Will Donald Trump Affect Boise’s Housing Market?

The Ada County Association of Realtors says the Boise housing market remains strong and appears to be unaffected by elections. Since elections occur during the seasonal, annual slowdown in the real estate sales cycle, they don’t typically have a short-term impact on the housing market. The 2016 elections were no exception, according to Jonathan Smoke, Chief Economist for REALTOR.com®, in his article about how Presidential elections affect the U.S. housing market.

However, we do know that the incoming President will limit the federal government’s role in the real estate market, as was outlined in the 66-page Republican Platform 2016. So, longer term, the implications of this for home buyers, sellers, and owners could be sweeping. Potential changes in policies and programs related to taxes, lending, employment, student loan debt, and so on, will certainly affect housing over the long-term, but how and what that impact will be remains to be seen. These are issues that REALTOR.com® and the National Association of REALTORS® (NAR) will monitor, and that Boise Regional REALTORS® (BRR) say they will analyze locally through these monthly market reports.

This month’s report looks at local activity through October 2016. Next month’s report will show whether local homebuyers reacted once the November numbers are in. That said, year-over-year growth in pending sales shows that sales will continue to be strong through the end of 2016.

Courtesy Ada County Association of Realtors

As for current numbers, there were 1,319 pending sales in Ada County in October 2016, up 7.8% compared to October 2015, reflecting homes that will close within the next 30-90 days. Of those homes that did close in October, the median sales price was up. Ada County’s median sales price was $252,000, up 9.6% compared to October 2015.

High consumer demand and low supply are keeping prices high. The number of homes for sale in Ada County dropped back below the 2,000-mark for the first time since April 2016, reaching 1,950 in October 2016, a decrease of 12.5% compared to last year.

Additional information about trends within each county, by price point, by existing and new construction, and by neighborhood, are now available in the October 2016 Market Report. This includes an explanation of the metrics and notes on data sources and methodology.

If you are in the market for a home right now or thinking about selling, give Templeton Real Estate Group a call @ 208.473.2203. We are a small yet highly skilled real estate team with decades of area expertise, service, property pricing, and negotiating. We are passionate about providing our clients with the best real estate experience available. Our office is located in East Boise’s beautiful Bown Crossing, just steps to Boise’s Greenbelt. You can learn more about the Templeton Real Estate Group on Realtor.com or contact us today to schedule your complimentary and confidential consultation.

Sources:

http://boirealtors.com/boise-housing-market-remains-strong-unaffected-elections/

http://www.realtor.com/news/trends/donald-trump-mean-for-housing/?iid=rdc_news_hp_carousel_theLatest

As the events of the last few years in the real estate industry show, people forget about the tremendous financial responsibility of purchasing a home at their peril. Here are a few tips for dealing with the dollar signs so that you can take down that “for sale” sign on your new home.

Get pre-approved. Sub-primes may be history, but you’ll probably still be shown homes you can’t actually afford. By getting pre-approved as a buyer, you can save yourself the grief of looking at houses you can’t afford. You can also put yourself in a better position to make a serious offer when you do find the right house. Unlike pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history. By doing a thorough analysis of your actual spending power, you’ll be less likely to get in over your head.

Choose your mortgage carefully. Used to be the emphasis when it came to mortgages was on paying them off as soon as possible. Today, the debt the average person will accumulate due to credit cards, student loans, etc. means it’s better to opt for the 30-year mortgage instead of the 15-year. This way, you have a lower monthly payment, with the option of paying an additional principal when money is good. Additionally, when picking a mortgage, you usually have the option of paying additional points (a portion of the interest that you pay at closing) in exchange for a lower interest rate. If you plan to stay in the house for a long time—and given the current real estate market, you should—taking the points will save you money.

Do your homework before bidding. Before you make an offer on a home, do some research on the sales trends of similar homes in the neighborhood with sites like Zillow. Consider especially sales of similar homes in the last three months. For instance, if homes have recently sold for 5 percent less than the asking price, your opening bid should probably be about 8 to 10 percent lower than what the seller is asking.

