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Date Archives: October 2022

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October
24

Remodels Worth the Investment

Home Renovations That Offer the Best ROI for Resale

The following is a guest post by GUSTAVO GONZALEZ, Senior Manager of Content and Multimedia at Coldwell Banker Real Estate, LLC

Looking to make some upgrades and wondering which will have the biggest payoff? If you guessed kitchen and bathrooms, you're spot on. Another good one is landscaping. Whether they're big or small, a few upgrades can pay big dividends when it's time to sell your home. Follow these tips to prioritize and put more money in your pocket when you're ready to sell.

Before you do anything, make sure you consider the value of your house, the neighborhood, the housing market where you live, and how soon you will sell after you make the improvements. If you live in a neighborhood where properties are selling for $300,000, doing a $150,000 renovation may not add as much to your property value as you might think.

Kitchens and Baths
One thing to keep in mind is that just because a remodel is expensive doesn't necessarily mean it will give you the best return on investment. Even minor updates can yield a big return. Consider painting, refinishing surfaces, and upgrading appliances, which can lead to a big payout.

Sticking to a budget is always important, and keep in mind that an average, medium-sized kitchen remodel can cost between $20,000 – $50,000, while the average bathroom remodel is $10,000. In most cases, homeowners see a return of 100% or more with a kitchen or bath remodel, so it's definitely worth the investment. Plus, you get to live in a beautiful new space.

A Finished Basement
If finishing your basement is something you've been putting off, now might be the perfect time. According to cost versus value surveys conducted annually by Remodeling magazine, "The average return on investment for a basement project is around 75 cents on the dollar. Besides the financial gains, refinishing a basement will add new functionality to your home: more bedrooms, more efficient storage, and more space for entertaining." Seems like a sure-fire win, win.

Add Curb Appeal
When buyers see that the outside of the property is taken care of, they'll be more excited to see the inside. Remember, first impressions make lasting impressions. According to Anji, "Curb appeal can increase your home value by 7%. Buyers are increasingly prioritizing outdoor living spaces and an attractive lawn has the biggest ROI at 256%. Trees can add $1,000 to $10,000 to your home value and simple landscape maintenance tasks usually pay for themselves."

Whether you're in the market to sell your home or just want to make some budget-friendly renovations that you and your family can enjoy, making the right upgrades can help enhance your quality of life and add a few more dollars to your bank account down the road.

October
17

Mortgage Rate News

 

 

Mortgage Rates Rise as the Markets Stay Volatile

In another volatile week, the latest news saw mortgage rates hit 2007 highs. Although events in the United Kingdom largely offset volatility, mortgage markets faced a small impact. With the latest Freddie Mac survey, mortgage rates rose a shocking 3.70% from one year ago. 

Housing Market Remains Sensitive as Mortgage Rates Hit 2007 Highs

As mortgage rates hit 2007 highs, home buyers remain sensitive to the latest figures. In fact, a brief August 2022 mortgage rate dip caused an unexpected surge in sales activity. After peaking in January 2021 at an annualized rate of 993,000, sales of new homes in July fell to just 511,000, the lowest level since January 2016.

However, August new home sales jumped 29% from July to 685,000, far above the consensus forecast for a slight decline. The median price of a new home climbed 8% higher than a year ago at $436,800, the smallest annual rate of increase since November 2020. Unfortunately, mortgage rates soared significantly higher in September. We'll likely see the impact of this on next month's report.

United Kingdom Passes New Tax Cuts and Spending Measures

While the United States deals with higher mortgage rates, the United Kingdom faces inflationary pressures of their own. With the conflict in Ukraine driving energy costs upward and most prices rapidly rising, the UK government passed new tax cuts and spending measures.

Investors reacted to the inflationary implications of this increased deficit spending by pushing global bond yields higher. On Wednesday, the Bank of England announced its plans to temporarily purchase bonds in an effort to stabilize financial markets. This unexpected increase in demand for bonds caused yields to fall back to roughly the levels seen prior to the fiscal policy change.

PCE Price Index Rose 4.9% Year-Over-Year

Notably, the Federal Reserve favors the PCE price index as its inflation indicator. Overall, the PCE price index adjusts for changes in consumer preferences over time. In August 2022, core PCE increased 4.9% from a year ago. While this statistic exceeded the consensus, it also dropped from a peak of 5.4% in February.

For comparison, the annual rate of increase dipped below the Fed's target level of 2.0% during the first three months of 2021. Now, investors question how quickly the Fed's aggressive monetary policy tightening will bring down inflation.

Looking Ahead

After the rise in mortgage rates, investors hope for more specific guidance from the Fed on the pace of future rate hikes. In addition, investors seek insights into the Fed's bond portfolio reduction.

