Buyer Stuff Archives | Phil Hoover

Boise Homes For Sale: Our Spring Listing Inventory

February 18, 2019

Will we have enough Boise homes for sale this Spring?

Based upon our current listing inventory, combined with continued strong sales activity, we can expect a severe shortage of listing inventory this Spring.

Last year’s Spring market, with a greater number of listings, spawned multiple-offer bidding wars across the Boise real estate market.

We’re probably in for more of the same this year.

Current Available Listings

As of today, we have only 554 resale homes for sale in Ada County.

We also have 365 completed new homes available.

That totals 919 existing homes for sale in the Boise real estate market.

For buyers willing to wait for a home to be completed, we have 425 new homes under construction.

We also have 99 “To-Be-Built” homes, most of which will never be built.

Builders offer those homes to land “build jobs” without first starting construction.

We call those listings “phantom listing inventory”.

New Listings vs. Absorption

Our Ada County listing inventory is spread over 17 MLS areas and includes all price ranges.

It’s safe to assume that we’ll see additional listing inventory as we approach our Spring market.

That listing inventory will quickly be absorbed when more buyers emerge from hibernation in the next couple of months.

However, we’ve averaged 962 closed home sales per month in Ada County over the past 12 months.

With 919 existing homes for sale, we have less than one month’s supply of existing Boise homes for sale.

View All Boise Idaho Homes For Sale

When you factor in specific criteria for price, location, schools, floor plan, bedrooms, baths, garage size, commuting, and other criteria, most buyers will have one or two homes to seriously consider.

Serious buyers soon realize they aren’t the only ones interested in those homes.

To illustrate our scarce listing inventory, let’s assume you want a single-level home in SE Boise.

As of this writing, there are 12 available homes matching those criteria.

If you want that home to be under $300,000, you have only three homes to consider.

Here’s How I Work With Buyers

Looking to buy a home this Spring?

You’ll enjoy my consultative approach with buyers.
No sales talk, no pressure, and no closing questions.
I’ll fully inform you and you’ll make your own decisions.
I work with a few clients at a time to ensure a high level of responsive service.
Think of me as your personal real estate consultant!
My extensive experience as a licensed broker is your assurance of a good buying experience.
Give me a call at (208)938-5533 or e-mail me and let’s get started!

Boise Idaho Community Information

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Boise River Greenbelt Video

Snake River Valley Wine Region Video

Boise Idaho Fall Color Video

Footnotes:

Data pertains to Ada County single-family homes on lot or acreage.
Data does not include condo, townhome, or mobile home properties.
Data extracted from Intermountain MLS on 2/17/19

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Boise Idaho Home Inspections

February 1, 2019

Boise Idaho home inspections often cause the “second sale”!

(Example of black mold above)

Why?

Because nearly every Boise Idaho home is sold subject to satisfactory results of a home inspection.

You may think your home is in perfect condition, but it’s rare for a home to pass a home inspection without needing some repairs.

When those repairs are identified in the home inspection report, you can expect the buyer to submit an RE-10 Inspection Contingency Notice to you, requesting repairs to be made.

Resolving Home Inspection Issues

Significant repair issues are often handled with the buyer asking the seller to have the repairs completed and provide paid invoices, and/or lien releases, when the work has been completed.

After repairs have been completed, the buyers may elect to have the property re-inspected to confirm that needed repairs have been completed correctly.

Minor repairs are often resolved by having the seller give the buyer a credit toward their closing costs.

In that situation, the buyers often make the needed repairs themselves after closing to ensure that the repairs are completed to their satisfaction.

Major repair issues (like a flooded crawlspace, mold, roof replacement, etc.) can result in a failed transaction.

How Sales Fail

There’s an option in the RE-10 Inspection Contingency Notice that allows the buyer to cancel the transaction if they don’t like the inspection results.

Unfortunately, that provision is sometimes abused by buyers suffering from buyer’s remorse, who then cancel for no inspection issues whatsoever.

If you’re a seller, think twice about refusing to make requested repairs.

If your buyer opts to cancel the transaction, another buyer will likely discover the same issues and request the same repairs.

It’s somewhat rare for a transaction to fail over inspection issues, but it does happen.

That’s why resolving home inspection issues is “the second sale” in most real estate transactions.

Boise Idaho Community Information

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Snake River Valley Wine Region Video

Boise Idaho Fall Color Video

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Should You Buy A Boise Idaho Flip?

