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.

Boise Regional REALTORS® Paint the Town Team Wins Award

The Lysi Bishop Real Estate and Keller Williams Realty Boise BRR Paint the Town team was recognized by NeighborWorks® with the 2017 “Best Paint Job” award for their outstanding work painting a home on Boise’s Bench this spring.

Best Paint Job 2017-1 web

Katrina Wehr, 2017 BRR President, Keller Williams Realty Boise; Chris Hansen, Lysi Bishop Real Estate; Brandi Holaday, Keller Williams Realty Boise; Liz Warner, Lysi Bishop Real Estate; John Van Der Giessen, Lysi Bishop Real Estate.

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House 1 before after

A look at the house with the “best paint job,” before and after.

Ada and Canyon County Housing Inventory Down for 34 Consecutive Months

At Boise Regional REALTORS® (BRR), we feel like we’ve been talking about low inventory for months… and for good reason.

A few weeks ago, Zillow’s Chief Economist Svenja Gudell posted on Twitter: “Inventory down YoY for 25 consecutive months now. We’re just past 2-years into the #inventorycrisis.” While we never like when the term “crisis” is used to describe the housing market, the sentiment reflects the pressure that many home buyers are feeling caused by the low inventory levels, especially for existing homes.

Ada and Canyon County Housing Inventory Down for 34 Consecutive Months Click To Tweet

Gudell’s comments were based on nationwide trends, so what does this look like in the Boise Region?

Based on monthly data, inventory of existing homes in both Ada and Canyon counties has been down year-over-year for 34 consecutive months, starting October 2014. Let’s break this down by inventory (supply) and pending sales (demand)…

Metrics Ada Existing Canyon Existing
Oct-14 Jul-17 % Chg Oct-14 Jul-17 % Chg
Inventory (Supply) 1,702 1,238 -27.3% 886 600 -32.3%
Pending (Demand) 628 1,078 +71.7% 307 537 +76.6%
Months Supply of Inventory 3.2 1.4 -56.3% 3.3 1.5 -54.5%

 

Inventory of existing homes in Ada County was at 1,702 in October 2014 and 1,238 in July 2017, a decrease of 27.3%. In comparison, there were 628 pending sales in October 2014 versus 1,078 in July 2017, an increase of 71.7%. Pending sales are homes under contract that should close within 30-90 days.

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 to 1.4 months in July 2017, a drop of 56.3%. (A balanced market—not favoring buyers or sellers—is typically between 4-6 months supply of inventory.)

In Canyon County, inventory of existing homes was at 886 in October 2014 and 600 in July 2017, a decrease of 32.3%. In comparison, there were 307 pending sales in October 2014 versus 537 in July 2017, an increase of 76.6%. That put months supply of inventory at 3.3 months in October 2014 compared to 1.5 months in June 2017, a drop of 54.5%.

How has the decrease in supply and increase in demand influenced home prices in the Boise Region? The median sales price of existing homes in Ada County increased 34.2% between October 2014 and July 2017, and increased 42.2% in Canyon County during that same period, illustrating BRR’s familiar refrain of how home prices are being driven by demand compared to supply.

Additional information about trends within each county, by price point, by existing and new construction, and by neighborhood, are now available in the July 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 - July 17

CANYON Snapshot - July 17

 

 

 

 

 

 

 

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This report is provided by the Ada County Association of REALTORS®, which began doing business as Boise Regional REALTORS® (BRR) in 2016. BRR is the largest local REALTOR® association in Idaho, with over 4,000 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.

2017 Mid-Year Housing Summit Recap


Thanks to everyone who attended the 2017 Mid-Year Housing Summit from Boise Regional REALTORS®. If you missed the event, don’t worry! A summary of the discussions and links to the various presentations are available here.

Highlights from the Treasure Valley Policy Survey

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Dr. Justin Vaughn, Co-Director of the Center for Idaho History & Politics at Boise State University, presented the highlights from the most recent Treasure Valley Policy Survey, which gauged opinions and perceptions of Treasure Valley residents on a variety of topics, such as living and working in the Treasure Valley, economic development, taxes, education, transportation, and housing.

