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

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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.

 

November 2018 Market Report

MORE NEW CONSTRUCTION SALES AND FEWER EXISTING HOMES KEPT
ADA COUNTY PRICES UP IN NOVEMBER

Key Takeaways:

  •  The overall median sales price for Ada County reached $324,250 in November 2018, driven by the persistently low inventory of existing homes, and more new homes selling at overall higher prices, primarily due to rising construction costs.
  • There were just 661 existing homes available for sale at the end of November 2018, down 24.0% from October — a drop of 209 properties. More existing inventory is needed at all prices points to meet the demand from home buyers, which is what will contribute to our market eventually coming back in to balance.


Analysis:

The median sales price for Ada County in November 2018 was $324,250 for existing and new homes combined. This was up 20.1% over the same month last year, but nearly even with October 2018.

As we’ve shared many times through our market reports, 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.

On average, the share of monthly homes sales that are new is typically between 22-23%, meaning the other 77-78% of the sales are of existing homes. When the share of new home sales goes over 24% or 25%, we will see overall home prices (looking at existing and new homes together) increase, on average, between 12-14% year-over-year. As the share of new home sales increases, so does the overall median sales price and the related year-over-year increase.

This is what’s meant when we say the “overall home price is being driven up by more new homes selling.” To further illustrate this, the following table shows the share of new home sales over the past nine months compared to the overall median sales price and year-over-year increase:

November 18 Ada County Share of New Home Sales

However, new home prices are just part of the story.

In November 2018, the median sales price of existing homes in Ada County reached was $295,000, up 18.0% over November 2017. In this segment of the market, price increases are being driven by very low inventory compared to buyer demand.

There were just 661 existing homes available for sale at the end of November 2018, down 24.0% from October — a drop of 209 properties — and down 12.1% from last year. More existing inventory is needed at all prices points to meet the demand from home buyers, which is what will contribute to our market eventually coming back in to balance.

In comparison, the median sales price for new construction was at $390,000 in November 2018, up 13.9% over November 2017, and just below the most recent record high for this segment, which was $393,705 in June 2018.

If our market conditions of low inventory and high demand continue, there is no guarantee we’ll see prices drop significantly over the next few months, as we might normally expect as we move into the winter months.

However, those thinking about selling or buying shouldn’t be concerned with ‘timing the market,’ because the best time to buy or sell is when it fits your needs and circumstances. If you’re thinking about making a move, talk to your REALTOR® to explore your options.

 

HOME SALES AND PRICES UP IN GEM COUNTY IN NOVEMBER

In November 2018, 27 homes sold in Gem County, up 17.4% over last year. This left 53 homes available for sale at the end of the month — a decrease of 15.9% year-over-year. Despite persistently low inventory, Gem County has seen strong sales numbers for the last five months.

Looking at sales over the past 12 months, the median price for homes that sold through November 2018 was $196,303 — up 8.1% over the same period last year.

Due to the smaller number of sales in the county, the 12-month average is a helpful way of analyzing area price trends, as it adjusts for any months in which a very high- or low-priced home sold that would otherwise be inconsistent with the general market.

Apparently, the colder temps haven’t deterred buyers in Gem County. Thinking about selling? Talk your REALTOR® to find out what your home may be worth and what options are available based on your specific situation.


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

ADA Snapshot - Nov 18Canyon Snapshot - Nov 18Gem Snapshot - Nov 18

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionCanyon CountyCanyon County Existing/ResaleCanyon 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, available at: intermountainmls.com. 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).

2019 REALTOR® Membership Renewal Dues

Dues Billing Graphic

PLEASE NOTE: The BRR office will be closed on December 31 and January 1 for New Years. If you need to pay your dues by phone or in person, please do so by Friday, December 28.

Pay your 2019 dues online (REALTORS® can login with their IMLS Paragon credentials) or call 208-376-0363 to pay by phone or with questions.

