Boise Real Estate: Our Spring Market Is Here

The Boise Real Estate Market Emerges From Hibernation!

Boise Real Estate

Actually, our market didn’t go into hibernation this year!

February’s Boise (Ada County) real estate activity included:

  • 1,333 active listings.
  • 1,357 pending sales
  • 681 closed sales
  • +7.3% average sales price increase vs. February 2018.
  • +11.2% median sales price increase vs. February 2018.

About Phil Hoover

How I Work With Sellers!

As of this morning, we have only 1,348 single-family homes for sale in all of Ada County.

Over the past 12 months, we’ve closed an average of 965 sales per month.

That works out to 1.4 months’ supply of listing inventory at this time as we enter our busy Spring Boise real estate market.

Due to our low listing inventory, we can expect to have a strong seller’s market during the next 90 days.

Thinking of selling?

NOW is the time to list your home!

It costs nothing to learn what your home is worth!

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

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

Data does not include condo or townhome properties.

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The False Promise of “We Buy Houses!”

Have you seen those “We Buy Houses” signs on utility poles?

We Buy Houses

They’re intended to snare unwitting homeowners who think they can sell their home quickly without a Realtor®.

The people behind those signs prey on unknowledgeable homeowners who are often facing financial challenges.

If you call the number on the sign, realize that you will be dealing with someone who knows far more about real estate than you do.

Those buyers are shrewd deal-makers and your best interests are not their best interests.

Their motivation is to take advantage of your desire for a fast sale and make a huge profit in the process.

When It Sounds Too Good To Be True . . .

They’re going to deduct all ordinary sales costs as part of the deal, including commissions, closing costs, fix-up costs, and carrying costs.

Then, they’re going to build in a substantial profit for themselves.

Perhaps those signs should say “We Buy Houses At Deep Discounts”?

You may avoid paying a commission, but the cost of the commission will be deducted from the offering price.

The bottom line is that you’re essentially paying a commission while not having a skilled, experienced Realtor® representing your best interests.

If the offer is indeed legitimate, and the buyer is actually able to perform, you may end up with a closed sale, but you must be careful.

Beware Of The Fine Print

Never sign over the title to your home to anyone without using a title/escrow company and ensuring that everything is done correctly.

Above all, make sure that all encumbrances against your property are paid off at closing.

Understand that simply deeding your home over to someone else will not relieve you of your mortgage debt and other obligations.

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Tempted to consider one of those deals?

Call me at (208)938-5533, or e-mail me before you sign anything!

It’s a free call and it’s likely that I will help you avoid a nightmare experience.

How I Work With Sellers

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What’s Your Meridian Idaho Home Worth?

A website can’t determine the value of your Meridian Idaho Home

Meridian Idaho Home

Real Estate Portals

People love to visit real estate portals.

What’s not to love?

Some people (like you?) spend hours viewing tantalizing online “eye candy”, looking at dream homes and trying to figure out what their own home is worth.

Along with embellished photos and glowing descriptions, some of those portals offer estimates of value.

Those estimates of value are calculated by Automated Valuation Methods (aka AVM), generated by computer algorithms.

What could possibly go wrong with this concept?

Computerized Pricing Issues

In Idaho, those real estate portals rely upon assessor’s data, which can be as much as a year old.

If you’re a seller, how will you feel when you rely upon an inaccurate automated value to establish your asking price?

A computer sitting in a far away server farm will never understand:

  1. The location of the home.
  2. The neighborhood and surroundings.
  3. The condition of the home.
  4. Upgrades made to the home.
  5. Undisclosed needed repairs.
  6. The motivation of the seller.
  7. Local market conditions.
  8. Details of comparable sales.

How I Work With Sellers

Thinking of selling your home?

Our Spring market is the best time to sell your Meridian Idaho home!

Would you like to know what your home is really worth?

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

I will analyze your home’s value and personally explain actual MLS data with you!

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Your Eagle Idaho Home Has Seven Values

Here’s Why Your Eagle Idaho Home Has Seven Values

Eagle Idaho Home

You might be surprised to learn that your Eagle Idaho home has seven different values, including:

1) What You Think Your Home Is Worth

Just about every homeowner believes they have the nicest home in their respective neighborhood.

Your home is special and valuable to you because you’ve made it what it is.

