In today’s Boise housing market, the number of homes for sale is much lower than the strong buyer demand. As a result, homeowners ready to sell have a significant advantage. Here are three ways today’s low inventory will set you up for a win when you sell in this competitive market.
1. Higher Prices
With so many more buyers in the Boise market than homes available for sale, homebuyers are frequently getting into bidding wars for the houses they want to purchase. According to the latest data from the National Association of Realtors (NAR), homes are receiving an average of 3.7 offers in today’s market. This buyer competition drives home prices up. As a seller, this certainly works to your advantage, potentially netting you more for your house when you close the deal.
2. Greater Return on Your Investment
Rising prices mean homes are also gaining value, which increases the equity you have in your home. In the latest Homeowner Equity Insights Report, CoreLogic explains:
“In the second quarter of 2021, the average homeowner gained approximately $51,500 in equity during the past year.”
This year-over-year growth in equity gives you the ability to sell your house and then put that money toward a down payment on your next home, or to keep it as extra savings.
3. Better Terms
In a sellers’ market like we have today, you’re in the driver’s seat if you make a move. You have the power to sell on your terms, and buyers are more likely to work with you if it means they can finally land their dream home.
So, is low housing inventory in Boise a big deal?
Yes, especially if you want to sell on your terms.Moving now while inventory is so low is key to maximizing your opportunities and profits.
Bottom Line
If you’re interested in taking advantage of the current sellers’ market, connect with our highly trained, full-time agents at Templeton Real Estate Group today to determine your best move in the Boise housing market.
Buy low and sell high is a strategy for investing in stocks, bonds, or houses. Whether your objective is a bigger house, retirement funds, or getting by after a significant life change, your home is most likely the biggest asset you have. When you are ready to sell, you can do things to maximize your profit.
One way to think about it is this…if you were to look to buy your home all over again, what are its best features? What would make you say WOW? What would you want to be updated? You are your home's worst critic. You know its intimate details. A buyer of your home wants to see possibilities. They want to see new beginnings and picture a life there. You can create this impression.
The housing market is complex. If you are buying a home, you want to make sure the price is fair. If you decide to sell your home, it is crucial to determine its worth. You want to get the most money while pricing it reasonably, so it won’t languish on the market. If you have a choice, you need to determine when the best time is to sell, what improvements you need to make to sell, and how to get the best return on your investment. A home market evaluation can take the guesswork out of home prices.
Traveling to Boise and looking for a luxury hotel? Whether you’re coming into town to check out Boise and the Treasure Valley, or you’re a local and want to take a relaxing staycation, there’s a fabulous Downtown Boise hotel just right for you! Let Templeton Real Estate Group guide you to three of our favorite luxury hotel options in Downtown Boise!
Hotel 43
As Boise’s “Original Boutique Hotel,” Hotel 43 prides itself on being one of Boise’s most unique and locally authentic hotels. This is apparent not only in their eclectic, “Boise-centric” style, but also their name. From the moment a guest arrives, Hotel 43 seeks to give every visitor a one-of-a-kind experience worth remembering. Idaho became the 43rd state in 1890 so for this reason, the hotel chose to pay respect to the state with their name. Idaho is widely known for some of the most beautiful wilderness in the country. Within just a short drive from the hotel, there are natural wonders to explore, mountains to be conquered and trails to be hiked.
Inn at 500 Capitol
Situated in the city center of Boise, the Inn at 500 Capitol is an upscale boutique hotel where pride of place, exceptional service, and thoughtful amenities come together to create the ultimate luxury experience in Idaho’s capital city. Designed with guests’ satisfaction in mind, each stylish detail of the hotel, from the complimentary bicycles to the local wine tastings in the lobby, incorporates the comforts of home into your sublime Idaho stay.
The Grove Hotel
The Grove Hotel upholds its reputation as the city’s premier hotel by offering luxury without sacrificing comfort. With breathtaking views of the rolling, green Boise foothills and a central location that lends itself to bustling downtown activity, don’t expect to leave the City of Trees feeling unfulfilled. The hotel allows you to sweep through the doors to find a quiet, welcoming retreat from the busy streets outside. Enjoy an eclectic dining experience at Trillium, melt away calories at the fitness club and spa, or catch up on work in the library. Follow the music into The Bar where Idaho-inspired surroundings and sofas nestle up to a crackling fireplace. For a truly personalized travel experience in Idaho’s cosmopolitan capital, consider The Grove Hotel your exceptionally luxurious home away from home.