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We understand that no two paths to buying a home are the same. Whether you're a first-time homebuyer or a seasoned real estate mogul, we have a variety of products and loans designed specifically to meet your needs. We offer local underwriting and fast approvals to save you time and money. We have options for down payments and additional resources like our Finally Home! online program to help guide you through the home-buying process. Contact one of our home loan specialists to discuss your options today!

 

October
17

5 Events for Halloween Fun Around Boise

Boise Halloween

Are you ready for the spookiest holiday of the year? It's almost time to celebrate Halloween, and as always, there will be some exciting events around Boise. From pub crawls to 5k runs, artisan markets, and everything in between, there's something for everyone coming up on the calendar this October. Our real estate agents have all of the details of 5 fun Halloween events in Boise this year.

  • Boise Official Halloween Pub Crawl – Downtown Boise, ID 83702
    Experience some of the best, most exciting bars near Boise homes for sale with the Boise Official Halloween Pub Crawl, which features dates on October 22, 29, and 31, 2022. Enjoy Halloween costume contests, drink specials, live DJs, and admission to many of the top-rated bars in Boise. There will also be some fun prizes for the best videos and photos posted to social media from the event. Get to know all of the best places to enjoy a drink around Boise and make some new friends as you travel from pub to pub, enjoying all of the Halloween excitement that the city has to offer.

  • Halloween Hustle 5k – 1304 7th St. N., Nampa, ID 83687
    The Lakeview Water Park may be closed for the season, but there's still plenty of fall fun to be enjoyed at Lakeview Park near Nampa homes for sale. One exciting upcoming event will be the Halloween Hustle 5k on October 31. This family-friendly event includes a 5k run/walk around the scenic 44-acre Lakeview Park, with trick-or-treat stations along the way and fun, family activities for all ages to be enjoyed throughout the event. Be sure to stick around after the race is complete for the finish line party.

  • Halloween Artisan & Vendor Fair – E. Main St., Emmett, ID 83617
    The annual Halloween Artisan & Vendor Fair is back this year and bigger than ever. The event, sponsored by the Kiwanis Club of Emmett, will be taking place on October 29, 2022, at Bowman Memorial Park, around the corner from Emmett homes for sale. There will be more than 40 vendors selling all sorts of crafts and ghoulish goodies, as well as a costume contest with great prizes for the winners. Enjoy family-friendly fun at this event on the weekend of Halloween.

  • Halloween Art Party – 1357 N. Lilly Ave., Boise, ID 83713
    Kids of all ages can look forward to the Halloween Art Party sponsored by Sardine Studios, which will be kicking off on October 30, 2022. The event starts with a fun art session where kids can create Halloween-themed artwork with supplies from the studio. The Halloween excitement continues with a costume contest, with great prizes for the winners, along with bags featuring candy and toys for all participants.

  • Linder Farms Halloween Fun Run – 7165 S. Linder Rd., Meridian, ID 83642
    Get ready for a fun, unique race near Meridian homes for sale with the annual Linder Farms Halloween Fun Run. This is not your average 5k, with an obstacle course that creates an enjoyable challenge and adds excitement for younger participants. There will also be free candy for the children, a costume contest, and a raffle with thousands of dollars in prizes.

Is buying or selling a home at the top of your to-do list this fall? Let our local team help you accomplish your real estate goals. Contact us to buy and sell homes throughout the Boise, ID, area.

October
12

Higher Mortgage Interest Rates Continue to Impact Home Prices, Demand

From our Friends at Boise Regional REALTORS®

HIGHER MORTGAGE INTEREST RATES CONTINUE TO IMPACT HOME PRICES, DEMAND

The median sales price for homes in Ada County was $540,000 in September, down 4.4%, or $25,000, from the month prior, but 0.9% higher than September 2021. The median sales price dropped for the last four months, but we've yet to see a year-over-year decline in overall prices. After peaking at 44.0% in May 2021, annual price growth has trended down and slowed significantly, due in large part to higher mortgage interest rates.

However, when we look at the existing/resale segment, home prices have declined year-over-year. The median sales price for existing homes was $500,000 in September, a 4.8% dip from the same month a year prior.

As we've mentioned in previous market reports, low mortgage interest rates drive demand for housing by increasing buyer's purchase power. The opposite is also true — higher mortgage interest rates decrease purchase power and cool demand. According to Freddie Mac, retrieved from FRED, Federal Reserve Bank of St. Louis, the average 30 year fixed-rate mortgage was 6.7% on September 29, 2022, more than double the 3.0% average in September 2021 and throughout the majority of last year.

The Federal Reserve's rate hikes and efforts to reduce inflation have had major impacts on the housing market, resulting in slower price growth and fewer sales. Buyers are making budget adjustments or pressing pause on their home search as they face higher monthly mortgage payments.

