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!

Feb. 14, 2020

Homeownership Rate on the Rise to a 6-Year High

Homeownership Rate on the Rise to a 6-Year High | MyKCM

Regardless of the lack of inventory on the market, the U.S. homeownership rate has climbed to a 6-year high. The United States Census Bureau reported that it increased to 65.1% in the fourth quarter of 2019, representing the highest level in the past six years. See the graph below:Homeownership Rate on the Rise to a 6-Year High | MyKCMThis increase does not come as a surprise. According to realtor.com,

“The largest cohort of the millennial generation turns 30-years-old in 2020 and they are hitting the housing market in full force. At the end of the fourth quarter of 2019, millennials made up the largest generational segment of homebuyers, growing their share of home purchase mortgages to 48 percent.”

With so many Millennials entering a homebuying phase of life and getting into the market, the Millennial Report also explains,

“Homeownership is an even bigger goal for younger generations. Of those with savings, 41 percent of Gen Z and 40 percent of younger millennials are saving to buy a home.”

Today’s low interest rates are providing a break to new homeowners too, regardless of generation, making homeownership more desirable and achievable at the same time. Freddie Mac explains,

“The combination of very low mortgage rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months.”

The increase in homeownership rate was also represented by race and ethnicity of the householders. HousingWire explains,

“The homeownership rate for black Americans in 2019’s fourth quarter rose to 44%, a seven-year high, increasing from the record low it reached in 2019’s second quarter. The rate for Hispanic Americans was 48.1%, a two-year high, the Census data showed…The rate for white Americans was 73.7%, an eight-year high.”

See the graph below:Homeownership Rate on the Rise to a 6-Year High | MyKCM

Bottom Line

If you’re considering buying a home this year, let’s get together to set a plan that will help you get one step closer to achieving your dream.

Feb. 6, 2020

Three Reasons Why Pre-Approval Is the First Step in the 2020 Homebuying Journey

Three Reasons Why Pre-Approval Is the First Step in the 2020 Homebuying Journey | MyKCM

When the number of buyers in the housing market outnumbers the number of homes for sale, it’s called a “seller’s market.” The advantage tips toward the seller as low inventory heats up the competition among those searching for a place to call their own. This can create multiple offer scenarios and bidding wars, making it tough for buyers to land their dream homes – unless they stand out from the crowd. Here are three reasons why pre-approval should be your first step in the homebuying process.

1. Gain a Competitive Advantage

Low inventory, like we have today, means homebuyers need every advantage they can get to make a strong impression and close the deal. One of the best ways to get one step ahead of other buyers is to get pre-approved for a mortgage before you make an offer. For one, it shows the sellers you’re serious about buying a home, which is always a plus in your corner.

2. Accelerate the Homebuying Process

Pre-approval can also speed up the homebuying process, so you can move faster when you’re ready to make an offer. In a competitive arena like we have today, being ready to put your best foot forward when the time comes may be the leg-up you need to cross the finish line first and land the home of your dreams.

3. Know What You Can Borrow and Afford

Here’s the other thing: if you’re pre-approved, you also have a better sense of your budget, what you can afford, and ultimately how much you’re eligible to borrow for your mortgage. This way, you’re less apt to fall in love with a home that may be out of your reach.

Freddie Mac sets out the advantages of pre-approval in the My Home section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

Local real estate professionals also have relationships with lenders who can help you through this process, so partnering with a trusted advisor will be key for that introduction. Once you select a lender, you’ll need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac also describes the ‘4 Cs’ that help determine the amount you’ll be qualified to borrow:

  1. Capacity: Your current and future ability to make your payments
  2. Capital or Cash Reserves: The money, savings, and investments you have that can be sold quickly for cash
  3. Collateral: The home, or type of home, that you would like to purchase
  4. Credit: Your history of paying bills and other debts on time

While there are still many additional steps you’ll need to take in the homebuying process, it’s clear why pre-approval is always the best place to begin. It’s your chance to gain the competitive edge you may need if you’re serious about owning a home.

Bottom Line

Getting started with pre-approval is a great way to begin the homebuying journey. Let’s get together today to make sure you’re on the fastest path to homeownership.