Home Sales About To Surge? We May See a Boise Winter Like Never Before.
Like most industries, Boise's residential real estate has seasonality to it. For example, toy stores sell more toys in October, November, and December than they do in any other three-month span throughout the year. More cars are sold in the U.S. during the second quarter (April, May, and June) than in any other quarter of the year.
Real estate is very similar. The number of homes sold in the spring is almost always much greater than at any other time of the year. It’s even labeled as the spring buying season. Historically in Boise, the number of buyers and listings for sale significantly increase in the spring and remains strong throughout the summer. Once fall sets in, the number of buyers and sellers typically drops off.
Last year, however, that seasonality didn’t happen in Boise. The outbreak of the virus and subsequent slowing of the economy limited sales during the spring market. These sales were pushed back later in the year, and last fall and winter saw a dramatic increase in home sales over previous years. The only thing that held the market back was the extremely limited supply of homes for sale all across Ada County.
What About This Winter?
Some experts of the Boise Real Estate Market thought we’d return to the industry’s normal seasonality this winter with both the number of purchasers and houses available for sale falling off. However, data now shows that neither of those situations will likely occur. Buyer demand is still extremely strong, and it appears we may soon see a somewhat uncharacteristic increase in the number of homes coming to the market with a lot of new construction builds coming to the market this Winter.
Buyer Demand Remains Strong
The latest Showing Index from ShowingTime, which tracks the average number of monthly showings on available homes, indicates buyer activity was slightly lower than at the same time last year but much higher than any of the three previous years in Boise (see chart below):A report from realtor.com confirms buying activity remains strong in the existing home sales market:
“New housing data shows 2021's feverish home sales pace broke a yearly record in October, . . . with last month marking the eighth straight month of buyers snatching up homes more quickly than the fastest pace in previous years. . . .”
Buyer activity for newly constructed Boise homes is also very strong. Ali Wolf, Chief Economist for Zonda, recently reported that Stuart Miller, the Executive Chairman of Lennar, one of the nation’s largest home builders, said this about demand:
“There is still a great deal of demand at our sales centers with people lining up and not enough supply.”
The only question heading into this crazy winter is whether the number of listings available could come close to meeting this buyer demand.
Sellers Are About To List – Right Now
Instead of waiting for the normal spring buying market, new research indicates that Boise homeowners thinking about selling are about to put their homes on the market this winter.
Speaking to the release of a report on this recent research, George Ratiu, Manager of Economic Research for realtor.com, said:
“The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception. Recent survey data suggests the majority of prospective sellers are actively preparing to enter the market this winter.”
Here are some highlights in the report:
Of homeowners planning to enter the market in the next year:
65% - Have just listed (19%) or plan to list this winter
93% - Have already taken steps toward listing their home, including working with an agent (28%)
36% - Have researched the value of their home and others in their neighborhood
36% - Have started making repairs or decluttering
The report also discusses the reasons sellers want to move:
33% - Have realized they want different home features
37% - Say their home no longer meets their family's needs
32% - Want to move closer to friends and family
23% - Are looking for a home office
Data shows buyer demand remains unusually strong going into this Boise winter. Research indicates the supply of inventory is about to increase. This could be a winter real estate market like never before.
Bottom Line
If you’re thinking of buying or selling in Boise, now is the time to have a heart-to-heart conversation with a real estate professional in your market, as things are about to change in an unexpected way. Contact one of our highly trained, full-time agents at Templeton Real Estate Group if you want to learn more about the upcoming market changes.
Boise’s downtown restaurant scene has flourished over the past few years with refreshing newcomers as well as long-standing community icons. Whether you’re looking for your next date night dinner or somewhere tasty for a lunch on the town, you’ll see the top culinary spots on this list. From Italian to American, steak and seafood to pasta and vegan, you’ll find what you’re looking for in Downtown Boise!
