What is a great real estate deal (and how do I get one)?

There are absolutely fabulous deals right now if you are looking to buy a home or investment property in Boise, Idaho. Prices are down, and sellers need to compete with short sales and REOs (bank-owned properties) if they want to sell. The question is how do you compare homes and find the real deal?

First, decide exactly what you are looking for. This “dream list” should include area, home features and size. Realize that you may not get everything on your list, but it is a place to start. Enlist the help of an experienced Realtor® who can help you find the homes you’ll want to look at and begin your search. Your agent should also refer you to several lenders to get pre-qualified for a loan. The best deals definitely go to those who are prepared.

When comparing properties and prices, there are many things to keep in mind. Every home is different, and value must be measured keeping those differences in mind. Two 1500 square foot homes may have wildly different prices, but it doesn’t mean that the less expensive of the two is the better deal.

The biggest factor affecting pricing is location. You will pay much more per square foot in East Boise or the North End than you will in West Boise. The next thing to consider is what updates have been made. If you are looking at an older house, have the electrical & plumbing systems been improved? Is the kitchen remodeled? The bathrooms? How old are the roof and the HVAC system? How much work (read money) will you need to put in to get the home into the shape you want? There are other factors that need to be considered as well. Your agent can help you identify and research these.

Once you have found the right property, it’s time to craft an offer. This is where a good agent’s skill really comes into play. A well-planned offer will save you money and frustration. Your agent should prepare a market analysis of the home. Together, you can study the comparables and decide what a reasonable price would be. You can discuss the best way to approach your offer by taking into consideration things like how long the property has been on the market, what competition it has and the condition it is in.

Your agent should present the offer and be prepared to negotiate on your behalf if there is a counter offer. She will also use those negotiating skills to get the seller to pay for repairs needed once the inspection has been completed. She will be able to discuss with you the pros and cons of asking for seller concessions and get you past small things that should not be deal breakers.

Just looking for the lowest priced home is not the way to find the best real estate deals. It takes work, but by teaming with a professional and doing some groundwork, you can find the perfect property and get it for a great price.

Home (on the market) for the holidays

You can get all kinds of different advice about having your home on the market over the holidays. The fact is that fewer buyers are looking during this time, but those who are looking are serious. Few people would choose to look at real estate in Boise in the winter if they did not need to move. It is much more enjoyable to search when the weather is warm.

If you have to move, you have to move. Even over the holidays, people have job transfers. They get married, have children or do something else that makes a move necessary. This is a great opportunity for you to sell your home. Statistically, there are fewer homes on the market. You can see by the chart below, however, that we still see between 7% and 10% of the homes on the market sell.

Ada County Homes for sale September 2007 through March 2008.

The question is, would you rather be one of 5200 Ada County homes from which buyers can choose or one of 4100? I think this is an obvious choice. So, even though you might be tempted to take some time off during the winter or holiday season, the fact is that you would be missing a valuable market opportunity.

Many sellers complain that having their home for sale puts a crimp in their holiday decorating. Again, the choice is yours. What is your motivation? You can still put out some of your favorite holiday items. You may have to tone it down a bit if you are a decorating over-achiever. Your Realtor can help you make decisions about what gets put out. Generally, standard staging rules apply. Anything too cluttered makes it more difficult for potential buyers to notice the features your home offers. When kept simple, holiday decorations make a home feel warm and inviting.

If you really want to sell, keep your home listed throughout the holiday season. Any inconveniences will seem minor when you can move on while others are waiting for spring to list their homes along with everyone else.

The Truth About Boise Idaho Real Estate - A Prescription for Selling

The media tells us daily that nothing is selling. Home sellers, buyers, and even real estate agents believe it. Why? What is it about us that makes us take what we hear on TV or read in the paper as gospel? The reality is things are selling in Ada County. Why aren’t we hearing about this in the news?

Here are some real facts. The average days on market for Ada County in 2008 (Jan through Sept.) have ranged between a low of 65 and a high of 76. During that same time period, an average of 465 homes have sold each month adding up to an average of $111,791,889 per month in total sales.