 

Justin Vaughn

The survey was conducted in September 2016, and the key findings were that residents view life in the Treasure Valley very positively, especially the quality of life, citing it as a good place to raise a family and build a career. The top reasons for living here included low crime, low cost of living, and a strong economy. The survey also found that there is concern about the pace of growth, and divided attitudes among Treasure Valley residents about how to fund affordable housing. For more details on the survey’s findings, download Dr. Vaughn’s presentation.

2017 Mid-Year Residential Real Estate Update

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Boise Regional REALTORS® CEO Breanna Vanstrom presented the market update.

Market Update

The Mid-Year Summit is an opportunity to take a step back halfway through the year to evaluate how the market has performed, compared to the same time last year. You can view the slides here, watch a video captured via Facebook Live, or read a summary of Breanna’s presentation below…

BRR Market Update presented by BRR CEO Breanna Vanstrom

Posted by Boise Regional Realtors on Thursday, July 20, 2017

Ada County homes sales are on track to surpass the $3 billion-mark for the first time in 2017. Year-to-date through June 2017, the total dollar volume sold was at $1.46 billion, which was 7.4% higher than the same time last year. The total dollar volume sold Canyon County year-to-date through June 2017, was at $ 417.1 million, which was 14.7% higher than through June of 2016.

BRR’s message to members has been consistent this year and last year: “Our housing market is growing from consumer demand vs. supply — not from speculation as was common a decade ago.” In addition, increased sales prices for newly constructed homes have also been pushing up the total dollar volume figures in 2017.

Three things continue to drive demand for housing in the Boise Region: increased economic development, limited housing supply putting pressure on inventory, and a growing population.

Yet while the actual median sales price continues to trend upwards, based on these factors, the rate at which it is increasing has been slowing down. Year-over-year price gains grew consistently through 2012, led by low mortgage rates and more sales at higher price points.

While the actual median sales price for both counties continues to trend upwards, the rate at which it does so has been more balanced since January 2015. It is important to explain that this slowdown in growth does not mean demand is waning. In fact, year-over-year demand is up, and in just the past few months, the number of pending sales have outpaced inventory.

How does this level of demand vs. supply, increasing (but leveling) prices affect affordability?

The National Association of REALTORS® (NAR) Housing Affordability Index (HAI), and an index value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced existing home. An index above 100 signifies that a family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced existing home. The higher the number the more affordable homes are in comparison to the median income.

BRR replicated NAR’s formula using local data to calculate HAI for Ada County on an annual basis and compare it to NAR’s index for the country overall. In 2016, Ada County’s HAI was at 174.8, a decrease of 2.8% compared to 2015, but 4.5% higher than the U.S. overall.

Our market is still affordable when compared to the nation as well as the Western and Pacific Northwestern regions. Looking at NAR’s figures, based on metropolitan statistical areas (MSAs), the Boise City-Nampa MSA was more affordable than Salt Lake City, Denver, Portland, and Seattle, in 2016. For markets with similar populations, we were more affordable than Cape Coral, FL, Colorado Springs, CO, and Lakeland, FL, but less affordable than Winston-Salem, NC, Syracuse, NY, and Akron, OH.

Certainly, the local economies, demographics, and other factors of the markets cited affect affordability in each area, but the comparison is a helpful benchmark as Boise’s growing population is a driver of home prices relative to supply.

So what can REALTORS® do to help their clients in these current market conditions? Three things: strategic prospecting, strategic listing terms, and setting expectations.

REALTORS® can look to their prospects and databases to identify property owners who could sell but don’t also need to buy, or buy locally. For example, people relocating for retirement or work, investors looking to cash-out single-family properties; or, “default” landlords — people who retained a home after a move or another purchase because they couldn’t afford to sell it previously (either didn’t have the equity, needed a quick move, etc.) and have been holding that property as a rental.

To help prospective sellers nervous about listing their home and not being able to find a place to move, consider making the acceptance of a purchase offers contingent on the successful purchase of another home or completion of new construction, rent-back agreements, or maybe extended closing periods.

