing Matters is a joint project of the Urban Land Institute and the MacArthur Foundation. It is an online resource for research and information on how homeownership contributes to individual and community success.

Their article, The First Rung on the Ladder to Economic Opportunity Is Housing, explains the importance of homeownership to a family’s financial health. In that article, they simply stated:

“The ladder to economic success can stretch only so high without the asset-building power of homeownership.”

To this point, National Association of Realtors’ (NAR) Economists’ Outlook Blog revealed in a recent post:

“Housing wealth contributes positively to the homeowner’s and children’s economic condition, because home equity can be tapped for expenditures such as investing in another property (which can generate rental income), home renovation (which further increases the home value), a child’s college education, emergency or major life events, or expenses in retirement…

Housing wealth (or net worth or equity) is built up over time via the home price appreciation and the principal payments that the homeowner makes on the loan.”

Here is a graph showing the build-up of wealth over time:How Homeownership Delivers Unsurpassed Family Wealth | MyKCMJust last month, NAR’s Chief Economist, Lawrence Yun, explained that even though home appreciation has slowed, homeowners are still building wealth:

“Homeowners in the majority of markets are continuing to enjoy price gains, albeit at a slower rate of growth. A typical homeowner accumulated $9,500 in wealth over the past year.”

Later in life, this wealth is crucial…

This wealth is important to a family’s retirement plans. In a recent report from the Joint Center for Housing Studies at Harvard University titled, Housing America’s Older Adults 2018, they revealed that a renter 65 years old or older has a net worth of $6,710. Meanwhile, a homeowner 65+ years old has a net worth of $319,200. That huge difference will allow for a dramatic upgrade in one’s lifestyle during your retirement years.

Bottom Line

Homeownership builds wealth. This, in turn, allows families to have more and better options when it comes to their children and their life in retirement.

Aug. 14, 2019

Why Now Is the Perfect Time to Sell Your House

Why Now Is the Perfect Time to Sell Your House | MyKCM

As a homeowner, it’s always tempting to dream about the next big project you’re going to tackle. The possibilities are endless. Should I renovate? Should I refinance? Should I stay? Should I move? The list goes on and on.

In today’s housing market, it’s actually a great time to shift your thoughts toward selling your house and moving up into the home of your dreams. Here’s why:

Inventory is on the rise, but there’s still an overall shortage of houses for sale (less than a 6-month supply found in a more normal market), so homes are going under contract quickly. In fact, the National Association of Realtors (NAR) Realtors® Confidence Index Survey reports that right now homes are only staying on the market for an average of 27 days. That’s less than one month, an even more accelerated pace from the 36-day trend we saw last spring.Why Now Is the Perfect Time to Sell Your House | MyKCMThe same report also indicates there are more interested buyers than active sellers today, which is one of the big factors driving home prices higher.Why Now Is the Perfect Time to Sell Your House | MyKCMWhy Now Is the Perfect Time to Sell Your House | MyKCMThis power combination provides an ideal environment for sellers aiming to close a quick sale and earn a big return as we wrap up the summer season.

Bottom Line

There’s still time to make a move before the school year starts and the fall weather sets in. Maybe it’s time to make a change. Let’s get together to determine if selling now is the right decision for your family.

Aug. 8, 2019

How Much Do You Know About Down Payments?

How Much Do You Know About Down Payments? | MyKCM

Whether you’ve owned a home before, or you’re ready to jump into homeownership for the first time, there are always a lot of questions swirling around about what is truly required for a down payment, and how to best source down payment assistance. Let’s tackle these two today.

1. How much do you really need for a down payment?

There is a long-standing misconception about down payment requirements. A survey from Fannie Mae shows only 17% of consumers know the minimum options are actually between 1 - 5% of the purchase price and 40% don’t know how much they need at all.How Much Do You Know About Down Payments? | MyKCMThere are many mortgage loans available that require as little as 3% down for first-time buyers, and some ask for only 3.5% down from repeat buyers. There are even loans available for Veterans that provide 0% down payment options too.

We’ve mentioned recently that you don’t need to come up with a 20% down payment to buy, and we’ve also shared how quickly you can save for a 3% or 10% down payment, depending on where you live. If you’re planning to put down just 3%, the research shows it may be possible in most states to have enough saved for a down payment in less than a year. That puts homeownership in a much closer reach for many potential buyers, maybe even you!

2. How can I get help with my down payment?

Regardless of the loans available, many buyers still need assistance with a down payment. The great news is, there are a lot of ways to tap into down payment assistance options. Here are just a couple of them:

Assistance from Family Members

The National Association of Realtors (NAR) said, “a third of recent first-time buyers received down payment assistance from family members.” They also mentioned, “the average net worth of those aged 75 and over stands at $264,800...They just might offer the boost the next generation needs to become homeowners.