Chandlers Steakhouse
Established in 2007 by award-winning restaurateur Rex Chandler, Chandlers is an award-winning upscale dining establishment located in downtown Boise’s Hotel 43. Specializing in fine seafood, which is flown in from Hawaii and Alaska, plus prime steaks, the menu also features fresh ingredients procured from local sources. Guests can savor a host of exquisite fare created by Executive Chef Luis Flores, including steamed mussels in a white wine, green curry, and ginger sauce; the French classic seafood stew, bouillabaisse; and the juicy Kobe rib eye. With impeccable service, an extensive award-winning wine list with over 650 choices, all complemented by nightly jazz music, dining at Chandlers is a culinary experience not to be missed.
Barbacoa Grill
A haven for meat lovers, Barbacoa is a stylish restaurant featuring succulent steaks from local sources and flavorful Latin American fare created by Mexico-born chef Enrique Martinez. Diners can begin their meal with guacamole made tableside served with plantain chips followed by the cowboy rib eye — 24 oz. bone-in rib eye chop served with chipotle onion rings and borracho beans — or paella with braised seafood, chicken, chorizo, tomatoes, and saffron rice. A visually stimulating environment, this establishment also features the vibrant artworks by local artists, including restaurant co-owner Martine Castoro who is a painter plus Delia, an artist who works in enamels.
Trillium
Located inside the Grove Hotel, Trillium is a true Boise gem, complete with chic decor and new American menu. The kitchen’s unwavering commitment to local ingredients is evident in dishes like smoked trout poutine, bison meatloaf, and huckleberry short ribs. Trillium is open for breakfast, lunch, and dinner and features an evening happy hour with discounts on beer, wine, and appetizers.
The Wylder
The Wylder is a relative newcomer to the Boise food scene, but the pizza parlor already feels like family. Maybe it’s the 50-plus-year-old sourdough starter, or the family-secret lasagna recipe, or the desserts lovingly baked each day. Local favorites include the Honey Badger (a white pizza with Italian sausage, ricotta, caramelized onions, and spicy honey), the Bronco (a red pie with salumi, pickled Fresno chiles, and burrata), and such nightly supper options as lasagna and fried chicken.
Fork
Established in 2011 by the husband-and-wife duo Cameron and Amanda Lumsden, Fork is a warm and inviting restaurant serving contemporary Northwest-inspired cuisine. Located in a 1891 historic landmark that once housed the Boise City National Bank, Fork dedicates itself to the sustainable movement by featuring reclaimed materials in their décor, procuring locally sourced ingredients for their dishes, plus featuring a wine list, which includes many regionally sourced options. Delectable highlights include griddled mac’n’cheese made with pasta from Alavita, house maple-spiced bacon, pepper cheddar, and roasted poblano chilli; cast-iron buttermilk-fried chicken and cheddar waffle served with balsamic-infused maple syrup and orange-honey butter; and local bread pudding with chocolate and bourbon-infused caramel-cream sauce.
Alavita
Located in the heart of downtown, Alavita serves Italian cuisine for lunch during the weekdays plus dinner Monday through Saturday in a lively and welcoming environment featuring an open kitchen. Specializing in fresh pasta made daily, this eatery uses the best locally and regionally sourced ingredients available. Discerning diners can feast upon delectable meals, such as squid ink linguini with a variety of seafood and green olives in a spicy arrabiatta sauce; porcini tagliatelle with local mushrooms, cherry tomatoes, chives, and parmesan; and broiled halibut topped with gremolata accompanied by asparagus and orzo. Offering vegetarian as well as gluten-free options and a variety of wines plus handcrafted cocktails, Alavita ensures that a wide range of tastes will be satisfied.
Bardenay
Located on Boise’s historic Basque Block in a former warehouse complete with exposed brick walls and wooden rafters, Bardenay is the USA’s first restaurant distillery and specializes in the flavours of the Northwest and handcrafted libations. Featuring a large menu, diners can savor tasty highlights, such as the charbroiled salmon fillet served with sun-dried tomato butter and Caesar salad and the New York steak with blue cheese butter, veal demi-glace, garlic mashed potatoes, and fresh vegetables. A meal would not be complete without one of Bardenay’s signature cocktails like the cantaloupe cooler made with Bardenay vodka, watermelon liqueur, peach, lime, and orange juices — a truly refreshing option.
