2014 Spirit of Boise Balloon Festival

Yesterday was an eventful day for me!

After serving as a crew member for the RE/MAX balloon at our annual Spirit of Boise Balloon Festival for the past two years, I finally got my long-promised ride on the balloon yesterday morning.

We arrived at 6:30 a.m (still dark) and learned that the RE/MAX balloon had been chosen to honor two hot air balloon pilots who had passed away since last year’s event.

We took off before sunrise with the sun just starting to peek over the Boise foothills and there wasn’t a dry eye in the crowd as we lifted off with all of the other balloons lying on the ground in silent tribute to our fallen balloonists.

It was truly an honor to be a part of this memorial ceremony.

Here are a few photos of our incredible hour-long flight from Ann Morrison Park as we floated above the beautiful Boise skyline at sunrise with my good friend and pilot, Darren Kling.

Jan and I ~ Ready To Go!

Jan and Me - Resized

Lifting Off

Liftoff

Drifting Over Northwest Boise

Northwest Boise

Trying To Land ~ Veterans Memorial Park

Veterans Memorial Park

Mommy! Mommy! Look At the Big Balloon!

Kids - Bust Stop

Our Beautiful Big Balloon!

Above The Crowd

Boise Homes: Pending Sales Trends

Pending sales of Boise homes are an indicator of future closed sales.

Here’s a breakdown of 2014 year-to-date pending sales.

  • January: 813
    % Change: (baseline number)
  • February: 897
    % Change: +10.3%
  • March: 993
    % Change: +10.7%
  • April: 1,177
    % Change: +18.5%
  • May: 1,143
    % Change: -2.9%
  • June: 1,114
    % Change: -2.5%
  • July: 971
    % Change:  -12.8%

Takeaways

The lower numbers of May, June, and July pending sales confirm a lapse in our late Spring and early Summer sales activity.

The Boise real estate market is often slower in Summer, then strengthens as we enter our Fall season.

Activity has increased recently, which is confirmed by our August month-to-date 1,005 pending sales with a few more days until the end of the month.

Data pertains to Ada County single-family homes on lot or acreage.  Data does not include condo or townhome properties.

 

Meridian Idaho Homes For Sale: Now vs. Then

Here are some interesting year-over-year comparisons of available listings for the Meridian, Idaho market.

Meridian Idaho Available Homes – July 2013

  • # Available: 562
  • Average Asking Price:$257,116
  • Median Asking Price: $221,990

Meridian Idaho Available Homes – July 2014

  • # Available: 722
    % Change: +28.5%
  • Average Asking Price: $264,634
    % Change: +2.9%
  • Median Asking Price: $235,692
    % Change: +6.2%

Takeaways

  • Meridian’s listing inventory has increased by a whopping 28.5% in the past year.
  • Meridian’s pending sales have declined from 375 to 238 (a 36.5% decrease) this July vs. last July.
  • Meridian’s rate of price appreciation has slowed dramatically from that of the past couple of years.
  • Higher listing inventory, fewer pending sales, and slowing price appreciation all point toward a slowing Meridian real estate market.

Data pertains to Meridian, Idaho single-family homes on lot or acreage.  Data does not include condo or townhome properties.

 

Boise New Homes For Sale

At a glance, many buyers consider new homes as simply a part of the overall pool of available homes for sale.

But, in reality, new homes are very different from resale homes.

When you consider buying a resale home, it’s “there” and you can see exactly what the seller is offering for sale.

New homes are different because there are relatively few completed new homes for sale at any given time.

That’s because few builders can afford (or obtain financing) to build a large number of unsold homes.

That means buyers must base their buying decision upon viewing a model home or reviewing building plans.

Buyers who are “visual” often struggle to understand a set of blueprints as they try to make one of the biggest financial decisions of their life.

Buyers who choose to build a new home must also make numerous decisions, including lot selection, plan development/changes, and dozens of selections for everything that will go into their new home.

Building a new home requires a tremendous amount of communication between builder and buyer that doesn’t exist in a resale home transaction.

Another consideration is the time that’s required to build a new home.

Production homes (non-custom homes) can often be completed in about 75-90 days following issuance of the building permit.

Custom homes usually take 120 days or more after permit issuance, depending upon a variety of factors, including developing plans, getting construction bids, and other considerations.

Buying or building a new home can be exciting, but it’s a very different proposition than buying an existing home that can be seen, touched, and be yours after a short escrow period.

If you’re interested in buying or building a new home, give me a call at (208)938-5533 or e-mail me.

I’ve helped many of my clients buy/build new homes over the years and would be happy to answer any questions you may have about the new home market.

 

Boise Homes: Why I Decline Some Listings

I approach listings differently than many (most?) agents.

For as long as I can remember, the real estate profession has always favored taking every possible listing and worrying about how to sell it later.

I know agents who think they must maintain a personal listing inventory of at least 24 homes at all times.

The underlying logic in real estate has long been that it’s good to have a lot of listings because some of them will sell.

That amounts to a listing agent having to “get lucky” to get paid.

Given the amount of time, energy, and money I invest in each of my listings, that has never made sense to me.

Most would agree that getting lucky isn’t a sound business model.

That’s why I only accept listings that I’m sure I can sell.

I rarely have more than a few listings at any one time and focus my full attention to getting those listings sold vs. hoping some of them will sell.

When I take a listing, I spend considerable time with my seller to ensure that I clearly understand what they wish to accomplish (it’s often more than just selling their home).

I also analyze the true market value, comparable listings and sales, and the pros and cons of the property so I can view it as prospective buyers will view it.

After that, I work with my sellers to make changes that will enhance the salability of their home.

In other words, I don’t rush into “getting the listing”, as many agents do.

Then comes professional photography, post-processing of the images, creating a full-color flyer, building a virtual tour, social media promotion, and numerous other tasks.

Given that thorough approach, I simply can’t afford to invest all of my precious resources into a listing that doesn’t sell.

Is this any way to run a real estate practice?

Apparently so, as it has been years since I’ve had an unsold listing.

Looking for results when you’re ready to sell?

Give me a call at (208)938-5533 or e-mail me and let’s discuss how I will get your home SOLD!