As we go into winter and the real-estate/rental market takes a deep breathe, I feel it is healthy to step back assess and move forward cautiously optimistic. Although real estate values and rentals rates may not climb as quickly as the past few years- there are reasons why the values will hold. The cost of labor, materials, and loans continues to make building homes difficult. The amount of people moving here continues, the attractive quality of life, economic factors and political environment remain strong attractions. The City of Meridian is still growing faster than any other city per capita in the United States.
As we enter winter there are a few things you as a renter can do to ensure your home is safe and comfortable. Make sure that all smoke detectors and CO2 detectors are mounted and working. It could make a life and death difference in a worst case scenario. Use the bath fans to get all of that wet air out of your home during a hot shower.Close all of the windows completely and if you notice condensation on windows or walls, give it a quick wipe to dry it and avoid mildew. If your residence is equipped with hose bibs, be sure to disconnect those and make sure they are completely turned off and not dripping. Electric space heaters can add comfort without turning up the thermostat. Be sure those are plugged directly into the wall and not an extension cord or power strip, as that can quickly become a fire hazard.
Contact Chris for Availability, Information, Performa etc.
132 Residential units, and 13 acres of commercial retail flex
Space Which was approved by City Council on 11/21/18
Location: 7664 State St. Eagle, ID 83616
NE of HWY 16 & HWY 44 Intersection
Owner/Realtor/Land Use Planner
Single Females Remain a Force in Market, First-Time Buyers Struggle
For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers and sellers provides insight into detailed information about their experiences with this important transaction. Here are highlights from the latest report.
- First-time buyers made up 33 percent of all home buyers, a decrease from last year’s 34 percent.
- Sixty-three percent of recent buyers were married couples, 18 percent were single females, nine percent were single males, and eight percent were unmarried couples.
- Twelve percent of home buyers purchased a multigenerational home, to take care of aging parents, because of children over the age of 18 moving back home, and for cost-saving.
- Eighty-seven percent of buyers recently purchased their home through a real estate agent or broker.
- Ninety percent of buyers would use their agent again or recommend their agent toothers.
Single female buyers continue to be a powerful force in the market, while low inventory, rising interest rates and increasing home prices remain, holding back first-time buyers despite notable interest in buying a home.
This is according to the NationalAssociation of Realtors®’ 2018 Profile of Home Buyers and Sellers1, which also identifies numerous current consumer and housing trends, including mounting student debt balances; the impact of pets on home buying decisions; increases in down payments for all buyers; the rising age of repeat buyers; and the fact that a vast number of respondents use a real estate agent to buy or sell a home, which kept for-sale-by-owner transactions at an all-time low.
“With the lower end of the housing market – smaller, moderately priced homes – seeing the worst of the inventory shortage, first-time home buyers who want to enter the market are having difficulty finding a home they can afford,” said NARChief Economist Lawrence Yun. “Homes were selling in a median of three weeks and multiple offers were a common occurrence, further pushing up home prices.These factors contributed to the low number of first-time buyers and the struggles of would-be buyers dreaming of joining the ranks of homeownership.”
*Article From Idaho Realtors.
Happy Thanksgiving and we hope you enjoy the long weekend. The last month has been action packed at our new office. We held a Charity Mixer atThe Flats 16 Restaurant and Event Center in support of the Star Outreach, a local food bank and assistance office. The response and space was great, donations were plentiful and we were able to provide essential goods to those in need, heading into the Thanksgiving Holiday. This month we also held our ribbon cutting at the new office with the Star Chamber of Commerce. It has been fantastic to be welcomed into this Treasure Valley City and meet the various civic and community leaders.
Our next event is a Toy Drive and Ugly Sweater Christmas Party to be held at Helina Maries Wine Bar in Star, ID. We will be accepting toys at our office up to and at the event. This get together will be on December 13th and is an RSVP only due to space and food/drink capabilities. If you would like to attend please email Bryce or myself. If you would like a list of the items needed by the Star Outreach Children please let us know.
Last night our new project Amazon Falls received Phase II approval for annexation and mixed use zoning. I was able to entitle approximately 20 acres with 132 Residential Units and 14 acres of flexible commercial space. This will be an exciting integrated project with great prospects for commercial development. Next door to our project, Ameritel Inns purchased 80 acres. They are not going to be breaking ground on Hotel soon but are not against it and are trying to entice some large commercial and big box users to the area. The future is bright for this city and immediate area. I also volunteered to help the City Council with their Master Transportation and Economic Corridor Plan.