Bittercreek Alehouse
Bittercreek Alehouse offers one of the largest beer lists in town. The menu leans heavy on beer-friendly foods, like poutine, polenta fries, a smoked Idaho trout board, and a juicy house-ground burger. Bittercreek (and its sister restaurant Diablo and Sons) is locally sourced, with photos of area farmers and food purveyors gracing the walls.
Petite 4
At Petite 4 on the Bench, chef Sarah Kelly and her husband, David (“DK”), offer casual French bistro fare. The menu is filled with classics such as duck terrine, moules frites, and a coulotte steak with fries, along with more modern items like a bloody mary oyster shooter or wine-based cocktails. Reservations are a must, though walk-ins may have luck on the patio or at the bar. Stop by for the Friday Afternoon Club on the Southside patio for shucked oysters, tallboys, and “bubbles” from their oyster trailer (which can be reserved for private outdoor events). Or come on Saturday morning to pick up coffee and doughnuts or pastries.
Bacon
With all-day brunch, primo bloody marys, and five different kinds of bacon, what’s not to love? This Boise dining destination sells more than eight tons of bacon a year. The menu features breakfast dishes like omelets, biscuit sandwiches, and bacon shots — a sampling of the restaurant’s five bacon flavors. The lunch menu has earned this place more than a few TV spots too, with indulgences like cheesy bacon lasagna, and mac and cheese with tomatoes, mushrooms, and, you guessed it, bacon.
Dawn Templeton, Associate Broker and Owner of Templeton Real Estate Group joined CNBC's "Power Lunch" to discuss home value in the Summer of 2021, where prices and inventory in Boise were selling above their asking price. (The video can be viewed at the bottom of this page)
Since the interview with CNBC, the real estate market in Boise has seen quick changes. As East Boise's #1 Resale Listing Team, Templeton Real Estate Group can help clients skillfully navigate the quickly changing market while prices are still at an all time high.
Whether you’re buying or selling a home, having an experienced real estate agent is essential.
Here are just a few reasons a real estate expert is invaluable:
Contracts – Help with the disclosures and contracts necessary in today’s heavily regulated environment.
Experience – Well-versed in real estate and experienced with the entire sales process, including how it’s changed over the past year.
Negotiations – Act as a buffer in negotiations with all parties throughout the entire transaction while advocating for your best interests.
Education – Simply and effectively explain today’s market conditions and decipher what they mean for your individual goals.
Pricing – Help you understand today’s real estate values when setting the price of your home or making an offer to purchase one.
A real estate agent can be your essential guide through unprecedented markets, but truth be told, not all agents are created equal. A true expert can carefully walk you through the whole real estate process, look out for your unique needs, and advise you on the best ways to achieve success.
"It’s crucial during shifting times to work with a real estate expert who understands how the market is changing and what that means for home buyers and sellers," says Dawn Templeton.
It is very popular in today's market to have agents who represent buyers, either mostly or specifically. "These are not the best choice for sellers," says Dawn Templeton. The skillsets needed to represent a buyer and a seller are quite different. Dawn suggests making sure you choose one that has active experience in highly competitive markets because buying a home can be an intense and complicated process. You want someone who knows all the ins and outs and can keep you from making costly mistakes. The best agents take time to get to know their clients, their needs, and their priorities which will help the agent steer you toward the best neighborhoods in Boise.
“An agent who’s been working in the Boise market for several years can steer you away from houses that are overpriced or that have major problems that require expensive fixes,” explains Dawn Templeton.
Whatever you hope for in the process of buying or selling a home, a highly experienced agent will be able to point you in the direction of your goals. You will know that you have found a great agent when they have listened to your needs and they can implement your goals with experience, expertise and skill.
The bottom line is, Templeton Real Estate Group is home to agents in the top 1% in Ada County and we would absolutely love to share our expertise with you. Templeton Real Estate Group has top Listing Specialists AND top Buyer Specialists on our extremely qualified team of experts. There is absolutely no obligation and we offer a complimentary consultation meeting where we can discuss best services for your desired needs. At Templeton Real Estate Group, our clients come first!
CALL OR TEXT US TODAY AT 208-473-2203
Watch Dawn Templeton on CNBC's "Power Lunch" below:
The rise in remote work is changing what many Idahoans want in their homes. Many companies are choosing to delay reopening or go remote full-time, and today’s buyers are looking for homes with more space to support their work needs.
As a seller, if you no longer need the extra room you have in your home, rest assured there are buyers who do.
