CALL FOR ACTION: Tell Congress to Reform Our Tax Code AND Protect Middle-Class Homeowners

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The National Association of REALTORS® has issued a Call for Action for REALTORS® across the country to contact their member of Congress and request they Reform Our Tax Code AND Protect Middle-Class Homeowners. Participating in the Call for Action is easy, and will only take you about 30 seconds.

We can’t let Congress turn tax reform into a tax increase for middle-class homeowners. Consider what effect the points below would have on your tax bill, the tax bill of your clients, and the impact on your business.

  • Homeowners already pay 83% of all federal income taxes. Homeowners should not have to pay more taxes so corporations can pay less.
  • Home-owning families with incomes between $50,000 and $200,000 could face average tax hikes of $815 in the year after enactment.
  • Tax reforms under discussion could result in a drop of more than 10% in the value of all homes.
  • NAR rejects repealing or weakening tax incentives for homeowners, like the mortgage interest deduction and the state and local property tax deduction.
  • These incentives are critical for a strong housing market that creates jobs and builds stable communities.

We need tax reform, but not at the expense of middle-class homeowners. Let’s take this opportunity to show Congress the strength of our REALTOR® voice and advocacy efforts.

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Want to learn more? Check out the articles below for more detail.

 

Boise Regional REALTORS® Members Selected for National Association of REALTORS® 2018 Committees

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National Association of REALTORS® (NAR) 2018 committee appointments were announced last week and Boise Regional REALTORS® (BRR) will be well represented.

The eight BRR members appointed to national committees include:

  • Michelle Bailey, Keller Williams Realty Boise — Member of the Multiple Listing Issues and Polices Committee
  • Julie DeLorenzo, Keller Williams Realty Boise — Member of the Credentials and Campaign Rules Committee and Vice Chair of the Public Policy Coordinating Committee
  • Carey Farmer, Group One Sotheby’s International Realty — Member of the Membership Policy and Board Jurisdiction Committee
  • Kit Fitzgerald, Equity Northwest Real Estate — Chair of the Leadership Academy Advisory Group
  • Gail Hartnett, Keller Williams Realty Boise — Member of the REALTOR® Party Member Involvement Committee
  • Georgia Meacham, Georgia Meacham & Company — Chair of the Smart Growth Advisory Board
  • Susan Weaver, Group One Sotheby’s International Realty — Member of the Professional Standards Committee
  • Katrina Wehr, Keller Williams Realty Boise — Member of the Risk Management Issues Committee

BRR members Gail Hartnett of Keller Williams Realty Boise, and Carey Farmer of Group One Sotheby’s International Realty and Gail Hartnett of Keller Williams Realty Boise will serve as Directors on NAR’s Board.

“BRR is fortunate to have a wealth of talented and experienced REALTORS® who are able to serve on committees with our national association,” said BRR’s Chief Executive Officer, Breanna Vanstrom. “They will be a part of important decision-making processes that will benefit REALTORS® nationwide, while also bringing back new ideas to better serve their clients and our local association.”

Vanstrom was also appointed to a national committee and will serve as the Vice Chair of NAR’s 2018 Association Executive Young Professionals Network Advisory Board. Soren Dorius, BRR’s Director of Government Affairs, was appointed to the State and Local Issues Mobilization Support Committee.

Fast-Moving Housing Market Continues to be Driven by Demand

Despite rising home prices, today’s housing market doesn’t have much else in common with the market we saw prior to the recession.

The Boise Region’s housing market is being driven by real home buyer demand, not speculation, which was common a decade ago. And as we’ve mentioned before, the increase in demand and lack of inventory has pushed up home prices.

The Boise Region’s housing market is being driven by home buyer demand, not speculation. Click To Tweet

That demand for housing can be seen in the data (real or speculative) by looking at the Days on Market.

Days on Market metric (or DOM) counts the average number of days between when a property was listed and when an offer was accepted.

For example, in Ada County, home sales that closed in September spent an average of 32 days on the market before going under contract, 23.8% faster than in September 2016.

