Nine BRR Members Inducted into National Emeritus Society

Boise Regional REALTORS® (BRR) is proud to recognize nine of its members who have been inducted into the National Association of REALTORS® Emeritus Society: Randy Andrews, Coldwell Banker Tomlinson Group; Lynn Boyd, Silvercreek Realty Group; Andy Enrico, Andy Enrico & Company; Paul Hudson, Coldwell Banker Tomlinson Group; Donna Jacobsen, Silvercreek Realty Group; Robert Kiah, Live Oak Real Estate; Janis Ogawa; Coldwell Banker Tomlinson Group; Horace Smith, HMS Realty; Charles Weymouth; Group One Sotheby’s International Realty.

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 1, 2018.

They join the ranks of current BRR Emeriti members: Bart Ballantyne, Ballantyne Real Estate; Patti Bowman, Group One Sotheby’s International Realty; Maurice Clifton, PowerHaus Real Estate Service, Patricia Drilling, Keller Williams Realty Boise; Mary-Edith Hill, Hill Real Estate Agency; Lee Hill, Group One Sotheby’s International Realty; Phil Hoover, Phil Hoover, Inc.; Ilene Johnson, ERA West Wind Real Estate; and Judy Weed, Judy Weed Real Estate.

Left to Right: Robert Kiah, Andy Enrico, Charles Weymouth, and Randy Andrews. Not pictured: Lynn Boyd, Paul Hudson, Donna Jacobsen, Janis Ogawa, and Horace Smith.

Left to Right: Robert Kiah, Andy Enrico, Charles Weymouth, and Randy Andrews. Not pictured: Lynn Boyd, Paul Hudson, Donna Jacobsen, Janis Ogawa, and Horace Smith.

View the event photo gallery.

BRR Supports Emmett and West Ada School Bonds and Levies

BRR Supports Local Schools graphicBoise Regional REALTORS® (BRR) has endorsed the Emmett Independent School District’s $20.4 million bond measure, as well as West Ada School District’s $95 million bond and two-year supplemental levy of $14 million.

“REALTORS® don’t just help you buy and sell your home — we actively work to build strong neighborhoods and cities, and an integral part of that is supporting our children’s educational needs as our communities grow,” said Gary Salisbury, 2018 President of Boise Regional REALTORS® and senior sales consultant with Equity Northwest Real Estate. “We have a history of supporting our local school initiatives and we’re proud to stand with families and other local leaders in support of properly funding schools.”

Salisbury added: “The Boise Regional REALTORS® enthusiastically endorse the Emmett Independent and West Ada School Districts in their upcoming bond and levy initiatives and encourage our members and the public to vote ‘Yes’ on March 13th.”

“The Emmett Independent School District bond would fund necessary remodels and repairs to a number of our schools without raising taxes,” added John Evans, BRR Director and associate broker/co-owner of Evans Realty, LLC. “Our community provided valuable input for this bond proposal and is invested in our kids’ education. We feel like this is a win-win, and hope that the bond will pass without difficulty.”

“My kids attend West Ada schools, as do the kids of many of my clients,” said Carey Farmer, Past President of BRR and associate broker with Group One Sotheby’s International Realty. “With four of five West Ada high schools currently at or above capacity, we must pass this bond to continue providing quality educational opportunities and accommodate future growth.”

Additional information on these bond and levy initiatives can be found by visiting www.emmettschools.org/domain/536 and www.westada.org/Page/52751.

Questions or comments may be directed to Soren Dorius, Director of Government Affairs for Boise Regional REALTORS®, at soren@boirealtors.com or 208-947-7237.

 

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Boise Regional REALTORS® (BRR), a 501(c)6 trade association, represents more than 4,400 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, the Intermountain MLS (IMLS) and the REALTORS® Community Foundation. Visit boirealtors.com, intermountainmls.com, and brrfoundation.org for more information.

 

2017 Residential Real Estate Market Report

Slide1

For the past few months (and years), we’ve been focusing on the causes and effects of low inventory in our local housing market… and for good reason.

December 2017 marked 39 consecutive months of year-over-year declines in the number of existing homes for sale in Ada County, going back to October 2014.

Metrics Ada Existing
Oct-14 Dec-17 % Change
Inventory (Supply) 1,702 537 -68.4%
Closed Sales (Demand) 542 588 +8.5%%
Months Supply of Inventory 3.2 0.9 -71.8%

 

Inventory of existing homes in Ada County was at 1,702 in October 2014 and at a record-low 537 in December 2017, a decrease of 68.4%. In comparison, there were 542 closed sales in October 2014 versus 588 in December 2017, a modest increase of 8.5%.