Remote Work Is Here To Stay
Remote work in Idaho remains a reality for many. A recent poll from Garter, Inc. shows many organizations have not yet returned to their offices:
“. . . 66% of organizations are delaying reopening their offices due to new COVID-19 variants.”
And it’s not just companies that are choosing to remain remote for the time being – workers are seeking more flexibility. According to research from PricewaterhouseCoopers, nearly one-fifth of employees want to be fully remote in the future. The study also finds that many people are leaving jobs to seek out remote work opportunities:
“Among employees looking for new jobs, almost one in ten say it’s because they moved away from the office while working remotely and don’t want to go back on-site.”
More Remote Work Means a Greater Need for Home Offices
That’s leading today’s buyers to prioritize finding homes with more space so they can comfortably work from home. The 2021 Home Design Trends Survey from the American Institute of Architects finds that 69% of surveyed individuals still want at least one office at home. However, it also shows that more people are looking for multiplespaces in their home for remote work and virtual meetings (see graph below):
What Does This Mean for You?
If your house has extra space that you no longer need, buyers are interested, and now may be the perfect time to sell.
Templeton Real Estate Group agents can help you highlight many of the most sought-after features in your listing, including home offices. On the other hand, if you have an extra room without a purpose, consider staging it as an area where remote work can happen. Your agent can help you with this as well by evaluating and preparing your space for potential buyers. They’ll make recommendations for how to stage the room, where to draw the eye, and what other sellers are doing to make their houses stand out in the Boise area.
Bottom Line
With the continued rise in remote work all across the country, more buyers are looking for homes that can support multiple home offices. If you have an extra room you’re no longer using, consider selling. Let’s connect today to discuss the unique features in your house and how you can capitalize on any extra space to appeal to today’s Boise home seekers.
There Are More Homes In Boise Available Now than There Were This Spring
There’s a lot of talk lately about how challenging it can be to find a home to buy. While housing inventory is still low in Boise, there are a few important things to understand about the supply of homes for sale as we move into the end of 2021.
The Number of Homes for Sale Usually Peaks in the Fall
In the Boise residential real estate market, trends generally follow a predictable and seasonal pattern. Typically, the number of homes available for sale (or active monthly listings) peaks in the fall. But in a chapter where so little feels normal, the question becomes: should we expect a fall peak this year?
If we look at the active monthly listings for 2021 (shown in the chart below), we’ll see that the number of homes on the market has increased fairly steadily since spring this year. The realtor.comdata shows we’re still seeing an increase in active inventory month-over-month. While that gain is a bit smaller month-to-month (see August to Septemberin the chart), September and October numbers are still up from the month prior.The important takeaway here is the latest monthly numbers show growth. At the end of September, buyers had more options to pick from than they did this spring. That’s encouraging for buyers who may have paused their search months ago because they had trouble finding a home. Danielle Hale, Chief Economist at realtor.com, sums this up nicely:
“Put simply, this September buyers had more optionsthan they've had all year and while that's typical of early fall, that's not what happened in 2020. Still, it's important to remember that while buyers may have an easier time this fall than they did in the spring, the market remains more competitive than it has been historically at this time of year.”
As Hale says, a fall peak in inventory is in line with typical seasonal trends. While it’s impossible to say for certain what the future holds for Boise's housing inventory, we do know both buyers and sellers have opportunities this season based on the latest data.
What Does That Mean for You?
If you’re thinking of buying a home in Boise, rest assured you have more options now than you did earlier this year – and that’s a welcome relief. That said, today’s market is still highly competitive with an average of 3.7 offers per listing. This isn’t the time to slow your search. It’s actually the season when the number of homes available for sale tends to peak. Focus on the additional options with renewed energy this season and be prepared for ongoing competition from other buyers.
If you’re considering selling your house, realize that while growing, inventory is still low. Selling now means you’ll be in a great position to negotiate with buyers – and competition among buyers is good news for your bottom line. Eager buyers will likely be motivated to act before the holidays, giving you the benefit of a fast sale.
Bottom Line
Whether you’re buying or selling in Boise, there’s still a chance to make your goals a reality this season. Connect with Templeton Real Estate Group so we can discuss what’s going on with the Boise real estate market and current trends and what they mean for you.
