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!

Oct. 21, 2021

Templeton Real Estate Group is a Top 10 Finalist in the Home Staging Industry Awards!

The Real Estate Staging Association® (RESA®) is pleased to announce that Katrina Atwood with Templeton Real Estate Group, in Boise has been voted as a Top Ten Finalist in the Best Vacant Home Stager of the Year, United States and Best Occupied Home Stager of the Year, United States, by the members of the Real Estate Staging Association. 

 

Katrina Atwood will go on to compete for the overall title of RESA’s Best Vacant Home Stager of the Year, United States and Best Occupied Home Stager of the Year, United States. 

 

Katrina Atwood has been a professional real estate stager since 2019. Atwood, services homes in Boise, Meridian, and Eagle. 

 

“I am whole heartedly honored to be nominated as Top Ten for both categories! Thank you, RESA, for your encouragement and recognition.” -Katrina Atwood 

 

“We would like to thank everyone for their participation in the awards process, without the support of our membership we would not be able to recognize so many well deserving people in our industry. All of the finalists in all categories can be seen at www.HomeStagingIndustryAwards.com. All of the winners will be announced at the end of October on the RESA® Facebook page facebook.com/RealEstateStagingAssociation” said, Shell Brodnax, CEO Real Estate Staging Association. 

 

 

About the Real Estate Staging Association®

The Real Estate Staging Association® (RESA®) is the trade association for professional real estate stagers and redesigners. For more information on the real estate staging and the convention visit www.RESAConvention.com. For more information about the awards please visit

www.HomeStagingIndustryAwards.com.

Posted in Home Design
Oct. 20, 2021

3 Charts That Show This Isn’t a Housing Bubble

 

3 Charts That Show This Isn’t a Housing Bubble | MyKCM

With home prices continuing to deliver double-digit increases, some are concerned we’re in a housing bubble like the one in 2006. However, a closer look at the market data indicates this is nothing like 2006 for three major reasons.

1. The housing market isn’t driven by risky mortgage loans.

Back in 2006, nearly everyone could qualify for a loan. The Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers’ Association is an indicator of the availability of mortgage money. The higher the index, the easier it is to obtain a mortgage. The MCAI more than doubled from 2004 (378) to 2006 (869). Today, the index stands at 130. As an example of the difference between today and 2006, let’s look at the volume of mortgages that originated when a buyer had less than a 620 credit score.3 Charts That Show This Isn’t a Housing Bubble | MyKCMDr. Frank Nothaft, Chief Economist for CoreLogic, reiterates this point:

“There are marked differences in today’s run up in prices compared to 2005, which was a bubble fueled by risky loans and lenient underwriting. Today, loans with high-risk features are absent and mortgage underwriting is prudent.”

2. Homeowners aren’t using their homes as ATMs this time.

During the housing bubble, as prices skyrocketed, people were refinancing their homes and pulling out large sums of cash. As prices began to fall, that caused many to spiral into a negative equity situation (where their mortgage was higher than the value of the house).

Today, homeowners are letting their equity build. Tappable equity is the amount available for homeowners to access before hitting a maximum 80% combined loan-to-value ratio (thus still leaving them with at least 20% equity). In 2006, that number was $4.6 billion. Today, that number stands at over $8 billion.

Yet, the percentage of cash-out refinances (where the homeowner takes out at least 5% more than their original mortgage amount) is half of what it was in 2006.3 Charts That Show This Isn’t a Housing Bubble | MyKCM

3. This time, it’s simply a matter of supply and demand.

FOMO (the Fear Of Missing Out) dominated the housing market leading up to the 2006 housing bubble and drove up buyer demand. Back then, housing supply more than kept up as many homeowners put their houses on the market, as evidenced by the over seven months’ supply of existing housing inventory available for sale in 2006. Today, that number is barely two months.

Builders also overbuilt during the bubble but pulled back significantly over the next decade. Sam Khater, VP and Chief Economist, Economic & Housing Research at Freddie Macexplains that pullback is the major factor in the lack of available inventory today:

“The main driver of the housing shortfall has been the long-term decline in the construction of single-family homes.”

Here’s a chart that quantifies Khater’s remarks:3 Charts That Show This Isn’t a Housing Bubble | MyKCMToday, there are simply not enough homes to keep up with current demand.

