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TripleCord Review
June 2021

  Becka Marston

   Residential REALTOR®
   Direct (208) 957-8017

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This month's Boise real estate market update is brought to you by Boise Regional REALTORS®.  If you have question about what you read here or want to discuss how our current market conditions could affect your personal real estate decisions, please don't hesitate to reach out to me!  I'd love to connect and help you process the best next steps:

The median sales price for homes in Ada County reached a new record of $523,250 in May, up 8.7% compared to April 2021. Crossing this threshold may have been anticipated by some, considering the recent report from shared by the Idaho Statesman noting that the Boise metro’s price growth was the highest in the country over the past four years.

The Boise region has faced insufficient supply for years, which has been the main driver of home prices, but several factors have accelerated the growth in recent months. Buyer demand remains high due to historically low mortgage rates, and the added ability for more people to work remotely has likely increased in-migration due to our relative comparative affordability in comparison to more expensive metro areas.

Further, the supply of homes for sale continues to be restricted by longer homeownership tenure, baby boomers aging in place, and a hesitancy from potential sellers who may be concerned about finding another home in these competitive market conditions.

New construction has often been an option for those looking to sell their existing home; however, due to rapid increases in material costs — especially lumber — coupled with supply chain disruptions, not only are new construction homes more expensive, some builders have held back available inventory until they are closer to delivery so they can price the property based on final materials costs. As a result, new construction home prices reached a median sales price record of $544,986 in May 2021 — an increase of 16.0% from the previous record of $469,900 in April 2021.

With delays in new home delivery, demand for existing homes that are ready to move-into, further increased. Prices followed suit with nearly 70% of buyers willing to pay over list price for existing homes in May 2021...CONTINUE READING

For more information and specifics on the current market, please check out Boise Regional REALTORS® Market Report HERE.  
Boise Area Events Calendar

With the beginning of summer comes more fun, local events!  Check out our event calendar HERE for some of the latest happenings.  Some events may change, so please make sure to check the website links for the most up to date information.
Buying a Home is Still Affordable
By Keeping Current Matters

The last year has put emphasis on the importance of one’s home. As a result, some renters are making the jump into homeownership while some homeowners are re-evaluating their current house and considering a move to one that better fits their current lifestyle. Understanding how housing affordability works and the main market factors that impact it may help those who are ready to buy a home narrow down the optimal window of time in which to make a purchase.

There are three main factors that go into determining how affordable homes are for buyers:

  1. Mortgage Rates
  2. Mortgage Payments as a Percentage of Income
  3. Home Prices

The National Association of Realtors (NAR) produces a Housing Affordability Index. It takes these three factors into account and determines an overall affordability score for housing. According to NAR, the index:  “…measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.”

Their methodology states:  “To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment.”

So, the higher the index, the more affordable it is to purchase a home. Here’s a graph of the index going back to 1990:

The blue bar represents today’s affordability. We can see that homes are more affordable now than they’ve been at any point since the housing crash when distressed properties (foreclosures and short sales) dominated the market. Those properties were sold at large discounts not seen before in the housing market for almost one hundred years.

Why are homes so affordable today?

Although there are three factors that drive the overall equation, the one that’s playing the largest part in today’s homebuying affordability is historically low mortgage rates. Based on this primary factor, we can see that it’s more affordable to buy a home today than at any time in the last eight years.

If you’re considering purchasing your first home or moving up to the one you’ve always hoped for, it’s important to understand how affordability plays into the overall cost of your home. With that in mind, buying while mortgage rates are as low as they are now may save you quite a bit of money over the life of your home loan.

Bottom Line

If you feel ready to buy, purchasing a home this summer may save you a significant amount of money over time based on historical affordability trends. Reach out to a local real estate professional today to determine if now is the right time for you to make your move.

"Becka is a GEM! She was such a great listener, an active and attentive advocate, an enthusiastic and engaging agent, and EXTREMELY knowledgeable as she guided us through our recent home purchase. Becka was available and beyond accommodating to answer questions and show us countless houses. She went above and beyond to take care of our family and we are SO thankful for her expertise!"
Riley & Mary Beth Johnston 
April 2021
See more of my client testimonials HERE!
Recommended Service Providers
Do your spring plans include a remodel or necessary home maintenance or repairs?  If so, check out our Homeowners Resources page HERE, where we've listed several different service providers we've used personally or who have been recommended to us.  We are always updating this list, so if you have contractors to recommend, please email me!  
Untold Stories of a Boise Realtor
My parents were recent clients of mine when they sold their home and built a new home just a few miles away.  In the last several years we have noticed people owning golf carts in neighborhoods that are nowhere near golf courses.  People are using their golf carts to pick their kids up from the bus stop; to get the family to the neighborhood pool; to get the mail from the community mail boxes.

My dad decided that he loved the idea of having a golf cart for his new neighborhood and to justify buying one he said he would use it daily to drive all the way to the neighborhood mailboxes to pick up their mail.  Along the way he would surely meet neighbors and get to know those around them.  He looked into golf carts and when he realized how expensive they were he quickly changed his plan.  He would have a TUK TUK shipped from China instead.  Much less expensive and unique!  I mean, who here has a bright yellow tuk tuk??  MY DAD DOES! 

The irony, though, is that after assembling the tuk tuk and getting it ready to go, the mailboxes were placed in their new neighborhood.  And they just happened to be placed right in front of my parents house!  :)
Becka's Recent Activity
3857 E Tahiti Dr, Meridian
Listed at $435,000 - Sold at $555,000
Representing Buyer & Seller
2347 E Clifton Dr, Meridian
Listed at $499,000 - Sold at $525,000
Representing Sellers

3658 W Gold Fork Dr, Eagle
Representing Buyers 

10455 W Treeline St, Boise
Listed at $499,000 - Sold at $480,000
Representing Buyers

5513 S Bentwaters Way, Meridian
Build Job
Representing Buyers

3300 Carr St, Boise
Off Market Property
Representing Buyers & Seller

2523 S Weber Rapids Pl, Meridian
Off Market
Representing Buyers & Sellers

8595 W Westchester Ave, Boise
Off Market
Representing Buyers & Sellers

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