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.  A few of our agents also post personal blog posts from time to time  We hope you enjoy the content.  If you have questions or ideas on things you would like us to write about, let us know!

Nov. 10, 2022

Boise Housing Market Update | October 2022

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. 

Boise Housing Market October 2022

See more monthly Boise housing market updates HERE

Posted in Housing Market
Nov. 10, 2022

Peace! Be Still!

Peace! Be Still!

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       

Posted in Katie Miller
Oct. 15, 2022

Boise Housing Market Update | September 2022

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:

Boise Housing Market September 2022

See more monthly Boise housing market updates HERE!

 

Posted in Housing Market
Oct. 15, 2022

From One Beggar to Another

From One Beggar to Another

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  

Posted in Katie Miller
Aug. 11, 2022

Boise Housing Market Update | July 2022

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: 

Boise Housing Market July 2022

Posted in Housing Market
Aug. 11, 2022

Rest and Refreshment in the Great Outdoors

This summer has been filled with several camping trips with family and friends.  We mostly stuck to our favorite spots in Idaho, although we did go on one longer excursion to the Oregon coast.  Though it takes a fair amount of prep, several hours of cleanup, and a ridiculous amount of gas money, I am always so thankful for the opportunity to get away from cell service and the hustle and bustle of the day-to-day to just rest and play outdoors.  I relish the beauty of the cold mountain streams, clear lakes, towering mountains, beautiful trees, relaxing hot springs, scenic trails, dazzling stars, tumbling rivers, dancing campfires, expansive ocean, and abundant wildlife.  I also revel in the people I get to enjoy all those things with.  And, most of all, I delight in my God who created it all and made it all possible!  There are few things that whet my appetite more for being with Him in heaven and experiencing the wonders He has prepared for me and for all those who love Him than times away in His creation—resting in Him and growing in relationship with the incredible people He formed and purposefully placed in my life.

Below are some pictures from our adventures.  If you have time and are willing to share, I would love to hear about the things that have brought you joy this summer.  You can email me at katie@triplecordrealestate.com!

 

 

  

*Milkyway photo is credited to Camp Perkins*

"You, Lord, are the only God. You created the heavens, the highest heavens with all their stars, the earth and all that is on it, the seas and all that is in them. You give life to all of them, and all the stars of heaven worship you" (Nehemiah 9:6).  

By Katie Miller

For more blog posts by Katie Miller, click HERE 

 

Posted in Katie Miller
July 13, 2022

Boise Housing Market Update | June 2022

Higher mortgage rates on top of already high home prices led to a significant slowdown in buyer activity and home sales this past month.  After getting so used to our overly hot and accelerating market these past two years, this cooling-off period has felt a bit more like a shocking and unwelcome freeze to some, especially to sellers who may have recently listed their homes with expectations of them flying off the market the first day at prices higher than their predecessors.  But, I believe for many, including myself, this is a welcome change and necessary movement toward a more normalized and balanced market.

If you are a buyer who jumped out of the market due to the ridiculous heat of the competition and accelerating prices, this may be the right time to jump back in.  As stated by Boise Regional Realtors, “Cooling demand has given inventory a chance to catch up a bit… There were 2,135 homes available for sale at the end of June, a 192.9% increase from June 2021, and the highest inventory we’ve seen since September 2016.”  This change has afforded buyers more options, less competition, the ability to slowdown and process how best to move forward, and greater opportunities to negotiate on price and terms when they find the right house.  

If you are a seller who feels you’ve missed the best window for listing your home and are disheartened, I hope you will be encouraged to know the market is still strong.  Though prices have dipped a bit from the craziness of a few months ago, the median sales price last month was $592,090—a 12.8% increase from June of last year. When compared with other investments, this is an incredible return on your money and something to be excited about!  Additionally, although the average number of days on market (currently 14 days) is steadily increasing, it is still well below the average days on market for single-family homes over the past 10 years, which is 67 days.  And, our months supply of inventory in June was 2.4 months.  Since a “balanced” market is considered to be one with 4-6 months supply, we are still in a market tipped toward favoring sellers.  

Whether you are considering buying or selling or are just curious to know more about our current market and how it might affect you, we would love the opportunity to meet and share more.  The information we can provide may help you determine how best to move forward as well as how to set appropriate expectations for the road ahead. 

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

Boise Housing Market | June 2022

See more monthly Boise housing market updates HERE!

Posted in Housing Market
July 12, 2022

A Choice, A Life, A Story of Hope

A couple of months ago, we had the joy and delight of having Brooks’ birth mother, affectionately known as Mama Amber, come stay with us a for a few days. One evening, we stayed up late, as she shared more about her life and the difficult circumstances surrounding her pregnancy and decision to place Brooks for adoption. The violation against her that led to her pregnancy made it difficult from the start.  Additionally, the pain, abuse, loss, depression, and addiction that lined her past caused great despair as Brooks grew within her and she considered the future.  Although she never would have thought she could contemplate abortion, she found herself in a place of desperation and hopelessness where it seemed the only option.  My heart broke at the gravity of her situation, and I began to understand how one might become convinced abortion is the only or best way forward.  

