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Boise Idaho Real Estate Market Update October 2015

A change in seasons has not brought a change in the Boise Housing Market. In the first quarter of this year we saw fewer homes for sale than we had seen in the past ten years. Not much has changed. For October and the third quarter of this year we are still seeing available homes for sale at a decade low.

Existing homes for sale are the best way to gauge current home prices and real estate market trends. New construction home prices are much more volatile and tend to exaggerate the numbers, particularly on a month to month basis.

Home Sales

In the Boise, Idaho we saw a total of 362 homes sell. Compared to September of this year, this is a decrease from the 371 homes that were sold. From this exact same time last year, in October of 2014 we

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ADA County Rental Market Summary Q3 2015. Vacancy rates dropped 0.4% to finish the 3rd quarter of 2015 at 3.4%. This is a 0.9% increase from Q2 2014 when vacancies stood at 2.5%. The largest decrease in vacancy rates from last quarter were in Multifamily investment properties. Multifamily vacancies dropped from 4.5% to 3.3%. Single family vacancies increased 0.5% to 3.5%. This is the third quarter in a row we have seen single-family vacancies increase. Although vacancies are only 0.2% higher than the third quarter of 2014.

Overall rents increased 3.0% during the quarter. Rental rates increased slightly for single family rental homes, with an average of $22 to $1,276 from $1,254. There was a large increase of $82, in rental rates for multi-family homes,

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Selling Your Home in the Fall

Today we wanted to work on debunking one of the most common myths in real estate – selling your home in the fall. Summer has come and gone. Maybe you have considered the idea of putting your home on the market but just didn’t get to it this summer. Most sellers will just shrug it off and wait again for spring and while a bulk of sellers will do just that – this is time to rethink your home selling strategy.

Sell My Home Now or Wait Until the Spring?

The real estate market doesn’t just come to a screeching halt once summers over and the buying does not stop. With all the technology at our fingertips, this allows buyers to literally shop for a home any time of day, and day of the year. When you think that Autumn weather would have a huge impact –

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Boise Real Estate Market September 2015

Fall is officially in the air and while the leaves are starting to fall – real estate prices here in Boise, Idaho are holding steady. For the Boise real estate market in September 2015 we had a total of 371 home sales in the immediate Boise area. This is a decline of about 39 homes versus August but an increase from the 17 homes sold the exact time of last year.

The Boise median home price clocked in at $202,000. Lately, we have been flirting between high $190’s-200’s so this doesn’t come as a surprise however this is an increase from the median sold price we saw in August of $199,500. Rewind back to Sept of 2014, our median sales price was $185,450. One key thing to point out is that usually, as we approach closer to the end of the year, we start

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What Is a 1031 Exchange?

While a 1031 exchange (also called a like-kind exchange or a Starker) encompasses many different components, the short answer is that it is a way for people to buy and sell investment type properties in order to defer income tax on the financial gain of the property.

For many, this is known as the ultimate tax shelter when it comes to buying and selling real estate investments. While this is a beneficial vehicle for many, 1031 exchanges do not work for everyone.

An in-depth conversation with your tax advisor and attorney should be able to determine whether a 1031 exchange will work for you. There are many things to consider like your current tax profile and other financial transactions that you have taking place. In some

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Boise Real Estate Market August 2015

The mornings here in the area are beginning to get a little cooler and so are the sales prices of homes sold in the Boise real estate market in August. We saw a total of 410 homes sold in August, 2015. Compare this number to the 355 homes that were sold this same time last year we are looking at a small increase of 15.5%. Seasonal- this number seems on par with summer coming to a close and school starting here mid-month.

The median sales price of homes here in Boise was $199,500. In August of last year, our median sales price was $190,000 so overall we are looking at a 5% increase which is what we have been seeing so far this year. Median price per square foot is currently running at $125.00. Now if you compare August’s median sold price versus

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Protect Yourself With Renters Insurance

Recently, I drove by a duplex in my area. One side had caught on fire and the damage was pretty substantial. Not only was the building a mess but all the tenants personal property was destroyed. Smoke damaged belongings were just piled up in the yard. When you see something like this it makes you think about two things. Whether or not everyone made it out OK and how horrible to have something like that happen.

Fires happen and other natural disasters happen, all the time. If you’re living in a rental be it a duplex, apartment or a single family home, you trust that something like this won’t happen but sometimes it does. If you’re a renter you need to protect yourself and your belongings, you need renters insurance.

Renters insurance is known

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So What Is an FHA Loan?

FHA stands for Federal Housing Administration. In simple terms, this is a loan program that’s popular with first-time homebuyers that is backed and insured by the federal government. Now it’s important to know that this isn’t who will make you the loan, your lender will do that, but this is an entity that oversees and helps folks get into new homes. Also worth noting – not all lenders are FHA qualified and not all FHA qualified lenders are the same when it comes to interest rate, fees, etc. Like anything else, always shop around to get the best deal.

What Are the Advantages of FHA Loans?

When it comes to an FHA loan- What’s in it for me? A much lower down payment! I don’t know about you but growing up I always thought

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Idaho First Time Home Buyer Programs

Reality Check: You’re Already Paying a Mortgage. Monthly rents have shot up throughout the area and now more than ever, folks realize that the amount of rent they’re paying every month could easily be paying an actual mortgage – for a home you own. There are many Idaho First Time Home Buyer Programs that can help you do just that.

National Programs & Grants


A significant portion of first time home buyers will utilize an FHA (Federal Housing Administration) loan. An Idaho FHA loan is a loan that is backed by the government and buyers are required to put down at least 3.5% of the loan amount in order to purchase a home. Let’s face it, 3.5% can add up. What most people don’t know is that there are Idaho first time home buyer programs out

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Single family homes sold in the Boise real estate market for the month of July totaled 451. Compared to July of last year, this is an 11% increase compared to the 418 homes that were sold. Last month in June, we had a total of 518 homes sell so we should continue to see this number decrease as the year progresses. The summer months here in our market tend to be the busiest all year and as summer winds down, people are looking to get settled in prior to the start of the school year which is the end of August.

The Boise median home price for homes sold in July was $204,500, this is a 9.7% decrease from the median price we saw in June at $210,000. The median price per square foot in July for a home would set you back $124 per square foot. Last year in

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