The purpose of our blog is to educate our readers on the current Boise Idaho real estate market, to inform potential buyers and sellers of the process of buying or selling a home in the Boise area, to provide pertinent home improvement ideas for current homeowners, and to present desired community information for Boise and the surrounding area.  We hope you enjoy the content.  If you have questions or ideas on things you would like us to write about, let us know!

Sept. 22, 2017

Boise Real Estate Market Update - August 2017

Boise Real Estate Market Update - August 2017

With Ada County’s increased economic development, limited housing supply, and growing population, it is no wonder August’s median sales price hit a record high of $278,000—up 9.6% from a year ago!   Despite these strong statistics, we are beginning to see  a cool down in the pace of price increases.  This is largely due to less buyer foot traffic  in the busy “back to school” season as well as to the  overpricing error of sellers who are still basing their current home value on  hotter summer sales activity.  The positive pressure of our “low supply/high demand” market will keep home values trending upward, but the rate of upward movement will continue to decline. 

Since January 2012, when the real estate market turned back up from its long dive, the recovery rate has been strong.  Between 2012 and now, Ada County has seen an average year-over-year price growth of 7.9%!  Most real estate economists predict price growth will slow to 4-5% per year  in the coming 1-3 years.  After which, they anticipate consumer demand and home supply will balance out—returning price appreciation closer to regular inflation rates.

Below are the current Ada County market statistics for August 2017 compared to August 2016: 

  • Closed sales – 1,128 (up 10.4%) 
  • Median Sales Price (including new construction) - $278,000 (up 9.6%) 
  • Days on the Market - 33 (down 5.7%) 
  • Pending Transactions - 1,742 (up 15.3%) 
  • Inventory: 1,951 (down 13.4%) 
  • Months of Supply – 1.8 (down 18.2%)

We also wanted to show how the number of months supply of inventory fluctuates based on the price range.  The current month’s supply condition in each price range is as follows: 

  • $159,999 or less: 0.8 months
  • $160,000 - 199,999: 0.7 months 
  • $200,000 - $249,499: 1.3 months 
  • $250,000 - $299,999: 1.9 months
  • $300,000 - 399,999: 1.8 months
  • $400,000 - 499,999: 2.2 months
  • $500,000 - $699,999: 3.2 months
  • $700,000 - $999,999: 6.6 months

If you’re interested in knowing more about the current state of the market, check out these informative August 2017  Boise Regional Realtors Market Reports for both Ada and Canyon Counties. 

 

 

Sept. 22, 2017

Growing Your Family's Wealth

Over the next five years, home prices are?expected?to appreciate 3.64% per year on average and to grow by 18.4% cumulatively, according to?Pulsenomics’?most recent?Home Price Expectation Survey. 

 

So, what does this mean for homeowners and their equity position? 

 

As an example, let’s assume a young couple purchased and closed on a $250,000 home in January. If we look at only the projected increase in the price of that home, how much equity will they earn over the next 5 years? 

 

 

Since the experts predict that home prices will increase by 5.0% this year alone, the young homeowners will have gained $12,500 in equity in just one year.

Over a five-year period, their equity will increase by nearly $49,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one of the largest portions of a family’s overall net worth.

Bottom Line

 

Not only is homeownership something to be proud of, but it also offers you and your family the ability to build equity you can borrow against in the future. If you are ready and willing to buy, find out if you are able to today!

Posted in Home Values
Sept. 22, 2017

Dr. George Collister

Dr. George Collister was one of Boise’s greatest philanthropists. He was born October 16, 1856, in Willoughby, Ohio, to the family of a Scottish immigrant from the Isle of Man.  In 1881, twenty-six year old George was advised by his sister, Julia, to move to the “up and coming” town of Boise.  He took her advice and developed a large and prosperous medical practice in the area—specializing in pediatrics.  He served as a doctor to the city, county, and state penitentiaries, was a member of the Ada County Medical Society and the American Medical Association, and was one of the doctors involved in the detailed assessing of Rocky Mountain Spotted Fever.  