Bottom Line

This market is nothing like the run-up to 2006. Bill McBride, the author of the prestigious Calculated Risk blog, predicted the last housing bubble and crash. This is what he has to say about today’s housing market:

“It’s not clear at all to me that things are going to slow down significantly in the near future. In 2005, I had a strong sense that the hot market would turn and that, when it turned, things would get very ugly. Today, I don’t have that sense at all, because all of the fundamentals are there. Demand will be high for a while because Millennials need houses. Prices will keep rising for a while because inventory is so low.”

Oct. 14, 2021

September 2021 Boise Real Estate Market Stats

 

 

Posted in Boise Real Estate
Oct. 13, 2021

Diving Deep into Today’s Biggest Buyer Concerns

 

Diving Deep into Today’s Biggest Buyer Concerns | MyKCM

Last week, Fannie Mae released their Home Purchase Sentiment Index (HPSI). Though the survey showed 77% of respondents believe it’s a “good time to sell,” it also confirms what many are sensing: an increasing number of Americans believe it’s a “bad time to buy” a home. The percentage of those surveyed saying it’s a “bad time to buy” hit 64%, up from 56% last month and 38% last July.

The latest HPSI explains:

“Consumers also continued to cite high home prices as the predominant reason for their ongoing and significant divergence in sentiment toward homebuying and home-selling conditions. While all surveyed segments have expressed greater negativity toward homebuying over the last few months, renters who say they are planning to buy a home in the next few years have demonstrated an even steeper decline in homebuying sentiment than homeowners. It’s likely that affordability concerns are more greatly affecting those who aspire to be first-time homeowners than other consumer segments.”

Let’s look closely at the market conditions that impact home affordability.

A mortgage payment is determined by the price of the home and the mortgage rate on the loan used to purchase it. Lately, monthly mortgage payments have gone up for buyers for two key reasons:

  1. Mortgage rates have increased from 2.65% this past January to 2.9%.
  2. Home prices have increased by 15.4% over the last 12 months.

Based on these rising factors, a home may be less affordable today, but it doesn’t mean it’s not affordable.

Three weeks ago, ATTOM Data released their second-quarter 2021 U.S. Home Affordability Report which explained that the major ownership costs on the typical home as a percent of the average national wage had increased from 22.2% in the second quarter of 2020 to 25.2% in the second quarter of this year. They also went on to explain:

“Still, the latest level is within the 28 percent standard lenders prefer for how much homeowners should spend on mortgage payments, home insurance and property taxes.

In the same report, Todd Teta, Chief Product Officer with ATTOM, confirms:

Average workers across the country can still manage the major expenses of owning a home, based on lender standards.”

It’s true that monthly mortgage payments are greater than they were last year (as the ATTOM data shows), but they’re not unaffordable when compared to the last 30 years. While payments have increased dramatically during that several-decade span, if we adjust for inflation, today’s mortgage payments are 10.7% lower than they were in 1990.

What’s that mean for you? While you may not get the homebuying deal someone you know got last year, that doesn’t mean you shouldn’t still buy a home. Here are your alternatives to buying and the trade-offs you’ll have with each.

Alternative 1: I’ll rent instead.

Some may consider renting as the better option. However, the monthly cost of renting a home is skyrocketing. According to the July National Rent Report from Apartment List:

“…So far in 2021, rental prices have grown a staggering 9.2%. To put that in context, in previous years growth from January to June is usually just 2 to 3%. After this month’s spike, rents have been pushed well above our expectations of where they would have been had the pandemic not disrupted the market.”

If you continue to rent, chances are your rent will keep increasing at a fast pace. That means you could end up spending significantly more of your income on your rental as time goes on, which could make it even harder to save for a home.

Alternative 2: I’ll wait it out.

Others may consider waiting for another year and hoping that purchasing a home will be less expensive then. Let’s look at that possibility.

We’ve already established that a monthly mortgage payment is determined by the price of the home and the mortgage rate. A lower monthly payment would require one of those two elements to decrease over the next year. However, experts are forecasting the exact opposite:

  • The Mortgage Bankers Association (MBA) projects mortgage rates will be at 4.2% by the end of next year.
  • The Home Price Expectation Survey (HPES), a survey of over 100 economists, investment strategists, and housing market analysts, calls for home prices to increase by 5.12% in 2022.

Based on these projections, let’s see the possible impact on a monthly mortgage payment:Diving Deep into Today’s Biggest Buyer Concerns | MyKCMBy waiting until next year, you’d potentially pay more for the home, need a larger down payment, pay a higher mortgage rate, and pay an additional $3,696 each year over the life of the mortgage.

