Mountain West Bank Open House Mix & Mingle

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Join Mountain West Bank for their Open House on April 23rd!

Join Mountain West Bank for their Open House Mix & Mingle on April 23, 2019, at the Meridian Financial Center! Come enjoy good company, good food & drink, and the opportunity to network with your peers & the Mountain West Bank Mortgage team.

RSVP to Lisa Garrison or Conor McGrath.

Code of Ethics Pop Quiz: Duties to Clients and Customers

Ethics pop quiz 2

Question
A friend asks for your help selling his family farm, stating he would like to work with someone he knows. You have never sold a property like this before, but you want to be there for your friend. Do you:

a.) Proceed with helping him sell the farm, researching best practices along the way.

b.) State that you don’t have the knowledge to help him sell that kind of property, but you will connect him with someone else who is experienced in that area.

c.) Tell your friend you can help, but that you need to bring in another REALTOR® who has more experience with these types of properties.


Answer

If you answered B, then you are correct!

The BEST thing you could do in this situation is to connect your friend with another REALTOR® who has knowledge of the area and type of home or property being sold. (Plus, it’s a great opportunity for a referral!) Although option C may be acceptable, it would be best to avoid any conflicts of interest and excuse yourself from the situation, especially since it’s outside your area of expertise. If you decide to work with another REALTOR®, be aware of your own biases and be sure to promote an equal working relationship between your client, yourself, and the other REALTOR® involved.


What does the National Association of REALTORS® Code of Ethics say?
Article 11 states that REALTORS® shall not take on a listing that is outside their realm of understanding. You can take on listings outside of your scope only if you employ the help of someone more knowledgeable about the listing in question:

“REALTORS® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client. Any persons engaged to provide such assistance shall be so identified to the client and their contribution to the assignment should be set forth.”

Article 1 of the Code of Ethics also states that REALTORS® must act in the best interest of their clients and treat all other parties honestly. In this case, it is in the best interest of your client, and friend, to help them find an expert in this area. It is also important to inform any other party you bring on or decide to work with of your relationship with the client so they fully understand the situation before they agree to help:

“When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly.”


Resources for Duty to Clients and Customers

NAR Code of Ethics

Code of Ethics Article 1

Code of Ethics Article 11

March 2019 Market Report

 NEW CONSTRUCTION HOME SALES AND MEDIAN HOME PRICES CONTINUE TO CLIMB IN ADA COUNTY

Key Takeaways:

  •  New construction sales are gaining more and more of the market share and continuing to influence the overall median sales price.
  • In the existing home segment, the median sales price has been rising due to a persistent lack of supply, especially in the lower price points.
  • An increased share of higher-priced existing homes has contributed to the higher median sales price reported for the existing home segment.

New Construction’s Impact on the Overall Market
As reported last month, new construction sales are gaining more and more of the total market share in Ada County. Since new homes generally sell for more than existing homes, new home sales continue to have a greater impact on the overall median sales price. In February 2019, new construction sales made up 38.7% of all home sales in Ada County. In March 2019, that share increased to 39.8% resulting in an overall median sales price of $335,000, an increase of 8.4% year-over-year and a record high for Ada County.

Existing Home Prices Up Due to Lack of Lower-Priced Inventory
In the existing home segment, the median sales price has been rising due to a persistent lack of supply, especially in the lower price points. This pushed the median sales price for existing homes in Ada County to $309,900 in March 2019, an increase of 6.9% year-over-year and a record high for the county.

While we have seen gains in the number of existing homes for sale over the past few months, the additional inventory and resulting sales have primarily been in the upper-end of the market:

Change in Sales Price vs Number of Closed Sales

As with new construction’s impact on the overall market, the increased share of higher-priced existing homes has contributed to the higher median sales price reported for the existing home segment.

Where do Condo and Townhomes Fit In?
Traditionally BRR has not reported on the condo/townhome segment, due to the very small market share it represents (less than 10% of the sales and inventory). However, the smaller footprint and shared land costs provide an average list price that’s about 8-9% less than that of single-family homes. While there are not as many condos or townhomes to look at, and there may be costs beyond the purchase price, such as homeowners’ association fees, these could be an option for some buyers.

We’re seeing some shifting dynamics in our local market with the increase in new construction sales and higher-priced existing home sales. However, this doesn’t mean that there still are not affordable options for those who are looking. Now is the time to talk to your REALTOR® about your options.

 

HOME SALES AND PRICES CONTINUE TO RISE IN ELMORE COUNTY

The median sales price for homes in Elmore County reached $167,500 in March 2019, an increase of 13.9% compared to the same time last year. 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.

This price increase was due in part to more homes being sold at overall higher price points. In March, there were 45 closed sales in Elmore County, up 15.4% from March 2018.

Additionally, buyer demand has continued to outpace supply, putting even more pressure on home prices. In March 2019, the Months Supply of Inventory in Elmore County was at just 0.8 months —  down 60.0% from the same month last year.

The Months Supply of Inventory metric (or MSI) 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.

We will continue to monitor how the new construction segment impacts the median sales price, but for those looking to buy or sell, talking to a REALTOR® is the best way to get information about market trends specific to your situation.

