If you are considering buying or selling this year, watching statistics and reading reports on the Boise housing market can be helpful.  But, since statistics and reports can't speak directly to your unique needs, circumstances, or concerns, we believe a far better approach is to meet with an agent you trust. We would love the opportunity to meet with you to help assess your individual situation, provide relevant information for your position, and assist in thinking through the best plan for moving forward based on your specific needs, goals and timelines.   Please contact us today if you'd be interested in talking more!  Or, if you'd rather just see statistics and read general updates for now, here is latest real estate Market Report from Boise Regional REALTORS®:

"In February, the median sales price of homes that sold in Ada County was $492,115 — down 10.5% compared to February 2022, and the fourth consecutive month of annual decline in price. However, this was a slight increase of approximately $5,000 from last month’s median sales price.

More than 40% of all home sales that closed in February were new homes, which typically sell for more than existing/resale homes. This higher-than-average share of new construction sales likely kept the overall sales price a touch higher than the month prior.

Prices are still adjusting to mortgage rates and buyer demand, but this month-over-month uptick in prices may indicate that we’re reaching a new normal with prices. Mortgage rates and supply versus demand will be the ultimate determining factors on where prices go, but we’ll keep watching to see if prices continue to level out"...CONTINUE READING

If we were to write down all the adjectives we’d like to describe ourselves, I doubt “needy” would make many of our lists.  We don’t want to be needy.  We want to be helpful, productive, and self-sufficient.  We want to be needed by others, not to be needy of others.   Yet, the truth is, we all are incredibly needy beings.  In order to thrive or even survive, we depend on the necessary provisions of food, water, sleep, medicine, affection, and care—just to name a few.  Even our very next breath depends on the supply of oxygen, which we can’t create ourselves.  So, why are we so quick to dismiss this very true reality about who we are?

While reading through the book of Mark with our church, I was reminded of Jesus’ statement: “Truly, I say to you, whoever does not receive the kingdom of God like a child shall not enter it.”  I learned that “child” in this verse is referring to an infant—the youngest and most dependent of all children.  Thus, Christ is essentially saying that the way into His kingdom is by recognizing our neediness and utter dependence on Him.  It is not by our strength, productivity, goodness, or usefulness that He invites us in and gives us salvation, but rather it is solely by His gift of mercy and grace and our acceptance of that gift.  

Lord, help me to fully embrace my identity as a needy child, and You my good and loving Father—my sole provider.  Help me to rest and rejoice in the truth that I do not need to earn my place in Your kingdom—indeed, I CANNOT earn it.  I need only to come to You, recognizing how needy I really am, and to trust and rely on You as the Source of every provision, the Giver of mercy and grace, and the Savior of my soul!  Amen.

By Katie Miller

For more blog posts by Katie Miller, click HERE  

In January, the median sales price for the Boise housing market dropped for the third consecutive month to $487,495.  This was a 5.6% drop from the previous month and a 9.7% drop from January 2022. This also marked the first time the median sales price has been below $500,000 since July 2021.    Home sales were also down 32.8% from last year.  Boise Regional REALTORS® (BRR) explains, “Demand for housing waned as higher mortgage interest rates and home prices put pressure on affordability, resulting in fewer home sales.  Since the housing market continues to be driven by supply versus demand, sellers are having to adjust prices and negotiate with buyers to close the deal.” 

However, we are beginning to see another shift in the market that makes us believe prices may be headed back up soon.  According to BRR, “ Newly pending sales data, a forward looking metric, could indicate that demand bottomed out and is beginning to recover. For the last two weeks, we’ve seen new contract signings up year-over-year. We’ve also heard from members that they’ve experienced increased interest from both buyers and sellers. This uptick in activity, as well as the stabilization of mortgage interest rates, is a positive sign as we gear up for our spring market.”

If you are toying with the idea of buying or selling and are having trouble deciding when might be the best time, we would love to talk with you about your situation.  We can share more about predictions we are hearing and data we are seeing that may better help you decide when and how to move forward.

See more monthly Boise housing market updates HERE!

Our friend Maddy is an incredible sculptor.  When she went out on her own to begin her sculpting business, Luke and I wanted to support her by commissioning a piece of her work.  The tricky part was deciding what to have her sculpt—something that was meaningful, maybe a conversation starter, and definitely something we would enjoy for years to come.   During that time, our friend Don gave a sermon at church where he mentioned his excitement about one day meeting Jesus in heaven and enjoying that first big hug.  I welled up with joy picturing it for myself and thought, “Yes, that’s going to be amazing!  I can’t wait!”  