Bottom Line

While you may have missed the absolute best time to buy a home, waiting any longer may not make sense. Mark Fleming, Chief Economist at First Americansays it best:

“Affordability is likely to worsen before it improves, so try to buy it now, if you can find it.”

Oct. 13, 2021

The Top 10 Places To Live in Idaho

The Top 10 Places To Live in Idaho

Idaho is full of beautiful cities that have so much to offer to its residents. With so many to choose from it can be difficult to find the one that suits you and your family’s needs the best. If you’re looking to make a move then let’s take a look at some of the best places to live in the great state of Idaho.

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Posted in Buying a Home
Oct. 13, 2021

5 Reasons To Live in West Bench Boise

5 Reasons To Live in West Bench Boise

Boise has so many gorgeous places to live in and the community of West Bench is easily one of the best. With its picturesque homes and its cozy atmosphere, you’ll feel like you’re right at home in this beautiful neighborhood. If you’re thinking of making a move, here’s a few reasons why you should consider West Bench first. 

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Posted in Buying a Home
Oct. 6, 2021

What You Should Do Before Interest Rates Rise

 

What You Should Do Before Interest Rates Rise | MyKCM

In today’s real estate market, mortgage interest rates are near record lows. If you’ve been in your current home for several years and haven’t refinanced lately, there’s a good chance you have a mortgage with an interest rate higher than today’s average. Here are some options you should consider if you want to take advantage of today’s current low rates before they rise.

Sell and Move Up (or Downsize)

Many of today’s homeowners are rethinking what they need in a home and redefining what their dream home means. For some, continued remote work is bringing about the need for additional space. For others, moving to a lower cost-of-living area or downsizing may be great options. If you’re considering either of these, there may not be a better time to move. Here’s why.

The chart below shows average mortgage rates by decade compared to where they are today:What You Should Do Before Interest Rates Rise | MyKCMToday’s rates are below 3%, but experts forecast rates to rise over the next few years.

If the interest rate on your current mortgage is higher than today’s average, take advantage of this opportunity by making a move and securing a lower rate. Lower rates mean you may be able to get more house for your money and still have a lower monthly mortgage payment than you might expect.

Waiting, however, might mean you miss out on this historic opportunity. Below is a chart showing how your monthly payment will change if you buy a home as mortgage rates increase:What You Should Do Before Interest Rates Rise | MyKCM

Breaking It All Down:

Using the chart above, let’s look at the breakdown of a $300,000 mortgage:

  • When mortgage rates rise, so does the monthly payment you can secure.
  • Even the smallest increase in rates can make a difference in your monthly mortgage payment.
  • As interest rates rise, you’ll need to look at a lower-priced home to try and keep the same target monthly payment, meaning you may end up with less home for your money.

No matter what, whether you’re looking to make a move up or downsize to a home that better suits your needs, now is the time. Even a small change in interest rates can have a big impact on your purchasing power.

Refinance

If making a move right now still doesn’t feel right for you, consider refinancing. With the current low mortgage rates, refinancing is a great option if you’re looking to lower your monthly payments and stay in your current home.

Bottom Line

Take advantage of today’s low rates before they begin to rise. Whether you’re thinking about moving up, downsizing, or refinancing, let’s connect today to discuss which option is best for you.

Oct. 1, 2021

Is Boise A Good Place To Live?


In recent years, Idaho’s rise to fame as The Potato State has seen a major shift to The Most Desired State In America! Is Idaho really that good of a place to live? In short: yes. There are many reasons why individuals and families are flocking to the Gem State and below are a few reasons Idaho’s largest city, Boise, is attracting many to uproot and plant new roots in the City of Trees.



CRIME IS EXTREMELY LOW IN BOISE

Idaho’s crime rates are far below the national average. 74% of Idahoans feel safe in their state compared to 55% nationally. Concern over safety in Idaho has dropped consistently year over year. Idaho’s safest city, Weiser, reported zero violent crimes in the last twelve months and of the approximate 200 cities in Idaho, Boise ranked 16th safest in the state!

IDAHO IS THE LEAST REGULATED STATE IN THE U.S.
In 2019 Idaho cut and simplified 75% of its rules in one year, becoming the least-regulated state in the entire country! What does that mean? More freedom. Governor Brad Little said, “When we reduce the friction on entrepreneurs and businesses, good-paying jobs follow.” More recently, the “Lemonade Stand Freedom” bill passed in 2021, sponsored by Rep. Ron Nate, exempted small youth-run businesses from state sales tax and prohibited local governments from requiring licenses, permits or fees for such operations. “Cities shouldn’t require licenses or permits for youth businesses like lemonade stands or mowing lawns,” Nate said. “We want to encourage young entrepreneurs to dip their toes into the business area. We don’t want to put roadblocks in their way.” 



