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Market Statistics from Sue Dahlgren and Group One – February 2016
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Archives
How’s the market?
I guess you could ask 100 Realtors this question and get 100 different answers. Even agents in the same geographic area will have varying responses. Here’s what I think based on what I have been experiencing.
In the Treasure Valley, the market is improving. That is not to say that we don’t have our fair share of distressed properties. We do. It also doesn’t mean that home prices are soaring, but in some areas prices appear to be stabilizing and even rising slightly. The market is interesting to say the least. According to January numbers from the Intermountain MLS for the last three years, the percentage of Active Properties (listed for sale) vs. Pending Properties (under contract and waiting to close) has significantly improved. Also, notice that the inventory is very low. This means that quality homes that are priced right are selling more quickly.
New Construction Numbers:
Active Pending
01/2010 1582 200 13% pending
01/2011 1298 145 11% pending
01/2012 1014 198 20% pending
Existing Home Numbers:
Active Pending
01/2010 8362 1285 15% pending
01/2011 7228 1190 16% pending
01/2012 4885 1470 30% pending
The biggest complaint I hear from agents these days is about lack of inventory. The buyers are out there, and why not? Prices are good and interest rates low. The problem is that there isn’t much to buy. Well qualified buyers are waiting for “the house” to come on the market. It seems sellers are holding tight. Perhaps they think that prices will increase, or maybe they are just afraid to find out what their home is worth.
As a Realtor, all I can do is spread the word that buyers are waiting – perhaps for your home! It would be nice if we could get sellers back into the game.
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Smaller Homes Make Big Sense
According to The Idaho Statesman, McMansions are on their way out. To this I say, “Good riddance!” For some reason, the keeping-up-with-the-Joneses mentality seems to have overridden common sense in the recent past with respect to home size. People believed they hadn’t made it unless they lived in 4000 square foot homes with vaulted ceilings. Whether the economy or greener values or a combination of the two have been responsible for the shift, the good news is that we are seeing a change.
Huge homes mean added expense. Upkeep runs much higher, as do utility bills. These too large homes are big polluters as well as space wasters. More people are realizing that they can be happy in much less space in part thanks to books like The Not So Big House by Sarah Susanka. This series of books helps people learn how to utilize fully the space they have. We don’t need bigger; we need better planning.
Locally, we still have a long way to go in embracing this smaller-can-be-better lifestyle choice. Although builders are building smaller homes in some price ranges, it is still nearly impossible to find small higher end homes. Builders will eventually realize that even people with the money for high end upgrades don’t necessarily want a bunch of extra space. Currently in Boise, anyone looking for a high-end, smaller home option is relegated to condo living or a custom build job. Hopefully, more people will get on the not-too-big bandwagon and options will expand to include reasonable sized, higher end single family houses.
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Save Some Green
Everyone knows some ways to add energy savings to their home. Insulation, Energy Star appliances, upgraded windows and switching to compact fluorescent bulbs might save you some money, but how much? Instead of throwing money at updates that may or may not help you save energy, why not have an energy audit?
An energy audit will help you determine what the big energy offenders are at your house. Along with the auditor, you can formulate a plan and a budget to handle your energy saving updates. The auditor can tell you how much you will save and how long it will take a particular item will take to pay for itself. You might be surprised at what really makes the biggest difference.
When looking for a new home, why not have an energy audit as part of your inspection? A list of items not usually checked will give you negotiating power. You can even ask the sellers to make repairs that will help keep your expenses down.
If you are interested in having an audit done on your current home or if you are planning a move, give me a call. I can get you set up with a professional energy auditor.
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Changing Values, Changing Venues (Part II – Renovating)
In part one of this blog I spoke about the exodus from the suburbs and the current thinking that makes living close to where you work and play so desirable. Commuting adds a big expense to the monthly budget as well as adding to ones carbon footprint.
If you want to live close to downtown Boise, there is a good chance you’ll end up in an older home in one of Boise’s established core neighborhoods. Many of the close-in neighborhoods (North End, East End, Northwest and the Bench) consist largely of homes dating from the mid 1900’s back to the turn of the century. These homes have character that many find pleasing, but they often lack some modern conveniences that homeowners have come to expect. This is why many people choose to remodel these older gems.
With society’s increasing emphasis on sustainability and our awareness of more eco-friendly materials, these remodels can accomplish several things. First, they can make an older home function in a way that works for modern life. A good remodel can increase the appeal and value of a home while, at the same time, it can make it a more efficient and healthier place to live. Your remodel can save you money as well as help you stay healthy.
Naturally, there are costs involved with every remodel decision you make. However, you might be surprised at how many of the choices you make can be eco-friendly for about the same price as less sustainable choices. Energy Star appliances, low-flow faucets, sustainable floor coverings and more are priced competitively with less eco-friendly choices. Plus, when you factor in the usage savings plus any tax benefits, I’m sure you’ll find that they are a true value.
Here are a few examples based on a 2500 sq. ft. home.
|
Payback |
Added |
Annual |
10 Year |
| Programmable Thermostat |
0.6 |
$115 |
$180 |
$1,800 |
| Compact Fluorescent Lighting |
0.8 |
$60 |
$80 |
$800 |
| Shower Heads |
0.9 |
$180 |
$300 |
$3,000 |
| Water Efficient Toilets |
2.0 |
$50 |
$25 |
$250 |
| Windows |
2.3 |
$700 |
$300 |
$3,000 |
| Whole House Fans |
3.6 |
$450 |
$125 |
$1,250 |
Info courtesy of http://www.greenandsave.com Find complete list here
During the current economic situation, home prices in these core neighborhoods have remained more stable than those in communities further from the downtown area. If you are thinking of moving to one of these neighborhoods, or if you are lucky enough to already own a home in one of them, remodeling might make sense for you. Let me know if I can help by referring you to a trusted contractor or vendor who is well qualified to help you achieve your dream.
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