Membership dues for 2019 were made available on member accounts on Tuesday, September 25, 2018. Avoid the $100 late fee by paying your dues prior to the Monday, December 31, 2018 deadline. And don’t forget… your annual REALTOR® dues are not set up as an auto-debit like your quarterly IMLS fees.

Your invoice is comprised of the following membership dues, investments, and contributions:

  • Boise Regional REALTORS® Dues — $200
  • Idaho REALTORS® Dues — $180
  • National Association of REALTORS® Dues — $185
  • REALTORS® Political Action Committee (RPAC) Suggested/Voluntary Investment* — $30 for REALTORS® and Appraisers; $99 for Designated REALTORS®/Brokers
  • Learn more about Investing in RPAC
    Your voluntary investment in the REALTORS® Political Action Committee (RPAC) is designated for political purposes to support or oppose candidates and issues that affect the housing industry. From city hall to the state house to the U.S. Capitol, our elected officials are making decisions that have a huge impact on the bottom line of REALTORS® and their customers. RPAC speaks with one voice to build strong communities, promote a vibrant business environment, and protect the real estate industry. From defending mortgage interest deductibility to stopping a transfer tax on every real estate transaction, RPAC is there for you. All RPAC Investments made via dues billing are earmarked for 2018 fundraising goals. Questions about RPAC? Contact BRR Director of Government Affairs Soren DoriusYou may refuse to contribute without reprisal and the National Association of REALTORS® or any of its state associations or local boards will not favor or disfavor any member because of the amount contributed.
  • REALTORS® Community Foundation Suggested/Voluntary Donation* — $5
    • Learn more about the BRR Foundation
      Your voluntary donation to the REALTORS® Community Foundation helps us achieve our mission to improve the quality of life in the Boise region through housing-related projects and grants, demonstrating the many ways REALTORS® and industry professionals give back to the community. Since its inception in 1995, the BRR Foundation has provided over $1.7 million in grants to qualifying non-profit organizations throughout Ada and Gem counties. Questions about the foundation? Learn more at boirealtors.com/realtor-foundationYou may refuse to contribute without reprisal and Boise Regional REALTORS® will not favor or disfavor any member because of the amount contributed. 

*To edit the amounts for RPAC and the REALTORS® Community Foundation, simply click “EDIT” on the Order Summary page before clicking “Pay Now.”

Deductibility Rules

100% of donations made to the REALTORS® Community Foundation are tax-deductible since the foundation is a 501(c)3 organization. RPAC voluntary contributions are not deductible for Federal Income Tax purposes. Provisions of the Federal Tax Act regarding lobbying expenses limit the extent to which National, state, and local dues are deductible.  For 2019, with dues at $185 per member, NAR computes 38% or $57 to be nondeductible for income tax purposes due to NAR lobbying efforts. Please note the entire $35 Public Awareness Campaign special assessment (which is included in the $185sum) qualifies as fully deductible. For 2019, with dues at $180 per member, Idaho REALTORS® computes $27.79 to be nondeductible for income tax purposes due to Idaho REALTORS® lobbying efforts. Please note the entire $10 Legal Review Fee and $142.21 of the Idaho REALTORS® dues qualifies as fully deductible. For 2019, with dues at $200 per member, the full $200 for Boise Regional REALTORS® dues qualifies as fully deductible, since none of it is used for lobbying efforts.

NOTE: Boise Regional REALTORS® and its affiliates do not provide tax, legal, accounting, or financial advice. This has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, accounting or financial advice. You should consult your own tax, legal, accounting, or financial advisors about your specific situation. 

 

Why are NAR dues up $30?
The NAR 2019 dues increase is $30, which includes $17 dedicated to REALTOR® Party programming and $13 for operating programming, for a total per member amount of $150 a year. Together with the $35 special assessment for the consumer advertising campaign, annual membership fees for 2019 total $185. There has not been an increase in dues, special assessment or REALTOR® Party funding since 2011.