Jan. 27, 2020

Make the Dream of Homeownership a Reality in 2020

Make the Dream of Homeownership a Reality in 2020 | MyKCM

In 1963, Martin Luther King, Jr. led and inspired a powerful movement with his famous “I Have a Dream” speech. Through his passion and determination, he sparked interest, ambition, and courage in his audience. Today, reflecting on his message encourages many of us to think about our own dreams, goals, beliefs, and aspirations. For many Americans, one of those common goals is owning a home: a piece of land, a roof over our heads, and a place where our families can grow and flourish.

If you’re dreaming of buying a home this year, the best way to start the process is to connect with a Real Estate professional to understand what goes into buying a home. Once you have that covered, then you can answer the questions below to make the best decision for you and your family.

1. How Can I Better Understand the Process, and How Much Can I Afford?

The process of buying a home is not one to enter into lightly. You need to decide on key things like how long you plan on living in an area, school districts you prefer, what kind of commute works for you, and how much you can afford to spend.

Keep in mind, before you start the process to purchase a home, you’ll also need to apply for a mortgage. Lenders will evaluate several factors connected to your financial track record, one of which is your credit history. They’ll want to see how well you’ve been able to minimize past debts, so make sure you’ve been paying your student loans, credit cards, and car loans on time. Most agents have loan officers they trust that they can refer you to.

According to ConsumerReports.org,

Financial planners recommend limiting the amount you spend on housing to 25 percent of your monthly budget.”

2. How Much Do I Need for a Down Payment?

In addition to knowing how much you can afford on a monthly mortgage payment, understanding how much you’ll need for a down payment is another critical step. Thankfully, there are many different options and resources in the market to potentially reduce the amount you may think you need to put down up front.

If you’re concerned about saving for a down payment, start small and be consistent. A little bit each month goes a long way. Jumpstart your savings by automatically adding a portion of your monthly paycheck into a separate savings account or house fund. AmericaSaves.org says,

“Over time, these automatic deposits add up. For example, $50 a month accumulates to $600 a year and $3,000 after five years, plus interest that has compounded.”

Before you know it, you’ll have enough for a down payment if you’re disciplined and thoughtful about your process.

3. Saving Takes Time: Practice Living on a Budget

As tempting as it is to settle in each morning with a fancy cup of coffee from your favorite local shop, putting that daily spend toward your down payment will help accelerate your path to homeownership. It’s the little things that count, so start trying to live on a slightly tighter budget if you aren’t doing so already. A budget will allow you to save more for your down payment and help you pay down other debts to improve your credit score. A survey of Millennial spending shows,

“70 percent of would-be first-time homebuyers will cut spending on spa days, shopping and going to the movies in exchange for purchasing a home within the next year.”

While you don’t need to cut all of the fun out of your current lifestyle, making smarter choices and limiting your spending in areas where you can slim down will make a big difference.

Bottom Line

If homeownership is on your dream list this year, take a good look at what you can prioritize to help you get there. Let’s get together today to discuss the best steps you can take to start the process.

Jan. 17, 2020

Open House Weekend - 2 Exceptional New Listings!!

We've got two FANTASTIC new listings on the market! Tour them both this Sunday, January 19th from 1 to 3 pm.

4153 E Barber Station Way | NE Boise (bottom left, bottom right)
Beautiful home in desirable Harris Ranch! Entry welcomes you w/ charming porch, soaring ceilings & warm refinished hardwood floors. Kitchen opens to bright family rm w/ gas fireplace & dining area w/ walkout to covered patio & gorgeous lush landscape & oversized yard - perfect for entertaining! Split bdrm floorplan features main-level master, two bdrms up w/ bonus rm. Fourth main-level bdrm makes great office/flex space. Upgraded Dual-Zoned HVAC 2-years new! Community pools; walk to Boise River & Greenbelt!
4 bedroom |  2.5 bath |  2092 sq.ft. 
>> Click HERE for more property info

8676 W Thunder Mountain Dr. | South Boise (upper left, middle left, upper right)
Enjoy AMAZING VIEWS of Squaw Butte & Boise Foothills in this COMPLETELY RENOVATED home. Modern style & flair abound! All new HVAC, wtr htr, gorgeous windows, flooring, fresh paint, light fixtures, landscaping & fencing mean extra time spent relaxing in front of the fireplaces or entertaining from multiple patios, including private deck off master. Large circle drive has plenty of parking w/ designated spot for RV/boat in addition to the over-sized 4 car garage! No rear neighbors & no HOA.
5 bedroom |  3 bath |  2653 sq.ft. 
>> Click HERE for more property info

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Jan. 10, 2020

The New Spring Real Estate Market is Here. Are You Ready?

