Boise Real Estate: 2015 Mid-Term Report

Now that the first half of the Boise real estate market’s 2015 sales numbers are in the books, let’s compare those numbers to the same time period of 2014.

Boise Real Estate Listings

  • 2014: 2,767
  • 2015: 2,463
  • % change: -11.0%

Boise Real Estate Pending Sales

  • 2014: 1,114
  • 2015: 1,402
  • % change: +25.9%

Boise Real Estate Closed Sales

  • 2014: 828
  • 2015: 1,040
  • % change: +25.6%

Data pertains to Ada County single-family homes on lot or acreage.

Date range = first six months of each year.


Selecting Your Listing Agent

If you’re like most homeowners, your home is your most valuable asset.

Thus, selecting a good listing agent is one of the most important decisions you’ll ever make.

Selecting the best listing agent can mean extra dollars in your pocket at closing and fewer hassles.

Here are a few questions to ask when you’re considering potential listing agents:

  • How many years have you been in real estate?
  • How many transactions have you closed?
  • Does your company have an international referral network, or is it just a local company?
  • How many transactions per year do you close?
  • Will you provide references and testimonials from past clients?

Look for an experienced, full-time professional.

You don’t want a part-time agent who can’t answer their phone because they’re “at work” (on their real job).

Remember . . .

Your listing agent’s enthusiasm and positive outlook will not increase the value of your home.

Look for an agent who will tell you the truth; not what you want to hear.

Never select your listing agent because they recommend the highest asking price (your listing agent is not going to buy your home!)

Thinking of selling?

I would love to have the opportunity to answer the questions above!

Give me a call at (208)938-5533 or e-mail me and let’s talk!


Meridian Idaho Home Inspections

Nearly all of the homes sold in Meridian Idaho are purchased subject to the buyer’s approval of a home inspection report.

In the Meridian Idaho real estate market, the buyer pays for a home inspection to be performed by an inspector of their own choosing.

A home inspection will cost $300 or more in most instances, depending upon the size of the home and the scope of the inspection.

After the inspection, the inspector will prepare a report with his findings and deliver it to the buyers and/or their agent.

If there are no significant defects noted on the report, the transaction will proceed normally.

If, however, the inspection report notes problems, the buyer will have the option of asking the seller (in writing) to correct those items.

At that point, the seller can agree to complete the requested repairs, in which case the transaction will proceed normally.

The seller, however, can refuse to complete the requested repairs, thereby giving the buyers the option of canceling the purchase and having their earnest money returned.

Some sellers opt to have their home “pre-inspected” by a home inspector of their own choosing prior to listing their home.

This allows them to control the selection of the inspector, and a positive report can be used as an effective marketing tool.


Boise Home Appraisals

If you’re financing your home, your lender will have the home appraised by a licensed real estate appraiser to confirm that the value is adequate for the requested loan amount.

This assures you that the price you’re paying for the home is reasonable, because the lender wants to confirm they’re not lending more than they should.

Lenders are required to order the appraisal through an Appraisal Management Company (AMC), which then assigns the appraisal to one of their approved appraisers. This prevents the lender from influencing the outcome of the appraisal. Lenders do not know the identity of the appraiser until they receive the appraisal report from the AMC.

It’s important to understand that the purpose of the appraisal is to justify the value of the property for the intended loan; not to establish fair market value.

The appraiser looks at the physical characteristics of the home, as well as the condition.

Depending upon the type of loan (think FHA and/or VA here), the appraiser may note items needing repairs.

In the Boise area market, the seller often pays for the appraisal.

The cost of a typical residential appraisal in our area is usually between $350 to $450, but larger properties requiring more complex appraisals can cost more.

Appraisals for non-owner occupied properties typically cost more due to the additional economic analysis required.