Looking at months supply of existing inventory — which takes the number of homes for sale divided by the average number of sales by month — there were 3.2 months in October 2014 in Ada County compared to less than one month in December 2017, a drop of 71.8%. (A balanced market — not favoring buyers or sellers — is typically between 4-6 months supply of inventory.)

Our past reports have looked at why there’s so much demand for housing — growing population due to economic opportunities, out-of-state buyers moving in, and Millennials (a huge population group) “aging into” homeownership — but what’s been more difficult, is understanding the supply side pressures and why homeowners aren’t selling when the market is seemingly in their favor.

Digging deeper into the data for existing inventory, we noticed that just as Ada County’s existing inventory had been declining for the past 39 months, so had existing inventory in Canyon County and Gem County.

So, what happened in October 2014 — or leading up to it — that has homeowners throughout the Boise region staying put?

We’ve identified three potential data-driven explanations — Retirees, Boomerang Buyers, and Housing Affordability — and another more psychological explanation — a feeling of opportunity, whether it be an opportunity to be part of the growth the Boise region is experiencing, or the opportunity to wait and sell when we reach a new market peak. Let’s take a closer look at each of these.


Retirees

Our region’s population is growing, and as shared in previous reports, it’s one of the main reasons demand for housing has increased. But if we look at population by age, the share of our population that has grown the most is adults between 55-74 years old, based on U.S. Census data available starting in 2009:

County 16 to 19
Years Old
20 to 24
Years Old
25 to 44
Years Old
45 to 54
Years Old
55 to 64
Years Old
65 to 74
Years Old
75 Years
Old +
Ada 2.5% 1.3% 0.8% 1.3% 4.7% 8.0% 3.1%
Canyon 2.4% 1.9% 0.8% 1.9% 4.3% 7.1% 1.9%
Gem 1.3% -0.5% -1.1% -0.6% 2.8% 5.1% 1.5%

 

These percentages reflect current residents from the Baby Boomer generation who are nearing retirement and aging into these categories. But they also support what we hear anecdotally from REALTORS® who have clients moving here from out of state to retire, or, are planning to retire in the next few years and purchasing a retirement home here now.

This makes sense as Boise and Meridian, in particular, have been named as best places to live, to retire, to do pretty much anything, mostly because the region boasts many of the amenities today’s retirees are looking for… college town, culture, great downtown, affordability, and access to quality healthcare.

When people purchase retirement homes, they buy with the plan to stay, and those who move into our area to retire don’t typically have another home to sell here. These two factors further constrict the inventory of homes for sale in the existing/resale segment.


Boomerang Buyers

More than 50% of the homes sold in Ada County in 2010 and 2011 were distressed in some way (foreclosure, short sale, bank-owned, or HUD owned). That number fell to 30.8% in 2012 and dropped to 14.1% in 2013. In contrast, the share of distressed home sales was just 1.2% in 2017.

Slide11

For those homeowners who lost their home during the Great Recession, it would take a few years to rebuild the credit and financial resources necessary to buy again. 2013 and 2014 is when we started to see “boomerang buyers” — referring to people who lost homes to foreclosures or short sales — “coming back” to the market. Boomerang buyers purchase homes from available inventory, but would not have an existing house to sell, further constricting existing inventory levels.

Additionally, once back into a home, it’s unlikely these boomerang buyers would look to sell again soon after, due to the enormous emotional toll a foreclosure or short sale can take on a family. And for some, the run-up in local home prices could feel like history repeating, so they may prefer to stay in place than risk moving up to another potentially unaffordable mortgage.

Related to this… many of the homes lost to foreclosures and short sales in 2010 and 2011 were picked up by investors who often turned them into rental properties that they’ve held on to ever since. And why not? The average monthly rent for a single-family home in Ada County grew 41.3% between 2012 and 2017, an increase of nearly $406 per month, according to analysis of data from the Southwest Idaho Chapter of the National Association of Residential Property Managers. These rentals represent thousands of homes that potentially would have been listed (and then counted as existing inventory) had the Great Recession never occurred.

Housing Affordability

Those who purchased a home at the previous high mark in 2006, saw their equity fall 45-56% through 2011. By 2014, prices were recovering, but most were still 15-26% below peak prices.