To help keep buyer and seller expectations in line with the market, here are a few tips:

  • REALTORS® can review market comps regularly, talking to sellers about price adjustments or changing terms, based on what has sold, to avoid buyer fatigue or disinterest if the home is on for “too long.”
  • Discuss the differences between offer prices and appraisals, and what to do when there’s a gap.
  • With home inspections, help sellers determine what should be fixed instead of moving on to another buyer who “might not ask them to fix” the repair in question. For buyers, if they ask for too many repairs or concessions, could they lose the house and have to start over?
  • Most importantly, know your market stats specific to your listings — it is not a seller’s market for everyone, so don’t over promise what you can deliver if you know days on market or supply of homes in a particular segment may not generate a quick sale or multiple offers.

Investing in Our Community Panel Discussion

2017 Housing Summit Flyer 7.5.2017 - panel discussion

The last presentation of the summit was a panel discussion featuring Clark Krause, Executive Director of Boise Valley Economic Partnership (BVEP); Georgia Meacham, REALTOR® and housing advocate; Jeff Sayer, Managing Partner at Rectify Horizons; and moderator Chase Craig, REALTOR® and Vice Chair for BRR’s Data Strategies Advisory Group.

The topic of the panel was “Investing in Our Community,” and the discussion focused on developments happening in our region and around the state, as well as resources from the National Association of REALTORS®. The panelists talked housing affordability, innovative ideas for affordable housing, cost of living, quality of education, and wages. They also touched on factors businesses consider when looking to relocate or expand to the Boise region. Two recurring themes in the discussion were talent and infrastructure. We need to invest in, and attract capital for, building infrastructure and educating our workforce, both of which are needed as we continue to grow.

How does this all relate to BRR members? REALTORS® may sell homes, but they also change their communities. Georgia encouraged REALTORS® to get involved at the local, state, and national association level, to participate in the association’s community outreach efforts, and to invest in RPAC (the REALTOR® Political Action Committee) to protect homeownership and the real estate industry.

Panel

Event Photo Gallery

Boise Regional REALTORS® Name Katrina Wehr as 2017 President

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2017 BRR President Katrina Wehr

Katrina Wehr, managing broker at Keller Williams Realty Boise, was named 2017 President of the Boise Regional REALTORS® (BRR) during the association’s annual installation ceremony, held December 16th at the Boise Depot.

Wehr had this to say about her new role, “2017 is going to be an exceptional year for Boise Regional REALTORS® as we continue our mission of providing members with resources for conducting their businesses successfully, ethically, and professionally. My challenge to the members of BRR, the Board, and myself is to expect more of ourselves in 2017 than we accomplished in 2016 — success is never found in mediocracy. Here are a few of my goals… First, inspire BRR’s leadership and members to double their efforts in advocating for private property rights and issues important to our industry. Second, focus on promoting the value of REALTORS® to the public. And third, encourage REALTORS® to utilize the wealth of information at their disposal, to better understand the national and local market trends, and abide by a strict Code of Ethics. I look forward to achieving these goals and serving the members of BRR in 2017!”

“Katrina has a tremendous commitment to professionalism and integrity in all aspects of her career and volunteer work,” said Breanna Vanstrom, BRR’s Chief Executive Officer. “And her grasp of our industry’s issues and opportunities will allow BRR to proactively identify and address the needs of local REALTORS®, which in turn, benefits consumers who are looking to own, buy, or sell real estate in the Boise region.”

2017-installation-program-imageOther association leaders sworn in during the event included 2017 President-Elect Gary Salisbury of Red Barn Real Estate, 2017 Vice President Phil Mount of Front Street Brokers, Treasurer Danielle Cullip of Silverhawk Realty, Immediate Past President and National Director Carey Farmer of Group One Sotheby’s International Realty, four new Directors 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, and three new State Directors Michelle Bailey of Keller Williams Realty Boise, Jared Cozby of Front Street Brokers, and Gail Hartnett of Keller Williams Realty Boise.

They will work alongside BRR’s continuing Directors Krista Deacon of Silvercreek Realty Group, Bob Van Allen of Coldwell Banker Tomlinson Group, and Jeffrey Wills of Amherst Madison Legacy, and continuing State Directors Becky Enrico-Crum of Andy Enrico & Company, Shirley Koch of Coldwell Banker Tomlinson Group, Carolyn Sinnard of Happy Dog Realty, Susan Weaver of Group One Real Estate, and Greg Winther of Silvercreek Realty Group.

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