For those of you not liking the Amazon Falls name. It is a working name but stuck when Amazon – the trillion dollar online company recently gained approval for 1 million sq ft of industrial space. The details and people involved are tight lipped. This project is due to go in west of Star Rd at Franklin in Nampa. So even though we go through market ups and downs- the Treasure Valley still remains a target for individuals and companies for generations to come.
We wish you all a Happy Thanksgiving and hope you get to enjoy some great times with Family or Friends!
December 13th 5-7 PM
RSVP by email to email@example.com or call 208-343-9393
December 8th 3-5 PM
First Service Group Real Estate invites you & your kiddos to spend some time with Santa! We have received news from the North Pole that Santa will be visiting our office on December 8th from 3-5 PM! As part of the festivities, the First Service Group is offering a free photo Santa, along with kids crafts, and face painting. Photographers will be on hand to take FREE photos of you and your kiddos with Santa.
10970 W Garverdale Ln
Boise, ID 83713
Location, Renovations, Zero Maintenance Living! Close to the Village in Meridian this 3BD condo has been fully remodeled. New Wood Floors, Carpet, Paint, Fixtures, New Stainless Kitchen Appliance, New Paint. Property is turn key and ready for your buyers. Buyers will love the new upgraded appliances, granite counters and check out the floors! Front door opens up to private grass and landscaped area. Small screened patio off dining area with storage. Great central location in small community.
1 – Support Fair Housing
This is crucial to successful property management. This covers a vast area such as advertising, showings, tenant selection, equal opportunity practices for the handicapped, and much more. We always work to avoid Fair Housing complaints but should they occur, we move to settle them swiftly and efficiently.
2 – Select good tenancy
We continually strive to improve screening practices. Choosing the right tenant is more cost effective than quickly renting to someone who will become a problem tenant, even if it means a longer vacancy.
3 – Provide reliable documentation
Another key area to reduce risk and keep tenant problems at bay is by using comprehensive documents. This encompasses leases, addendums, property notices, communications, etc. Setting up the right agreements in the beginning can help prevent future disputes.
4 – Maintain the physical property
We continually work to use competent vendors to maintain your property. We probably sound like a broken record on this subject but preventative maintenance is a big key for reducing many maintenance issues. Whether small or large, it always pays to address a problem as soon as possible and resolve them before they escalate.
5 – Tackle mold issues
Ignoring mold issues has produced some of the largest settlements against investors in the United States. We may discover that it is not toxic mold but it is better to clean up any mold before it can become a legal battle.
6 – Take tenant safety seriously
Addressing anything that could endanger tenant safety is an absolute necessity. The courts have zero tolerance for a property owner who ignores maintenance that endangers a resident. This can include unsafe electrical, flooring, plumbing, door locks, walkways, lighting, landscape, and more.
7 – Respect your tenant’s privacy
The Uniform Residential Landlord Tenant Act (URLTA) provides for a tenant’s right to privacy. Therefore, we contact tenants in advance and serve the proper notices when necessary if we want to enter their residence. You may own the property but it is the tenant’s home and most states have specific laws to address the “right to enter.”
8 – Encourage tenant retention
For obvious reasons, it can increase the return on investment (ROI) to keep a good tenant. There are many ways to encourage tenant retention and it pays to show residents that we appreciate them.
9 – Address security deposit issues
Tenants do move and when they do, the security deposit can become a battleground. Although we try to avoid this, a dispute can arise. We endeavor to settle any deposit issue as quickly as possible.
10 – Provide accurate bookkeeping records
It is important to provide you with an accurate accounting of funds for your property at all times. When you have questions on bookkeeping, we strive to provide the answers.
11 – Update on new or pending legislation
We cannot provide the best service if we do not keep up with legislation or rulings that affect management of your property. There are many ways to do this throughout the year, such as reading publications, attending seminars, workshops, and conferences.
12 – Continue to keep our clients informed
Keeping you informed on what is happening with your investment is always important. We use various means to do this such as email, telephone calls, letters, bookkeeping reports, website, etc. This newsletter is a vehicle for sharing our property management knowledge and we hope you find this information useful.
Call us if you have any questions. As your management company, we are here to protect your investment and help you when you need assistance.