In addition to his medical work, George worked in the cattle business and cultivated orchards of peaches, pears, and prunes in Northwest Boise.  Also, he owned a flower shop at Hotel Boise where he sold flowers from his own garden.  He and his sister, Julia, had extensive real estate holdings around a railway stop that came to be called “Collister Station.”  In 1900, he and his wife, Mary Elizabeth, owned a home at 311 7th Street in Boise and hosted 16 boarders– a dentist, a Canadian miner and his wife, an Irish grocer with his wife and daughter, another grocer, a young woman, a lawyer, an electrician, two real estate agents, a mining superintendent, an electrician, a school teacher, and a music teacher.  

In 1910, George donated 150 acres for the construction of Collister Elementary School, which was built in the land around his prune orchard.  He also gave land and cash to the Presbyterians to build a county church with stipulations that it be built of brick, on a $2,500 budget, and be completed before Jan 1, 1913.  Around this time, Dr. Collister and his family moved to a modest (20 room) mansion – the Idaho Statesman said “The palatial home to be constructed for Mr. and Mrs. George Collister …will be one of the best designed and most complete homes ever built in Boise.”  Although George and his wife had no children themselves, they did adopt a baby daughter when one of George’s patients died in childbirth.  In October 1935, Dr. George Collister died of a cerebral hemorrhage at the age of 79 in St Alphonsus Hospital and was buried in the Morris Hill Cemetery.  This Boise pioneer was generous and kind and is honored to this day by Collister Drive, Collister Elementary School, and the Collister Neighborhood Association. 

Posted in Local History
Sept. 22, 2017

What To Do With Worries

This past weekend I had the privilege of attending a women’s retreat in Cascade, ID with other ladies from my church. This retreat is one of my annual highlights—giving me an opportunity to unplug from work, relax in the mountains, spend time with great friends, and listen to faithful women teach me more about the God I love.

This year, our speaker’s topic was “Fear, Worry, & Anxiety.” Although I learned a great deal, the concept that impressed on me most was that of casting our burdens on the Lord. 1 Peter 5:7 says, “Cast all your anxieties on Him because He cares for you.” I have heard this verse many times before, but some new imagery helped refresh the richness of this promise.

 

Imagine you are hiking with a heavy pack. You’re tired and can’t even enjoy the scenery as your focus is drawn to every labored step. Then, your father comes along side you and says, “Why don’t you give that backpack to me, and I’ll carry it to our destination for you?” Although your pride may keep you from giving up the backpack right away—determined to carry it yourself—you can see your dad is eager, willing, and able to help. So, you finally relent and cast your backpack onto his strong shoulders. Instantly, there is relief. You feel a cool breeze on your back—now liberated from the sweaty, thick material of the pack. You feel lighter, as though you could practically bound up the hill. Instead of having to focus on each difficult step, you are free to turn your gaze to the beautiful scenery surrounding you on the ascent.

 

But, that’s not all. Although the freedom from the pack feels wonderful, there is something that makes it even sweeter. Your pack isn’t just off your back lying in the dust while you walk up the mountain. Instead, the pack is being carried for you. It’s being handled by someone else, who is far stronger than you, who loves you, who cares for you, and who can be trusted to get you and your pack safely to your destination.

 

Doesn’t that sound amazing? Then, why am I always so slow to do it? Why do I insist on carrying my heavy load of anxiety when my good, strong Father is willing and able to not only take it from me but also to take care of it? “Come to me, all who labor and are heavy laden, and I will give you rest” (Matthew 11:28). May we remember this the next time we are weighed down with burdens and anxieties. And, may we eagerly cast them on our Savior, for He is most eager, willing, and able to care for and sustain us. 

Posted in Katie Miller
Sept. 22, 2017

Idaho State Symbols

Idaho was granted statehood on July 3, 1890.? Since its beginning, our state has been known for its mountainous landscapes, rivers, lakes, and streams.? Over the years, Idaho’s government has designated a variety of official symbols to further shape our identity. ?

 

Below are a few of these symbols along with the years they were officially adopted: 

? 

1890 – The Great Seal of Idaho was adopted.? The seal was?designed by Emma Edwards Green, the only woman to design a state seal. 

 

1931 – The Mountain Bluebird was designated as the state bird.? Plentiful in our mountains, they prefer an open habitat and can tolerate colder winter temperatures.? 

 

1931 -? The Syringa was designated as the state flower.? Mentioned in the journal of Meriwether Lewis, it was used by Native Americans for tools and soap.? 