During that time, many would-be sellers didn’t have the equity to sell and move up, keeping them in place and holding back existing/resale inventory. Comparing 2006 to today’s median sales prices, homeowners are just now seeing prices 7-13% higher after more than a decade of recovery.

In contrast, those who purchased at the bottom of the market in 2011, have seen home prices grow 108-158% throughout the region. On the sell side, they likely have equity to roll into a new home, and those who can move up in price point or purchase new construction may be pleasantly surprised at the inventory available.

However, today’s prices could be out of reach for some, especially when compared to income changes over the same period. Between 2011 and 2017, the median family income for Ada County was up 7.2% but fell 4.5% for Canyon County and 8.9% for Gem County.

Looking more closely at Ada County, the following chart shows a decline in affordability, based on the median price of existing homes, 30-year fixed mortgage rates, and median family incomes, combined to form a Housing Affordability Index rating (also referred to as “HAI”):

Slide14

That said, our market is affordable when compared to the U.S. overall, and to nearby higher priced markets — which is where much of our population growth is coming from. To new residents, prices for new or existing homes seem quite reasonable.

Slide15

Yet while the actual median sales price continues trending upwards — putting major pressure on affordability — the rate at which it does so has been slowing down. Think of it like driving your car up a hill: as the road gets steeper, the speed at which you drive decreases. You’re still gaining ground, just not as quickly.

Slide17

Year-over-year price gains began falling in mid-2006 through the end of 2009, with fluctuations through 2011. Year-over-year price gains grew consistently through 2012, led by low mortgage rates and more sales at higher price points.

Slowing price increases could be an early indicator of the market coming back into balance, but as long as consumer demand outpaces the number of homes for sale, that low supply vs. high demand relationship should keep actual prices moving up.

Opportunity to be part of the Growth… or to Cash Out

As noted with retirees, people are finding out what a great place the Boise region is, and they want to be here. The “Second Annual Treasure Valley Survey” from Boise State University indicated that current residents enjoy the quality of life, thriving economy, and neighborhood safety. There is growing excitement and interest in the area, and perhaps people don’t want to miss out by leaving.

So, what’s generated all this buzz about our region and Boise in particular?

According to this Marketplace article from February 2013, Boise’s growth was being driven by “a diversified economy fueled by low-interest rates, high technology, and local talent.”

This Washington Times article from March 2014, further points out, that as the Boise Centre made plans for expansion, hoteliers took notice and made their own plans to build. We’ve seen the results of that with many hotels opening in 2017, including three just in downtown Boise, The Inn at 500 Capitol, Hyatt Place, and Residence Inn. In addition, plans were being made for Simplot’s new downtown headquarters, renovations were underway on The Owyhee, and a remodel of the Riverside Hotel was in the works.

2014 was also when a very visible improvement happened in downtown Boise: “The Pit” was finally filled in. After sitting vacant for more than 25 years, 8th and Main was completed, bringing with it businesses, energy, and excitement.

And what about all of those “top ten” lists that highlight Boise, Meridian, and Idaho? Does that national attention have an impact on our growth? According to Clark Krause, Executive Director of the Boise Valley Economic Partnership (BVEP), it absolutely does: “We win and lose by rankings.”

Clearly, the growth we’ve seen since 2014 — when we began seeing year-over-year declines in existing inventory — not only encouraged people to move here but for those who already lived here, to stay and be part of the opportunities being created, seemingly, every day.

On the other hand, when any market is on an upward swing, there’s a natural inclination to want to “time the market” and cash out near the peak. We’ve heard from some REALTORS® that they have would-be sellers, both homeowners and investors, that are holding on to their properties see just how far prices may climb before listing.

A recent (and very informal) poll of Boise Regional REALTORS®’ Board of Directors found that the primary reasons their clients listed a property were reactionary, done because of a work transfer, change in family circumstances, or investors selling residential properties to free up cash for land or commercial purchases. In contrast, the top reasons their clients bought a home were all “because they wanted to.” Out-of-state buyers moving for lifestyle reasons or to purchase a retirement home (supporting the research on retirees), or, moving to Idaho to be near family.

The combined impact of boomerang buyers coming back, investors and retirees purchasing and holding properties, affordability keeping people in place, as well as the potential opportunities that come from recent growth, seem to be primary reasons we are experiencing historically low levels of existing inventory.

These may also be some of the reasons behind the low inventory nationally. The National Association of REALTORS® (NAR) reports that today, people are staying in their homes for a median of 10 years versus a 6-year median in 2012. It’s difficult to free up existing inventory, particularly entry-level properties, when homeowners aren’t moving — whatever their reason.

