Real Estate Market Snapshot: Why Our Expertise Matters and How It Can Help You

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If you’re interested in living or relocating to Idaho and need some help understanding the real estate market, neighborhoods, and interest rates, look no further, we are here to help you!

Buying a home can be a daunting task; moving across the country is exhausting; navigating a new city, landscape, and marketplace is overwhelming. The housing market can be confusing.

But don’t worry, that’s where we come in. At First Service Group, we put you and your interests first. We’re a family owned business that knows the Boise area inside and out. Unlike many larger property management/real estate companies in Boise who cannot afford the quality time to do so, our family owned and operated company allows us to directly focus on our clients and their needs.

Breaking Down The Market

The market changes all the time; each month is packed with different data. In dissecting the month of February, some key facts arose.

New Construction Sales

The Ada County housing market has been shifting to a new norm with new construction sales gaining more and more of the total market share. In February 2019, new construction sales made up 38.7% of all sales, a 10.0% increase from a year ago.

While sales of new construction homes have been up year-over-year for the last 21 consecutive months, sales of existing homes have now been down for the last nine consecutive months; however; however, this doesn’t mean that there still isn’t abundant demand for existing houses. If you’ve been thinking about listing your home, now would be a great time to talk to your REALTOR® at First Service Group about your options as we head into the spring selling season.

Conservative Underwriting

Loans for new construction projects have been even more conservative than other areas of the market, diminishing the future pipeline. Together with rising labor and materials costs, these factors should restrain the construction pipeline of apartment, self-storage and industrial properties, which have all reached cyclical highs.

Supply and Demand

More and more people are looking to buy homes, build homes, and invest in property. Because there’s more buyers than sellers, things in the market get scooped up quickly. If you’re looking to buy a single family home, or invest in a property, things move quickly and you’ll want someone in your corner fighting for you. Let us help you navigate this! Our real estate agents have lived and worked in the Boise area for years and know it extremely well.

Location, Location, Location

Each county and neighborhood in and around Boise is different and homes get gobbled up at different price points. In the most recent data from February the following was determined:

Ada County

Median Home Sale Price  $365,142

Year to Date $369,286

Canyon County

Median Home Sale Price $217,000

Year to Date $215,000

Most expensive neighborhoods: The highest median sales prices in January were in Northeast Boise, at $532,000, followed by Eagle at $513,500 and North Boise at $498,262.

Least expensive Ada neighborhoods: The lowest median prices were in Garden City, at $222,000, followed by West Boise at $228,250 and the Boise Bench at $241,000.

Interest Rates

Interest rates are falling. Mortgage buyer Freddie Mac reported the average rate on a 30-year fixed-rate mortgage decreased to 4.41 percent. It had been as high as 4.94 percent in November. A drop in interest rates is invigorating investors as it reopens opportunities. Borrowing costs have fallen, and buyers are revisiting previous opportunities.

If you’re an investor, we can help you! At First Service Group Property Management, our goal is to optimize your property investments, and to maximize your rental income and occupancy rates. Our staff has over 15 years of combined outstanding property management experience in Boise. We specialize in single-family homes, condominiums, commercial spaces, homeowner associations and multi-family complexes.

We’re On Your Side

In giving you that snapshot of the market, we want you to know just how fast things move and change! If you’re interested in buying or selling, let us know, as interest rates can change daily. With low inventory, buyers are snapping up houses and investments quickly.

Choosing a company you trust is pivotal. Our family owned and operated business is here for you.

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Why You Should Live in Boise: A Safe, Growing City That Has It All

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It is no surprise that people are flocking to Boise, Idaho. Boise is one of those growing cities that is still safe, kind, and affordable. The schools rank high and the job market is strong so it makes sense why so many families live here. There is a ridiculous amount of outdoor recreational activities for the locals and the climate varies–giving the residents access to all four seasons.

Growth

According to Forbes, Boise’s population grew 3% last year and the growing city doesn’t look like it will be slowing down anytime soon. With so many people migrating to the City of Trees there has to be a reason  why living in Boise is so great.

Jobs

The thriving job market is just one of the many reasons why it’s so easy to live here. Boise is noted as one of the fastest growing job markets in the Nation. In addition to this the cost of living is affordable and shines when it comes to the value of your home and location. Check out First Service Group’s real estate services and see for yourself how economical the market is.

