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TripleCord Review
September 2021

  Becka Marston

   Residential REALTOR®
   Direct (208) 957-8017

   Becka@TripleCordRealEstate.com
   TripleCordRealEstate.com/Becka

Meet Becka
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Buyers Guide
Sellers Guide

 
Come follow me on Instagram or Facebook @BeckaSellsBoise

As the weather has started to cool, so has the Boise real estate market.  Our median sales price was $530,500 last month—down about $10,000 from July but still up 32.2% from the same month last year. The main reason for high appreciation over the last year is primarily a matter of supply versus demand.  The Boise area simply hasn’t had enough housing inventory to keep up with the number of buyers looking to purchase.  Fortunately, though, housing supply is on the rise.   Last month was the fifth consecutive month of inventory growth, increasing 6.5% from July and a whopping 90.8% from August 2020!!  

As stated by Boise Regional REALTORS® (BRR), these inventory gains are “very encouraging—and likely prompted by higher prices—although still low compared to what they might have been had they tracked with the historical trendline.”  (See the historical trendline for Ada County HERE). The number of pending and closed sales remain on track with their respective trendlines, although they decreased 22.9% and 28.3% respectively from last year (see graph HERE).  As BRR reports, “Some in the national news have speculated that declines in national sales activity indicates buyers are backing off. This may be the case in some situations, especially among more price sensitive buyers, but the declines likely have more to do with seasonality and limited inventory…The past two years haven’t had that same seasonal feel with the pandemic compressing the traditional market cycles, but any additional declines in activity from now through the end of the year are not completely atypical.” 

The increase in the number of homes available and the slight cooling of the market are good news for buyers, but they aren’t completely out of the woods yet.  Inventory remains near historic lows compared to demand, meaning the market is still very competitive.  Although the number of homes receiving multiple offers and selling for over asking price has declined, 42.3% of properties still sold for an average of $22,675 more than list price last month. 
  
If you’re considering buying or selling, I’d love to talk with you more about the typical and atypical factors of today’s market and how we can leverage those to help you meet your real estate objectives. Please don’t hesitate to reach out for a coffee date or phone call, anytime! 

 

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

Jump into fall with some of these great local events!  Check out our event calendar HERE for the latest happenings.  Some events may change, so please make sure to check the website links for the most up to date information.
What Buyers and Sellers Need to Know About the Appraisal Gap
by Keeping Current Matters
 

It’s economy 101 – when supply is low and demand is high, prices naturally rise. That’s what’s happening in today’s housing market. Home prices are appreciating at near-historic rates, and that’s creating some challenges when it comes to home appraisals.

In recent months, it’s become increasingly common for an appraisal to come in below the contract price on the house. Shawn Telford, Chief Appraiser for CoreLogic, explains it like this: “Recently, we observed buyers paying prices above listing price and higher than the market data available to appraisers can support. This difference is known as ‘the appraisal gap...’”

Why does an appraisal gap happen?

Basically, with the heightened buyer demand, purchasers are often willing to pay over asking to secure the home of their dreams. If you’ve ever toured a house you’ve fallen in love with, you understand. Once you start to picture yourself and your furniture in the rooms, you want to do everything you can to land the property, including putting in a high offer to try to beat out other would-be buyers.

When the appraiser comes in, they look at things a bit more objectively. Their job is to assess the inherent value of the home, so they’re going to study the facts. Dustin Harris, Appraiser Coach, drives this point home: “It’s important for everyone to understand that the appraiser’s job in the end is to remain that unbiased third party, to truly tell the client what that home is worth in the current market, regardless of what decisions have been made on the price side of things.”

In simple terms, while homebuyers may be willing to pay more, appraisers are there to assess the market value of the home. Their goal is to make sure the lender isn’t loaning more money than the home is worth. It’s objective, rather than emotional.

In a highly competitive market like today’s, having a discrepancy between the two numbers isn’t unusual. Here’s a look at the increasing rate of appraisal gaps, according to data from  CoreLogic (see graph below):

What does this mean for you?

Ultimately, knowledge is power. The best thing you can do is understand an appraisal gap may impact your transaction if you’re buying or selling. If you do encounter an appraisal below your contract price, know that in today’s sellers’ market, the most common approach is for the seller to ask the buyer to make up the difference in price. Buyers, be prepared to bring extra money to the table if you really want the home.

Above all else, lean on your real estate agent. Whether you’re a buyer or seller, your trusted advisor is your ally if you come up against an appraisal gap. We’ll help you understand your options and handle any additional negotiations that need to happen.

Bottom Line

In today’s real estate market, it’s important to stay informed on the latest trends. Work with a real estate professional to help you navigate an appraisal gap to get the best possible outcome.

Testimonial
 
Becka is very patient and very knowledgeable. She was very prompt and professional. My wife and I had Becka running all over the valley doing virtual tours of homes for us, there were even times when we had her start the negotiation process and then we would quickly turn around and change your mind, I thought for sure she was going to tell us to find a different realtor. But she stuck with us through the end, and a paid off for both her and for us. My wife and I highly recommend Becka, you won’t find a better realtor! Thanks again Becka.
Ryan & Kristine McKibben (July 2021)
 
See more of my client testimonials HERE!
Recommended Service Providers
Do your fall 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
 
So... we did a thing.  Many of you won't be able to believe this because you know how I feel about dogs.  But, after years and years of hearing our kids beg for a dog of their own, we broke and now are the proud family of Miss Millie Marston.  WHAT?!  It's true.  I have a dog INSIDE my house.  I hold her and snuggle her.  And I have even let her sit ON the couch!  It's a miracle, I tell you.

Millie is 10 weeks old now and is A LOT OF WORK!  I mean, it is NO JOKE how much work having a puppy is.  But we love her and think she is the very cutest little thing we have ever seen.  

I apologize for being such a slacker in getting my monthly newsletter out this summer.  I know most of you have probably been waiting on the edge of your seat for my newsletter each month just to be terribly disappointed when it doesn't come.  :)  So sorry.  I am hoping to be back on track now in bringing you the latest and greatest real estate news each and every month!
Becka's Recent Activity
ACTIVE
676 E Cloverhill Ct, Eagle
$1,250,000
Representing Sellers 

 
SOLD
5504 S McCurry Way, Meridian
Listed at $650,000 - Sold at $669,900
Represented Seller
SOLD
9230 W Millwheel Ct, Garden City
Off Market - $395,000
Represented Buyers & Sellers

 
SOLD
2833 N Lancer Ave, Meridian
$440,000
Represented Buyers

 
SOLD
13707 S Baroque Ave, Nampa

$547,599
Representing Buyers

 
SOLD
1103 W Oakhampton Dr, Eagle

$1,099,000
Represented Buyers

 
SOLD
13953 W Cortina Ct, Boise

$580,000
Represented Buyers

 
SOLD
3636 W Bush Lane, Boise

$525,000
Represented Buyers

 
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TripleCord Real Estate · 3635 Weathered Ave · Boise, ID 83706 · USA

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