Idaho Falls Real Estate Podcast with Mike Hicks Mike Hicks

The Idaho Falls real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a free home value report right here, or if you're looking to purchase in the Idaho Falls click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 208.227.5320. Today I’ll be giving you a quick recap of the Idaho Falls real estate market throughout the first three months of the year. Let’s get right into it! The number of sold properties is up by 2% year-over-year (326 up to 333) The number of pending sales has risen by 21%, but sales have only risen by 2% There are currently 313 homes on the market, which is very close to last year’s number Inventory continues to decline, and we are 44% lower this year than last year, and a whopping 56% lower than we were two years ago At the end of March 2016 we had only 313 properties on the market For buyers, it may feel like there is not much to choose from In the $350-$400k there are only 13 homes on the market I’m sure everyone is dying to hear about home values, and we’re seeing some fluctuations right now. At the end of March 2015, our average sale price was $153,900, and in March 2016 it jumped to $171,948. This is a big increase (+12%), but in October of last year our average sale price was $176,300. So, our average selling price has fallen from last year, yet it is still much larger than it was only two years ago. It’s tough to compare home values just by looking month-to-month, so we will be tracking this phenomenon as we move forward. Expect to hear more from us about this! “ Inventory is incredibly low right now. ” I have a lot more information that I can share with you -  this is just a preliminary report on how our market is doing. The main story is that inventory is very low, so we need more homes to come onto the market.  If you have any questions - you know who to ask!

Selling your Idaho Falls home? Get a free home value reportBuying an Idaho Falls home? Search all homes for sale Today we are going to go over the numbers to determine if it’s better to rent or to buy here in Idaho Falls. If you are currently renting, or know someone who is, you should pay special attention to this. For the sake of consistency in the numbers, let’s say that we are talking about a home that costs $210,000. With a 5% down payment, you will still need a loan of $200,000. The standard interest rate on this type of mortgage is around 4%. In addition to these costs, your property taxes would cost you $1,950 per year, with an extra $600 per year to cover insurance. This makes your principal payment $1,167 per month.  In 12 months, you would be able to take your principle balance down to $196,377 which gives you an equity buy down of $3,396 and an extra $7,350 of equity assuming a 3.5% appreciation rate. Those numbers may not mean hard cash in your pocket, but they are real. In addition to those savings, you get tax breaks as well. You can deduct both your property taxes ($1,950) and mortgage insurance ($7,920) on your taxes, giving you $9,870 back on your taxes. I called a few property managers to get an idea of what this home would cost per month if you were renting it, and they came to a consensus that it would be around $1,450 per month. If you were renting this home, you would be paying an extra $283 per month which adds up to $3,396 per year.  As you can see, when you buy a home as opposed to renting it, you can save up to a total of $16,582 on a $210,000 home in just your first year of homeownership!  If you don’t own a home, or know somebody else who doesn’t, these are the numbers and numbers never lie. If you have any questions for us, give us a call or send us an email. We can’t wait to hear from you! Click here to learn more about the advantages of being a homeowner.

Selling your Idaho Falls home? Get a free home value report Buying an Idaho Falls home? Search all homes for sale In mid-December, the Fed increased interest rates by a quarter of a percent. The market anticipated this, so mortgage rates have increased by the same amount. For instance, a thirty-year fixed-rate mortgage rests at about 4%. The Fed announced rates will increase by another 1% this year. In Bonneville County, there were 366 properties on the market on January 1st. This number includes townhomes, residential acreages, in and out-of-town properties, etc. Compared to last year, that’s a decrease of 33% -- also, down an even further 25% from 2014. We have also experienced a significant reduction in inventory, due to a 24% increase in the number of homes sold since last year. However, in the past quarter, this low inventory caught up to us. In December, we didn’t exceed ourselves compared to 2014 and were down 15%. That number, though, is more a reflection of the inventory, not necessarily the market holistically. The average median price increased 5.7% over the past twelve months. That’s huge! This is the biggest increase we’ve ever seen, compared to our hottest time (during 2007-2008) at 6%. In the $150,000 range, our previous price average, the number of homes increased by 12.5%. Homes over $150,000 increased by 39%. The median has increased here. Additionally, 33% of listed homes weren’t sold. If your home isn’t priced correctly or in the right condition, it simply won’t sell. Now is a great time to buy before interest rates increase. This, likewise, is an excellent opportunity for sellers to take advantage of new buyers. We’d be happy to serve your real estate needs in 2016. Give us a call or email today!

Selling your Idaho Falls home? Get a free home value report Buying an Idaho Falls home? Search all homes for sale Homeowners: who do you call when something goes wrong? When you own a home, stuff happens. Things break. They stop working. You want to make changes and repair. Sometimes, you might wonder about who you should call in to help. Over the years, we’ve worked with different kinds of local contractors that provide exceptional services at competitive prices. We’ve compiled a comprehensive list with this information. We include sheet-rockers, roofers, electricians, plumbers, handymen, landscapers, carpet businesses, painters, and more. We know professionals that handle all different trades.   If you need a professional to help with home repairs or changes, give us a call. We’re happy to set you up with this list and connect you with a credible professional in the area. Also, if you have an excellent experience with a vocational professional, let us know. We’re always looking to add to and improve our list. We love making recommendations to our clients in Idaho Falls.

.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; height: auto; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; } Selling your Idaho Falls home? Get a free home value report Buying an Idaho Falls home? Search all homes for sale Last week, I attended the annual Megacamp for Keller Williams. Gary Keller discussed his and the experts' forecast for our real estate market, and they all agree that a shift is approaching our market due to changes in interest rates. The Fed wants to see interest rates between 5% and 6% because the rates we have now are not healthy for the economy. What does this mean for you? Let me give you an example. The other day, I had some folks lock in a 30-year conventional loan at 3.625% percent. If they borrow $200,000, they would have a principle and interest payment of $915. If rates go up one by one percent, they can only borrow $178,000 in order to have a payment of $917. If rates go up to that target range of 5.625%, to keep the same payment of $917, you would only be able to borrow $159,000 to buy their home. That is a 22% loss of buying power due to a two percent change in interest rates. There will still be people moving, and first-time buyers will still come onto the market. However, all the people who bought homes with these low rates may want to upgrade someday. When they recognize their loss of buying power, these people won't move. They'll stay where they are. The consequence is that fewer homes will come on the market, and there will be fewer buyers. At this point in time, the experts don't believe that interest rates will affect home value. So if you're interested in buying, lock in these low interest rates now. If you have any questions, give me a call or send me an email. I look forward to hearing from you!

Selling your Idaho Falls home? Get a free home value report Buying an Idaho Falls home? Search all homes for sale We are here today to give you an update on how the Idaho Falls real estate market has performed so far in 2015. Today we are going to provide you with the latest statistics, while comparing them to last year’s numbers to demonstrate where we have seen growth in the market.   I’ve mentioned in the past that inventory has been low in Bonneville County, and that fact still holds true. In fact, inventory is down 30% from last year and some price ranges are seeing half of the inventory they were seeing at this point in 2014. Homes are selling extremely quickly if properly priced. Right now, we are up 33% in closed sales as compared to last year. The average days on market is down as well, from 103 this time last year to just about 90 days right now. This is a measure of time from when the home is listed until an offer is accepted. Everyone wants to know about home values, and if they are going up or not. We are happy to report steady home appreciation over last year. Home values have risen an impressive and healthy 4% from last year.    We have plenty more statistics where these come from. If you would like to take a look at them, just send us a quick email and we can send you a report immediately. We would love to hear from you!