Single family home sales dipped 30.3% last month in Ada County, and September marked the seventh month of year-over-year declines in sales. Compared to last year, sales are 15.1% lower year-to-date.

Lessened demand has also given inventory a chance to accumulate, with 2,420 available listings on the Intermountain MLS at the end of the month, a 93.8% increase from September 2021. More inventory is good news for those who are able to buy in today's market, as they aren't facing the fierce competition for homes that we experienced a year ago. If rates drop in the future, buyers may opt to refinance and save on their monthly payments. Additionally, buyers have gained negotiation power.

And negotiate they have — the average original list price received for existing/resale homes in September was 92.5%, which means that on average, buyers paid less than asking through a lower accepted offer, price reductions, or seller concessions. In September 2021, the average original list price received was 98.0%, meaning that on average, buyers paid slightly less than asking price for existing homes. Another metric that indicates competition that's made a significant shift from a year ago is Days on Market. Existing homes that closed in September spent an average of 37 days on the market before going under contract, compared to 17 days in September 2021.

With the shifts in the housing market and economists talking about an overall recession, many are naturally asking, "What's next?" While BRR does not make forecasts, REALTOR.com reports that housing experts anticipate that prices will decline in the next year or so, particularly in markets like ours, where we saw prices appreciate so quickly.

Understanding what's happening with the housing market is helpful, but if you're considering buying or selling a home, it's more important to consider your unique circumstances and needs. Work with a real estate agent and a lender to learn about your options for achieving your real estate goals and come up with a plan that works for you.

To view the Treasure Valley homes currently for sale, CLICK HERE.

October
10

Home Maintenance to Complete this Fall

It's Time to Get Ready for Fall

Delta Media Group

Fall is the perfect time of the year to do seasonal maintenance to keep your home running smoothly. Checking these items off your must-do list now will save you money and frustration later.

  1. Seal the leaks.
    Check around windows and doors for cracks that leak air. According to the U.S. Department of Energy Research, leaks can increase your heating bill by up to 10 percent. Seal the leaks with caulk or weather stripping as needed.

  2. Schedule heating equipment inspections.
    Call an HVAC professional to give your furnace an annual cleaning and tune-up. Doing this can increase the efficiency and safety of your furnace.

  3. Test the generator.
    Instead of waiting for the winter's first power outage, take your emergency generator for a test run now. Make sure you have extra fuel stored away.

  4. Inspect your home's exterior.
    A damaged exterior lets in water and pests. Check your siding for cracks, curling, dents, looseness, bowing, and decay. Make sure your masonry veneer isn't cracking or flaking, and your stucco is free from cracks.

  5. Clean the gutters.
    Although it's among the most common home maintenance tips, this one has greater benefits than you might imagine. Blocked gutters can cause leaks on your roof and in your basement as well as damage your exterior. Scoop leaves, dirt, and other debris from the gutters then spray them clean. As you clean, check for leaks and rust. Make sure your downspouts are directed away from your home.

  6. Check your roof.
    Damage to your roof puts your home at risk for leaks. Use binoculars or climb onto the roof to inspect for missing, damaged, curled, or loose shingles. Look the ridge shingles over for wind damage. The metal flashing in the roof valleys and around protrusions such as vents should be free from curling and damage.

  7. Inspect your walkways.
    Damaged driveways, sidewalks, and steps worsen when exposed to freezing temperatures and pose a hazard in icy conditions. Repair cracks wider than 1/8th inch, smooth uneven areas, and tighten loose railings.

  8. Prevent frozen pipes.
    Adding insulation to pipes in unheated areas is one of those simple home maintenance tips that can save you a lot of trouble and expense. Outdoors, put your garden hoses in storage and, if your outdoor faucets aren't frost-free, turn off your outdoor water supply and drain the faucets. Drain your irrigation system to prevent burst pipes and damaged sprinkler heads.

  9. Measure your foundation drainage.
    The ground around your foundation should slope away from your home at an angle of 6 inches down over 10 feet. This protects your foundation from water damage.

  10. Get the lawn and garden ready.
    If you spot any tree limbs that could fall or hit power lines during a windstorm, cut them back. Also, trim shrubbery and perennials as recommended for the species. Rake up leaves and either compost them or use them as mulch. Alternatively, check if your city offers a removal service.

October
6

Doers of Good: Helping Our Homeless Population

Reaching Out to Help

For about five years, CBT Realtor® Ylonda Hays has been volunteering her time – and cooking skills – to feed the homeless community in Boise. She makes and serves chili in the colder months, collects clothing and supplies, shares the message of hope, and does whatever she can to help. We are proud to feature her as our October Doer of Good.

