REALTORS® Endorse Boise’s ADU Proposal

Boise Regional REALTORS® is proud to endorse and support Boise’s Accessory Dwelling Unit (ADU) proposal. If the update to the ordinance is approved, these changes will:

  • Expand private property rights
  • Provide homeowners and investors a tool to increase housing supply and provide affordable housing options to the community
  • Allow for creative financial opportunities for homeowners to maximize the value of their property
  • Increase flexibility for homeowners, allowing them to rent out both the primary residence and ADU

Home prices in Boise region have been driven by a lack housing inventory compared to buyer demand — putting pressure on affordability. Boise’s ADU expansion plans are a great step in the right direction toward increasing our housing supply and helping families achieve the dream of homeownership. BRR is excited to see cities having open discussions and looking for creative solutions to address this growing need and demand for affordable and workforce housing.

You can learn more about the City of Boise’s ADU proposal at www.livboise.org/liv-stories/2019/accessory-dwelling-units.

BRR’s Public Policy Committee, made up of volunteer REALTORS®, carefully vets and considers all housing, private property rights, education, transportation, and other public policy matters and issues in Ada, Elmore, and Gem County. From there, the Public Policy Committee provides recommendations for endorsements which are reviewed and approved by BRR’s Board of Directors.

Eight Local REALTORS® Inducted Into National Emeritus Society

Boise Regional REALTORS® (BRR) is proud to recognize eight of its members who have been inducted into the National Association of REALTORS® Emeritus Society: Barbara Dawson, Group One Sotheby’s International Realty; David Jensen, The Jensen Group; Debbi Lampman, Homes of Idaho;Roger Malm, WestWind Real Estate; Danny Seamons, WestWind Real Estate; Ed Sperry, Equity Northwest Real Estate; Rose Cada Stevens, Trust Realty; and Rick Thurber, Coldwell Banker Tomlinson Group.

Each inductee has served our community and the real estate industry as a REALTOR® for 40+ years. The newest inductees were honored at the BRR Past President’s Breakfast on February 4, 2019.

They join the ranks of current BRR Emeriti members: Randy Andrews, Bart Ballantyne, Patti Bowman, Lynn Boyd, Maurice Clifton, Patricia Drilling, Andy Enrico, Mary-Edith Hill, Lee Hill, Phil Hoover, Paul Hudson, Donna Jacobsen, Ilene Johnson, Robert Kiah, Janis Ogawa, Horace Smith, Judy Weed, and Charles Weymouth.

 

2019 Emeritus Inductees

Left to Right: 2019 BRR President Phil Mount, Barbara Dawson, Rick Thurber, Ed Sperry, Debbi Lampman, David Jensen. Not pictured: Roger Malm, Danny Seamons, and Rose Cada Stevens.

View the event photo gallery.

Learn more about Emeritus eligibility and the application process at boirealtors.com/emeritus-status.

###

Boise Regional REALTORS® (BRR) is a 501(c)6 trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

REALTOR® Awards Gala Event and Ticket Info

 

Gala Save the Date Image 10.9.18

Tickets went on sale Friday, February 1, at 10:00 a.m. As of Saturday, February 2, the event sold out. We are unable to add any additional seating or tickets due to the constraints of the space.

If you have tickets you’d like to sell or transfer, either do so independently or let Cassie know by emailing cassie@boirealtors.com. If you are looking for tickets, contact Cassie at cassie@boirealtors.com with your name, phone number, email address and number of tickets you are looking for in order to be added to the wait-list. We’ll do our best to put those who are looking to transfer tickets in touch with those who are looking for tickets.

Looking to sponsor this amazing, sold-out event? We still have some great ways to get your company in front of our 1,200+ attendees! Secure our Ride Share Sponsorship, Dessert Sponsorship, Live Artist Sponsorship, and/or Bar Sponsorship at boirealtors.com/2019-individual-event-sponsorship. Contact BRR Events Specialist Marind Amano at marind@boirealtors.com with any questions.

Boise Regional REALTORS® honors our outstanding members with the annual REALTOR® Awards Gala. The Circle of Excellence Production Awards recognize listing and selling achievements – and provides BRR members with an opportunity to celebrate the success of the Boise region real estate market. We’ll also be celebrating our Individual Award winners.