This gave me an idea for the piece—the first hug!  A sculpture of that scene would definitely be meaningful, most likely start some good conversations, and would certainly be something I’d enjoy looking at for however many years I’d have left to look.   The next thing to figure out was who Jesus would be hugging.  My first thought was myself.  But, I figured if Jesus was hugging a woman, it could at first glance be reduced to a mere romantic embrace.  And, if they recognized my face, they may wonder why we had a sculpture of me hugging another man--one with long hair and a beard no less.  I didn’t want that.  I didn’t want the potential of the piece being mistaken for a romantic hug over the much more beautiful and intimate embrace it was made to portray.  This was a divine, welcome home embrace between the Maker and His beloved child--between the Savior and one He willingly died to save.  

Luke easily became the next choice and, fortunately, with a little coaxing, was willing to go along with my idea.  Then, after a few conversations, a picture session with a long, awkward, and hilarious hug between Luke and Maddy’s husband Zac, and months of Maddy’s time, energy, and talent being poured into her creation, we received Maddy’s masterpiece—“The Hug.”  Luke made a beautiful wood base, and the sculpture found its home on our mantle above the fireplace.  I can see it when I come down the spiral stairs from my office and when I come down the main stairs from our bedrooms.  It makes me smile every time it catches my eye.   The look of joy, peace, and warmth in their faces and in their embrace reminds me daily of the truth that, “In His presence is fullness of joy and at His right hand are pleasures forevermore” (Psalm 16:11).  What a gift He has given us in His steadfast love, in the joy of a relationship with Him, and in the hope of eternity by His side!  

If you want to check out more of Maddy’s incredible art, watch a video on the bronze casting process, or maybe even commission your own Jesus hug, please visit her website at madelinelivelyart.com

By Katie Miller

For more blog posts by Katie Miller, click HERE    

A newer tradition for us is to spend time thinking of one word we would use to describe the past year and one word we would like to characterize the coming year.  Last year, the word I wanted to describe 2022 was “prayer.”  I definitely spent more time in focused prayer over the year and grew in my relationship with the Lord through it.  Most notably, I found it was key to experiencing my closing word for the year, which was “rest.”  2022 was by no means a naturally restful year, but as I shared in a previous blog post and in our Christmas letter, it was through prayer and God’s word that I gained a deeper understanding of how to find rest in the Lord amidst the calm or the storm of my circumstances.  

I was amazed at how He showed up, carried my burdens, showered me with grace, and grounded me in the truths of His word no matter how chaotic or difficult things were around me.  In my deep desire to experience more of that, the word I’ve chosen to hopefully characterize 2023 is “awe.”  I want to learn more about God this year and become more in awe of who He is.  I want to continue to stand in amazement as I witness Him answer the cries of my heart in ways I asked and also in ways I didn’t even know how to ask or truly imagine.  I want to continue to wonder at the unbelievable truth that the God of the universe is mindful of me—that He cares for me, is attentive to my needs, is not burdened by me, gave Himself up for me, and loves me despite my many faults, failings, and frustrating habits.  Indeed, I want to experience in ever-increasing measures the nearness of my Savior—my strength and my song.  “This is my God, and I will praise him…Who is like you, O Lord, among the gods?  Who is like You, majestic in holiness, awesome in glorious deeds, doing wonders?  You have led in Your steadfast love the people whom You have redeemed” (Exodus 15: 11 & 13).  I hope to be able to come to you next year around this time with an even deeper grasp of this truth!  

If you have time to write, I would love to hear what word would characterize your 2022 and why as well as what word you are hoping to characterize your 2023.  It’s always a joy to hear from you!

By Katie Miller

For more blog posts by Katie Miller, click HERE       

After experiencing a jolting shift, the Boise housing market may be settling into a new normal.  Increased interest rates and questions of whether or not prices will continue to come down have put many buyers in a "wait and see" mode.  But, with inventory levels still below that of a balanced market and with the median sales price for Ada County actually increasing 4% from last month,  it seems unlikely home prices will drop much further.  Thus, we anticipate interest rates will be the biggest factor in determining the pace of the market in the coming months.  