The excitement over these opportunities may be held in check by the “cautious optimism” sentiment we’ve been hearing about our market throughout the recovery and into 2018. It appears people aren’t going to let themselves get too comfortable or overconfident just in case the market shifts.

That said, many economic and demographic factors seem to be working in our favor — specifically record high sales volume and low unemployment — leading to confidence from out-of-state investors that some predict will go on for the next few years.

In early 2017, the Idaho Statesman reported that Idaho led the country in job growth and one of the lowest unemployment rates. Based on the most recent stats from the U.S. Bureau of Labor Statistics, as of November 2017, Idaho had just 2.9% unemployment, Ada County was at 2.8% (down 17.6% from November 2016), Canyon was at 3.3% (down 19.5% year-over-year), and Gem County was at 3.5% unemployment (down 16.7% year-over-year).

Then in November 2017, Ada County home sales surpassed the $3 billion-mark for the first time. The year ended with each county experiencing record high sold volume — Ada County’s 2017 sold volume was $3.3 billion, Canyon County reached $944.6 million, and Gem County ended the year at $66.5 million.

What are economists predicting for 2018?

For the U.S. overall, REALTOR.com expects continued price growth, persistence inventory shortages, and increasing mortgage interest rates. An article from Forbes.com echoed much of the same, but in addition, predicted that in more costly markets, renting may become much more affordable than buying.

Locally, purchasing may still be better, but it all depends on location, income, and housing needs. Looking at Ada County, for example, the average monthly rent for a single-family home in Ada County last year was $1,170, based on data from the Southwest Idaho Chapter of the National Association of Residential Property Managers.

In comparison, a monthly mortgage payment (principal and interest only) for an existing home at the median price in Ada County would be approximately $900 per month. This is based on BRR’s housing affordability index calculations, using data as of December 2017.

The major unknown is how the new tax reform will truly impact the economy, and in turn, the housing market. The National Association of REALTORS® has put out a guide for homeowners’ reference, and we’ll continue to watch and report on its effect on our local economy throughout the year.

Want more stats? Have questions?

Visit boirealtors.com for our market reports, released monthly on or after the 12th calendar day. Contact Boise Regional REALTORS® Chief Executive Officer, Breanna Vanstrom, at 208-947-7228 or breanna@boirealtors.com for assistance with these stats or any other association program. Visit our website to learn more about our data sources, methodology, and how to properly cite this data.

Here is a printable, shareable infographic summarizing the 2017  Residential Real Estate Market Report.

2017 Residential Real Estate Market Report Infographic

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This report is provided by Boise Regional REALTORS® (BRR), a 501(c)6 trade association, representing more than 4,400 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.

The data reported is based primarily on the public statistics provided by the IMLS, available at: intermountainmls.com/Statistics/Static.aspx. 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).

If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

Don’t let BRR’s Facebook Posts Disappear from Your News Feed!

Facebook is about to get more personal by making changes to what you see in your news feed (again). Their goal is for users to see more from their friends and families, and less from businesses, news, etc. This should be great for interactions in personal relationships, but you’ll likely miss most, if not all, of BRR’s posts, which include local market stats, association events and news, industry trends, local news stories, etc.  Plus, we consider you our friend, even if Facebook doesn’t see it that way.

See FirstIf you’d like to continue to see BRR’s posts, visit our Facebook page, and make sure you’ve “liked” us. Then, next to the “Like” button, click the “Following” button, and select “See First” to be sure you don’t miss a post.

If you’d like to learn more about how these changes may affect your business page, check out this article from Inman, What the Facebook news feed change means for real estate pros.

Thank you for following us, and if you have any feedback on what we share on social media please contact BRR Director of Communications Cassie Zimmerman at cassie@boirealtors.com.

Conference on Housing and Economic Development

This post contains sponsored content and affiliate links.

1.16.18 IHFA

 

Registration is open for this can’t miss event on March 5-6! The conference brings the power of face-to-face connection to life when you join hundreds of housing and economic development industry professionals. Participating in this conference gives you unlimited access to resources, tools, solutions, and – most importantly – connections. Don’t miss this amazing event!

Register today!

Can’t make the entire conference? Don’t be left out!  Even if you only have a morning or lunch to spare, you can still hear up to three world-class keynote speakers. It won’t just be facts and figures – our lineup will paint a vivid picture of the current and next trends in housing, economics, cities, and technology that will have you thinking differently. Learn about the keynotes and reserve your spot today!