In May 2018, NAR’s Board of Directors passed the 2019 budget with $35 million in new programming known as the S.M.A.R.T. Budget Initiative, for Strategic Measures Advancing REALTORS® to Tomorrow. The dues increase will allow members to take advantage of the following new initiatives:

  • $20 million for REALTOR® Party Programming
  • $2 million for new Commitment to Excellence Program, Financial Wellness Program and Strategic Business,
  • Innovation and Technology initiatives
  • $6 million for NAR occupancy costs for 10-year, $45 million Chicago building renovation
  • $7.5 million for zipForm® Plus Forms & Transaction Management Platform

For more information about the dues increase and SMART Budget Initiative, review the Frequently Asked Questions, Budget Information Sheet, the How NAR Membership Dues Help REALTORS® Succeed infographic, or visit nar.realtor/smartbudget.

You can also call NAR Member Support at 800-874-6500, email them at ContactNAR@realtors.org, or chat online with a Member Support Specialist at nar.realtor/help.

 

How does REALTOR® membership benefit my business?
We get it… paying membership dues isn’t quite as fun as buying a new gadget, sCoverhoes, or purse. However, we want to make sure you’re getting your money’s worth by taking advantage of all of your member benefits. We’ve highlighted a few member favorites from Boise Regional REALTORS®, Idaho REALTORS®, and the National Association of REALTORS® below. If you’re looking for a comprehensive list, check out BRR’s member benefits brochure, or the REALTOR Benefits® Program Catalog for member discounts and special offers.

  1. Two Idaho Commission CORE courses at BRR per licensing cycle for free ($50 value each) and free lunch at our monthly Lunch & Learn classes. View our Upcoming Classes page for dates and details.
  2. Free social media content from the National Association of REALTORS® “Get REALTOR®” initiative, com’s shareable content portal, Idaho REALTORS® “Empower the R” campaign, and, through Boise Regional REALTORS® Facebook, Twitter, and Content Corner. Share, repost, and repurpose anything you’d like from these sources!
  3. Free market reports, graphics, and analyses about real estate activity in Ada, Canyon, and Gem counties updated monthly for you to use in your research, presentations, and communications. If you’re looking for national stats, NAR provides research reports, residential housing statistics, and commercial research.
  4. Free quarterly 59 Minute Meetings, a Mid-Year Housing Summit, and Annual Membership Meeting featuring local experts and national speakers, providing insights on the housing market, economy, and legislative issues.
  5. Discounts and exclusive offers on products and services from Sprint, Jeep, FedEx, Dell, and much more, through NAR’s REALTOR® Benefits Program, and competitive prices on open house and rider signs in BRR’s REALTOR® Store.

We know how busy you are each day, and how you don’t always have time to research what’s going on at the association — or to look beyond the great tools you get through Intermountain MLS. So again, we encourage you to incorporate the benefits noted above, and others, into your business plan and practices to get the most out of your membership and dues investment!

 

For answers to other FAQs regarding dues, please visit our Dues Billing FAQs page, contact us with any specific questions, or visit boirealtors.com anytime for resources, news, and upcoming events.

Save BIG on Healthcare Costs with an Idaho MSA

This post contains sponsored content and affiliate links.

What is an MSAIdaho Independent Bank is offering BRR members a big discount on an Idaho Medical Savings Accounts (MSA)!

An Idaho MSA is a special bank account anyone can open that allows you to pay health insurance premiums, Medicare premiums and all of the out-of-pocket medical expenses like medical bills, dental, vision, prescriptions, supplies and alternative care with tax-free dollars on the Idaho level.  You can deposit up to $20,000/year to pay these expenses you’re going to pay anyway, and everything you put into the account you can deduct whether you spend it or not.  Unspent funds simply roll over every year building a balance for future needs.  It’s like a Medical IRA!

Adam Berry, the Healthcare Accounts Officer from Idaho Independent Bank, will be at BRR on Thursday, December 13th from 3:00 – 4:00 to talk about what these accounts are, how they work, and why they’re such a huge benefit to our community.  There’s no cost to attend, so come learn about how you can save money on the healthcare costs for you and your family and get a tax deduction while you’re at it!  Please RSVP for this event.