That means one of the ways to find help with a down payment is to accept a gift from a family member. If this is an option for you, make sure you talk to your loan officer before you accept the money, to ensure you document the process the way it is required by your loan. This way, it will be received properly and you can still potentially qualify.

Down Payment Assistance Programs

The reality is, not everyone has a loved one or a family member who can provide help with a down payment. There are, however, more than 2,500 down payment assistance programs available (by local areas like city, county, or neighborhood), and some of them are even specifically for first-time buyers.

The gap, as mentioned in the same survey, is “only 23% of consumers are familiar with low down payment programs.”

That’s why it is so important to get familiar with these options by doing your homework before you plan to buy a home. Determine what is available in the area where you ultimately want to live, so you have all the details you need to take advantage of the down payment assistance option that is best for your family.

Bottom Line

If buying a home is one of your long-term goals, you may be able to get there sooner than you think by tapping into one of the many down payment assistance programs available.

Aug. 2, 2019

3 Powerful Reasons to Buy a Home Now

3 Powerful Reasons to Buy a Home Now | MyKCM

Whether you are a first-time buyer or looking to move up to the home of your dreams, now is a great time to purchase a home. Here are three major reasons to buy today.

1. Affordability

Many people focus solely on price when talking about home affordability. Since home prices have appreciated throughout the past year, they assume homes are less affordable. However, affordability is determined by three components:

  • Price
  • Wages
  • Mortgage Interest Rate

Prices are up, but so are wages - and interest rates have recently dropped dramatically (see #2 below). As a result, the National Association of Realtors’ (NAR) latest Affordability Index report revealed that homes are MORE affordable throughout the country today than they were a year ago.

“All four regions saw an increase in affordability from a year ago. The South had the biggest gain in affordability of 6.9%, followed by the West with a gain of 6.0%. The Midwest had an increase of 5.8%, followed by the Northeast with the smallest gain of 1.8%.”

2. Mortgage Interest Rates

Mortgage rates have dropped almost a full point after heading toward 5% last fall and early winter. Currently, they are below 4%.
3 Powerful Reasons to Buy a Home Now | MyKCMAdditionally, Fannie Mae recently predicted the average rate for a 30-year fixed mortgage will be 3.7% in the second half of 2019. That compares to a 4.4% average rate in the first quarter and 4% in the second quarter.

With mortgage rates remaining near historic lows, Fannie Mae and others have increased their forecasts for housing appreciation for the rest of the year. If home price gains are about to re-accelerate, buying now rather than later makes financial sense.

3. Increase Family Wealth

Homeownership has always been recognized as a sensational way to build long-term family wealth. A new report by ATTOM Data Solutions reveals:

“U.S. homeowners who sold in the second quarter of 2019 realized an average home price gain since purchase of $67,500, up from an average gain of $57,706 in Q1 2019 and up from an average gain of $60,100 in Q2 2018. The average home seller gain of $67,500 in Q2 2019 represented an average 33.9 percent return as a percentage of original purchase price.”

The longer you delay purchasing a home, the longer you are waiting to put the power of home equity to work for you.

Bottom Line

With affordability increasing, mortgage rates decreasing, and home values about to re-accelerate, it may be time to make a move. Let’s get together to determine if buying now makes sense for your family.

July 26, 2019

What Experts are Saying About the Current Housing Market

What Experts are Saying About the Current Housing Market | MyKCM

We’re halfway through the year, and with a decline in interest rates as well as home price and wage appreciation, many are wondering what the experts predict for the second half of 2019.

Here’s what some have to say:

Danielle Hale, Chief Economist at realtor.com

“Lower mortgage rates, higher wages and more homes for sale have helped counteract rising home prices, and ultimately, made it so that buyers are able to afford more than last year.”

“Our outlook implies 4% growth for the remaining months of the year, predicated on…more supply than last year, the decline in mortgage rates, moderating home price appreciation and improving affordability.”

Lawrence Yun, Chief Economist at NAR

“Rates of 4% and, in some cases even lower, create extremely attractive conditions for consumers. Buyers, for good reason, are anxious to purchase and lock in at these rates.”

Doug Duncan, Chief Economist for Fannie Mae

“Moderating home price appreciation and attractive mortgage rates continue to support affordability, particularly as home builders are now paying more attention to the entry-level portion of the housing market.”

Kaycee Miller in a Realtor Magazine article

“At the moment, some observers suggest the housing market is indeed headed for a slowdown. But no need to panic — experts say the financial and economic factors that were in play during the big crash a decade ago don’t exist today.”

Bottom Line

The housing market will be stronger for the rest of 2019. If you’d like to know more about your specific market, let’s get together to chat about what’s happening in our area.

July 19, 2019

Open House Weekend - 4 Gorgeous New Listings Saturday & Sunday!