In speaking with some lenders and other agents in the valley, it seems likely one of the following two scenarios will occur: (1) If rates go down, many buyers (and there are many) who have been waiting in the wings will jump back in the market, lock their rate, and seek to get in contract on a home.  This could flood the market with more buyers than there is inventory, creating another competitive season of bidding wars and price increases.   (2) If rates go up or remain the same, buyers may stay on the sidelines for a while.  But, as they realize these rates are likely the new norm,  they will gradually begin figuring out how to pursue homeownership or facilitate a move, and the housing market will march forward.

Every person's scenario is different, and market conditions affect people's decisions differently as well.  If you are considering buying or selling and want to discuss potential timing and plans, we would love the opportunity to meet with you.  Please don't hesitate to give us a call. 

See more monthly Boise housing market updates HERE

One day, Jesus and His disciples were crossing the Sea of Galilee when a great windstorm arose.  The waves broke into the boat, and it filled with water.  The disciples were terrified.  But, Jesus was in the stern, asleep!  The disciples woke Him and said, “Teacher, do you not care that we are perishing?”  Jesus awoke and rebuked the wind and said to the sea, “Peace! Be still!” And, the wind ceased, and there was a great calm. And, He said to them, “Why are you so afraid? Have you still no faith?” (Mark 4:36-41, Matthew 8:23-27, Luke 8:22-25, & John 6:16-21).

We are all acquainted with the “storms” life brings.  Sometimes storms are external and involve the things going on around us, but many times, for me at least, the storms are internal.  I’m currently emerging from one such storm, and the reminders in the verses above have given me a great deal of help in doing so.  This storm involved a situation that consumed my thoughts daily.  I’d go to sleep thinking of it, wake up thinking of it, begin thinking about something else, and then somehow wander back into thinking of it throughout the day.  I couldn’t focus on work. I couldn’t focus on my kids.  I worried about what to do to fix it, and I worried about the things I had already done that maybe made it worse.  It was like a chaotic windstorm in my soul, where my thoughts were like giant waves crashing against me again and again until I thought I’d break.  Like the disciples in this story, I cried out to God, “Do you not care that I am drowning here!”

I had forgotten that Jesus does care.  He cares more about me than I could ever care about myself, and He cares more about this situation than I could ever imagine.  But, He is also not anxious about it because He knows He has it under control.  I had forgotten that too.  I had forgotten that “He is before all things, and in Him all things hold together” (Colossians 1:17).  Indeed, He is before the situation causing my “storm,” and He has promised to work it all for good.  I was a woman of little faith, who, as it says in James 1:6 “…was like a wave of the sea that is driven and tossed by the wind.”   But, these verses reminded me that the God who could still the storm on the sea with a word also had the power to still the storm in my heart.  I needed only to turn my eyes to Him and trust! 

The situation is not yet resolved and may still get worse before it gets better, but I know now where to take my worries, and I know the One who can speak “Peace. Be Still” over my soul.  As you face your own storms, I pray you too would be encouraged to call out to Him and that you’d experience His peace—"the peace of God, which surpasses all understanding…” (Philippians 4:7).  

By Katie Miller

For more blog posts by Katie Miller, click HERE       

The median sales price for the Boise housing market in September was $540,000.  Although this was 0.9% higher than the same month last year, it was a 4.4% drop from prices in August and marked the fourth consecutive month of price drops since they peaked in May.  The number of homes being sold has also dropped.  In September, 700 homes closed.  This is a 4.4% drop from August and a 30.3% drop from September of last year.  This drop in prices as well as in the number of homes being sold is due in large part to the increase in mortgage interest rates and the effect that’s had on home affordability. 

Although these statistics may seem discouraging to some, there are a few significant positives for both buyers and sellers. For buyers, lessened demand has allowed for increased inventory, with 93.8% more homes available than in the same month last year.  This means more homes to choose from but also less competition when one does find the right one.  Thus, there is more opportunity to negotiate.  For sellers, even though the median sales price has been dropping, the amount of equity earned over the past few years is still incredible.  Based on median sales prices, homeowners earned 31.7% equity in just the past two years and 54.2% in the past three.  So, although not as high as it was, today’s prices are still great and will make it much easier for sellers to afford a new home in today’s market than it will be for those newly entering the market with no equity. Additionally, it’s important to note that although it’s slowing, we are still in a market that favors sellers. Check out THIS ARTICLE to better understand why that is and to help keep things in perspective.    