The evening kicks off with a cocktail hour from 6:00 p.m. – 7:00 p.m. Dinner will be served at 7:00 p.m. with the program beginning at 8:00 p.m. The After-Party starts around 9:00 pm and lasts until 11:30 p.m.

Please join us for a night to remember!

Important Ticket Info:

  • Tickets are non-refundable but they are transferable.
  • Tables seat 10. We are unable to add extra seats to any of the tables.
  • Tickets are required for admittance. Please bring either a digital or printed copy of your ticket to the event.

Find more information about the event including FAQs and hotel discounts on our event page.

 

2018 Residential Real Estate Market Report

Year-End 2018 Market Report - FINAL_Page_01

2018 was another year of record low inventory and record high median sales prices in Ada County — dropping to just 474 existing homes for sale in January and reaching a median sales price of $334,400 overall in August. Area home prices are being driven up by the persistent and historically low inventory of existing homes compared to demand, as well as more new homes selling at overall higher prices, primarily due to rising construction costs.

Despite the effects of low inventory and more new home sales, out-of-state buyers continue to be pointed to as the primary driver of rising prices by some. Our research shows that while in-migration contributes to the demand for housing, low inventory and a larger share of new home sales are the main factors determining home prices.

As long as demand continues to outpace existing supply, and new home sales claim a larger share of total sales, our market is expected to be one of the few nationwide to grow in 2019. We’ll certainly be keeping an eye on these trends and provide updates in our future reports.

See BRR’s 2018 Residential Real Estate Market Report for more on inventory, prices, affordability, and migration trends.

# # #

This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings).

 

December 2018 Market Report

2018 BROUGHT RECORD HIGH HOME PRICES IN ADA COUNTY — BUT WHY?

 Key Takeaways:

  •  For the year, Ada County’s overall median sales price ended at $314,000 year-to-date (January 1–December 31, 2018), driven by more new homes selling at overall higher prices, primarily due to rising construction costs, and the persistently low inventory of existing/resale homes.
  • While new home sales were up 22.4% in 2018 compared to 2017 — the number of existing/resale home sales over the same period was down 4.1%. Closed sales are limited in the existing/resale segment due to the supply of homes for sale dropping year-over-year for 51 consecutive months.

Analysis:

2018 was another year of record low inventory and record high home prices in Ada County. Last year also gave us the first signs that the market may be shifting back towards balance, and many economists expect that to continue throughout 2019.

The overall median sales price (activity for existing/resale and new homes combined) was often reported as the area norm in 2018. However, to better understand our local market dynamics, it’s important to identify the factors that are driving prices in both segments and how those trends are affecting the overall median.

Case in point — based on past data, when new construction sales made up more than 24% or 25% of the total sales in a given month, the overall median sales price was 12-14% higher than the previous year, on average.

Since March 2018, every month of the year saw the share of new construction sales at or above that level, which had a major impact on the area’s overall median sales price:

December 18 Ada County Share of New Home Sales

In addition, the median sales price for new homes has also been rising steadily, due to increasing costs of land, labor, and construction materials. The 2018 median sales price for new construction in Ada County was $373,898, an increase of 10.2% compared to 2017.  So, how much did this combination of more new homes selling at higher prices push Ada County’s overall median sales price up? For the year, the county’s overall median sales price ended at $314,000 year-to-date (January 1–December 31, 2018), an increase of 18.0% over the same period in 2017.

While new home sales were up 22.4% in 2018 compared to 2017 — again, having a significant impact on the new record overall median sales prices we saw in 2018 — the number of existing/resale home sales over the same period was down 4.1%.

Despite the year-over-year slip in existing home sales (more on that in a minute), the median sales price for existing homes in Ada County increased by 17.2% compared to 2017, ending the year at $290,000. As we’ve discussed many times throughout the year, this segment’s prices are being driven by the historic low levels of homes for sale compared to buyer demand.

December 2018 marked 51 consecutive months of year-over-year falling inventory in the number of existing homes for sale in Ada County. The number of closed sales that are even possible is limited due to the fact we’ve had fewer and fewer existing homes to sell each month compared to buyer demand. This is the primary reason we’re seeing closed sales down year-over-year.