Here are the five biggest reasons you need to open an Idaho MSA immediately:

  1. Available to Everyone! 
    • Works for Idahoans of any age, with any insurance policy (or lack thereof).
  1. Huge Tax Deduction! 
    • Every dollar you deposit up to $20,000/year reduces your Idaho taxable income, whether you spend it or not.
  1. Medical Costs Are Inevitable! 
    • Use this account to pay tax-free for doctor’s visits, hospital bills, dental, vision, prescriptions, etc. – Spouse & kids included.
  1. Great Budgeting Tool! 
    • Put money away when you have it, so it’s there when you’ll need it – with the added bonus of a tax deduction!
  1. Keep More of Your Own Money!
    • Reduce your taxable income, unspent funds roll over towards retirement, and they’re always spent tax-free to pay medical expenses.  It’s a no-brainer!

REALTORS® COMMUNITY FOUNDATION GRANTS $32,000 TO LOCAL NON-PROFITS

The REALTORS® Community Foundation, the 501(c)(3) charitable arm of the Boise Regional REALTORS® (BRR), awarded fifteen local nonprofit organizations with grants totaling $32,000 through its annual competitive grant cycle.

Funds for grants are raised throughout the year by members of BRR. The two largest fundraisers include the Give-Back Golf Tournament and an annual online auction.

The mission of the REALTORS® Community Foundation is to improve the quality of life in the Boise region through housing-related projects and grants. Since its inception in 1995, the Foundation has provided over $1.7 million in grants to qualifying non-profit organizations.

“Real estate professionals are passionate about the communities in which they live and work,” said Kim Daley, Foundation President and Business Development Officer with Stewart Title. “It’s so rewarding to be able to help people with their housing needs by supporting these outstanding organizations.”

The 2018 grant recipients include:

Boise Firefighters Local 149 Burnout Fund  ̶  $600 to provide fire victims with immediate resources for food, shelter and clothing needs.

Boise Rescue Mission/City Light Home for Women & Children  ̶  $1,000 to provide program support for the City Life Home for Women & Children; including the Emergency Services Program, Work Search Program, New Life Program, Transitional Housing Program, Children’s Program, and Veteran’s Program.

Boise Valley Habitat for Humanity   ̶  $1,200 to assist with construction costs for one single family affordable home in the Tradewinds subdivision in Meridian.

CATCH, Inc. (Charitable Assistance to Community’s Homeless)   ̶   $4,000 to assist families transitioning from homeless shelters into their own homes.

Chrysalis Women’s Transitional Living, Inc.   ̶  $2,500 to provide funding for direct housing costs for residents in one of their three homes.

Giraffe Laugh Early Learning Centers   ̶  $4,000 to fund childcare scholarships for children who are homeless, or at risk of becoming homeless.

Good Samaritan League   ̶   $2,500 to help with landscape and sprinkler repairs on the State Street property.

JANNUS, Inc. (Agency for New Americans)  ­­ ̶  $1,000  to provide emergency housing assistance for Boise refugee families.

LEAP Charities, Inc.  ̶   $3,000 to help them become an affiliate of the Resident Owned Community to Idaho.

Life’s Kitchen   ̶   $3,000 to prepare and provide soup four nights a week and a full nutritious meal one night a week in partnership with the Interfaith Sanctuary.

Meridian Food Bank   ̶   $2,000 to help fund the West Ada School District Weekend Food Backpack Program which provides qualifying students with a backpack each Friday containing six meals and two snacks to ensure they have food to eat over the weekend.

NeighborWorks   ̶   $2,500 to help fund the Paint the Town program.

The Salvation Army   ̶   $1,000 to support the “Pathways out of Poverty” program to prevent repeated cycles of homelessness/crisis and increase stability for people entrapped in generational poverty.