The New Spring Real Estate Market is Here. Are You Ready? | MyKCM

Which month do you think most people who are considering buying a home actually start their search? If you’re like most of us, you probably think the surge happens in the spring, likely in April. Not anymore. According to new research, January 2019 was only 1% behind February for the most monthly views per listing on realtor.com.

So, what does that mean? The busiest season in real estate has just begun.

The same research indicates,

“Historically, April launched the kickoff of the home shopping season as buyers would come out of their winter hibernation looking for their new home. However, the spring shopping season now starts in January for many of the nation's largest markets.”

With the reality of fewer homes on the market in the winter, and that supply naturally increases as we head to the spring market, waiting for more competition to list in your neighborhood this year might put you behind the curve. Perhaps now is the time to jump into the market.

George Ratiu, Senior Economist at realtor.com says,

“As shoppers modify their strategies for navigating a housing market that has become more competitive due to rising prices and low inventory, the search for a home is beginning earlier and earlier.”

There is a lot of speculation in the market about why the search for a home is shifting to an earlier start. The one thing we do know is if you’re thinking about buying or selling a home this year, the earlier you get started, the better.

Reminder: When should you sell something? When there is less of that item for sale and the greatest number of buyers are in the market. That’s exactly what is happening in real estate right now.

Bottom Line

The new spring market for real estate is underway. If you’re considering buying or selling, let’s connect, so you have the advantage in this competitive market.

Jan. 2, 2020

Open House Weekend - 2 Stellar New Listings!!

 

We've got two STELLAR new listings on the market! Tour them both this Sunday, January 5th from 1 to 3 pm.

2092 E Feldspar Ct. | NE Boise (middle left, bottom left, bottom right)
Location Location! Minutes from downtown, Table Rock, the Natatorium, Idaho Botanical Gardens, St. Luke's & Warm Springs Golf Course with neighborhood greenbelt access! Tastefully updated with fresh paint, new carpet & light fixtures throughout. This single-level gem has an abundance of natural light through over-sized windows with custom solar shades. Warm hardwoods enhance a formal dining open to spacious living room with high ceilings & generous built-ins. Huge master with jetted tub.
3 bedroom |  2.5 bath |  2406 sq.ft. 
>> Click HERE for more property info

869 E Pennsylvania St. | SE Boise (upper left, upper right)
Stylishly remodeled loft-style home in highly desirable SE Boise's Southshore Sub. Just blocks from the greenbelt tucked away on cul-de-sac, close to downtown, BSU, Bown Crossing, Bagley Park & Parkcenter shops. Living room has vaulted ceilings, abundant natural light, brand new windows & wood-burning stove - providing the perfect ambiance & warmth on cold winter nights! Bright & airy kitchen features crisp white cabinetry, classy hardware & new stainless appliances.
3 bedroom |  2 bath |  1280 sq.ft. 
>> Click HERE for more property info

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Dec. 26, 2019

3 Mistakes to Avoid When Selling a Home in 2020

3 Mistakes to Avoid When Selling a Home in 2020 | MyKCM

It’s exciting to put a house on the market and to think about making new memories in new spaces, but we can have deep sentimental attachments to the homes we’re leaving behind, too. Growing emotions can help or hinder a sale, depending on how we manage them.

When it comes to the bottom line, homeowners need to know what it takes to avoid costly mistakes. Being mindful of these things and prepared for the process can help you avoid some of the most common mishaps when selling your house.

1. Overpricing Your Home

When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask for when we price our homes. Believe it or not, that’s far from the truth. Don’t forget that the buyer’s bank will send an appraisal to determine the fair value for your home. The bank will not lend more than what the house is worth, so be mindful that you might need to renegotiate the price after the appraisal. A real estate professional will help you to set the true value of your home.

2. Letting Your Emotions Interfere with the Sale

Today, most homeowners have been living in their houses for an average of 10 years (as shown in the graph below):3 Mistakes to Avoid When Selling a Home in 2020 | MyKCMThis is several years longer than what used to be the norm, since many homeowners have been recouping from negative equity situations over the past 10 years. The side effect, however, is when you live for so long in one place, you may get even more emotionally attached to your space. If it’s the first home you bought after you got married or the house where your children grew up, it very likely means something extra special to you. Every room has memories and it’s hard to detach from the sentimental value.