Inventory vs. Closed Sales - Ada County Dec 2018

Another way to measure the relationship between inventory and buyer demand is with “Months Supply of Inventory.” This metric takes the number of homes for sale (inventory) divided by the average number of closed sales by month for the preceding twelve months. The resulting number can be described as the number of months it would take to sell through all the available supply assuming no other homes came on the market.

A balanced market—not favoring buyers or sellers—is typically between 4-6 months of supply. Below four months typically favors sellers and more than six months typically favors buyers.

As of December 2018, the months supply of existing/resale inventory in Ada County was at 0.9 months, for all price points combined. (For comparison, while new construction supply under $250,000 was at 2.0 months of inventory, the overall segment climbed to 4.0 months (with all price points combined.)

Ada County MSI - Dec 2018

As long as the months supply of inventory for existing homes stays right around 1-2 months, existing home prices should remain higher. This metric is showing us that buyer demand persists, even as there are fewer homes from which they can choose.

In summary, local home prices are being driven by the persistent and historically low inventory of existing homes compared to demand, and more new homes selling at overall higher prices, primarily due to rising construction costs.

We’ll dig into additional trends and data in our forthcoming year-end market report to get a better sense of how the market is shifting. Most importantly, we’ll look at buyer demand – where it’s coming from, what’s happening in related markets, and how our local economy and housing market is much different than a decade ago. It will also touch on forecasts from national economists, both for our local market and the U.S. overall. Check back soon!

 

MORE GEM COUNTY HOMES SOLD AT HIGHER PRICES IN 2018 

For 2018, Gem County’s overall median sales price ended at $199,782 year-to-date (January 1 – December 31, 2018), an increase of 7.9% over the same period in 2017. There were 342 home sales in 2018, up 8.2% compared to 2017. 317 of those were existing/resale closed sales, while 25 were new construction sales — a 25% increase in new construction sales from the year before.  

New homes typically sell at higher price points, due to increases in costs of land, labor and construction materials, so this larger share of new construction sales has brought up the overall median sales price of homes in Gem County last year. Persistently low inventory compared to buyer demand is the other factor driving up the median sales price.

One way to measure the relationship between inventory and buyer demand is with “Months Supply of Inventory.” This metric takes the number of homes for sale (inventory) divided by the average number of closed sales by month for the preceding twelve months. The resulting number can be described as the number of months it would take to sell through all the available supply assuming no other homes came on the market.

A balanced market—not favoring buyers or sellers—is typically between 4-6 months of supply. Below four months typically favors sellers and more than six months typically favors buyers.

As of December 2018, the months supply of inventory in Gem County was at 2.5 months, for all price points combined. This is an uptick from the 1.5 months we saw in November, but still not considered a balanced market. As you can see in the chart below, the months supply inventory is at less than a month below $200,000 price point.

December 18 Gem MSI

Gem County experienced the same market conditions in 2018 that we’ve seen elsewhere in the Treasure Valley — higher home prices due to low inventory and more new construction sales.  We’ll continue to keep an eye on prices, inventory, and months supply of inventory to see if the market is shifting more into balance in 2019.

 

RESOURCES: 

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - Dec 18Gem Snapshot - Dec 18

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New Construction, and Gem County.

# # #

This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings).

59 Minute Meeting Recap: Understanding and Addressing Community Growth

12.11.18 panelists - compressedThe final 59 Minute Meeting of the year was a great success! Our topic was Understanding and Addressing Community Growth and featured guest speakers Scott McIntosh, editor of the Idaho Press; Don Day, editor and creator of BoiseDev.com; and Dr. Jen Schneider, Public Policy and Administration director at Boise State University.

Our panelists fielded growth-related questions from BRR’s Government Affairs Director Soren Dorius. To get the forum started, they weighed in on what they thought was the biggest challenge related to growth that Treasure Valley residents are facing. Unanimously, the panelists agreed that transportation was the biggest issue.

One panelist felt that the biggest challenge to transportation was the fact that all transportation entities work within their own silos and have their own interests. While ACHD has jurisdiction over all the roadways in Ada County, they must work with every city within the county to make sure the traffic systems work for them while also making the county-wide system work efficiently. Another speaker thought the most immediate pain of the growth-related problems we feel on a day to day basis is the increased time sitting in traffic. The longer we’re in traffic the more time it takes away from our everyday lives.