January 28, 2019

Buying a Boise Idaho flip may sound enticing, but you need to be careful!

Home-flipping has been glamorized and over-simplified by numerous TV shows from HGTV and other networks over the past few years.

HGTV even created its “Boise Boys” show about flipping homes in Boise a couple of years ago!

Buying a “flip” may appeal to you, but it’s a good idea to look beyond the eye candy commonly seen in flipped homes.

There’s more to a quality home than quartz countertops, light gray paint, pendant light fixtures, faux barn wood floors, roller barn doors, subway tile backsplashes, and other current real estate trends.

Questions You Should Ask:

Did the seller obtain all required building permits?
Will the seller provide a copy of the building department’s final inspection approval?
Was the home vacant for an extended period of time?
Was the home winterized during the winter months?
Was the sprinkler system blown out over the winter months?
Was the remodeling work done by licensed contractors?
Did the seller pay all of the suppliers and subcontractors? (think about mechanic liens)
Will the seller provide paid receipts and lien releases from all of the suppliers and subcontractors?
Which major components of the home (HVAC, plumbing, roof, windows, appliances, etc.) were replaced?
Were those major components replaced with brand-new items or used items bought from Craigslist?
Will the seller provide warranties for all of the major components that were replaced?
Were major components replaced with the cheapest items available?
Did the seller have all locks re-keyed to prevent subcontractors from accessing the home after closing?
Will the seller allow you to have the home inspected by your own home inspector?
Will the seller correct issues identified by your home inspector?
Will the home qualify for title insurance to assure you of clear title?
Is the home eligible for the type of financing you intend to use? (think about FHA/VA)
Will you be able to arrange homeowner’s insurance? (check with your insurance agent before buying)

Before You Buy

Ask yourself “is this home a do-it-yourself, lipstick-on-a-pig renovation?”

Take your time and evaluate the quality of the renovation.

Look for obvious clues like:

Uneven floors
Brushed paint over old oak cabinetry
Cheap materials
Sloppy paint work
Mismatched plumbing and/or light fixtures
Mismatched door/window trim
Mismatched windows.
Mixed brands of appliances
Mismatched carpet qualities/colors
Mismatched door hardware/keys

Need some professional help figuring out that Boise Idaho flip you’re considering?

Give me a call at (208)938-5533 or e-mail me.

Don’t be surprised if I tell you to NOT buy that home and keep on looking!

Boise Idaho Community Information

Tour of Boise Idaho Video

Boise River Greenbelt Video

Snake River Valley Wine Region Video

Boise Idaho Fall Color Video

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When Sellers Lie On The Seller’s Property Disclosure

January 25, 2019

Here’s what can happen when a seller lies on the Seller’s Property Disclosure.

The following actually happened in one of my transactions a couple of years ago.

I represented the buyers in the transaction.

The home looked good on the surface.

We prepared an offer that was accepted by the seller.

I had to request a copy of the Seller’s Property Disclosure from the listing agent when it wasn’t posted in MLS.

That was my first indication of the listing agent’s inattention to details.

The listing agent sent the Seller’s Property Disclosure to me, I carefully reviewed it, and found no disclosed issues.

However, I noticed that only one (male) seller had signed the Seller’s Property Disclosure.

I then searched the public records and discovered that title was held by both a husband and wife.

That meant that our accepted offer wasn’t legally-binding because the offer hadn’t been signed by all parties on title.

The preliminary title report also confirmed that title was held by both a husband and wife.

The wife’s signatures were also missing on the MLS listing and the Seller’s Property Disclosure.

Then, things got even more interesting when the home inspection revealed that the 10-year old roof needed to be replaced due to defective, recalled shingles.

When I notified the listing agent about the roof issue, he told me it “wasn’t a problem” because the seller had already applied to have the roof replaced under warranty.

That confirmed that the seller and listing agent knew of the failed roof and both had misrepresented a known adverse material fact.

The listing agent had also failed to obtain the wife’s signatures on the listing, Seller’s Property Disclosure, and Purchase Offer without disclosing it to me.

The home inspection also revealed a flooded crawlspace, which might not have known to the seller.

The bottom line:

My buyers and I finally realized that we were dealing with a dishonest seller and listing agent, neither of whom could be trusted.

We terminated the transaction with a full refund of my buyer’s earnest money.

Later, I noticed that the home had been sold and reported closed in MLS.

I wonder if the buyer ever learned what I discovered during my failed transaction?

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