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REALTALK

March/ 2014 Places to Go & Things to Do march 25Th-30Th 10:00 am - 4:30 pm – Spring Break w/Birds of Prey @ World Center for Birds of Prey aPril 3rD 7:30 pm - One Survivor Remembers An Evening with Gerda Weissmann Klein @ The Morrison Center aPril 4Th 8:00 pm – Bill Cosby @ The Morrison Center aPril 4Th 8:00 pm - DeWalt Guaranteed Tough Bull Riding Invitational @ The Idaho Center

aPril 12Th 10:00 am – Easter EGGstravaganze @ Zoo Boise aPril 15Th 9:00 am - 5:00 pm – Job Fair @ Boise Hotel & Conference Center aPril 19Th 4:00-10:00 pm - Idaho Green Fest @ Downtown Boise 8th & Bannock aPril 26Th - may 11Th M-F 5-8; Sat 11-8; Sun 1-5 - Boise Parade of Homes

REAL TALK

Making a Contingent Offer By: KaLinn Dishion

If you’ve found the home of your dreams, but are still living in your “it will do for now” home, don’t despair. If you cannot afford to own both homes at the same time, you can still make an offer contingent on the sale of your home. A contingent offer gives you a set period of time, usually between 30 and 90 days, to get your home sold so you can close on the purchase of your new home. In order to convince a seller to accept a contingent offer, your offer will need to be very attractive in other ways. Offering full price, providing a preapproval from your lender, arranging the home inspection right away, and choosing a closing date that works for the seller are ways of making the offer more attractive to the seller. It is also critical to price, stage and list your home for a quick sale. The seller’s agent may even want to tour your home in order to assure the seller that your home can sell and close within the agreed time frame. Another inducement may be to include a “Seller’s Right to Continue to Market.” Most sellers will insist on a right to continue to market anyhow, so why not offer it up front? This feature allows the seller to keep the property in MLS, and to receive and accept an offer in a back up position.

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MARKET Q & A

By: Barbara Dawson

Q: I went online to see what my home is worth. The site told me it is worth $250,000 but the tax assessment says it is worth $205,000. Why is there such a difference?

A:

The web site you may have used probably uses an automated valuation model (AVM), a computer software program that combines data from many sources to calculate a value.

Idaho is a “non-disclosure” state and our sales prices are not required to be disclosed to the county assessor’s office. As such, the information available to these AVM models in Idaho is very limited and often unreliable. The tax assessor, by law, reassesses your property every 5 years. While the value may change each year, they use an indexed model that calculates values based on trends in a specific neighborhood or area of town. As they say, real estate is local! A Group One agent can help you understand why it is the market that sets the price, regardless of how much you might think your home is worth or what a website says it is worth. A listing price or an offering price based on good data helps buyers and sellers make educated decisions and have some control over the process. Too much reliance on computer AVMs can lead consumers into decisions that may take a bite out of their wallets – higher house payments, lower sales proceeds or more time on the market.


MARKETSTATISTICS

FEBRUARY MARKET STATISTICS: A BUMP IN THE ROAD? ADA COUNT

EBRUARY 2014

 Active Residential Listings: 2,117  Total Sold in Past 12 Months: 8,490

Closed Sales from 3/1/13 to 2/28/14 This information provided herein is derived from the Intermountain MLS and is believed to be accurate & reliable, but cannot be warranted by Group One.

 Avg. Active Listing Price: $230,855  Avg. Sold Price: $228,183

CONTINGENT OFFERS .............. PAGE 1

 Months of Supply: 3.0 By: Brad Barker

time (generally between 24 and 72 hours) to either withdraw your

The market took a step back in February with sales decreasing 9% compared to last February and Pendings decreasing 12%. Inventory has increased 18% over the last twelve months but, because of the pace of sales over that period of time, we have only 3 months of inventory.

of selling your home. If you cannot move forward without selling your home, you simply withdraw your

Distressed property sales amounted to only 13% of total sales this February compared to 24% last February. It is interesting to note that the decrease in total sales from last February to this February is exactly the same amount as the decrease in sales of distressed properties.

and get your earnest money deposit back. (Yes, this can be very emotional.) If you can close on the purchase without selling your

New construction sales decreased 12% from February 2013 to February 2014 and the average price of a new home increased 18% to $306,780. New home prices over the last twelve months were 32% higher than resale homes.

One thing is clear: the market needs more resale listings and the listing season is upon us.

Market Statistics Report Date: February, 2014 Area: Ada County Report Criteria: Single Family, Single Family Acreage (max 2 Acr), Condo, Townhouse Age: All Ages

Minimum: 1bed, 1bath, $2000 asking price Inventory Trends

1600 1400 1200

if your home is more likely to sell sooner than the seller’s home. In a market where there is a shortage of homes, a seller may be reluctant to

Closed Sales

1000

1895 1865 1925 1758

800 747

859

Pending Sales

2340

2131

Inventory Analysis Active Listings

2383 2518 2632 2569

2081 2065 2117

3000 2500

1

Months of Supply

24.0

2000

2000 908

956

1500

1500

892

Feb, 13 Mar, 13 Apr, 13 May, 13 Jun, 13 Jul, 13 Aug, 13 Sep, 13 Oct, 13 Nov, 13 Dec, 13 Jan, 14 Feb, 14

home before your home sells, your Group One agent can discuss the options available to you, including the advantages and disadvantages