Women’s and Children’s Alliance   ̶   $2,500 to sustain emergency and transitional shelters for victims fleeing domestic and/or sexual violence.

West Ada School District   ̶   $1,200 to support the High School + Homeless = Success program which provides a small monthly housing stipend for unaccompanied homeless youth, ages 18-21.

 

PHOTO GALLERY ON FACEBOOK

Boise Firefighters Local 149 Burnout Fund Grant Recipient

The Boise Firefighters Local 149 Burnout Fund received a $600 grant from the REALTORS® Community Foundation to provide fire victims with immediate resources for food, shelter and clothing needs.

 

Boise Rescue Mission Grant Recipent

Boise Rescue Mission/City Light Home for Women & Children was awarded a $1,000 grant to provide program support for the City Life Home for Women & Children; including the Emergency Services Program, Work Search Program, New Life Program, Transitional Housing Program, Children’s Program, and Veteran’s Program.

 

Boise Valley Habitat for Humanity was awarded a $1,200 to assist with construction costs for one single family affordable home in the Tradewinds subdivision in Meridian.

Boise Valley Habitat for Humanity was awarded a $1,200 to assist with construction costs for one single family affordable home in the Tradewinds subdivision in Meridian.

 

CATCH, Inc. (Charitable Assistance to Community’s Homeless) received a $4,000 grant to assist families transitioning from homeless shelters into their own homes.

CATCH, Inc. (Charitable Assistance to Community’s Homeless) received a $4,000 grant to assist families transitioning from homeless shelters into their own homes.

 

Chrysalis Women's Transitional Living. Inc. Grant Recipient

Chrysalis Women’s Transitional Living, Inc. was awarded $2,500 to provide funding for direct housing costs for residents in one of their three homes.

 

Giraffe Laugh Early Learning Centers Grant Recipient

Giraffe Laugh Early Learning Centers received a $4,000 grant to fund childcare scholarships for children who are homeless, or at risk of becoming homeless.

 

Good Samaritan League Grant Recipient

The Good Samaritan League was awarded $2,500 to help with landscape and sprinkler repairs on the State Street property.

 

JANNUS, Inc. (Agency for New Americans) received a $1,000 grant to provide emergency housing assistance for Boise refugee families.

JANNUS, Inc. (Agency for New Americans) received a $1,000 grant to provide emergency housing assistance for Boise refugee families.

 

LEAP Charities, Inc. Grant Recipient

LEAP Charities, Inc., was awarded $3,000 to help them become an affiliate of the Resident Owned Community to Idaho.

 

Life's Kitchen Grant Recipient

Life’s Kitchen was awarded $3,000 to prepare and provide soup four nights a week and a full nutritious meal one night a week in partnership with the Interfaith Sanctuary.

 

The Salvation Army Grant Recipient

The Salvation Army was awarded $1,000 to support the “Pathways out of Poverty” program to prevent repeated cycles of homelessness/crisis and increase stability for people entrapped in generational poverty.

 

Women’s and Children’s Alliance Grant Recipient

Women’s and Children’s Alliance received a $2,500 grant to sustain emergency and transitional shelters for victims fleeing domestic and/or sexual violence.

 

West Ada School District Grant Recipient

West Ada School District was awarded $1,200 to support the High School + Homeless = Success program which provides a small monthly housing stipend for unaccompanied homeless youth, ages 18-21.

October 2018 Market Report

OCTOBER MARKS FOUR YEARS OF DECLINING INVENTORY,
CONTINUING THE PRESSURE ON ADA COUNTY HOME PRICES

 Key Takeaways:

  • October 2018 marks a full four years of falling inventory, specifically in the number of existing homes for sale in Ada County.
  •  This lack of inventory compared to demand is one of the primary reasons that the median sales price continues to rise compared to last year.
  •  The median sales price in October 2018 was $321,398, up 0.8% from the previous month and up 19.9% from October 2017.

 Analysis:

October 2018 marks a full four years of falling inventory, specifically in the number of existing homes for sale in Ada County, when looking at activity by month year-over-year.