ConferenceLogo_CMYK

Brought to you by the Idaho Housing and Finance Association.

More New Construction Homes Available Than Existing in Ada County

Ada County hit another record low for inventory in December 2017, with just 1,391 homes for sale — a 6.6% drop from December 2016. While we’ve discussed the lack of inventory at length in our previous market reports, a new twist on the inventory shortage showed up in the December 2017 numbers…

There were 317 more new homes for sale in Ada County in December 2017 than existing homes. The actual numbers reported for Ada County were 854 new homes, compared to 537 existing homes on the market in December 2017.

Looking back at the year, there were five months that this happened, but December 2017 had the largest spread. (We saw this once in December 2016, but never before then in our ten-year data set.)

As reported by the National Association of REALTORS® (NAR), we need builders to bring more product online to pull us out of our local – and nationwide – inventory shortage, so an increase in new construction is welcomed.

But some question if this strategy could lead to another wave of overbuilding like we saw in the mid-2000s. At that time, new construction was more speculative, which led to more new houses than there was demand. Today’s new construction inventory levels are much more in line with buyer demand for new homes, which has increased with the Boise region’s population growth.

The Months Supply of Inventory figures for new construction in Ada County over the past 4-5 years indicate a general balance between supply and buyer demand. In December 2017, the months supply of new homes was at 4.1 months. A balanced market—not favoring buyers or sellers—is typically between 4-6 months of supply.

December 2017 Chart

That’s a good starting point for builders, as they’re not too far behind demand right now. Although, we did see the months supply of new homes dip below 4.0 months last summer, so the more product that can get started now, the better.

A mix of price points among newly constructed homes will also be necessary, but that’s proved difficult with the rising cost of land, labor, and materials. This was evident in December 2017, as Ada County’s median sales price for new homes saw a record high of $361,030, up 13.5% from December 2016. (In comparison, the median sales price of existing homes in Ada County was at $254,250 in December 2017.)

Additional information about trends within Ada County as well as Canyon County, by price point, by existing and new construction, and by neighborhood, are now available in the December 2017 Market Report. This includes an explanation of the metrics and notes on data sources and methodology.

Download the latest market snapshot graphics for Ada County, Canyon County, and Gem County:

ADA Snapshot - December 17   CANYON Snapshot - December 17    GEM Snapshot - December 17

Download print quality snapshot graphics for Ada County, Canyon County, and Gem County.

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This report is provided Boise Regional REALTORS® (BRR). BRR is the largest local REALTOR® association in Idaho, with over 4,300 members and two wholly-owned subsidiaries — the Intermountain Multiple Listing Service, Inc. (IMLS) and the Boise Regional REALTORS® Foundation. This report is based primarily on the public statistics provided by the IMLS, available at: intermountainmls.com/Statistics/Static.aspx. 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). If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

 

A Look Back at 2017

2017 was a great year for Boise Regional REALTORS®! We’d like to take a moment to highlight just a few of the association’s accomplishments in the past year.

In anticipation of the new year, we’d like to raise a toast to you, the REALTOR®, for your excellent service to clients, advocacy efforts, and volunteer hours that continually show our community that the value of a REALTOR® goes well beyond a smooth transaction. Thank you for your membership and involvement! Wishing all of our members happiness, health, and business success in 2018.

BRR Advocacy Update: 2017 in Review

Advocacy Update Year In Review 2017 Slider

BRR had an incredible year with some exciting accomplishments and noteworthy events. I would like to thank the many volunteers, committee members, BRR leadership, and my fellow staff members who have been instrumental in making our advocacy efforts such a huge success. Below are some highlights of what we accomplished in 2017:

Joined Boise State University in a Treasure Valley survey to gather important information on housing, transportation, and quality of life, which we can use to help influence lawmakers.

To the one-third of BRR members who have invested their personal money into RPAC this year, I applaud you for your commitment to your industry and community and thank you for providing us with resources to engage our elected leaders and promote our values and vision for the future. We couldn’t have had these successes without you!

2018 is going to be another great year for Boise Regional REALTORS®, so stay tuned and give us a call if you need anything!

Happy New Year!

Soren Dorius and Cameron Kinzer
Government Affairs Department
Boise Regional REALTORS®

Gary Salisbury Installed as 2018 President of Boise Regional REALTORS®

2018 Boise Regional REALTORS® President, Gary Salisbury

2018 Boise Regional REALTORS® President, Gary Salisbury

Gary Salisbury, REALTOR® with Equity Northwest Real Estate, was named 2018 President of the Boise Regional REALTORS® (BRR) during the association’s annual installation ceremony, held December 15th at the Inn at 500.