It's hard to pin down the exact number of homeless individuals and families in our valley. By some estimates, those experiencing homelessness have more than doubled in the last three years. Lost jobs, medical emergencies, landlords taking advantage of the increase in home prices and choosing to sell, or simply raising the rent, have all contributed to the challenges more and more families are dealing with across the country – and right here in the Treasure Valley.

Nonprofit organizations, city governments, area churches, and other organizations are doing what they can where they can. That's where Calvary Chapel Boise Homeless Outreach comes in. It all started because, according to Ylonda, "one guy had a heart for another's struggles and started showing up to feed homeless people and ministering to them through a meal and some clothing."

Now, volunteers serve food, send money to help, show up to pack bags of supplies, and visit with those who come to eat. "I'll take my kids," Ylonda explains, "and you will see many people cry because they are longing for their own kids and grandkids. We just try to show them love where we can."

Calvary's homeless outreach is funded by community donations. "We have to help each other," says Ylonda. "Times are hard, and anything we can do to help another human being is a good thing."

To help, visit Calvary Chapel Boise at www.ccboise.com or donate by clicking the GIVING tab on their website. Specify that your donation is for homeless outreach.

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Join us in celebrating our Doers of Good by getting involved in one of the programs we will spotlight over the next several months or tell us in the comments below about what lights your fire when it comes to making our communities better. 

October
3

Fall Fun at the Idaho Botanical Garden

Idaho Botanical Garden

Fall brings a fresh crispness to the air here in the Boise area, and the changing leaves make it a great season to spend some time outdoors. In particular, fall is one of our real estate agents' favorite seasons to visit the Idaho Botanical Garden. 

But lovely weather and beautiful foliage aren't the only reasons to visit the gardens this fall. Just like they do every year, the Idaho Botanical Garden is hosting a wide range of fun, family-friendly autumn events and festivities in 2022. Be sure to mark your calendar for these garden events in Boise this fall!

  • Fall Harvest in the Garden (Every Saturday in October)
    You have multiple opportunities to experience Fall Harvest at the Garden this year. Returning every Saturday throughout the month of October, Fall Harvest days include arts and crafts vendors, food trucks, great local craft beer and cider, live music, and a fall plant sale. It's a great way to get into the spirit of the fall season. The events take place from 10 am to 3 pm, and each Saturday's lineup will be different, so don't be shy about catching more than one! Plus, it's all happening just minutes from these Boise homes for sale.

  • Fall Fairy Gardens Workshop (October 16)
    The Idaho Botanical Garden host a wide range of workshops and classes throughout the year. One of the most anticipated this fall is the Fall Fairy Gardens Workshop, taught by Wendy Irwin on October 16 at 10 am. This family workshop invites adult/child teams to work together to create single fairy-sized outdoor fall container gardens. Participants should bring their own containers, but all the soil, plants, and decorations will be provided. Sign-ups will remain open until they reach capacity!

  • Autumn Yoga with Becca Hayes (Every Saturday in October)
    It's hard to imagine anything more restorative than a yoga class amid the outdoor splendor of the Idaho Botanical Garden. You can experience that every Saturday this October as yoga teacher Becca Hayes brings her Autumn Yoga series back for another season! The classes are suited for all levels and include a lot of great foundational poses to build strength and balance. Autumn Yoga takes place from 9:30 to 10:30 am on Saturday mornings in October. 

  • Scarecrow Stroll (October 1 - October 31)
    The Idaho Botanical Garden is open to self-guided tours year-round. But visitors during the month of October will see a decidedly spookier garden than they would in other seasons! It's an annual tradition that the gardens are decorated with dozens of scarecrows throughout the month, adding a splash of autumnal ambiance to the space. This year's Scarecrow Stroll will be on display all through October, featuring scarecrows designed and installed by talented local artists and volunteers. 

  • Fall Harvest Costume Contest on (October 29)
    The final Fall Harvest in the Garden event of the season takes place on Saturday, October 29, and it includes something special: the annual Fall Harvest Costume Contest and Parade. After the regular Fall Harvest happenings have concluded (including live music from Dela Freed), kids and grown-ups alike are invited to dress up in their spookiest or cutest Halloween attire for the Costume Contest. Think of it as practice for Halloween night!

Contact us today to learn more about living life to the fullest through all the changing seasons in Idaho. If you're looking for your dream home, our real estate agents are dedicated to helping you find it in Boise and the surrounding areas. 

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 12/03/2022. The listing information on this page last changed on 12/03/2022. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of INTERMOUNTAIN MLS (last updated Sat 12/03/2022 10:43:39 AM EST). Real estate listings held by brokerage firms other than Coldwell Banker Tomlinson may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --

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