The conversation shifted to discussing possible solutions for the transportation issues after the ACHD registration fee increase initiative, aimed at mitigating and reducing traffic congestion, was defeated in November. The panelists agreed that a local option tax would give cities in Ada County increased flexibility in addressing current and future transportation issues. The problem, as the panelists see it, is the difficulty convincing the Idaho legislature to give this taxing authority to cities. Currently, only resort towns in Idaho can use a local option tax to fund transportation and other public interest projects.

One speaker stated that they believed it would likely take a crisis to get legislators to start seriously addressing transportation funding, similar to I-84 potholes issues recently observed. Overall, the panelists felt an adequately funded and well-run public transportation service is many years away and might only be possible with a local option tax.

Another interesting discussion point involved the topic of affordable housing. Some panelists expressed that it was a market issue and the problem would correct itself, while others said residents felt their local governments had failed them when it came to affordable housing. It was suggested by one speaker that the new high-end apartment complexes that have sprung up throughout downtown Boise are adding to the supply of housing inventory and positively affecting the market. With more options, residents may upgrade or retire to downtown apartments and free up some housing inventory in a more affordable segment of the market.

During the closing Q & A with our members, a question was asked about the best ways to get involved and bring more attention to these issues. The panelists recommended attending and participating in planning and zoning meetings, as well as city council and county commissioner meetings. They also emphasized the importance of getting involved with The Community Planning Association of Southwest Idaho (COMPASS). COMPASS will have a major impact in the development and direction of the Treasure Valley as the growth continues.

For those who were able to join us, thank you for attending our 59 Minute Meetings throughout the year! We’re excited to continue and expand these events in 2019 with topics that impact REALTORS® and our communities. Happy Holidays and we’ll see you in the new year!

Four Steps You Need to Take to Protect Your Clients From Wire Fraud

fraud_sliderAs KTVB recently reported, a local family was scammed out of $80,000 down payment in a wire fraud scheme in which their agent’s email was hacked, and fraudulent wire instructions were sent to the buyer. Now that the money has been wired, it’s unlikely that it will be recovered.

Wire fraud and cybercrime is a very serious issue and one that isn’t going away any time soon. Don’t let your clients become victims, take these four steps TODAY to protect your clients and yourself.

1) Inform your clients that you will NEVER share wire instructions over email, but only verbally over the phone or in person. Educate them about the risks, and insist they call you (using the phone number you provided, not one from a suspicious email) if they receive instructions via email, or if anything feels “off.”

2) Use an email service that provides two-factor authentication and make sure it’s enabled.

3) Change your email password and make sure it’s a strong password. Set up a calendar reminder to change your email password regularly, and then follow through.

4) Add a standard warning about wire scams to your email signature or include a disclaimer at the bottom of your emails explaining that you will not discuss personal financial information over email. (Sample from NAR.) Here’s another example: ALERT! [Brokerage Name] will never send you wiring information via email or request that you send us personal financial information by email. If you receive an email message like this concerning any transaction involving [Brokerage Name], do not respond to the email and immediately contact your agent via phone.

Additional tips and resources:

Phil Mount Installed as 2019 President of Boise Regional REALTORS®

2019 Boise Regional REALTORS® President, Phil Mount

2019 Boise Regional REALTORS® President, Phil Mount

Phil Mount, REALTOR® with Front Street Brokers, was named 2019 President of the Boise Regional REALTORS® (BRR) during the association’s annual installation ceremony, held December 14th at the Boise Art Museum.

Phil had this to say about his new role: “It is a true honor to be able to lead BRR and a membership engaged in one of the most essential professions– facilitating our neighbors’ most important transaction.  By providing a platform of advocacy, education & ethics, and a way to connect with industry colleagues, BRR enables our members to serve this community with professionalism and integrity.”