For some homeowners, that makes it even harder to negotiate, separating the emotional value of the home from the fair market price. That’s why you need a real estate professional to help you with the negotiations in the process.

3. Not Staging Your Home

We’re generally quite proud of our décor and how we’ve customized our houses to make them our own personalized homes, but not all buyers will feel the same way about your design. That’s why it’s so important to make sure you stage your home with the buyer in mind. Buyers want to envision themselves in the space, so it truly feels like their own. They need to see themselves in the space with their furniture and keepsakes – not your pictures and decorations. Stage and declutter your home so they can visualize their own dreams as they walk through your house. A real estate professional can help you with tips to get your home ready to stage and sell.

Bottom Line

Today’s seller’s market might be your best chance to make a move. If you’re considering selling your house, let’s get together to help you navigate through the process while avoiding common seller mistakes.

Dec. 17, 2019

5 Crucial Cold Weather Tips for Preparing Your House for Winter

Cold weather, ice and snow can do real damage to your home, but it's not too late to ensure your home is winter-ready! Following these simple steps will help keep your home insulated and protected from the effects of cold temperatures.

Insulate Windows

Winter drafts can drive up your energy bill — and detract from the cozy vibe you want inside your home when it’s cold outside — if your windows have any air leaks. But by reducing drafts you can lower your home’s energy costs by up to 20% per year, according to the U.S. Energy Department, while also making your living space more comfortable.

Here are five simple solutions (all under $8!) that will allow you to insulate your windows quickly:

  1. V-seal weather stripping. Add this plastic weather stripping along the sides of the sashes. Windows can open and shut evenly with the V-seal in place. (Pro tip: Weather stripping also works wonders on doors.)
  2. Rope caulk. This soft, sticky stuff can be molded to fill the gap — and the caulk removes easily at the end of the cold season.
  3. Shrink film. Applied with double-sided tape, this clear plastic sheeting shrinks drum-tight when heated with a hair dryer. The film seals off drafts and captures an insulating buffer of air. Use rubbing alcohol to help release the tape in the spring to avoid stripping off any paint.
  4. Nail polish. If carefully applied, clear polish fills the crack almost invisibly. Once hardened, it will stabilize the glass until you can replace it in the spring.
  5. Draft snake. If the bottom of your window is letting in cold air, buy a foam-and-fabric draft snake kit. Cut the 36-inch foam tube provided to length and slip the washable cover over it. Then place the snake on the sill, and shut the window on to seal the deal.

Trim Tree Branches

The last thing you need is a winter storm loosing the wrath of that mighty tree whose branches are angling over your roof. Not to mention, overhanding limbs can cause excess water to seep into cracks in your home’s roof or siding, which is why you want to make sure any tree limbs or branches surrounding your home are at least 3 feet away from the house.

Inspect Your Fireplace

A visual inspection, both inside and outside your home, can ensure that your wood-burning fireplace is in good shape (read: safe) for the burning season.

During an outdoor inspection, make sure:

  • A chimney cap is present and in good condition.
  • There is no bird nest or debris buildup on the cap.
  • There are no tree limbs above or near the chimney.
  • The mortar and bricks on the chimney aren’t crumbling or missing.
  • The chimney rises at least 2 feet above where it exits the roof.
  • The chimney crown — the sloping cement shoulders at the top of the chimney — is beveled, which helps air flow.
  • The flue liner is visible above the chimney crown.
  • The chimney is plumb and not leaning to one side or the other.·      
  • The roof flashing is tight against the chimney.

Inside your home, confirm that:

  • The flue damper opens, closes, and seals properly.
  • There are no combustible materials, such as animal nests, or other foreign objects in the flue.
  • The fireplace surround, hearth, and firebox have no cracked bricks or missing mortar.

If you spot any damage, order a professional fireplace and chimney inspection. An inspection costs, on average, between $79 and $500, depending on whether you’re ordering a level-one or level-two inspection.

Gas fireplaces require less maintenance, but you should still:

  • Inspect the glass doors for cracks or latch issues.
  • Check that the gas logs are in the proper position.
  • Turn gas off at the shut-off valve and test the igniter.
  • Ignite the fire and look for clogged burner holes. If present, turn off gas and clear obstructions with a pin or needle.