There were 870 existing homes for sale in Ada County in October 2018, down 15.0% from October 2017 and down 48.8% from October 2014 when the decline began.

As we’ve outlined in previous reports, there are many reasons the Boise Region is facing a lack of homes for sale. These include the continued population growth, the trend of people choosing to stay in their homes longer than we’ve seen historically, among others.

This persistent lack of existing home inventory is one of the two primary reasons that the area’s overall median sales price continues to rise compared to last year; the second reason, increasing land, labor, and material costs for new homes. For October 2018, this resulted in a median sales price of $321,398, up 0.8% from the previous month and up 19.9% from October 2017.

This nearly 20% increase year-over-year in the overall median sales price for October was primarily due to a higher share of new home sales during the month ― reaching 27.7% of all closed sales, up 10.1% compared to October 2017.

We’ve been talking about the drop in existing inventory literally for years now, but what’s interesting about today’s market is that we’re seeing more and more new construction sales. Whether you’re looking to buy an existing home or a new build, your REALTOR® is going to advocate for you throughout the transaction. And if you’re thinking of selling, these recent numbers indicate that despite the turn in temperature, it’s still a good time to put your home on the market.


HOME SALES AND PRICES UP IN GEM COUNTY

In October 2018, 36 homes sold in Gem County, up 28.6% from October 2017. This left 57 new and existing/resale homes available for sale at the end of the month — down 19.7% from the same month last year. Despite persistently low inventory, Gem County has seen strong sales numbers for the last four months.

The median sales price for homes that sold in October was $199,450, based on activity over the past 12 months — up 11.1% over the same period last year. There are two primary reasons that the median sales price rose compared to last year — the lack of inventory compared to demand, and an increase in the share of new homes sales in October.

Five new homes sold in Gem County in October 2018, the same number as October 2017. However, new home sales made up a larger share of total sales at 11.1% in October, compared to the average of 5-6% we typically see in Gem County. New homes typically sell for higher prices than existing homes due to increased land, labor, and material costs, so when the share of new home sales increases, so does the median sales price.

Apparently, the colder temps haven’t deterred buyers in Gem County. If you’re thinking about selling, now is a great time to put your home on the market. Talk your REALTOR® to find out what your home may be worth and what options are available based on your specific situation.

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

ADA Snapshot - Oct 18

Canyon Snapshot - Oct 18Gem Snapshot - Oct 18

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionCanyon CountyCanyon County Existing/ResaleCanyon 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, available at: intermountainmls.com. 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).

Boise Regional REALTORS® Help Open New Foothills Trail

Trailhead-25Boise Regional REALTORS® (BRR) is having another tremendous year of successfully being awarded REALTOR® Party grants, which help us advocate important issues and strengthen our community relationships. Most recently, we completed a partnership with The Land Trust of the Treasure Valley, in conjunction with Cartwright Ranch, the Hidden Springs Community, and several private landowners. With the use of various public trail agreements, Boise Regional REALTORS® were able to provide trail markers, a trailhead sign, and map, along with hardworking volunteers who helped create a safe path for our entire community to enjoy. On September 21, 2018, we were able to officially open the Cartwright Trailhead with a ribbon-cutting ceremony.

As part of our REALTOR® Party advocacy and community engagement efforts, the trailhead sign and markers were paid for by a National Association of REALTORS® Placemaking Grant, secured by Boise Regional REALTORS® (BRR) as well as BRR presidential gift money. BRR’s direct contribution was dedicated to our Immediate Past President Katrina Wehr, an avid mountain biker and outdoor enthusiast.

For those of you who are unfamiliar with the Cartwright Trail, it offers beautiful views of the valley and surrounding mountains. It’s also significant because it is becoming a vital connection to various different open spaces in the western foothills. BRR encourages association members and the public to explore and enjoy this new trail in the foothills.

