March 2020

Found 11 blog entries for March 2020.

Houses stacked on coins
Photo Credit: iStock.com/Bet_Noire

The February 2020 Monthly Housing Market Trends Report by Realtor.com was released recently, and all indications are that the buying season will be extremely competitive. The report did note that "it remains to be seen if new concerns about the spread of the Coronavirus domestically will dampen what is shaping up to be a competitive home-buying season."

The total number of homes available for sale decreased and continues to decline at an accelerating pace. In fact, according to the study, inventory dropped 15.3% year-over-year for February. That's a faster rate of decline than January's year-over-year numbers, which were at 13.6%. The figures translated into roughly 184,000 lost listings year-over-year for February

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Top 500 Brokerages of 2020 RealTrends

RealTrends, the leading and undisputed firm for ranking the performance of the top residential real estate brokerage companies, has released its 33rd annual Top 500 list of brokerages in the U.S. 

The Mike Brown Group of Silvercreek Realty Group is excited to announce that our brokerage, Silvercreek Realty Group, ranked 45th in the nation for total deals, having 10,800 transactions. The brokerage also ranked 52nd in the country for total dollar volume, with $3.4 Billion in closed business.

"We're excited to be a part of the brokerage's accomplishment and look forward to many more years of success. Our sincerest congratulations to Aaron Doughty, Krista Deacon, and the rest of the Silvercreek team,” says Mike Brown, Owner of the Mike Brown

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Rainbow over the city of Boise, Id
Photo Credit: iStock.com/christiannafzger

Many pundits are pointing to a recession from the shock of the coronavirus pandemic. However, a recent study by SmartAsset shows that Idahoans can take solace, knowing that we may not be as affected as some other areas in the country.

The recent study looked at the most recession-resistant cities for 2020. The company examined nine metrics across three overarching categories: employment, housing, and social assistance, as they pertained to the largest 264 metropolitan areas in the U.S.

The employment category takes into account the current unemployment rate, change in the unemployment rate during the Great Recession from 2007 through 2010, and the current labor force participation rate. The housing

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Image with stacked interest rate blocks
Photo Credit: iStock.com/marchmeena29

Late last week, in the span of a few hours, the 30-year fixed mortgage interest rate jumped a percentage point. According to Movement Mortgage Senior Loan Officer Todd Shreeve, "there are a number of factors contributing to the recent increase." He continues, "one of the factors...over the past couple of weeks interest rates have been very low. When rates were at their low point, it caused an unprecedented number of refinance applications. The result was the lending industry couldn't absorb the volume of applications that came in, so we began to see rates inch up over the past few days."

The demand for refinance applications is one cause, but what about the coronavirus and the markets?

"The covid-19 virus has

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House exterior
Photo Credit: iStock.com/hikesterson

With the real estate market being a seller's market in Boise, maybe you've decided to take advantage of the higher price points and sell your house. Before you do, here are 14 things you should do before listing your home. Be sure to talk to your REALTOR® about other suggestions that improve the interior and exterior appeal of your home, and perhaps, add value.

Clean Up the Yard

Make sure to mow your lawn, trim hedges, and pull weeds. For bonus points, plant some colorful flowers.

Clean Your Home's Exterior

Pressure washing the exterior of a home
Photo Credit: iStock.com/mikespics

You can either do this yourself or hire a pro. If you don't have access to a pressure washer, there are garden hose connected options available at your local home

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Baker's Hands Clapping Together
Photo Credit: iStock.com/YaroslavKryuchka

"I have struggled in my past with law issues and social anxiety," says Kellen Warner, one of the students at Life's Kitchen in Boise. "I'm in this program to prepare myself for better life opportunities," he says.

Life's Kitchen is a 16-week program where trainees learn a range of employable skills, helping them be more productive contributors to society. "Life's Kitchen strengthens our community by providing youth a career," says Tammy Johnson, Executive Director of Life's Kitchen. The organization provides food service-related training to young adults between the ages of 16 and 20 who face life challenges, which could inhibit their success. Also, Life's Kitchen teaches life skills and has classes on

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Ask a REALTOR® Header image

If you have ever purchased a home or are in the process of buying a home, you've probably seen "Title Insurance" mentioned a time or two as part of the process. Title insurance at its core protects the lender and you, the buyer, from any risks or losses by faults from an event(s) that occurred before you owned the property.

There are two forms of title insurance: The lender's policy and the homeowner's policy. 

 

The lender's policy protects the mortgage holder from faults in the title that results in a loss. The homeowner's policy protects you, the buyer, against damage that may occur from your ownership of the property. 

Homeowner's Policy Protections

A homeowner's title policy:

  • Protects you from financial loss due to demands
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A look back at the Treasure Valley Housing Market
Photo Credit: iStock.com/RCKeller

With January heralding the new year and decade with spring buying season-like activity, what would February bring? Like January, inventory continues to be in short supply as demand is outpacing available supply. When compared to February of 2019, prices in Ada County saw roughly an 11% increase. Canyon County saw a nearly 16% increase year-over-year.

The good news, for those looking to buy a home in Ada County, property values remained relatively flat in comparison to the previous month. Canyon County, on the other hand, saw a modest 3.5% increase in the median price for homes sold in February.

While we haven't officially entered the spring buying season, indications are still pointing toward the market being

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Realtor Q4 2019 Out of Market Reports
Image: Realtor.com

The Fourth Quarter 2019 Cross-Market Demand Report from Realtor.com shows that just over 62% of property views of homes for sale in Idaho came from outside of the Gem State. Of that percentage, nearly 38% of the searches were coming from California, with the Los Angeles area accounting for almost 13% of the demand. The Bay Area also accounted for nearly eight percent of the property views for the Boise area real estate market.

Interestingly, the Seattle and Salt Lake City metros showed significant interest in the Boise area as well, each contributing 6.5% of the market's property views. An additional desire for the area came from the New York-New Jersey-Pennsylvania area as well as Arizona.

Only one-third of the demand for

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Ask a Realtor Heading

You may have seen a "HERS Certified" graphic in windows of new homes that are under construction and wondered what it means. HERS is the Home Energy Rating System Index, the industry-standard by which a home's energy efficiency is measured. HERS is also the nationally recognized system for inspecting and calculating a home's energy performance. 

Hers LogoThe HERS rating is an index with each point below 100, represents a 1% improvement in overall energy performance. So a lower score is better. A home can be Energy Star-certified with a HERS index of 85.

A HERS report can tell you a lot about the home, including how efficiently it's operating and where changes can be made for more significant energy savings. 

If you're going to sell your home, a low

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