 

1931 - “Here We Have Idaho” by Albert J. Tompkins became the state song. 

 

1935 – The Western White Pine became the state tree. It can be found in the northern part of the state around Coeur d’Alene. 

 

1957 – The state flag was adopted.? The design consists of the state seal on a field of blue with the words “State of Idaho” printed in gold letters on a red and gold band below the seal.? ? 

 

1967 – Star Garnet became the state gem.? It’s more precious than star rubies or star sapphires. 

 

1975 – The Native Appaloosa became the state horse.? Sporting colorful spotted coats, they came here with the Spanish Conquistadors in the early 1500s. 

 

1988 – The Hagerman Horse skeleton became the state fossil.? Said to be 3.5 million years old, it is the oldest known representative of the modern horse genus and is believed to be more closely related to the living Grevy’s zebra in Africa. 

 

1989 – Square dancing became the state folk dance.? It provided our pioneers with recreation and social contact with their neighbors. 

 

1990 – The Cutthroat Trout became the state fish. 

 

1992 – The Monarch Butterfly became the state insect. 

 

2000 – The Huckleberry became the state fruit.? It’s a favorite of bears and grows well at our elevation but is not successfully grown commercially. 

 

2002 – The Potato became the state vegetable.? Our climate produces high quality potatoes that have made our state famous worldwide. 

 

2004 – The Peregrine Falcon became the state raptor. 

 

2007 – English became the state language. 

 

2015 – The Giant Salamander became the state amphibian.? It matures to 13” and keeps to dark places such as underneath logs. 

Posted in Local History
Sept. 22, 2017

Housing Bubble?

According to the recently released?Modern Homebuyer Survey?from?ValueInsured,?58 percent of homeowners?think there will be a?“housing bubble and price correction”?within the next 2 years. 

 

After what transpired just ten years ago, we can understand the concern Americans have about the current increase in home prices. However, this market has very little in common with what happened last decade. 

 

The two major causes of the housing crash were: 

  1. A vast oversupply of housing inventory caused by home builders building at a pace that far exceeded historical norms. 

  1. Lending standards that were so relaxed that unqualified buyers could easily obtain financing thus enabling them to purchase a home. 

 

Today, housing inventory is at a 20-year low with new construction starts well below historic norms and financing a home is anything but simple in the current mortgage environment. The elements that precipitated the housing crash a decade ago do not exist in today’s real estate market. 

 

The current increase in home prices is the result of a standard economic equation:?when demand is high and supply is low, prices rise. 

If you are one of the 58% of homeowners who are concerned about home values depreciating over the next two years and are hesitant to move up to the home of your dreams, take comfort in the latest?Home Price Expectation Survey. 

Once a quarter, a nationwide panel of over one hundred economists, real estate experts and investment & market strategists are surveyed and asked to project home values over the next five years. The experts predicted that houses would continue to appreciate through the balance of this year and in 2018, 2019, 2020 and 2021. They do expect?lower levels?of appreciation?during these years than we have experienced over the last five years but do not call for a?decrease in values?(?depreciation) in any of the years mentioned. 

 

Bottom Line 

If you currently own a home and are thinking of moving-up to the home your family dreams about, don’t let the fear of another housing bubble get in the way as this housing market in no way resembles the market of a decade ago. 

 

Content from KeepingCurrent Matters.com 

 

Posted in Housing Market
Sept. 22, 2017

Look Outside Yourself

Something I’ve been trying to teach my kids and practice myself is to look outside our own immediate wants, needs, and circumstances and have compassion and concern for the wants, needs, and circumstances of others.? This is difficult to do because our own perspectives are ever before us.? I will often say, “Wow, that girl is super mean,” or? “That guy is always grumpy,” or “That lady brags about everything.”? But, I rarely step outside myself to seek compassion.? Perhaps, that girl is mean because people in her life have been mean to her. She has rarely been modeled genuine kindness, so she responds in the ways she has learned from others.? Perhaps that guy is grumpy because he has chronic back pain that keeps him on edge and never gives him relief.? Perhaps that woman brags because she has never been told how much she is valued and loved. So, she feels she must praise herself to find self-worth.? 