“Our members are real estate professionals in the community who understand the value and support the creation and maintenance of trails and open space,” said Gary Salisbury, 2018 Boise Regional REALTORS® President and senior sales consultant for Equity Northwest Real Estate. “Bringing to life a new segment of trail was a natural fit for us and we look forward to enjoying it for years to come.”

PHOTO GALLERY

Read the Land Trust of the Treasure Valley’s blog post here – lttv.org/news/2018/9/25/a-new-trail-takes-shape-in-the-western-foothills.

2018 Annual Membership Meeting Recap

Thanks to everyone who attended the 2018 Annual Membership Meeting on September 19! Below you’ll find a summary of the discussions, links to the various presentations, and links and resources referenced at the Annual Membership Meeting.

BRR President Gary Salisbury started the morning by welcoming members, thanking our sponsors, and sharing a video highlighting the Collective Impact our members have had on our community over the past year, which you can watch below.

Bylaws Voting & 2018 Election Results

Andy Enrico, BRR’s Bylaws Committee Chair, presented the proposed Bylaws changes which were voted on by the membership in attendance. These changes were approved, will go into effect on January 1, 2019.

SUMMARY OF PROPOSED BYLAWS AMENDMENTS FOR 2019 (PDF)

Debbi Myers, BRR’s Nominating and Elections Committee Vice Chair, announced the winners of the 2019 Director Elections, as follows,

  • 2019 Vice President — Jeff Wills
  • 2019-2021 BRR Directors — Michele de Reus, Elizabeth Hume
  • 2019-2021 State Directors — Julie DeLorenzo, Chelsea Hough, Elizabeth Hume, Peach Peterson, Gary Salisbury
  • 2019 State Directors — Becky Enrico-Crum, Susan Weaver

Our 2019 officers and newly elected directors will begin their terms on January 1, 2019.

Multi-Faceted Leadership: How to Shine in Your Business, Professional Network, and Community

Colette English Dixon Presentation Image - compressed

 

Collette English Dixon, Executive Director for the Marshall Bennett Institute of Real Estate at Roosevelt University, presented on leadership and how real estate pros can shine in every aspect of their life, professional, and personal.

 

Legal Update - Finley Maxson and Tim Tyree 9.19.18 - compressed image

 

Finley Maxson, Senior Counsel for NAR, and Tim Tyree, Partner at Hawley Troxell, shared a legal update with attendees, touching on surveillance issues and how to protect yourself and your clients from wire fraud.

Here are 10 Important Steps for Cyber Security:

  1. Start with security.
  2. Control access to data sensibly.
  3. Require secure passwords and authentication.
  4. Store sensitive personal information securely and protect it during transmission.
  5. Segment your network and monitor who’s trying to get in and out.
  6. Secure remote access.
  7. Apply sound security practices when developing new products.
  8. Make sure your service providers implement reasonable security measures.
  9. Put procedures in place to keep your security current and address vulnerabilities that may arise.
  10. Secure paper, physical media, and devices.

 

Don’t Believe the Hype: Tech, Marketing, and Processes that Actually Matter

Nobu Hata, Director of Member Engagement for NAR, broke down what tactics work, and which are over-rated when it comes to marketing your business.

HypeBOISE Image

 

BRR Committee Applications

Ready to get involved with BRR, IMLS, or a Foundation committee? BRR will be accepting applications from now until Friday, October 19, 2018. Apply today!

BRR Committees Letter Block

 

2018 AMM Sponsors

 

 

Surveillance Tents for Sale

Looking for more of the surveillance tents BRR was selling at the membership meeting? Stop by the BRR office during office hours to pick some up! Only $1 for Members/$3 for Non-Members.

Surveillance Tent

 

BACK TO TOP

 

View the Photo Gallery

August 2018 Market Report

MORE NEW CONSTRUCTION SALES DROVE
ADA COUNTY HOMES PRICES HIGHER IN AUGUST

Key Takeaways:

  • The median sales price for Ada County reached a new record in August 2018, of $334,400 for existing and new homes combined. This was up 20.3% over the same month last year, and up 4.8% from July.
  • 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.
  • In August 2018, the median sales price of existing homes in Ada County reached $309,200 — a new record — up 9.0% over August 2017. This number mostly reflects homes that went under contract in June and July — when we had the fastest market times on record — indicating that many buyers offered higher prices to be competitive in the face of high demand for the persistent low inventory.