BOISE HAS A THRIVING ECONOMY & VERY LOW UNEMPLOYMENT
The International Business Times declared that Idaho has the best economy in America. Since 2016, Idaho’s population has grown at one of the fastest rates in the U.S. The population of Idaho is 1.86 million with over 169,000 small businesses, making up 99.2% of overall businesses in the entire state. Unemployment in Idaho is extremely low and ranks among the best! The U.S. unemployment rate as of August 2021 was 5.2% while Idaho was 2.9% and ranks Top 3 in the nation. California (7.5%) and Nevada (7.7%) rank worst with the highest unemployment rates in the U.S.



THERE IS A LOT TO DO INDOORS & OUTDOORS
Boise is filled with activities, making it one of the best cities to raise a family in the U.S. From the Boise Zoo, Idaho State Historical Museum, Discovery Center, Idaho Botanical Garden and Roaring Springs Water Park, the entire family has plenty to do and will never be bored — unless they try really hard to be! With only 2.59 people per square mile, the City of Trees has tons of green space available for its residents to enjoy. The Boise River Greenbelt, Julia Davis Park, Ann Morrison Park, The Military Reserve, Bogus Basin and more, are among the many outdoor Gems to enjoy all throughout the Treasure Valley.

BOISE’S ACTIVE LIFESTYLE
Boise’s beautiful and mild weather allows residents to experience outdoor recreation all year round! Hiking, mountain biking, and trail running are popular activities. A hike paired with breathtaking views on Camel’s Back Trail Loop, Bogus Basin Mountain Recreation Area & Ski Resort for winter slopes, and the Boise River for easy access to kayaking, floating, fishing, and paddle boarding are just a few active options available within close proximity!

IDAHO IS PRO HOMESCHOOL

Idaho is ranked one of the top homeschool-friendly states in America according to the Home School Legal Defense Association (HSLDA). In 2015, the “Parental Rights Statute” was passed protecting parent’s rights to the direct care of their children. Since Idaho views homeschooling as an acceptable means for education, parents’ documents are considered legal as any other school in the state. Idaho allows vaccine exemptions for a broader range of reasons than most states, with categories for medical, religious and personal exemptions.


 

IDAHO IS PRO 2ND AMENDMENT
Of all 50 states, Idaho is tied with Arizona for the most gun-friendly state in the country. In 2016, Idaho passed the “Constitutional Carry” law, which allows open and concealed carry of guns without having to prove training by a permit. Any resident of Idaho, who is 18 years or older can purchase shotguns, handguns, and rifles without a permit, as long as they are not federally restricted from having firearms. 

 

 

BOISE HAS A DYNAMIC DOWNTOWN
Boise's safety, affordability, tech and creative scene attracts families and individuals alike. The growing coffee culture, restaurants, entertainment and music scene draws many that enjoy a downtown lifestyle with a charming small-town feel.

For these reasons and more, it’s easy to see why Boise is no longer the hidden Gem it once was. The secret is out: Boise is not only a good place to live, but a great place to thrive! Not bad for a potato state.

Posted in Boise Living
Sept. 23, 2021

5 Reasons To Live In Boise Bench

Living in Boise Bench

What was once a barren desert, Boise Bench has transformed from essentially nothing to a desirable and thriving community. The area started as a network of dairies, orchards, homesteads, and farms is now a trendy suburb. 

Over 5,500 residents call Boise Bench home, and there are plenty of reasons why people love it there. A rich mix of history, amenities, home types, affordable living, and high quality of life are some, to name a few. 

With proximity to downtown Boise, residents of Boise Bench have access to plenty of amenities within minutes. Regardless of your lifestyle and hobbies, you’ll find something to love in Boise Bench. 

Here are five reasons to live in Boise Bench. 

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Posted in Buying a Home
Sept. 23, 2021

10 Reasons To Live In Northend, Boise

Living in Northend Boise

Boise is one of the most exciting places to live in the Pacific Northwest. It’s an extremely dynamic and vibrant city to call home in the state of Idaho. The lifestyle that comes along with choosing Boise as your next home won’t disappoint. Between the incredible natural beauty, recreation, and real estate, many people opt to relocate to the area. Particularly in the community of Northend, there’s so much to enjoy. 

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Posted in Boise Living