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June 30th, 2009
Eco-Friendly Design Materials
Two weeks ago, along with several other Windermere Capital Group agents, I completed the NAR Green Designation Course. After taking this course, I can’t help but notice all the great eco-friendly materials out there. Being a self-proclaimed interior design aficionado (Is subscribing to 20 different interior design magazines too much??); here are some of my favorites.
Benjamin Moore has some of my favorite colors to use for interiors. Now, they continue to be one of my favorites with their new paint line called Natura. This interior waterborne paint offers 3500 wear-resistant hues. It is also virtually odorless, zero VOC’s (volatile organic compound), and highly washable. That means bye bye baby grime marks. This paint runs about $50/gallon. For more info, check out their site at www.benjaminmoore.com.
As most of us new, compact fluorescent lights (CFL) are not the prettiest. The coiled look is too obvious and noticeably different. GE has recently unveiled a new Energy Smart CFL that is much more stylish. It boasts a life span of 8,000 hours and costs about $8. You can even go to their website to calculate your estimated savings by using their Energy Smart CFL’s. http://www.gelighting.com/na/home_lighting/products/energy_smart.htm
Caesarstone has never really been my favorite for quartz counters, but they’ve recently added 8 new colors to their ‘09 Collection, and I must say, I am quite impressed. Within these colors there is a recycled line, a new matte-hammered texture, and the first black metallic-accent surface. http://www.caesarstoneus.com/
FLOR provides carpet tiles that use non-toxic dyes and are made from recycled materials. The best part is when you are done with the squares (or sick of them) you can send the tiles back to be recycled. You also do not need a carpet installer for the tiles. This is definitely something that you can do yourself. They are also extremely durable and come in a range of colors and patterns. I have some in my garage and love them! http://www.flor.com/
June 29th, 2009
Hispanics form considerable economic base for Idaho
Recently a business partner brought to my attention an article on Hispanics in Idaho. I found the information very motivating with today’s economic conditions. Recent studies show that Hispanics in Idaho increased in purchase power in comparison with Hispanics nationwide by a full percentage point, reaching 13.5% in 2008.
Hispanics play a large part in overall economic growth, and are increasingly becoming more important contributors to the economy of Idaho and its businesses. Furthermore, the Hispanic population grew by 5% in 2008, representing 10% of the total population in the state. Pew Research Center shows that 60% of the 10% are homeowners/householders in Idaho and rank 3rd in the nation.
The statistics show that the influence of Hispanics will continue to grow in the future, and during the current recession, will continue to contribute to the economic growth of the state of Idaho.
Source: Idaho Department of Labor & Mirada Magazine
June 17th, 2009
Coming Soon In Garden Valley
In spring or early summer, while driving home from work in Garden Valley at dusk, the traffic you have to watch out for crossing the highway doesn’t come with overpasses or merging lanes….it’s groups of elk, jumping fences, darting from one ranch to the next, going down to the river for a drink or to a greener pasture. In the last three weeks, they started calving and if you are lucky, you’ll see the little ones still with spots. Just by taking in the scenery you’ll know you’ve entered one of Idaho’s greatest playgrounds, no stoplights here, only two paved roads, one being the Wildlife Canyon Scenic Byway along the Payette River corridor into the Sawtooth Mountains.
Summer is a great time to experience Garden Valley with events to please everyone in the family. Next weekend, June 19, 20, 21 will be the first annual Payette River Experience with a mountain bike race, a whitewater festival, 5 and 10k runs, 1k family run and walk, fly fishing tournament , outdoor concert and more. Go to www.thepre.com for more information. The Starlight Mountain Theatre is also in its show season with musicals 6 nights a week all summer and a 4th of July celebration that’s nationally famous.
On a different note, the brand new energy efficient K through 12 Grade School will be open this fall. Garden Valley offers pre-school for both 3 and 4 year olds and has been awarded the “School of Excellence” award in the entire state for 1A athletes for scholarship, citizenship, and sportsmanship. Garden Valley has also just received a grant for $3 million from the Department of Agriculture to install a biomass boiler furnace for the school further reducing it’s carbon footprint. Contact marlo@windermere.com for more information.
April 15th, 2009
Market Trends March 2009- Months Of Inventory
Months of inventory is the number of months it would take for all active listings to sell, if no additional properties came on the market, at the current absorption rate or based on the number of closed sales that month. This graph shows the tremendous volatility over the last 15 months. The positive look at this is that over the last 90 days there has been a more dramatic decline. This, coupled with some of the other positive trends, could create some momentum for market stabilization in the near future.
