January 2020

Found 7 blog entries for January 2020.

Ask a Realtor Heading

When buying or building a home in Idaho, or in any state for that matter, the seller requires consideration in order to enter into an agreement with a buyer. Consideration is more commonly known as “earnest money,” which is a payment (outside of financing) to the seller that shows that the buyer intends on purchasing the property. You can call it a “good faith” payment in an effort to motivate the seller to take the home off the market and move toward selling the property to the interested buyer.

Where does the earnest money payment go?

Earnest money doesn’t go directly to the seller as it’s held in an escrow account and goes towards the final purchase price of the property once the transaction is finalized.

How much do I pay?

Earnest

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Treasure Valley Market Update

The Intermountain Multiple Listing Service (IMLS) has released its monthly update for home sales in December, which looks at both residential resales and new construction sales in the Treasure Valley and beyond.

Home Sales Statistics

As residents, we know the Treasure Valley of Idaho is one of the hottest real estate markets in the country. And according to Realtor.com, the area is expected to be the top real estate market in the country for 2020. Both Ada and Canyon Counties saw pretty significant year over year growth in terms of homes sold and values for the month of December.

Ada County

Ada County saw a 7.69% increase in the median price of homes when compared to December 2018. In 2018 the median price was $325,000 with December 2019

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 Mortgage application rates jumped nationally.

Following-up on what Realtor.com is expecting to be a banner year for real estate transactions, especially here in Idaho, last week the U.S. saw a 30% increase in mortgage applications versus applications the previous week according to a report by CNBC. Additionally, refinance applications saw a 109% increase over numbers from the previous year.

The strong economy and low interest rates are fueling the demand for housing, with homebuyer demand reaching its highest level nationally in 11 years.

Additionally, purchase applications increased 16% for the week, up 8% for last year at this time. Purchase mortgage activity is at the highest level since October 2009.

...the extraordinarily low interest rates, those are helping fuel demand as

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Kids playing in a field smiling

At The Mike Brown Group, we like to think we’re more than just REALTORS®. While we have over 200 years of collective real estate knowledge, we also live in the communities we serve. From Meridian, to Boise, to Eagle, and all other cities in the area, we know Idaho. As residents of this amazing state, and the Treasure Valley, we believe in contributing to the growth and continued prosperity of the region by donating our time and resources to causes that help foster our community. 

Each month, The Mike Brown Group will be highlighting local organizations who embody the Idaho spirit, making our community a fantastic place to live. We want to help connect those in need while providing information for those who are wanting to get involved with

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Airlines departing at sunset.

The OAG, formerly known as The Official Aviation Guide, has released its Punctuality League 2020 report where it ranks airlines and airports globally for on-time performance. Airports are classified in the report based on the number of seats on outbound flights (departing scheduled seats). The full report (pdf) goes into greater detail as to how the rankings were determined and the data that was used for measurement.  

Boise, for now, is considered a small airport servicing between 2.5 Million and 5 Million outbound seats annually. Out of around 503 commercial airports in the U.S., Boise Airport ranked number one in the United States among small airports and was number six in the world. Globally, there are only 17,678 or so commercial airports, so

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Moving Boxes indicating a move to Idaho

United Van Lines and Atlas Van Lines, two of the country’s largest moving companies, recently released state-to-state migration pattern studies showing which states had the most inbound and outbound moves involving their customers. Both studies showed a common theme and one that shouldn’t be surprising to current Idaho residents: Idaho was the #1 state with the highest percentage of inbound moves.

The United Van Lines study showed “Idaho saw the highest percentage of Inbound migration among states experiencing more than 250 moves with United Van Lines: 67.4%.” Two-thirds of the moves involving Idaho, were people relocating to the state. Additionally, the study looked at the ages and reasons for people moving to the Gem State. 72% of the people

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Couple holding hands outside a home with Idaho outline

Realtor.com recently released its 2019 Housing Market Report and it affirmed a lot of things Boise area residents already know: The Treasure Valley housing market is hot. In fact, Boise City (which includes the Treasure Valley) made the list as one of the top 10 fastest appreciating housing markets in 2019, seeing a 10.1% increase in sale prices year over year. The median price for a home in the area was $301,000.

“Driven by affordability, buyers flocked to lower-priced secondary markets and kept upward pressure on sales prices,” says the report. Additionally, only four of the top 100 markets saw double digit price increases, with the Treasure Valley area being part of that list.

In an earlier report, Realtor.com also indicated that the Treasure

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