Most sellers have a good idea of their home’s value.

2) What Buyers Think Your Home Is Worth

Buyers view your home differently than you do.

Buyers usually evaluate your home using (often questionable) information they’ve seen on the internet.

They may, or may not, know the market value of your home.

3) What The Appraiser Thinks Your Home Is Worth

An appraiser will value your home using factual data from comparable closed sales of other Eagle Idaho homes.

It’s important to realize that an appraisal is a subjective “opinion of value” based upon the appraiser’s interpretation of comparable sales data.

Appraisers are hired by the buyer’s lender to determine if your home’s value is adequate for the intended financing.

That appraised value is not necessarily market value.

4) What The Tax Assessor Thinks Your Home Is Worth

The tax assessor determines the assessed value of your home using entirely different methods than those used for lending appraisals.

Idaho assessed values are determined once a year using the assessor’s unique formula.

Idaho assessed values are often below market value in rising markets and above market value in declining markets.

5) What The Internet Thinks Your Home Is Worth

Various internet real estate portals calculate your home’s value using a computer algorithm and assessor’s tax data.

That process is an AVM (automated valuation method) that often generates inaccurate estimates of market value; especially in Idaho where assessor’s tax data can be up to a year old.

Those computers have no idea if your home is in model home condition, or if it’s a dump.

They also don’t know if your neighborhood is pristine, or full of neglected rentals with abandoned furniture sitting in driveways.

Those real estate portals are in the “lead” business; not the real estate business.

When visitors to those sites request more information about listings, they become “leads” and their contact information is sold to real estate agents willing to pay for those leads.

6) What Your Neighbor Wants Your Home To Be Worth

Your neighbor, Fred, thinks he knows everything about real estate and what your home is worth.

Fred has a vested interest in seeing your home sell for more than it’s worth because he thinks that will increase the value of his home.

Don’t be surprised if Fred thinks his home is worth even more than yours.

Finally, Fred probably isn’t a skilled, experienced Realtor® who knows the true market value of your home.

Plainly stated, Fred doesn’t have a clue what he’s talking about in most instances.

Don’t listen to Fred when you’re preparing to sell your home.

(sorry Fred!)

7) What A Listing Agent Thinks Your Home Is Worth

Many listing agents will tell you what you want to hear to get your listing.

The problem with that concept is that your listing agent isn’t going to buy your home.

Your home is worth what a willing, qualified buyer will pay for it – period!

Don’t list your home with a listing agent who promises you an unrealistic asking price!

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Thinking of selling?

Ready for some no-BS straight talk vs. sales talk?

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

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Hidden Risks of Overpricing Your Eagle Idaho Home

Should you list with the agent who promises the highest price for your Eagle Idaho home?

Eagle Idaho Home

In real estate, we call that practice “buying the listing”.

The problem with that tactic is that your listing agent isn’t the person who will be buying your home!

Some listing agents will use that tactic to “get the listing” at any price, then urge you to reduce your asking price when your home doesn’t sell.

If you fall for that trick, don’t be surprised when your listing agent asks you to reduce your price soon after listing your home with them.

Some listing agents even go so far as to include one, or more, pre-scheduled price reductions in their listing agreement after overpricing your home!

That’s especially brazen if the high asking price was their idea!

Before you list your home with the agent who promises an unrealistically high price, ask yourself:

  • Who will be willing to pay that price for my home? (certainly not your listing agent!)
  • What if my home doesn’t sell?
  • How will my home be viewed by buyers and agents when I have to reduce my price?
  • Is it a good idea to list my most valuable asset with an agent who’s willing to mislead me to get my listing?
  • How many additional showings will I have to endure until my home sells?

When you encounter a listing agent who’s recommending a higher price than other agents, ask for proof of the price they’re recommending.

Your listing agent should be willing to discuss the actual closed comparable sales used to determine the correct asking price.

The thrill of a high asking price will quickly disappear when no one looks at your home.

Listings are like fruit ~ they don’t get better with time!

Homes that linger on the market, or undergo multiple price reductions, rarely sell for top dollar.

Your best option is to list with an agent who’s truthful about the value of your home.

The last thing you should do is list your home with an agent who tells you what you want to hear!

Like to know what your home is really worth?

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

I will evaluate your home and tell you the truth so you can make informed decisions about selling your home.

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