If you’re curious about the current value of your home or what it might look like to enter the market as a buyer, please give us a call.  We would love the opportunity to meet with you to answer your questions, help you explore your options, and assist you in achieving your real estate goals.  Walking with our clients through important real estate decisions is not a burden but a joy! So, please don’t hesitate to reach out.  

For a quick snapshot of the Boise housing market for September 2022, see Boise Regional REALTORS® housing market summary for Ada County below:

See more monthly Boise housing market updates HERE!

A while back, I heard a quote where a Christian defined himself as “just a beggar telling other beggars where to find bread.” I love the quote and hope it is a statement that would define my life as well—for I am, indeed, a broken and needy woman who has found my joy and sustenance in Jesus and who desires to point others to him so they might find the same.  But, I know I often fall far short of living a life that reflects that truth.  Too often, I and other Christians look more like self-righteous bystanders—covering our true “beggar” identity with a false, lofty one, and exchanging our compassion for our fellow beggars with an air of judgment.    

But, this is not like Jesus—the only one who is truly righteous and able to judge did not look down on us with disdain but with great love, forgiveness, and compassion and with great eagerness to provide for our deepest need.   He said, “I came not to call the righteous, but sinners” (Mark 2:17).  And, “I will not reject anyone who comes to me” (John 6:37).  “I am the bread of life; whoever comes to me shall not hunger, and whoever believes in me shall never thirst” (John 6:35). 

I know that for me, Jesus has certainly been my sustenance through every mountain and valley, every twist and turn.  He has been more than enough.  He has been my joy, my peace, my provider, my hope, and my Savior.  I cannot plumb the depths of his steadfast love for me or exhaust his immeasurable grace.  And, this is His response to anyone who would come to him!  So, from one beggar to another, I’ll point you to the “Bread of Life” and encourage you to come to Him today with every need and desire.  I am confident He will welcome you, however you are, with compassion and “provide for every need of yours according to his riches in glory in Christ Jesus” (Philippians 4:19). 

By Katie Miller

For more blog posts by Katie Miller, click HERE  

The swift cool-down experienced in the Boise housing market over the past two months is now making national headlines.  As stated in Nicole Friedman’s Wall Street Journal article, “During the pandemic-fueled housing boom, Boise emerged as one of America’s hottest “Zoomtowns,” communities that experienced a spike in population from an influx of remote workers.  Now, the housing boom around Idaho’s capital city has ground to a halt. Buyers are balking at record prices and mortgage rates that last month hit a 13-year high. Sixty-one percent of listings in the Boise metro area had a price cut in June, the highest rate out of 97 metro areas surveyed, according to brokerage Redfin Corp.  Home builders who couldn’t keep up with demand last year are cutting back on construction.”

While news like this can sound concerning, especially when written or reported in a dramatic fashion, I think it’s important to remember that this cool-down is actually a good and necessary thing for Boise.  For the past two years, I have continually heard people say, “I hope Boise housing prices don’t keep rising like this because so many Idahoans are being priced out of the market and will never be able to buy a home.”  Our community has been practically begging, and rightly so, for prices to stop rising and stabilize to more affordable levels.  And, good news—it’s happening! 

While this news may seem less exciting for sellers, I think it’s important to note that even if our market drops, homeowners have still gained incredible equity in their properties over the past 2 years.  Let’s put it in perspective.  In March 2020, right when the pandemic hit, the median sales price for the Boise housing market was $367,000 (which was already a 9.6% increase from the median price the previous year).  Last month, the median sales price was $589,990.  That is a 61% increase in housing prices in 2 years!!  All that to say, even if our market drops 10% before stabilizing, as the Wall Street Journal article suggests it might, homeowners in the Boise area will still have gained 44.7% in equity on their homes since March 2020. 

If you are considering selling, please give us a call.  We’d love to help you navigate what that would look like in our current market.  Despite the drastic changes, our market conditions are still tipped toward favoring sellers.  If you are considering buying and aren’t sure whether to move forward now or wait to see what happens, we’d love to meet with you and provide resources to help aid in your decision.  There are some great incentives and interest rate buy-down options available that could make buying now less expensive than you think and could afford you the option of getting into the home or investment opportunity you’ve been waiting for! 

For a quick snapshot of the Boise housing market for July 2022, see Boise Regional REALTORS® housing market summary for Ada County below: