REALTORS® Community Foundation is Now Accepting Grant Applications

Through its grants, the REALTORS® Community Foundation (RCF) seeks to support projects and/or programs that are actively working to transform the lives of people in our community.

RCF is now accepting grant applications for both 2019 and 2020 through Monday, September 30, 2019.

Learn more about the grant guidelines and applications here and share this information with your favorite non-profits!

Please contact Marind at marind@boirealtors.com or call 208-946-5721 with questions.

2019-2020 Annual Grant Information and Applications

News Story Regarding REALTORS® and Home Inspections

Phil and KTVB 8.29.19

Local homeowners were featured in a recent news story, stating their home inspector missed serious problems when they purchased their home last year — issues that cost them thousands to repair. While this is a very unfortunate situation, the story implied that REALTORS® were at least partially to blame for home inspections that go awry because they may schedule any inspector they can find if “their” top home inspector contacts are busy.

We are unaware of the details of the particular situation reported in the story and have not received other reports to think this is a widespread problem.

Our President, Phil Mount, was included in the story and while not all of his comments could be included, he talked about how REALTORS® recommend inspectors and often assist with scheduling them, but that any service professionals selected are at the discretion of the buyer.

As a follow-up, we wanted to share his comments with our members, as important considerations to keep in mind when recommending any service provider to your clients:

  • Make it clear that your recommendation is just that, a recommendation and it is their choice on who to hire.
  • Always offer two to three names/companies. If one of them is a friend or relative, disclose that fact.
  • Share that you’ve had positive experiences with these service providers in the past, but make no guarantees on future performance.
  • If they have questions or want to know more, encourage them to contact the provider directly so that they can feel comfortable with their choice, and not pressured in any way.

The National Association of REALTORS® has a “Vetting the Vendor Checklist” that you can share with clients to help them make informed decisions and use in your own business when hiring service providers.

Home inspections are an important part of the home purchase process and as a REALTOR®, you best serve your clients when you empower them to make informed decisions.

2020 REALTOR® Awards Gala Ticket Changes

Last year was the first time in recent history (perhaps ever?) the REALTOR® Awards Gala sold out. Our event is in held in the largest, suitable space in town, designed to hold as many people as possible. However, we heard from production award winners that it was difficult for to purchase tickets, with some saying that, perhaps, too many tickets were reserved for sponsors.

In response to member feedback, your board leadership and Gala Committee have made some changes to how tickets will be sold for our 2020 event. Since adding tables is not an option, we plan to make the most of the tables and tickets available, with a new pre-sale premium table option for brokers and updated sponsorship opportunities.

Pre-Sale Premium Table Options for Brokers

To give Designated REALTORS®, managing brokers, and potentially team leaders, a chance to secure seats for their production award winners before general ticket sales begin, there will a limited number of premium tables available for pre-purchase. Here are the details:

  • There will be 40 premium tables available for purchase. Each table seats 10 people. (Seats cannot be added to any table.)
  • Cost is $900 per table and a minimum of one (1) to a maximum of four (4) tables may be purchased during this pre-sale period.
  • They will be the best seats in the house, centered and as close to the stage as possible, unless requested otherwise.
  • Premium tables will be sold on a first come, first serve basis. We will do our best to accommodate all requests but cannot guarantee each will be fulfilled.
  • BRR will notify brokers of their table(s) and an invoice will be added to their account which must to be paid in full by Friday, January 31, 2020 at 5:00 p.m., otherwise, unpaid tables will be released for general ticket sales — no exceptions.
  • No individual ticket sales will be allowed during this pre-sale period.
  • We cannot guarantee that any additional tickets or tables purchased during the general sales period will be nearby these premium tables.

Key dates and communications:

  • Monday, January 20, 2020 at 9:00 a.m. ― Designated REALTORS® and/or managing brokers will be sent an email invite with a link to request 1-4 premium tables.
  • Monday, January 27, 2020 at 9:00 a.m. if pre-sale tables remain ― Team leaders will be sent an email through which they can request 1-4 premium tables.
  • Friday, January 31, 2020 at 5:00 p.m., or once tables sell out ― Pre-sale premium table sales close.
  • Friday, January 31, 2020 at 5:00 p.m. ― Invoices for pre-sale premium tables must to be paid in full, otherwise, unpaid tables will be released for general ticket sales — no exceptions.
  • Monday, February 3, 2020 at 9:00 a.m. ― General ticket sales will open and will be available for purchase online through Eventbrite.

To be sure you receive gala-related emails, you need to be:

  • An active member of Boise Regional REALTORS®;
  • Listed in BRR’s membership database as a Designated REALTOR®, Managing Broker, or team leader, or, were noted as the team leader on a past team production award to receive the pre-sale invitations; and,
  • Able to successfully receive emails from BRR, which means that if you’ve unsubscribed from BRR’s emails, if we have an outdated email address on file, if your system is marking our emails as spam, etc., you will not receive the invite. (Please try to resolve potential issues prior to Monday, January 20, 2020 in order to receive the invite. If you have any questions, please contact cassie@boirealtors.com.)

Sponsorship Opportunities

We’ve completely restructured our sponsorship offerings, limiting sponsor seats while improving the exposure and marketing opportunities available. Watch boirealtors.com/sponsorship-opportunities for details. If your company would like to sponsor and secure gala tickets prior to general ticket sales, you can either:

  • Become an Annual Sponsor with BRR. Annual Sponsorship Packages will be announced Tuesday, September 3, 2019, and go on sale Tuesday, September 17, 2019; or,
  • Select an Á La Carte Event Sponsorship for the REALTORS® Awards Gala, each of which includes two (2) gala tickets. Á La Carte Event Sponsorship options will be announced Tuesday, November 26, 2019, and go on sale Tuesday, December 10, 2019.

Please note, we are unable to secure any additional tickets beyond what is outlined in the sponsorship agreement prior to general sales — no exceptions. If you are a sponsor and you require additional tickets, you can purchase them on Monday, February 3, 2020 through Eventbrite.

Thank you for celebrating our industry’s successes with us each year. Most of all, thank you for your membership and support of our association. We look forward to another great REALTOR® Awards Gala on Friday, March 6, 2020!

2019 Member Survey

2019 Survey

Starting next week (August 19th) members will be receive an email from T3 Sixty, a third-party national consulting firm, requesting their participation in a quick 3-5 minute survey via SurveyMonkey. The email will come from survey@t3sixty.com, or if you’d like to access the link to the survey directly, you can do so here.

They will be asking what you like, don’t like, love, and maybe very much dislike, about the programs and services offered by Boise Regional REALTORS®, to help us continually improve and provide members with valuable resources. All responses will be kept confidential and aggregated to help us refine our 2020 strategic plan and program offerings.

Members who complete the survey can then enter to win one of these great prizes — free local membership renewal for 2020 (aka, dues at a $200 value!), a $100 Amazon Gift Card, a $50 Chandlers Steakhouse Gift Card, or, one of two $25 Gift Cards to the Village at Meridian.

Your feedback and ideas are important and we thank you in advance for completing this survey once you receive it next week.

 

Code of Ethics Pop Quiz: Code Enforcement

Code of Ethics Pop Quiz 5: Code Enforcement

Question

You receive notice that a professional standards complaint has been filed against you and your attendance is requested for a hearing. You believe that the complaint is completely unreasonable and think the whole hearing will be a waste of time as it will only make things worse between you and the other REALTOR® involved. Do you:

a.) Refuse to go — after all, you don’t think you did anything wrong.

b.) Go to the hearing and answer all the questions you are asked, providing full, honest testimony and elaborating only when necessary.

c.) Go the hearing and provide the committee with everything you know about this case, making sure to point out the opposing REALTOR’S® professional history and current personal troubles.

d.) Go to the hearing but only reply to questions with 1-word answers. That should move things along and maybe if they see you don’t want to be there, they will let you leave early.

 

Answer

If you answered B, then you are correct!

Our Code of Ethics requires that REALTORS® be willing participants in all professional standards proceedings, which includes providing all of the PERTINENT information to the review committee as well as not disrupting the proceedings through bad behavior. Remember, we all agree to follow this code — in good times and in bad. 

 

What does the National Association of REALTORS® Code of Ethics say?

Article 14 states that REALTORS® should always supply the review committee with all relevant information in their possession and shall not obstruct the review proceeding.

If charged with unethical practice or asked to present evidence or to cooperate in any other way, in any professional standards proceeding or investigation, REALTORS® shall place all pertinent facts before the proper tribunals of the Member Board or affiliated institute, society, or council in which membership is held and shall take no action to disrupt or obstruct such processes.”

The idea of being a willing participant in Code of Ethics misconduct hearings is also touched on in the code’s preamble, which states:

“REALTORS® having direct personal knowledge of conduct that may violate the Code of Ethics involving misappropriation of client or customer funds or property, willful discrimination, or fraud resulting in substantial economic harm, bring such matters to the attention of the appropriate Board or Association of REALTORS®.”

If you have information about misconduct (whether yours or someone else’s), you are obligated to bring forward what you know, not to hurt others, but to protect the sanctity of the term REALTOR® and to ensure the best possible service for our clients.

Article 14 recognizes that it can be difficult to file a complaint against another colleague or feel like there might be repercussions against you for your testimony or support of an ethics hearing. With that in mind, standard 14-3 created protections for REALTORS® against retribution for their support of an ethics hearing, which includes protection again threats of action of libel or slander against the person who filed the complaint or against those who spoke at the hearings.

“REALTORS® shall not obstruct the Board’s investigative or professional standards proceedings by instituting or threatening to institute actions for libel, slander or defamation against any party to a professional standards proceeding or their witnesses based on the filing of an arbitration request, an ethics complaint, or testimony given before any tribunal.”

 

Additional Resources on Article 14:

 

Example Hearing:

Part 1: Opening Statements and Case Presentation

Part 2: Hearing Panel Calls a Recess

Part 3: Cross Examinations

Part 4: Closing Statements

Part 5: Hearing Panel in Executive Session

Part 6: BOD Reviews Decision

 

Example Appeal Process:

Part 1: Appeal Hearing

Part 2: Debriefing of the Appeal Hearing

 

2019 Housing Summits

2019 Ada County Housing Summit                            2019 Elmore County Housing Summit                        2019 Gem County Housing Summit

BRR hosted Housing Summits in Ada and Elmore County in July, and will host the Gem County Housing Summit in August. If you’re interested in attending the Gem County Housing Summit, click here to register. There is no cost for members.

Looking for the Mid-Year Residential Real Estate Updates? Here are the download links:

 

BRR’s new Guide to Civic Engagement was also announced at the 2019 Housing Summits. Learn more about how to get involved on our website and download the handout today!

Guide to Civic Engagement pg 1              Guide to Civic Engagement pg 2

 

EVENT PHOTO GALLERIES

Ada County Housing Summit  | Elmore County Housing Summit | Gem County Housing Summit

June 2019 Market Report

RECORD ADA COUNTY HOME PRICES TEMPERED BY LOW MORTGAGE RATES

Key Takeaways:

  • The median sales price for Ada County reached a new record of $354,405 in June 2019. This was up 10.0% over the same month last year.
  • Ada County home prices continue to be driven by a decreasing supply of lower-priced existing homes compared to demand, new homes selling at overall higher prices due to rising construction costs, as well as increased purchasing power due to low mortgage rates.

Analysis:

Home prices have continued to climb in Ada County, reaching a record median sales price of $354,405 in June 2019. This was up 10.0% over the same month last year. The median sales price for both existing and new homes were also at record highs in June, at $339,945, and $419,040 respectively. While we can’t point to any one factor for the hike in prices, we have identified three reasons we’re seeing these types of numbers in Ada County.

There continues to be a shortage of housing, particularly in the lower price points. This has caused the share of higher-priced home sales to continue to rise, further driving up the median sales price for the existing segment, as well as the market overall. The uptick in existing inventory of 13.2% year-over-year in June was no match for the fact that we’ve seen demand consistently outpace supply for the last several years, as indicated by the fact that the Months Supply of Inventory (or MSI) was 1.1 months in the existing segment. A balanced market—not favoring buyers or sellers—is typically between 4-6 months of supply.

As we’ve noted previously, the rise in new construction home prices is due to the increasing costs of land, materials, shortage of skilled labor, as well as consumer preferences. A recent report from the National Association of REALTORS® (NAR) says that, “Job openings in construction in May 2019 outpaced the number of workers looking for construction jobs.” This shortage of workers has hampered housing starts nationwide and has an impact on the type of product and at what price point builders are able to build.

Yes, prices are up, but low mortgage rates are helpful for buyers and may also be influencing what homes buyers purchase and at what price point. Since lower rates equates to lower monthly payments, buyers may be selecting a more expensive home that still fits their budget. Low mortgage rates also fuel demand for housing, as those who have been waiting for rates to drop to start shopping for homes.

FRED Mortgage Rates

We’ll be taking an in-depth look at these trends and additional data for Ada County in our forthcoming mid-year market report. It will also touch on buyer and seller demographics, challenges, and a comparison of today’s market and our previous peak in 2007.

 

JUNE 2019 ELMORE COUNTY HOUSING MARKET UPDATE

As of June 2019, the median sales price for homes in Elmore County reached $169,744; an increase of 10.9% compared to the same time last year and a new record high. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends. Prices continue to be driven home buyer demand and persistently low inventory.

Speaking of low inventory, June marked 53 months of consecutive year-over-year declines in inventory — leaving 69 homes on the market at the end of the month, down 17.9% from June 2018. The Months Supply of Inventory (or MSI) in Elmore County dropped to 1.3 months — down 23.5% from the same month last year.

The MSI metric measures the relationship between pending sales (which measures buyer demand) and inventory (which measures supply). A balanced market— not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

There were 51 closed sales in Elmore County last month — up 27.5% from the same month last year. Homes that closed in June spent an average of 47 days on the market before going under contract, 62.1% slower than in June 2018 when the average days on market was 29.

We’ll be taking an in-depth look at these trends and additional data for Elmore County in our forthcoming mid-year market report. It will also touch on buyer and seller demographics and the unique circumstances of the area’s housing market.

 

JUNE 2019 GEM COUNTY HOUSING MARKET UPDATE

As of June 2019, the median sales price for Gem County was at $214,000, an increase of 11.3% over the same period last year. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area. Home prices have been driven by persistently low inventory versus demand.

There were 18 homes sales in June, down 18.2% from June 2018, and down 52.6% from last month. However, there were 56 pending sales, up 7.7% from a year ago, so we’ll likely see those sales close in the next month or two. This left 50 homes available for sale at the end of the month, down 31.5% year-over-year.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 1.3 months in June 2019, down from 2.3 months a year ago.

A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Although home sales were down a bit, the homes that are selling are selling fast. The homes that sold in June spent an average of 18 days on the market before going under contract, so buyers need to be prepared to move quickly when shopping for home in Gem County.

 

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 CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - June 19Canyon County Members Only

Elmore Snapshot - Jun 19Gem Snapshot - June 19

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we do report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or reach out to us directly at cassie@boirealtors.com or annie@boirealtors.com.

# # #

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: Growth, Outlook, and Plans for the City of Star

59 Minute Meeting Slider

Star is a city in transition with an eye towards the future. Our second quarter 59 Minute Meeting emphasized this point as we were joined by Star City Councilmen David Hershey, Michael Keyes as well as Star City Planner Shawn Nickel.

Star has had an interesting and long history as it was settled in 1863 and incorporated in 1905 with a four-mile buffer in each direction. Early growth and decline were tied to the electric railroad and in 1929 Star was unincorporated due to some issues with highway development and paving disputes. It wasn’t until 1997 that Star was reincorporated as a city and part of Ada County.

Star is unique in that it is not a full-service city. The city does not own the sewer and water department, fire department, police force or street system. They are reliant on agreements and cooperation with other districts, county’s and state entities.

The only impact fees that Star collects is for park development — all other impact fees are passed through other agencies. Even though they are not a full-service city, Star is seeing population growth like other cities in Ada County and is in the process of updating their development code and comprehensive plan.

They have an open space rule of 15% minimum with 10% useable being the new standard for open space rules. There is also a plan to incorporate more compact walkable communities into the development plan. This will include pathways from the river to the foothills and a connection to the greenbelt when areas near the river are more developed.

Due to inconvenient transportation access, the city has been somewhat removed from the population growth experienced elsewhere in Ada County. A major future transportation growth factor for Star is Chinden (US20/26) being widened to five lanes, with the last leg of that project expected to begin construction in 2024, and the future Central Valley Express Way will also play a major role in the growth of Star and because of its central location. Currently, the population of Star sits right around 11,000 but it is projected to grow to over 30,000 people by 2040, which means we could see Star grow faster than other communities in Ada County in the future

Currently, the split between business and personal tax revenue that the city collects is 93% personal and 7% business. The city is working hard to bring in more businesses so people who live in Star don’t have to travel to other parts of the county for work and they can keep that tax revenue local. There are plans in the works for businesses to come to Star with specific details to come later.

There are also plans to turn the river area into a row of development that will include restaurants, living units and other amenities not found in other Idaho cities. Envision a version of the River Walk in San Antonio, but in Star, Idaho. The city’s vision for this plan is very ambitious and forward thinking. If it comes to fruition, they will have one of the most unique mixed-use land areas in the state.

We’re excited to see what the future holds for Star. They have a lot of great ideas on amenities to add to the city over the next decade. They are conscientious about the growth that is anticipated to come their way over the next twenty years.

Code of Ethics Pop Quiz: Advertising Listings

Code of Ethics Pop Quiz 4

Question
You just received your listing photos and they look fantastic! The photographer did a great job with the lighting, angles, and touch-ups and your seller is extremely happy. These photos will really make your listing shine! However, upon closer inspection, you realize that something is not right. In the photo showing the front of the house, there is a beautiful sunset in the sky directly behind the house but you know this isn’t possible because the house faces south. Do you have the photographer correct the mistake or leave it as is?

a.) Have it fixed.

b.) Leave it. Who would notice? It is not an important detail and not worth the delay/cost to change.

c.) Ask the seller what they would like to do; it is their house so they should decide if the photos are acceptable.

 

Answer

If you answered A, then you are correct!

You should never knowingly misrepresent a listing, no matter how small the mistake might seem. While there is nothing wrong with having a photographer make very minor adjustments to an image (such as removing blur or straitening a crooked shot), listing photos should always be a true representation of the property.

 

What does the National Association of REALTORS® Code of Ethics say?
Article 12 states that REALTORS® must always be accurate in their marketing and portrayals of a property. “Realtors® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations.”

Furthermore, standard 12-10 goes on to specifically define what constitutes a misrepresentation of a listing in terms of content, images, and websites:

“Realtors®’ obligation to present a true picture in their advertising and representations to the public includes Internet content, images, and the URLs and domain names they use, and prohibits Realtors® from:

 1)  engaging in deceptive or unauthorized framing of real estate brokerage websites;

 2)  manipulating (e.g., presenting content developed by others) listing and other content in any way that produces a deceptive or misleading result;

3)  deceptively using metatags, keywords or other devices/methods to direct, drive, or divert Internet traffic; or

4)  presenting content developed by others without either attribution or without permission; or

5)  otherwise misleading consumers, including use of misleading images. (Adopted 1/07, Amended 1/18)”

Bottom line – make most of your changes in person and limit what is done to the appearance of the home in photographs.

Additional Resources on Article 12:

REALTOR Magazine: When Does Photoshopping Go Too Far?
REALTOR Magazine: The Worst Offenses in Virtually Staged Photos
REALTOR Magazine: 4 Surefire Tips for Better Listing Photos

 

REALTOR® Golf Tournament Raises Money for Local Non-Profits

Local real estate professionals raised over $31,000 at the 23rd Annual Give-Back Golf Tournament benefiting the REALTORS® Community Foundation, whose mission is to improve the quality of life in the Boise region through housing-related projects and grants. The golf tournament was held June 5, 2019, at Falcon Crest Golf Course with 196 golfers and 51 sponsors participating. As one of the largest annual fundraisers for the REALTORS® Community Foundation, this year’s event was a tremendous success, raising over $7,000 more than in 2018.

Danielle Cullip, 2019 REALTORS® Community Foundation President

Danielle Cullip, 2019 REALTORS® Community Foundation President

“Participation from REALTORS® and other industry leaders was phenomenal this year,” noted Danielle Cullip, 2019 REALTORS® Community Foundation President. “It just shows how committed this industry is to giving back to the community. All of the funds raised by this event will help real people facing housing challenges in our area.”

Since its inception in 1995, the REALTORS® Community Foundation has provided over $1.7 million in grants to qualifying non-profit organizations throughout Ada County, expanding services to Gem County in 2018 and to Elmore County in 2019. Past grant recipients include Boise Fire Fighters Local 149, Boise Rescue Mission, Boise Valley Habitat for Humanity, Charitable Assistance To Community’s Homeless (CATCH), Chrysalis Women’s Transitional Living, Inc., Giraffe Laugh Early Learning Centers, Good Samaritan Home, JANNUS Inc., Jesse Tree, LEAP Charities, Life’s Kitchen, NeighborWorks®, The Salvation Army, Women’s & Children’s Alliance, and the West Ada School District Foundation. The REALTORS® Community Foundation also offers a matching gifts program for member contributions to local non-profits.

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.

Thank you Sponsors V2-01