Selling your home doesn′t just mean hiring a realtor to stick a sign out front. There are a lot of preparations you should make to ensure you get the best offer possible in the shortest time.

Repair. Just because you’ve gotten used to the cracks in the walls and the rattles in the radiators doesn’t mean a buyer will too. If you have hardwood floors that need refinishing, be sure to get it done—hardwood is a huge selling point. Buyers like to snoop around, so be sure to fix any sticky doors or drawers as well. Finally, don’t forget to address any issues with the exterior—fences, shingles, sidewalks, etc. After all, without curb appeal, some buyers may never get to see the inside.

Neutralize. You want buyers to see themselves in your home. If your living room has lime green shag, wood-paneled walls, and all your collectibles and personal photographs, this will be much harder for them to do. Try replacing any bold color choices in your floors and walls with something more neutral—beiges, tans, and whites. Repainting and reflooring will make everything look fresh and new, and help prospective buyers imagine all the possibilities.

Stage. Once your house is clean and updated, it’s time to play dress up. Home stagers can add small details and décor touches that will bring out the possibilities in the various spaces in your home: lamps, mirrors, throw rugs and pillows, flowers, decorative soaps and towels, patio furniture. Home staging can be particularly useful if your home is especially old or if the exterior looks dated. Think of it as a little mascara and rouge—if it’s done right, you notice the beauty, not the makeup.

Moving to a new town be an intimidating proposition. Here are a few tips to help make your move as painless as possible.

Research before you move. It’s important to understand the culture you’re joining. Do research online and find out about the Boise school systems, neighborhoods, parking, weather, public transportation, and laws that are native to that area. If you can, visit a city before moving and connect with someone who’s lived for a while

Have a plan. There are a lot of steps to go through before you start packing the moving truck. Find housing before you leave, or at least know where you’ll stay while you look for a home. Never sign a lease on an apartment that you haven’t seen. If you can’t get there, find a friend or an employer to check for you. Have a job waiting for you, or if that’s not possible, know what you’ll do for money in the first few weeks of living there. Try to line up things like driver’s licenses, car insurance, renter’s insurance, and parking passes ahead of time as well.

Get involved. Meeting people in a big city can be daunting. Don’t expect the neighbors to knock your door down with a casserole when you arrive: city life is often too noisy and hectic. Take the initiative. If there are things you liked to do in your town, find ways to do those things in the city. Try new things. Volunteer. Big cities offer so many opportunities to engage other people, so find what you like.

Looking to buy a home in Boise? Here are five essential tips for making the process as smooth as possible.

Get your finances in order.

Start by getting a full picture of your credit. Obtain copies of your credit report. Make sure the facts are correct, and fix any problems you find. Next, find a suitable lender and get pre-approved for a loan. This will put you in a better position to make a serious offer when you do find the right house.

Find a house you can afford.

As with engagement rings, there’s a general rule of thumb when it comes to buying a home: two-and-a-half times your annual salary. There are also a number of tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. Don’t forget, too, that there are lots of considerations beyond the sticker price, including property taxes, energy costs, etc.

Hire a professional ( a top realtor in Boise)

While the Internet gives buyers unprecedented access to homes for sale in Boise and additonal resources, many aspects of the buying process require a level of expertise you can’t pick up from surfing the web. That’s why you’re better off to find a professional real estate agent than going it alone. If possible, recruit an exclusive buyer agent, who will have your interests at heart and can help you with strategies during the bidding process.

Do your homework.

Before making a bid, do some research to determine the state of the market at large. Is it more favorable for sellers or buyers? Next, look at sales trends of similar homes in the area or neighborhood. Look at prices for the last few months. Come up with an asking price that’s competitive, but also realistic. Otherwise, you may end up ticking off your seller.

Think long term.

Obviously, you shouldn’t buy unless you’re sure you’ll be staying put for at least a few years. Beyond that, you should buy in a neighborhood with good schools. Whether you have children or not, this will have an impact on your new home’s resale value down the line. When it comes to the house itself, you should hire your own home inspector, who can point out potential problems that could require costly repairs in the future.