Check the Roof

You certainly don’t want to find out you have a leaky roof after the first snow hits. A roof inspection can help you spot any potential issues.

Squeamish about heights? Don't worry — you can do a thorough inspection from the ground using a pair of binoculars.

Work your way around your house, looking for these defects:

  • Cracked caulk or rust spots on flashing.
  • Shingles that are buckling, curling, or blistering.
  • Missing or broken shingles.
  • Cracked and worn rubber boots around vent pipes.
  • Masses of moss and lichen, which could signal the roof is decaying underneath. Black algae stains are just cosmetic.

Some roofing fixes are easy to do yourself, such as repairing shingles or calking flashing, if you’re comfortable working on a roof. If you’re not, you’ll want to consult a specialized roof inspector. Be prepared to pay between $119 and $296 for a standard roof inspection.

Clear Out Gutters and Downspouts

Clogged rain gutters or downspouts can damage your home’s foundation or cause ice dams, which can lead to expensive repairs. So, after the leaves have fallen, clean your gutters to remove leaves, twigs, and gunk. Also, make sure the gutters aren’t sagging and trapping water, tighten gutter hangers and downspout brackets, and replace any worn or damaged materials.

Article provided by: houselogic.com

https://www.houselogic.com/organize-maintain/home-maintenance-tips/5-crucial-cold-weather-tips-for-preparing-your-house-for-winter/

Dec. 9, 2019

7 Reasons to List Your House This Holiday Season

7 Reasons to List Your House This Holiday Season | MyKCM

Around this time each year, many homeowners decide to wait until after the holidays to list their houses. Similarly, others who already have their homes on the market remove their listings until the spring. Let’s unpack the top reasons why listing your house now or keeping it on the market this winter may be the best choice you can make.

Here are seven great reasons not to wait:

  1. Relocation buyers are out there now. Many companies are still hiring throughout the holidays, and they need their new employees to start as soon as possible.
  2. Purchasers who are looking for homes during the holidays are serious buyers and are ready to buy now.
  3. You can restrict the showings on your home to days and times that are most convenient for you. You will remain in control.
  4. Homes show better when decorated for the holidays.
  5. There is minimal competition for you as a seller right now. Over the past few months we’ve seen the supply of homes for sale decreasing year-over-year, as shown in the graph below:7 Reasons to List Your House This Holiday Season | MyKCM
  6. The desire to own a home doesn’t stop during the holidays. Buyers who were unable to find their dream homes during the busy spring and summer months are still searching, and your home may be the answer.
  7. Late fall and early winter make up the “sweet spot” for sellers. The supply of listings increases substantially after the holidays. Also, in many parts of the country, new construction will continue to surge and reach new heights in 2020, which will lessen the demand for your house next year.

Bottom Line

It may make the most sense to list your home this holiday season. Let’s get together to determine if selling now is your best move.

Dec. 6, 2019

Open House Weekend - 2 Fantastic Listings with FOOTHILLS VIEWS!!

We've got two fantastic properties with FOOTHILLS VIEWS to show off at this weekend's open house! Tour both this Sunday, December 8th from 1 to 3 pm.

5770 S Horseshoe Pl. | Southeast Boise (upper left, upper right, bottom right)
Exceptional home with timeless design on pristine lot in East Boise! Grand entry welcomes family and friends in style. Gleaming and immaculate, the expansive floor plan includes refinished hardwoods, brand new carpet, paint and lighting fixtures. Main-level sixth bedroom offers sought after flex space and you’ll enjoy the finished basement with blackout blinds for theater. Gorgeous backyard with mature landscape, $12k pro sport court and foothills VIEWS. Community pools, tennis, clubhouse and trails.
6 bedroom |  4 bath |  3818 sq.ft. 
>> Click HERE for more property info

7116 E Sky Bar St. | Northeast Boise (middle left & bottom left)
Impressive East Boise Living! Style meets function in this desirable floor plan with tons of upgrades and foothills VIEWS. Custom gourmet kitchen flows seamlessly into great room with cozy fireplace. Abundant windows flood with natural light and covered patio extends the livability outside to large backyard. Main-level bedroom offers convenient en suite bath and can double as guest or bonus room. Nestled against the beautiful Boise foothills, this home offers easy access to trails, Boise River, Greenbelt, along with top-ranked schools..
5 bedroom |  3.5 bath |  2787 sq.ft. 
>> Click HERE for more property info