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Why We Have Two Markets For Meridian Idaho Homes

March 14, 2019

We Have Two Markets For Meridian Idaho Homes!

You may not realize it,, but we actually have two distinct markets for Meridian Idaho homes.

Resale Homes

As of this morning, we have only 147 resale listings for Meridian Idaho homes.

Those listings are spread over four Meridian MLS areas.

MLS Area 1000 (SE Meridian) has resale 26 listings.
MLS Area 1010 (SW Meridian) has 16 resale listings.
MLS Area 1020 (NE Meridian) has 30 resale listings.
MLS Area 1030 (NW Meridian) has 75 resale listings.

Asking prices for those 147 listings range from $65,000 to $2,483,000.

View All Meridian Idaho Homes For Sale

Read More About Meridian, Idaho

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New Homes

We currently have 137 completed Meridian Idaho new homes listed for sale in MLS.

Those listings are spread over four Meridian MLS areas.

MLS Area 1000 (SE Meridian) has 23 new home listings.
MLS Area 1010 (SW Meridian) has 13 new home listings.
MLS Area 1020 (NE Meridian) has 6 new home listings.
MLS Area 1030 (NW Meridian) has 95 new home listings.

Asking prices range from $255,990 to $1,547,000.

We also have another 151 new homes under construction in Meridian.

Finally, we have 19 “To Be Built” homes listed by builders hoping to snag a buyer before they begin to build those homes. We call those listings “phantom inventory” because most of those homes will never be built.

Due to our severe lack of resale listing inventory, new home sales now comprise 45.9% of all Meridian home sales recently.

Looking for that perfect Meridian Idaho home?

I can help you narrow your home search with my extensive broker-level MLS search capabilities.

I have access to data that isn’t displayed to the public.

That broker-level data can help me find your ideal Meridian Idaho home the easy way!

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

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What Does BTVA Mean In Boise MLS Listings?

March 11, 2019

You’ve probably seen the term “BTVA” included in various Boise MLS listings!

If you see a Boise MLS listing for a property like the one above, don’t be surprised if you see the term “BTVA” in the listing!

Although it almost sounds like a dirty word, it isn’t.

“BTVA” is Realtor^® shorthand for “Buyer To Verify All”.

Placing “BTVA” in a listing is a thinly-veiled attempt by a listing agent to redirect responsibility for verifying all of the details of the property to the buyer.

It’s nothing less than a feeble attempt by the listing agent to avoid legal liability.

Most buyers who see that acronym don’t even know what “BTVA” means.

They also lack the knowledge and experience needed to verify all the details of a property.

That’s why you should hire your own buyer’s agent to represent you!

Call me at (208)938-5533 for experienced, skilled buyer representation!

A competent buyer’s agent will be able to research and confirm property details for you.

Your buyer’s agent will then become responsible for verifying the details of a property for you.

It’s important to understand that both sellers and listing agents are legally required to disclose all known material facts to buyers.

Non-disclosure of a known material fact can become a problem for both a seller and their agent.

I wouldn’t want to be a listing agent standing before a judge, explaining that I wasn’t responsible for inaccurate listing information because I inserted “BTVA” in my listing.

P.S. If you’re still wondering, I never use the term “BTVA” in my listings!

View All Boise Idaho Homes For Sale

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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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

Tour of Boise Idaho Video

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

Tour of Boise Idaho Video

Boise River Greenbelt Video

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)