DOM doesn’t factor in the time between accepting an offer and closing (which can vary based on the time it takes to complete home inspections, repairs, financing, etc.), so it is a good indicator of the demand for housing, and how quickly sellers find buyers.

DOM is seasonal, meaning homes generally go under contract faster in the spring and summer and slower in the fall and winter. To see the overall trend, we used a 12-month rolling average to remove seasonality. Based on those figures, DOM for Ada County has been trending down since 2009, and since 2014, DOM has been tracking closely with falling inventory.

September 2017 DOM Trends Ada County - web

DOM Chart

The very low DOM of 32 days on average, between February 2006 and January 2007, shows just how quickly buyers were snatching up homes, despite having plenty of inventory to choose from. In the past year or so we’ve experienced quite the opposite — low DOM and very low inventory.

September 2017 DOM Trends Canyon County - webPrior to the recession, Canyon County saw a similar trend with shorter average DOM despite plenty of inventory to meet demand. Since late 2013, DOM has been tracking closely with inventory, indicating increasing demand as inventory drops.

While that historical comparison is another helpful distinction between today’s market and the pre-recession market, it’s not much consolation for today’s buyers who are often required to make quick decisions because of limited inventory. Unless there is a sudden influx of inventory or a quick drop in demand, we expect the market to continue to move quickly, even if we see some slight increases in Days on Market through the winter.

Additional information about trends within each county, by price point, by existing and new construction, and by neighborhood, are now available in the September 2017 Market Report. This report includes an explanation of the metrics and notes on data sources and methodology.

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

ADA Snapshot - September 17CANYON Snapshot - September 17

 

 

 

 

 

 

 

 

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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.

BRR Endorses City Council Candidates

Boise Regional REALTORS® (BRR) is pleased to announce the following candidate endorsements for city council races throughout Ada County.

Boise

  • Seat 2: Frank Walker
  • Seat 4: TJ Thomson
  • Seat 6: Holli Woodings

Meridian

  • Seat 2: Joe Borton
  • Seat 4: Treg Bernt
  • Seat 6: Josh Cummings

Star

  • Seat 3: Michael Keyes
  • Seat 4: David Hershey

Eagle

  • Miranda Gold and Robert Koellisch

Kuna

  • Richard Cardoza and Paul Schepper

Garden City

  • Elfreda Higgins and Jeff Souza

As real estate professionals, it’s our responsibility to engage in the political process by selecting candidates and supporting issues that protect homeownership access, private property rights, and promote economic growth. BRR’s endorsement process is thoughtful and deliberate in selecting candidates who best represent our industry and homeowners. The Public Policy Committee, comprised of REALTOR® and affiliate members with diverse backgrounds and political party affiliations, interviews candidates and determines the best recommendations for election endorsements.

Elections will be held on November 7, 2017. For information on the candidates, registration, and where to vote, please visit https://adacounty.id.gov/elections/. For information requests regarding these endorsements, please contact Soren Dorius, BRR Director of Government Affairs, at 208-947-7237 or soren@boirealtors.com.

Many thanks to BRR's Public Policy Committee for interviewing the candidates and making recommendations for support. Pictured: Chelsea Hough, Soren Dorius, Phil Mount, Steve Cox, Gail Hartnett, Susan Weaver, Julie DeLorenzo, and Jessica Perreault.

Many thanks to BRR’s Public Policy Committee for interviewing the candidates and making recommendations for support. Pictured top row: Chelsea Hough, Soren Dorius, Phil Mount, Steve Cox. Bottom row: Gail Hartnett, Susan Weaver, Julie DeLorenzo, and Jessica Perreault.

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Boise Regional REALTORS® (or BRR) represents more than 4,300 real estate professionals throughout the Boise region, providing resources to help members conduct their businesses professionally, ethically, and successfully. BRR has two wholly-owned subsidiaries, the Intermountain MLS and the Boise Regional REALTORS® Foundation. Visit boirealtors.com, intermountainmls.com, and boirealtors.com/realtor-foundation/ for more information.