Many sellers may wonder, if homes are selling, why isn’t mine? Well, things have changed since the boom of past years. It takes much more that just sticking a sign in your front yard to sell your home. Here are some things that need to be considered before listing your home for sale.

The 80/20 rule is the most important rule to follow. It states that 80% of the real estate equation is pricing your property correctly and 20 % is effective marketing. Pricing depends on many market factors as well as your motivation to sell in a timely manner. It is part science and part art. Your real estate agent needs to help you determine what to ask for your home. She will have real knowledge to share, unlike your neighbor, relative or on-line aggregate site. Make sure you choose an agent who knows the area and understands the market trends.

The right price is not the only factor involved in a successful real estate transaction. Your home must outshine the competition! A professional stager and your agent can walk through your home with a buyer’s eyes to help decide what stays and goes. We live in our homes one way, but we need to show them in a different light when we are selling. We can’t control the location, the competition or the market conditions, but we can control the condition of your home. We need to play up the positive features and downplay any perceived negatives. Staging can be as simple as rearranging furniture or it can include dealing with deferred maintenance, fixing items in need of repair and bringing in new furnishings. A good stager will start at the curb and work all the way through your home.

Many people do not understand the need for staging, but according to the US Dept. of Housing and Urban Development a staged home will sell for more, and it will sell faster. On average, a staged home will sell for 17 percent more than one that is left unstaged. You may need to spend some money on fix-ups, but they will cost much less than your first price reduction. Don’t allow buyers to do their own math figuring out what needs to be done. Their estimates will be higher that actual costs and they will try to take it off your bottom line. You only get one chance to make that all-important first impression.

Another significant issue to consider when listing your home is how to make showings as convenient as possible. The fewer restrictions you place on agents and potential buyers, the better. There is plenty of inventory available, and if your home isn’t easy to preview, there will be another one that is. You can’t sell a house that no one can see. Everyone understands that children need naps and people have busy lives, but you need to do everything you can to make your home available for showings. If you have pets, find a place for them to go to daycare. Make sure you are always ready to clear out for a showing.

Lastly, choose a Realtor® who knows the market. She should know the area as well as the market trends. She should be able to tell you who the likely buyers of your home will be and how she plans to market to them. If you are not comfortable with the first agent you meet, interview a second or a third. The relationship you have with your real estate professional must be based on trust. As a team, you must agree on important decisions to make the process of selling your home as smooth and uncomplicated as possible.

What's Up with Boise's North End Real Estate?

Everything you hear about real estate these days is bad, bad, bad. But, if you happen to own a home in Boise's Northend, the news is much brighter. Now, I'm not saying that prices haven't dropped a bit - they have. We have not been affected nearly as much as many places in the U.S., and not even as much as most places in Idaho. What does the Northend have going for it that keeps our home values relatively stable?

1. We can walk or ride our bikes almost anywhere we want to go. We do not have to drive to go to great restaurants, the movies, the park or shop for groceries. Our proximity to downtown Boise makes our location highly desirable.

2. The Ridge to Rivers Trail System starts in our backyard. 125 miles of hiking and mountain bike trails is a big Northend draw.

3. We have great schools. Wonderful neighborhood elementary schools feed into North Junior High. Boise High School consistently ranks in the Nation's top 1000 high schools. This year (2008) it ranked #396 (Newsweek).

4. We have older houses with wonderful character. No cookie cutter subdivisions here. There is a fabulous mix of architectural styles, ranging from the late 1800's through the present. Most of the Northend lies in an historic district, which helps preserve the integrity of the area.

5. Families, singles, seniors and more mingle contentedly together. We have a congenial mix of people in our neighborhood.

With everything we've got, it is no wonder that Boise’s Northend neighborhood has been named one of the 10 Great Neighborhoods for 2008 through the American Planning Association’s Great Places in America program. Those of us who live here know it. Those of you who don't live here should come check it out.

So, yes we have experienced a slight downturn in our real estate market. Generally though, our prices have remained much more stable that those in other areas. We should emerge from this recession with our equity fairly intact. Best of all, we get to enjoy a great quality of life each and every day we live here.