 

HOME SALES AND PRICES UP IN GEM COUNTY

In March 2019, 24 homes sold in Gem County, up 33.0% from March 2018. This left 39 new and existing/resale homes available for sale at the end of the month, down 4.9% from a year ago.

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 1.9 months in March 2019.

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.

Gem County has had persistently low existing/resale inventory for the last several years, resulting in buyer demand outpacing supply, as shown through the low MSI calculation. This, in turn, has caused home prices to rise in Gem County.

Based on the rolling median data between March 2018 and March 2019, the median sales price for Gem County was $204,250, an increase of 6.2% 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.

As buyer demand continues to grow, so too will the price of homes in Gem County. If you are considering a move—whether buying or selling— talk to a REALTOR® as they can help you determine what’s right for you

 

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 - Mar 19March 2019 Elmore County SnapshotMarch 2019 Gem County Snapshot

 

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County 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 Annie Exline, Communications Specialist 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).

23rd Annual Give Back Golf Tournament and Online Auction

23rd Annual Give Back Golf Tournament— June 5, 2019 at Falcon Crest Golf Course

2019 Golf Website Graphic

REGISTER YOUR TEAM HERE

Looking to sponsor at the golf tournament? Check out our Sponsorship Opportunities page for details.

Golf Tournament Flyer


The 2019 RCF Online Auction opens May 21st! 

2019 Online Auction

The RCF’s 2019 Online Auction starts May 21st and runs through June 11th.

Donations for the auction are now being accepted. Please fill out the donation receipt form and drop off the completed form and item to Marind Amano at the BRR office before May 15th.

Donation Receipt Form


Thank you to our 2019 Golf Tournament Sponsors!

Thank you to our 2019 Golf Tournament Sponsors

2019 REALTOR® Awards Gala

2019 Gala Slider

Thanks to our top producers and award winners, as well as those who sponsored, attended, and made this year’s gala possible!

See below for our award and production winners as well as our photo gallery and event sponsors.

2019 Individual Award Winners and 2018 COE

NOTE: Not all members who qualify for a production award are on this list. Participants have elected to apply for a production award and have submitted the application fee. 

Download the PDF version here.


2018 Honor Society

BRR Honor Society members are also recognized at the Gala. To learn more about the Honor Society and to apply, visit our Honor Society page.

 

Production Award Winners
In recognition of your achievement, we have created a graphic to promote your accomplishment.

Email Signature Graphic 2019 Awards

PNG | JPEG

To download the graphic, simply click on the file type you would like above (either PNG or JPEG) and a new window will open. Then, right click on the image and select “Save As”. Feel free to use this graphic in your marketing, social media, website, email signature, etc., but do not alter it in any way. You may use it on colored or white backgrounds as long as it is clearly visible. If you would like to share your award in text form, please use the following: 2018 BRR Circle of Excellence Production Award Recipient

 

EVENT PHOTO GALLERY

 

 2020 Gala Committee Application

Did you enjoy the event? Would you like to help plan the 2020 Gala? If so, fill and print out this form and send it to Marind Amano at marind@boirealtors.com before April 30, 2019.

2020 GALA COMMITTEE APPLICATION

 

2019 Gala Sponsors


2019 Gala Survey

We want your feedback! Complete the survey below and let us know what you thought of this event. Your responses will help us make improvements to next year’s Gala.

BRR’s Professionalism Award

Professionalism Award Flyer

If you know of someone who you would like to recognize, nominate them today!

NOMINATION FORM

 

CRS 201: Listing Strategies for the Residential Specialist

Monday, March 18 | 8:30 AM – 5:00 PM | 15.5 CE | Instructor – Rich Sands
$300 Members / $350 Non-Members

Looking for a fun and educational CRS elective? Then look no further than CRS 201! This course takes participants through an actual listing presentation that helps them understand the key steps in the listing process and helps them create a system for success.

When selling a home, the quality of an individual’s listing skills can give him or her a strong competitive edge. Only those professionals who learn proven listing strategies will win over the client and increase their conversion rate. CRS 201 will provide students with the skills necessary to conduct successful listing presentations, price a home to sell, close a transaction, and market themselves and their homes effectively.
After completing this course, learners will be able to:

  • Understand sellers’ needs and motivations
  • Provide seller guidance and counseling
  • Utilize a marketing plan
  • Provide a servicing system
  • Conduct an effective listing presentation
  • Handle seller resistance, concerns, complaints, and objections
  • Close effectively
  • Communicate effectively and consistently with sellers to provide the best service possible
  • Adapt marketing principles to your listings

Check out this video to learn more about this fantastic course.

REGISTER NOW!

REALTORS® Endorse Boise’s ADU Proposal

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

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

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

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

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

REALTOR® Awards Gala Event and Ticket Info

 

Gala Save the Date Image 10.9.18

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

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

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

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

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

Please join us for a night to remember!

Important Ticket Info:

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

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

 

2018 Residential Real Estate Market Report

Year-End 2018 Market Report - FINAL_Page_01

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

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

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

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

# # #

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

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

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