Fortunately though, by God’s grace, this was not the end of Brooks’ story, nor was it the end of Amber’s.  The Lord strengthened her to choose life for this child.  He gave her people to love, support, encourage, and pray for her and connected her to an adoption agency that did the same. Then, by His grace, He crossed our paths and knitted our lives together through the life of this incredible boy.  I wish I could say the process was easy, but adoption is never easy.  There is always pain and loss amidst the joy of every adoption story, and that pain and loss are often felt most acutely by the birth mother.  Amber is no stranger to this truth.  But, as we sat talking in our living room that night while Brooks peacefully slept upstairs, we found ourselves in awe of the beauty of the relationship God gave us, the wonder of the work He has done in us, and the joy of the gift He gave us in Brooks.  We can’t imagine the world without him and are so thankful to the Lord for making his life possible!  

If you once found yourself in that difficult place where abortion seemed your only or best option, I pray you would experience the Lord’s compassion for your circumstances, His deep love and care for your soul,  and His complete healing of the heartbreak such a decision can cause.  For those who may find themselves in this situation in the future, I pray the Lord would encourage you by this story to choose life for your unborn child and that He’d help you trust Him to provide for both you and your baby’s needs.  And, may the Lord help us all to value the lives of unborn children as well as the lives of the women who carry them and the men who were part of their creation.  May we be the hands and feet of Jesus--loving and caring for all of them as He would, helping provide for their physical, emotional, and spiritual needs, and encouraging them in the beautiful story the Lord has written for their lives and the lives of every person their stories touch in the future!

By Katie Miller

For more blog posts by Katie Miller, click HERE 

Posted in Katie Miller
June 11, 2022

Boise Housing Market Update | May 2022

Though still strong, rising interest rates, economic uncertainty, and increased inventory are causing a definite shift in the Boise housing market.  This shift has caused some buyers and sellers to pump the breaks on moving plans as they evaluate costs and wait to see where things might be headed.  Although it's impossible to predict the future, we wanted to share a few things that national housing market experts say we can expect in the coming months:

  1. The number of homes available for sale will grow.  We are definitely experiencing that here.  In May, there were 1,520 homes available for sale, which is an increase of 166.7% from the same time last year. This means prospective buyers have more options and less competition, allowing them to slow down and process their decisions before they purchase.  This has also led to homes staying on the market a bit longer.  The average days on market in May was 14 days, which is still low but up 22.7% from last year.  We anticipate this number will only continue to increase throughout the year.  

  2. Mortgage rates will likely continue to respond to inflationary pressures. On May 12th, the nationwide average interest rate for a 30-year fixed-rate mortgage peaked at 5.3%.  This was nearly double the average of 2.65% on January 7th.  Though rates are still at historic lows, this increase has greatly impacted home affordability and played a major role in the demand for mortgages sinking to its lowest level in 22 years. 

  3. Home prices are projected to continue to climb.  In May, the Boise housing market hit a new record high with a median sales price of $602,250. It’s possible that prices could drop slightly in the coming months, but as we shared in last month’s update, prices are anticipated to stay on an overall upward trajectory.  View various nationwide price appreciation projections for the coming year HERE. 

 

We know there is much to consider in making decisions about real estate.  Please know we are always eager to talk with you about your questions and concerns and to be a trusted advisor as you navigate the best steps forward.  Don’t hesitate to reach out!  Having the opportunity to help our friends, family, and clients is a joy for us! 

 

See more monthly Boise housing market updates HERE!

Posted in Housing Market
May 11, 2022

Boise Housing Market Update | April 2022

The Boise housing market saw another new record this month with the median sales price reaching $595,000.  This is a 23.9% increase from last year.  The biggest price increases were found in the new construction segment where the median sales price has jumped 36.7% from last year to $645,000.  In the existing/resale segment, the median price was $570,000, which is a gain of 16.9% over last year.  The median sales price in both these segments set new record highs.     

Mortgage interest rates increased last month as well, with the average 30-year fixed-rate mortgage reaching 5.1% at the close of April.  Because most of the homes that sold last month went into contract in February or March, before the interest rate hikes, it’s hard to say exactly how increased mortgage costs will affect prices.  This will become more evident over the next two months.  

Recently, I have heard a few people comment that they believe we are headed for a market correction, and they expect housing prices to go down.  I’m not so sure.  While I do believe higher interest rates will decrease buyer pressure on the market and cause the rate of appreciation to return to more normal levels, the demand for housing in our area remains strong and inventory is still relatively tight.  Both of these factors, I believe, will continue to keep home prices on an upward trajectory in the coming years.  The latest home price forecasts indicate that housing experts believe the same.  You can see their various price appreciation projections for the coming year HERE.  

No matter where the market is headed, we know that decisions about buying, selling, or investing in real estate will remain important to many and that each person’s situation is unique.  If you have questions about how current market trends may impact you, we’d love to hear them and to help you make decisions about when and how it might be best to move forward given the factors that affect you most.  

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

See more monthly Boise housing market updates HERE!

Posted in Housing Market