Closed Sales

2500

1000 728 669 1000 632 612 608 400 486 415 442 500500 200 1053 1263 1434 1453 1381 1263 1071 929 913 860 713 790 928 0 0 0

600

Active Listings

20.0

Generally it makes sense for a seller

30.0

www.Group-One.com (208) 939-8000

Price in

Active Listings

Pending Sales

1000's

as of 3/05/14

as of 3/05/14

Solds

<$150K

292

197

2160

1.6 <$150K

Closed Sales 1 Avg # % CDOM Distressed Distressed 56 506 23%

2.9

3.7

$150 $199K

$200 $249K

2.8

3.5

4.1

4.5

4.8

$250 $299K

$300 $349K

$350 $399K

$400 $499K

$500 $599K

Months 2

7.5

7.8

$600 $799K

$800 $999K

10.0

the contingency. It is common for a seller to request additional earnest money – and possibly the release of all earnest money - upon withdrawal of the contingency so that you have more to lose should you back out after the seller has let

Normally a drop in same month unit sales could signal a turn in the market, but the decreased availability of the lower-priced distressed properties may simply signal a continued return to a more normal market.

>1M

Average based on Closed Sales 1

of Supply

List Price

Sold Price

Difference

Sq Ft

1.6

124,148

122,794

98.9%

1,300

Price per SqFt 94.48

$150 - $199K

561

213

2315

55

231

10%

2.9

173,643

172,137

99.1%

1,727

99.70

$200 - $249K

398

160

1285

67

84

7%

3.7

225,878

223,592

99.0%

2,107

106.10

$250 - $299K

233

115

984

68

51

5%

2.8

274,607

272,291

99.2%

2,431

112.01

$300 - $349K

197

79

672

62

25

4%

3.5

326,634

323,550

99.1%

2,674

121.02

$350 - $399K

164

69

476

73

17

4%

4.1

375,055

372,262

99.3%

2,971

125.31

$400 - $499K

120

48

323

79

19

6%

4.5

460,578

448,982

97.5%

2,915

154.00

$500 - $599K

61

25

153

86

6

4%

4.8

561,766

548,851

97.7%

3,308

165.93

$600 - $799K

54

17

86

133

1

1%

7.5

713,596

695,414

97.5%

3,571

194.73

$800 - $999K

17

3

26

126

1

4%

7.8

1,008,939

907,611

90.0%

4,578

198.28

>1M

20

2

10

196

1

10%

24.0

1,649,927

1,549,410

93.9%

6,632

233.61

63

942

11%

3.0

230,855

228,183

98.8%

2,045

$112

Total

2117

928

8490

Average Price

$277,582

$251,670

228,183

-

Median Price

$224,900

$219,000

193,500

-

Closed Sales from 3-01-13 to 2-28-14 The information provided herein is derived from the Intermountain MLS and is believed to be accurate and reliable, but cannot be warranted by Group One.

2

Months of Supply = Active Listings / Average # closed sales each month over past 12 months. Report Data Pulled March 5, 2014

0.0

Once the seller accepts a back up


By: Lisa Kaplan Gordon Published: April 05, 2012 From House Logic.com

Cleaning Your Kitchen Appliances the EASY Way! If Mr. Clean isn’t magically popping into your kitchen to make it sparkle, you still can get that clean satisfaction with these easy appliance cleaning tips. Nothing makes a kitchen sparkle like clean appliances. So if you don’t do anything else to spring clean your kitchen, at least

Your refrigerator

The space behind your fridge is arguably the dirtiest couple of square feet in your house. It’s a make it easy to push and pull the fridge, but if yours doesn’t, try some furniture moving discs. Vacuum refrigerator coils behind or beneath your fridge. Doing so will prolong the life of your fridge. For heaven’s sake, toss that bag of frozen artichoke hearts that’s been in your freezer since forever. Think like it’s your closet: if you haven’t eaten it in a year, or don’t know what the heck it is, throw it out or add it to your compost pile. Replace door gaskets that have loosened because their inner magnets have lost their pull. You’ll energy (http://www.houselogic.com/green-living/saving-energy/), too, with a tighter seal.

Your stovetop and oven

Most ovens have self-cleaning options. We heartily recommend letting the oven do the work for you. But there are few spots the self-clean option doesn’t reach, such as the gunk around door hinges and frames, and the crumb-catching space between double ovens. Once you get those clean, make a habit of wiping them down quickly after using the oven, and you may never have to scrub it again. then clean. Repeat if necessary. Replace stained, metal drip plates beyond the help of steel wool. Use your vacuum to get crumbs that have fallen in cracks.

Your dishwasher

You think you wouldn’t need to clean your dishwasher since it’s cleaned every time you use it. But you should check the drain in the bottom of the machine for debris, and clean gaskets around the machine. Deodorize it by placing a bowl of white vinegar on the top rack, and run for a full cycle.

Your microwave and let sit for a few minutes more while steam to loosens particles. Wipe clean. Ta-da!

Your toaster

Unplug your toaster, pull out and wash its crumb catcher, and shake the machine over the sink to get rid of food. Dry thoroughly before plugging back in. To remove mineral deposits that can clog your machine, pour a 2:1 run the solution through the machine. Then run clear water through twice to remove the vinegary taste. pitcher, etc., with stains - is to cover the bottom with table salt, add ice cubes, and when they start to melt swish around for a couple of minutes. Then rinse.


Group One Real Talk Mar-Apr