Safety

People of all ages are rushing to this city in the Gem State because it’s safety is impeccable. Boise has below average rates of both violent and property crime. In fact many of the residents claim the city is so safe that they will leave their property unlocked and are comfortable walking around after dark.  

Family Life

Families make up a large demographic in Boise. The public schools in Ada County rank higher than many other places in Idaho. There are numerous parks and so many family friendly activities to do here. The four seasons are strong in Treasure Valley. Many families love the fact that there are so many outdoor recreational activities that change seasonally within thirty minutes from downtown Boise. There are over 180 public trails for people to hike, bike, and run on.

Local Life

Downtown Boise is bustling with art galleries, theaters, and amazing restaurants that offer unique dining experiences. The famous mochas from Java’s will guaranteed make you a repeat customer. If you’re into craft beers there is no shortage of breweries. The nightlife in Boise is buzzing. There is always a concert, performance, or watering hole to hang out at. Locals say that boredom does not exist in Boise.

With so many transplants moving to Boise the rental scene can get a little cut throat. First Service Group provides reliable property management and exceptional tenant service, you can visit their available rentals here.

The cat is out of the bag Boise–you always rank high on any “best places to live” top ten list! We know that living in Boise is special, from the family friendly vibes, outdoor recreational activities, safety, and quality of life in general there is never a shortage of things to do or places to go. This growing city definitely deserves all of it’s hype.

Let us help you with all of your relocation needs–we handle everything from real estate, to brokerage services, to rental properties, and land use planning. Boise is waiting for you! What are you waiting for?

Real Estate? Property Management? Land Use Planning? We’ve Got You Covered

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We absolutely love our niche–the Boise, Idaho area. We’re passionate about helping others with their investment needs in Boise and the surrounding areas, like Star, Idaho. We handle everything from real estate services, to property management and land use planning. That’s what makes us unique–we do it all.

Real Estate

Maybe you’ve noticed this already–but Boise is a hip and happening place. Everyone is moving here. The locals love where they’re from and transplants can’t stay away. It’s one of the fastest growing cities in the United States! It’s no wonder, really. The schools are great, the jobs are plentiful, and it’s a safe area to raise a family. If you’re looking to relocate to the Boise area be sure to check out our website for the most up to date listings, using our MLS (Multiple Listing Service). The real estate market is constantly changing. We’d love to help you navigate it and find the perfect home for you and your family.

Property Management

If you’re a property owner who wants to boost your occupancy ratings, maximize your rental income and optimize your property investments–look no further! We’ve got you covered. At First Service Group Property Management, we have a dedicated staff with over 15 years of combined outstanding property management experience in Boise. We specialize in single-family homes, condominiums, commercial spaces, homeowner associations (HOA) and multi-family complexes. Our office serves Boise, Meridian, Garden city, Eagle, Kuna, Nampa, Emmett, Caldwell, and Star.

Land Use Planning

Beyond real estate and property management, at First Service Group we also specialize in land use planning. Land-use planning is the process of regulating the use of land in an effort to promote more desirable social and environmental outcomes as well as a more efficient use of resources. Our love for Idaho runs deep and we are passionate about ensuring that the land here is used in the best way possible for the environment and its citizens. If you’re a landowner or interested in purchasing land, and curious about what you can do with it, we can help.

Family Business

We are extremely proud to be a locally owned and operated family run business. Our company allows us to directly focus on the daily care and attention to owner and property challenges, unlike many larger property management companies in Boise who cannot afford the quality time to do so. We’re here for you.  
Whether your needs are to find a new home, find a rental, maximize your investments, or improve the use of your land, we’d love to help you. We love to explore the beautiful state that we live in. Every outback adventure we have in Idaho makes us strive to make our community an even better place to live by providing exceptional service. With our wealth of knowledge about our area, we can guide you find your own place to call “home.”

Prohibition Party

What a successful night we had at our Prohibition Party! We raised over $1,000 for @stampedeforthecure! Thank you to everyone who came out to support this wonderful event!

We’d like to give a big thank you to @theflats16 Restaurant for co-hosting, and to our co-sponsors for the giveaway. 

Amazon Falls APPROVAL

Contact Chris for Availability, Information, Performa etc.

Current Happenings:

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

Chris Todd

      Owner/Realtor/Land Use Planner

            Phone: 208-899-0451

  Email: chris@fsgrents.com        

Market Conditions and Outlook

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.

Come Join Us!

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.