by Phil Hoover, Real Estate Broker

Boise, Idaho Real Estate Stats – October 2010

Here’s a snapshot of September’s real estate activity for Boise, Idaho (Ada County):

Available Homes
# Available: 3,455
# Vacant: 1,867
Vacant Percent: 54.0%
Average Asking Price: $233,185
Median Asking Price: $169,000

Pending Sales
# Pending: 694
Average Asking Price: $207,543
Median Asking Price: $167,054

Closed Sales – September 2009
# Closed: 598
Average Sales Price: $201,524
Median Sales Price: $164,000

Closed Sales – September 2010
# Closed: 506
% Change: -15.4%

Average Sales Price: $191,494
% Change: -5.0%

Median Sales Price: $158,900
% Change: -3.1%

Data taken from Intermountain MLS on 10/5/10 and pertains to single-family residences on lot or acreage. Data does not include condominiums or townhomes.

October 5th, 2010 Posted in Boise Market Stats | Print This Post Print This Post | No Comments »

Meridian, Idaho Real Estate Stats – October 2010

Here’s a snapshot of September’s real estate activity for Meridian, Idaho:

Available Homes
# Available: 918
# Vacant: 536
Vacant Percent: 58.4%
Average Asking Price: $190,350
Median Asking Price: $164,500

Pending Sales
# Pending: 165
Average Asking Price: $197,268
Median Asking Price: $179,900

Closed Sales – September 2009
# Closed: 151
Average Sales Price: $186,230
Median Sales Price: $166,950

Closed Sales – September 2010
# Closed: 146
% Change: -3.3%

Average Sales Price: $178,585
% Change: -4.1%

Median Sales Price: $162,000
% Change: -3.0%

Data taken from Intermountain MLS on 10/5/10 and pertains to single-family residences on lot or acreage. Data does not include condominiums or townhomes.

October 5th, 2010 Posted in Meridian Market Stats | Print This Post Print This Post | No Comments »

Eagle, Idaho Real Estate Stats – October 2010

Here’s a snapshot of September’s real estate activity for Eagle, Idaho:

Available Homes
# Available: 312
# Vacant: 115
Vacant Percent: 36.9%
Average Asking Price: $466,451
Median Asking Price: $378,950

Pending Sales
# Pending: 76
Average Asking Price: $393,717
Median Asking Price: $349,900

Closed Sales – September 2009
# Closed: 43
Average Sales Price: $387,287
Median Sales Price: $310,000

Closed Sales – September 2010
# Closed: 33
% Change: -23.3%

Average Sales Price: $387,100
% Change: -.05%

Median Sales Price: $374,900
% Change: +20.9%

Data taken from Intermountain MLS on 10/5/10 and pertains to single-family residences on lot or acreage. Data does not include condominiums or townhomes.

October 5th, 2010 Posted in Eagle Market Stats | Print This Post Print This Post | No Comments »

Selling Your Home In Our Slower Boise Real Estate Market – Part II

Eliminate Objections Before Listing

Objections give the buyer negotiating power.

You must remove all possible objections in order to retain negotiating power.

  • If the carpets are dirty, clean them.
  • If the carpets are worn out or ugly, replace them.
  • If your home needs painting, paint it.
  • If you have pets, remove them.

Look at your home the way buyers will and make it attractive to them!

If you don’t remove objections, your buyers will usually reduce their offer by more than the actual cost of correcting the issues they perceive to be in need of correction.

List Your Home With An Experienced Full-Time Professional

You need a listing agent who is a good communicator, experienced, knowledgeable, and a good negotiator.

The last thing you need is an agent whose first act is to negotiate away their commission, has no internet presence, or cannot take calls because they are at work (on their real job).

Use Effective Internet Marketing

90% of all home buyers start their search on the internet, then select a buyer’s agent to represent them.

If your listing agent doesn’t have an effective internet presence with a high-ranking site, your home will be invisible to buyers.

SHAMELESS SELF-PROMOTION: This blog ranks on the first page of Google for several of the most popular search phrases in the Boise real estate market.

Understand That The First Offer May Be The Best Offer

A new listing, properly-prepared for sale, will always be more exciting than a shopworn listing that has been on the market for several months and reduced several times.

Capitalize on that excitement when you get that first offer!

September 15th, 2010 Posted in Inside Real Estate, Seller Stuff | Print This Post Print This Post | No Comments »

Selling Your Home In Our Slower Boise Real Estate Market – Part I

Selling your home in our current slower Boise real estate market is obviously more challenging than selling it when the market was smokin’ hot!

BTW ~ those smokin’ hot days are long gone!

Here’s how to sell your home in today’s slower Boise real estate market:

Complete A Thorough Market Analysis

This means looking at available listings (your competition), pending sales, and closed sales within the past 90 days (just like the appraiser will do after your home sells).

Face Reality And Price Your Home To Sell

This means figuring out what your home is worth, then pricing it slightly below market value to be competitive.

Your goal is to ensure that yours is the next home sold in your neighborhood; not the home that buyers use as a comparison as they buy someone else’s home.

Overpricing your home in a slow market ensures that you will take longer to sell and end up selling for less after multiple price reductions.

Be Prepared To Pay The Buyer’s Closing Costs

Like it or not, most transactions in our current market include the seller paying the buyer’s closing costs.

This is especially common with first-time buyers who have minimal cash for a down payment and closing costs.

~ Stay tuned for Part II ~

September 14th, 2010 Posted in Inside Real Estate, Seller Stuff | Print This Post Print This Post | No Comments »
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