Salisbury had this to say about his new role: “I’m excited to lead such a dynamic group of professionals that make up BRR’s leadership team. It truly is an honor to lead the trade association that advocates on behalf of homeownership, provides educational opportunities to REALTORS®, and helps foster connections between industry professionals.”

“Gary has always been generous in volunteering his time and talents to our association, and we are pleased to have him leading the Board in 2018,” said Breanna Vanstrom, BRR’s Chief Executive Officer.

In addition, the following BRR Board members were sworn in during the event:

  • 2018 President-Elect Phil Mount, Front Street Brokers
  • 2018 Vice President Michelle Bailey, Keller Williams Realty Boise
  • Treasurer Bob Van Allen, Coldwell Banker Tomlinson Group
  • Immediate Past President Katrina Wehr, Keller Williams Realty Boise
  • Becky Enrico-Crum, Andy Enrico & Company Real Estate
  • John Evans, Evans Realty, LLC

They will work alongside BRR’s continuing Directors Krista Deacon of Silvercreek Realty Group, Bob Hurtt of ERA West Wind Realty, Debbi Myers of Front Street Brokers, Carolyn Sinnard of Happy Dog Realty, Ed Sperry of Equity Idaho Real Estate, and Jeffrey Wills of Amherst Madison Legacy.

View Photo Gallery

Gem County is Now a Part of Boise Regional REALTORS®

Merger Slider2

Boise Regional REALTORS®, Inc. (BRR) and the Emmett Valley Association of REALTORS®, Inc. (EVAR) are pleased to announce a merger of the two organizations, expanding valuable programs in government affairs, market statistics, grant opportunities, and more, throughout Ada and Gem counties. The newly merged organization will operate as Boise Regional REALTORS®.

2017 EVAR President John Evans, of Evans Realty, LLC

2017 EVAR President John Evans

“REALTORS® in Gem 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 2017 EVAR President John Evans. “By turning over the day-to-day management tasks to the wonderful staff at BRR, we will be able to focus even more on what we love doing — serving our neighbors through service projects, scholarships and donations, and of course, selling real estate.”

2017 President of the Boise Regional REALTORS® Community Foundation Cyndi Elliot

2017 President of the Boise Regional REALTORS® Community Foundation Cyndi Elliot

Cyndi Elliot, 2017 President of the Boise Regional REALTORS® Community Foundation, added: “Our colleagues in Gem County have a long track record of community service, and we are excited to continue that through BRR’s REALTORS® Community Foundation. Projects like leaf raking and house painting, as well as our ability to provide financial grants to housing-related causes, are just some of the many ways REALTORS® give back to people in the place that we call home.”

Earlier this year, the REALTORS® Community Foundation distributed $30,000 to charitable organizations throughout Ada County, and plan to offer grant opportunities to Gem County non-profits in 2018.

BRR Chief Executive Officer Breanna Vanstrom

BRR Chief Executive Officer Breanna Vanstrom

“Boise and Meridian aren’t the only cities growing in our region,” says BRR Chief Executive Officer, Breanna Vanstrom. “Emmett and other nearby cities are evolving in their own unique ways, and we’re excited to be a part of that growth moving forward. Specifically, this merger allows us to include Gem County and the City of Emmett in our advocacy efforts and market research initiatives, which we hope will benefit REALTORS®, elected officials, and residents in Gem County, as it has in Ada County.”

katrina_wehr

2017 BRR President Katrina Wehr

“We are honored that the members of EVAR selected BRR as their association partner, recognizing the value we provide to REALTORS® through our programming,” said 2017 BRR President Katrina Wehr. “REALTORS® have always worked together for the benefit of our clients and communities, and this merger will only continue that tradition.”

Details for a launch event, grant and service opportunities, advocacy efforts, and additional member benefits will be announced in early 2018.

About Boise Regional REALTORS®:

Boise Regional REALTORS® (BRR) is a 501(c)6 trade association that represents more than 4,400 real estate professionals throughout the Boise region. Established in 1920, BRR is now the largest local REALTOR® association in the state of Idaho, providing resources to help members conduct their businesses professionally, ethically, and successfully. BRR has two wholly-owned subsidiaries, the Intermountain MLS (IMLS) and the REALTORS® Community Foundation. Visit boirealtors.com, intermountainmls.com, and brrfoundation.org for more information.