 

One of the biggest lessons the Lord gave me in looking outside myself was a little over 11 years ago? when Luke was deployed to Iraq.? The night before he left home, we decided to take a walk on the greenbelt.? We strolled hand in hand along the Boise River with so many fears in our heads and such great sorrow on our hearts.? As we walked, we passed several people—other? couples, an older woman walking a dog, a man on his bike, and a girl with headphones.? Some looked at us and smiled; others walked or rode by keeping focused on the path ahead of them.? Luke said, “Isn’t it strange that these people have no idea what is going on in our life—that I will be deployed tomorrow, that we will be apart for nearly a year, or that this will be the last time for a long time that we can make this walk together?”? 

 

Over the years, as we have thought back on that walk, we have grown in compassion for those we walk past or interact with.? We remember each one has a life and a story full of burdens and joys we know nothing about.? And although we don’t always know what lies behind or ahead of them, we have a God who does and who has placed us in their path.? So, we ask the Lord to help us smile at people more, to say hello and engage in conversations, to pray for them , and to show us ways we can encourage, support, or love them.???HERE?is a story that went viral of a soldier who did the same.? I hope we can remember, as??ColUsrey says in the video, that, “Every single day we're all given opportunities if we just slow down and just help somebody." 

“Put on then, as?God's chosen ones, holy and beloved,?compassionate hearts,?kindness,?humility, meekness, and patience,?bearing with one another and,?if one has a complaint against another,?forgiving each other;?as the Lord has forgiven you, so you also must forgive.?And above all these put on?love, which?binds everything together in?perfect harmony” (Colossians 3:12-14). 

Posted in Katie Miller
Sept. 22, 2017

Boise Real Estate Market Update for August 2017

It seems like every month our message is the same—housing inventory is LOW. ?We don't mean to sound redundant, but inventory has been down for the last 25 consecutive months, leading to what some have called an "inventory crisis." ?In Ada County, this trend began in October of 2014 when the supply was represented by 1,702 available homes and 3.2 months of inventory. ?During that month, demand was represented by 628 pending buyer contracts. ?From there, the supply and demand scale continued to slide in favor of sellers. ?By July 2017, the number of available homes decreased by 27% and months supply of inventory to 1.4 months, ?while buyer demand increased 71%. ??As we have said prior, a balanced market is 4 to 6 months of available inventory. ?So we are well away from being balanced. ?But don't be alarmed! ?Buying a home is still possible if you have your ducks in a row prior to finding a property and are willing to act fast once you find it. ?It's really important to get prequalified by a lender and to have earnest money and down payment funds available before you even start the house hunt. ?We have several other tips on how to get a home in this tight market that we’d be happy to share. ?Please give us a call or send us an email! ??If you're thinking of listing, we’d be happy to chat more about that as well. ?Even in this hot market, there are mistakes sellers make that cost a good deal of time and money. ?Let us show you how to avoid those pitfalls and best protect your investment! 


Below are the current?Ada?County market statistics for July 2017?compared to July?2016:? 
·????????Closed sales – 1,055?(down 1.4%)? 
·????????Median Sales Price (including new construction) - $271,000?(up 11.4%)? 
·????????Days on the Market - 30?(down 9.1%)? 
·????????Pending Transactions - 1,828?(up 11.5%)? 
·????????Inventory: 1,966?(down 10.5%)? 
·????????Months of Supply – 1.7?(down 15%) 
 
We also wanted to show how the number of months supply of inventory fluctuates based on the price range.??The current month’s supply condition in each price range is as follows:? 
.????????$159,999 or less: 0.9?months 
.????????$160,000 - 199,999: 0.7?months? 
·????????$200,000 - $249,499: 1.2?months? 
·????????$250,000 - $299,999: 1.8?months 
·????????$300,000 - 399,999: 1.8 months 
·????????$400,000 - 499,999: 2.2?months 
·????????$500,000 - $699,999: 3.1?months 
.?????????$700,000 - $999,999: 5.8?months 
 
If you’re interested in knowing more about the current state of the market, check out these informative?July?2017?Boise Regional Realtors Market Reports?for both?Ada?and Canyon Counties.?? 