April 15th, 2009
Market Trends March 2009- Average Price (In $,000)
Again, a clear indication of falling values with the average FOR SALE price being $295,000 at the end of March 2009 and the average SOLD price of $206,000. This is a clear indication of what part of the market is most active.
April 15th, 2009
Market Trends March 2009-Sold Vs. List Price %
This graph shows us how slow the market has been since the dramatic decline on the national economy of the last six months. There has been a 40.3% increase in the average days on market of the properties sold.
The Sold/List Price % is a very interesting data set that at times can be very difficult to understand. I believe that this indicates clearly that buyers simply did not purchase until the sellers price hit the appropriate level. Then buyers jumped off the fence and purchased.
April 15th, 2009
Market Trends March 2009- Average Price Per Square Foot
This data set clearly shows that the average price per square foot has declined dramatically over the last 15 months. This does not mean that every house has declined in value by 22.1%, but rather higher quality homes simply have not been selling over the last six months and thus the only ones that have been selling are more average in quality.
I believe we will start to see this slowly increase in the coming months and see more activity in the upper price ranges.
April 15th, 2009
Market Trends March 2009-Number of Homes
This data set shows the number of homes for sale, sold, and pended during each of the prior 15 months. At first glance we can notice the obvious decline in number of available homes. The 15 month low was in January and even though we have increased slightly from that low, one would expect that due to normal seasonal trends. The active inventory level at the end of March 2009 was still lower than any month in 2008.
The number of homes sold or closed in March 09 was down 12% over March 08. This would normally be very bad news, but I choose to see the overall number as being very positive because Jan and Feb 09 were considerably lower than the same months in 08 and this indicates a current upward trend.
The most positive part of this data set is the number of homes pended, or under contract but not yet closed, which shows the highest number of pending transactions in the last 15 months. This combined with declining inventory levels is a very positive sign of stabilization and market recovery.
February 19th, 2009
How is the Obama Housing Plan going to help?
February 13th, 2009
Is now a good time to buy a home?
Hardly a day goes by without an article in the paper or a news clip bemoaning the state of the real estate market. While values have clearly suffered over the past year, there are several components of the real estate market that are positive.
Interest Rates
Interest rates for 30 year, fixed rate mortgages are at historical lows. While rates are a bit of a moving target, I have clients who closed on homes over the past couple of weeks with rates as low as 4.8%. The impact of these low rates can be significant. On a $200,000 mortgage, the difference between 4.8% and 6.25% is $180/month!
While you may hear from the media that no one is lending, I have not seen any problem with qualified Buyers getting approval on home loans. Even though qualifying is a bit more difficult than years past, there are still several outstanding programs available. The more traditional programs will require 20% down, but options still exist for Buyers with as little as 3.5% down.
If you need the name of a quality lender, please do not hesitate to give me a call.
Home Values
So, what can be positive about the decline we have seen in prices over the past 12 – 18 months. Depending on the area, prices have declined between 10 – 20%. This decline in prices, however, has created affordable housing opportunities for a larger group of people.
There has never been a better time to buy for the first time home buyer. There are close to 200, newer 3 bedroom, 2 bath homes in the Boise/Meridian area priced under $150,000. In 2006, this would have been close to zero! Additionally, first time home buyers may qualify for a $8,000 tax credit. This combined with the low interest rates makes buying a home as inexpensive as renting.
For those people considering selling their current home and buying a larger home, this is also a good time to be looking at real estate. While the value of their existing home has declined so has the value of the larger, dream home. The key is to focus on the net difference between the price of the home you want to buy and the price you will receive for your current home. In absolute dollar terms, the larger home has corrected by a greater amount than the less expensive home. If you budgeted $50,000 additional to spend on a home, that $50,000 will go a lot further today than it would 2 years ago. The lower interest rate will also help the affordability.
The Stimulus Package
It is currently looking like there will be a very attractive in the stimulus package to bolster the real estate market. The current plan if approved would provide an $8,000 tax credit to first time home buyers. Unlike the current program in place, this $8,000 would not need to be repaid.
While I am not able to predict when home prices will stop their decline, I can say that we will only know the bottom has been reached after we have had several months of increased prices. With very low interest rates, significantly reduced prices and unheard of tax incentives all indicators are it is a good time to be buying real estate!