“Phil has an amazing passion for the real estate industry and outstanding insights into the community – both of which have been and will continue to be tremendously valuable to the initiatives we take on,” said Breanna Vanstrom, BRR’s Chief Executive Officer.
Mount will lead BRR’s volunteer board of directors in 2019, which includes:

President-Elect Michelle Bailey, Keller Williams Realty Boise
Vice President Jeff Wills, Amherst Madison Real Estate
Immediate Past President Gary Salisbury, Equity Northwest Real Estate
Treasurer Bob Van Allen, Coldwell Banker Tomlinson Group
Director Elizabeth Hume, Silvercreek Realty Group
Director Becky Enrico-Crum, Andy Enrico & Company
Director Michele de Reus, Accel Realty Partners
Director Bob Hurtt, ERA West Wind Real Estate
Director Debbi Myers, Front Street Brokers
Director Carolyn Sinnard, Happy Dog Realty
Director Ed Sperry, Equity Northwest Real Estate

View Photo Gallery

###

Boise Regional REALTORS® (BRR) is a 501(c)6 trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

 

What Days Does IREC Consider Holidays vs. Business Days?

I recently received a question from a member asking whether Veterans Day was considered a business day with regards to real estate contracts. To answer this question and to help us prep our calendars for 2019, I checked with MiChell Bird, Executive Director for the Idaho Real Estate Commission (IREC), for clarification.

According to a definition in IREC’s license law:

54-2004(10)”Business days” means and includes each day of the week except Saturday, Sundays and any other legal holiday enumerated in section 73-108, Idaho Code.

And according to general code for the state of Idaho:

73-108. Holidays enumerated. Holidays, within the meaning of these compiled laws, are (bullets added):

  • Every Sunday;
  • January 1 (New Year’s Day);
  • Third Monday in January (Martin Luther King, Jr.-Idaho Human Rights Day);
  • Third Monday in February (Washington’s Birthday);
  • Last Monday in May (Memorial Day);
  • July 4 (Independence Day);
  • First Monday in September (Labor Day);
  • Second Monday in October (Columbus Day);
  • November 11 (Veterans Day);
  • Fourth Thursday in November (Thanksgiving Day);
  • December 25 (Christmas);
  • Every day appointed by the President of the United States, or by the governor of this state, for a public fast, thanksgiving, or holiday.
  • Any legal holiday that falls on Saturday, the preceding Friday shall be a holiday and any legal holiday enumerated herein other than Sunday that falls on Sunday, the following Monday shall be a holiday.

Need more information? You can read the full statute here.

Elmore County is Now Part of BRR!

Boise Regional REALTORS®, Inc. (BRR) and the Elmore County Board of REALTORS®, Inc. (ECBR) are pleased to announce a merger of the two organizations, expanding valuable programs in government affairs, market research, community grants, and more, throughout Ada, Elmore, and Gem counties.

The newly merged organization will continue to operate as Boise Regional REALTORS®.

Sonia Arciniega

2018 ECBR President Sonia Arciniega

“REALTORS® in Elmore County are a close-knit group and it was important to us to find an association that helped us keep our roots in the community,” said 2018 ECBR President, Sonia Arciniega. “By merging with BRR, we can continue serving our neighbors while also expanding the educational opportunities and professional resources available to REALTORS® throughout Elmore County.”

Kim Daley, 2018 REALTORS® Community Foundation President

Kim Daley, 2018 REALTORS® Community Foundation President

Kim Daley, 2018 President of the REALTORS® Community Foundation, and Business Development Officer with Stewart Title, said this about the community service aspect of the merger: “Our colleagues in Elmore County have a long tradition of giving back to their community, and in particular, to the service men and women and their families at the Mountain Home Air Force Base. We are proud to be able to continue this support and financial giving through BRR’s REALTORS® Community Foundation.”

In November 2018, the REALTORS® Community Foundation distributed $32,000 to charitable organizations and plan to expand these grant opportunities to Elmore County in 2019.

2018 BRR President Gary Salisbury

2018 BRR President Gary Salisbury

“We are honored that the members of ECBR selected BRR as their association partner, recognizing the value we provide to REALTORS® through our programming,” said 2018 BRR President Gary Salisbury. “REALTORS® have always worked together for the benefit of our clients and communities, and this merger will only continue that tradition.”

 

 

###

Boise Regional REALTORS® (BRR) is a 501(c)6 trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.