We've got four vibrant new property listings available this weekend! We'll be showing 985 W Deer Crest on Saturday, July 20th from 1 to 3 PM.

Our three other fabulous listings will be shown on Sunday, July 21st from 1 to 3 PM. 

985 W Deer Crest | NW Meridian (top left and bottom right)
Live well in this impressive, generously spacious home in desirable Paramount Sub! The open floor plan includes five bedrooms–one with full ensuite on the main level–plus an office and bonus room! The sleek gourmet kitchen has SS appliances, gorgeous Quartz counters and flows into great room with stylish stone fireplace. Abundant windows fill the home with natural light and the covered patio extends the livability outside to the large backyard. Immaculate and smartly designed with HERS Index score! Dual HVAC. Close to four community pools and six parks.
5 bedroom |  3.5 bath |  3305 sq.ft. 
>> Click HERE for more property info

2575 S Old Hickory | NE Boise (bottom left)
Exceptional home with timeless design and curb appeal in Harris Ranch! Warmed by rich hardwoods, the expansive floorplan features generous living spaces and flexible rooms, chef's kitchen, intimate dining room with elegant fireplace and three outdoor patio areas to offer the perfect setting for relaxing and entertaining. The stunning staircase leads to upper loft area and three bedrooms, including the master retreat with gorgeous spa-like bathroom. Beautiful views from the extended covered patio and balcony. Community pool and plenty of extras included!
4 bedroom |  3 bath |  2893 sq.ft. 
>> Click HERE for more property info

3081 S Brookridge | NE Boise (middle left)
Immaculate home with contemporary flair in Harris Ranch! High-style brick wall accents and hardwoods warm the entry and impressive living and entertaining space. The well-appointed kitchen gleams with quartz island, six-burner gas range, SS wall oven, pantry/appliance counter and built-in bar. Dining area steps out to large, partially covered patio with separate lounge and eating area. Retreat to the master with beautiful en-suite bath, tiled shower and deep soaking tub! Bonus room or fourth bedroom offers oversized windows and privacy.
4 bedroom |  2.5 bath |  2341 sq.ft. 
>> Click HERE for more property info

5417 S Onaga | SE Boise (top right)
Inviting single-level charmer in Columbia Village! Bright and airy floorplan is accentuated by vaulted ceilings and abundant windows. Crisp white cabinets in kitchen contrast nicely against black appliances. Split master bedroom offers privacy, with ensuite bathroom, walk-in closet and access to outside paver patio. The large covered back deck is the perfect spot to host gatherings and entertain! Community rec center with four pools, tennis court, indoor racquetball and gym. Accessible to walking/biking paths and close to great schools.
3 bedroom |  2 bath |  1206 sq.ft. 
>> Click HERE for more property info

July 12, 2019

Open House Weekend - 3 Posh New Properties!

Open House - 3 properties

We've got three posh new property listings for this weekend! Visit them all this Sunday, July 14th from 1 PM to 3 PM. 

2073 S Shoshone | Boise Bench (bottom left and bottom right)
Live on the Boise Bench in style! This modern farmhouse new-build is just minutes to Downtown, I-84, airport & BSU! Spacious kitchen w/ granite tops, custom cabinetry & subway tile. Main level boasts 9' ceilings, shiplap accents, stylish hardware & lighting fixtures & a generous bdrm that doubles as a flex/media rm. Large upstairs bedrooms feature vaulted ceilings & ensuites w/ quartz counters, custom tile showers & back-splashes, large closets & plenty of natural light. Private fenced backyard & 2-car garage!
3 bedroom |  3 bath |  1779 sq.ft. 
>> Click HERE for more property info

2061 S Shoshone | Boise Bench (top right and middle left)
Incredible opportunity to own modern craftsmanship on The Bench! Impeccable design & high-end details in this brand-new build include 9’ ceilings, gleaming granite, custom marble & tile accents as well as upscale hardware & lighting fixtures. Kitchen opens to great room & is perfect for hosting gatherings. Take the entertaining outside to the covered private patio & low maintenance yard. Two masters w/ gorgeous ensuite bathrooms & walk-in closets.
3 bedroom |  3 bath |  1708 sq.ft. 
>> Click HERE for more property info

5861 S Schooner | SE Boise (top left)
Spacious & bright floorplan w/ dramatic soaring ceilings in desirable Surprise Valley! Kitchen has tons of cabinets & counter space - opens to wonderful family room w/ cozy fireplace & a private office or flex room. Master bdrm features a large ensuite w/ updated tile floor, separate soaker tub & walk-in shower. Beautiful yard w/ mature landscaping, garden space & custom brick paver patio. New kitchen appliances, water heater, roof 2017. Enjoy the community pools, clubhouse, tennis courts & walking paths!
3 bedroom |  2.5 bath |  2428 sq.ft.
 
>> Click HERE for more property info