Analysis:

The median sales price for Ada County reached a new record in August 2018, of $334,400 for existing and new homes combined. This was up 20.3% over the same month last year, and up 4.8% from July.

As we’ve shared many times through our market reports, 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.

On average, the share of monthly homes sales that are new is typically between 22-23%, meaning the other 77-78% of the sales are of existing homes. When the share of new home sales goes over 24% or 25%, we will see overall home prices (looking at existing and new homes together) increase, on average, between 12-14% year-over-year. As the share of new home sales increases, so does the overall median sales price.

This is what’s meant by “overall home price being driven up by more new homes selling.” To further illustrate this trend, the table below shows the share of new home sales for the five months this year in which we’ve had record high prices:

Month Share of Sales that were New Homes Overall Median Sales Price YOY % Change
Mar 2018 30.7% $308,950 +23.6%
May 2018 28.0% $305,000 +16.4%
Jun 2018 26.7% $324,647 +18.5%
Jul 2018 25.2% $319,000 +18.2%
Aug 2018 26.8% $334,400 +20.3%

 

But new home prices are just half of the story.

In August 2018, the median sales price of existing homes in Ada County reached $309,200 — a new record — up 9.0% over August 2017. This number mostly reflects homes that went under contract in June and July — when we had the fastest market times on record — indicating that many buyers offered higher prices to be competitive in the face of high demand for the persistent low inventory. Inventory is needed in all prices points, and that’s eventually what will help our market come back in to balance.

In comparison, the median sales price for new construction was at $386,470 in August 2018, up 8.6% over August 2017, and the most recent record high for the new home segment was $393,705 in June 2018.

If our market conditions of low inventory and high demand continue, there is no guarantee we’ll see prices drop significantly over the next few months.  However, those thinking about selling or buying shouldn’t be concerned with ‘timing the market,’ because the best time to buy or sell is when it fits your needs and circumstances. If you’re thinking about making a move, talk to your REALTOR® to explore your options.


HOUSING INVENTORY DROPS AGAIN IN
GEM COUNTY WHILE DEMAND REMAINS STRONG

In August, we saw the supply of Gem County homes drop 5.3% from the month before. August also marked the 45th month of consecutive year-over-year declines in the overall (existing/resale and new construction combined) supply of housing for Gem County.

However, the lack of inventory didn’t deter sales — or prices. Closings were up with 42 homes sold in Gem County, an increase of 55.6% from August 2017. The median sales price for homes that sold in Gem County was $195,489 in August, based on activity over the past 12 months — up 12.3% over the same period last year.

A persistently low supply of homes is only half of the story, the other factor is demand. Looking at the supply-demand ratio of months supply of inventory — which takes the number of homes for sale divided by the average number of sales by month — there were 1.9 months in August 2018, down 20.8% from August 2017. A balanced market—not favoring buyers or sellers—is typically between 4-6 months of supply. Homes that closed in August spend an average of 22 days on the market before going under contract, 24.1% faster than in August 2017, and another indication of strong demand.

Based on activity in both existing/resale and new construction homes over the past 12 months, the median sales price for the city of Emmett was at $189,900 in August, a gain of 1.7% over the same period last year. Home sales were also up with 35 homes sold in August 2018, compared to 22 in August 2017, an increase of 59.1%.

With these market conditions of low inventory and high demand, homes are selling fast. If you’re thinking about making a move, work with your REALTOR® to understand your options and be ready to make an offer quickly when the right home comes on the market.


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

ADA Snapshot - Aug 18Canyon Snapshot - Aug 18Gem Snapshot - Aug 18

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

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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, available at: intermountainmls.com. 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).