Posted in Housing Market
Sept. 22, 2017

Gutzon Borglum

Gutzon Borglum was born March 25, 1867 in St. Charles, Idaho Territory, a Mormon community on the border of Utah.  His parents were Danish immigrants and his father, Jens, was a woodcarver married to both Gutzon’s mother, Christina, and her sister, Ida.   His father decided to leave the Mormon church and moved the family to Fremont, Nebraska taking only Ida as his wife.  

Gutzon briefly attended college and worked as a machine shop apprenticethen went to learn sculpting in Paris, France

He came to know Auguste Rodin who greatly influenced his style.   

 

When he returned to America, he sculpted saints and apostles for the Cathedral of Saint John the Divine in New York.  In 1906, the Metropolitan Museum of Art purchased his group sculpture causing his reputation to soar.  He was an extrovert with a fascination with gigantic scale, heroic nationalism and uniquely American art.  He was a member of the Freemasons and the Ku Klux Klan.  He carved a bust of Abraham Lincoln from a 6-ton block of marble which can now be found in the U.S. Capitol Crypt in Washington, D.C.  He became renowned for winning a competition for a statue of Civil War General Philip Sheridan, beating more established artists.  He learned the necessary techniques for sculpting on a gigantic scale through a failed project to carve a memorial to Confederate heroes on Stone Mountain in Georgia.   

 

He began carving Mount Rushmore in the Black Hills of South Dakota in 1927 - Presidents Thomas Jefferson, George Washington, Abraham Lincoln, and Theodore Roosevelt.  He also received government permission to make a hidden chamber to hold America’s most important paperwork, a Hall of Records located behind Abraham Lincoln’s face. 

 

When Gutzon Borglum died of complications from surgery in 1941, his son completed the project leaving the hidden chamber unfinished.  In the 1990’s, the chamber room was finally completed and was stocked with panels featuring American history , the Declaration of Independence, the Constitution, and the Bill of Rights.  Also added, prior to locking the titanium vault, was a biography of Gutzon Borglum. 

Posted in Local History
Sept. 22, 2017

Market Update for July 2017

A large number of willing and able buyers, a low number of existing homes for sale, and the rising cost of new construction have driven Boise home prices to record highs this summer.?? Ada County’s median home price is currently $273,950, which is 8.7% above prices this time last year and 15% above prices last month.? Although prices have been increasing quite drastically, experts anticipate them to stabilize over the next year as builder output increases and more homeowners find themselves in positions to sell their current homes.?? This will provide the inventory needed to meet current buyer demand.? 

It is important to note these price increases represent a healthy market recovery rather than a concerning bubble?about to?burst.?? The current increase in buyer demand is based on housing needs of legitimate, qualified buyers. This is very different from?the?2008 crash, when high demand was falsely inflated by market speculation and the issuing of loans to inadequately qualified buyers.? 

As we move into the last months of?summer, we expect things to remain especially busy.??? If you are curious to know what your house is worth in this extremely strong seller’s market, we’d be happy to give you a free market analysis.? Or, if you’re looking to buy, we’d love to meet and share more on how we can help you face the challenges of today’s low inventory. If you’re interested in either, please email?Katie@TripleCordRealEstate.com.?? 

 

Listed below are the current?Ada?County market statistics for June 2017?compared to June 2016:? 

·????????Closed sales  1,182 (up 1.3%)? 

·????????Median Sales Price (including new construction) - $273,950 (up 8.7%)? 

·????????Days on the Market - 33?(down 13.2%)? 

·????????Pending Transactions - 1,854?(up 7.5%)? 

·????????Inventory: 1,913?(down 9.6%)? 

·????????Months of Supply  1.7?(down 15%) 

 

We also wanted to show how the number of months supply of inventory fluctuates based on the price range.??The current month’s supply condition in each price range is as follows:? 

.    $159,999 or less: 0.8 months 

.    $160,000 - 199,999: 0.6 months? 

·????????$200,000 - $249,499: 0.7 months? 

·????????$250,000 - $299,999: 1.3 months 

·????????$300,000 - 399,999: 1.8 months 

·????????$400,000 - 499,999: 2.4 months 

·????????$500,000 - $699,999: 2.9 months 

     $700,000 - $999,999: 6.9 months 

 

If you’re interested in knowing more about the current state of the market, check out these informative?June 2017?Boise Regional Realtors Market Reports?for both?Ada?and Canyon Counties.?? 

Posted in Housing Market