Category Archives: real estate

daily dilemma

I’m excited to say, that this June will be my 5th anniversary as a real estate professional! Every real estate transaction I have represented in the past four and a half years, I have acquired more knowledge about the trading of real estate I could have ever envisioned while taking the Idaho State exams and, most of all, realized I will never know in my lifetime everything there is to know about the exchange of real property between a buyer and seller.

You see, the buying and the selling of real estate is personal, emotional, and, most certainly, the largest purchase most people will make in their entire life. People have an attachment to where they choose to spend their time drinking coffee and reading the Sunday edition of The New York Times, where they share holiday dinners, and where they hide and cry when times are little tough. Home is where the heart is as well as where our stuff is: mountain bikes, yoga mats, favorite chair, K-9 friend.

I get this! I get that one needs to have unconditional trust in the person advocating for them while negotiating at the proverbial chess table, selling their house for good market value or help them purchase a home on a sturdy foundation, minus the gaping leaky roof and black mold, while YOU are working for the man so you can put a roof over your family’s head without skipping a beat. Just like any other profession, the goal to assist in the exchanging of real property between two entities has been lost on many and the paycheck is forefront, sometimes the only front, on the professional’s mind.

As agents, we are held to an ethical standard that is unsurpassed by most professions outside of medicine. My question to most of my close friends when we get in discussions about their past real estate experiences, most fair to midland, is “did you know you have advocates that will hear your story and take action where action is due?”. The standard answer is “no, what do you mean”? I then proceed to demonstrate how to get in touch with the association and who they need to contact so their story can be heard. They are always thankful for the transparency and the integrity I hold for myself, my profession, and the other people involved.

I have had the opportunity to talk with the administration of the ethics complaint department recently. By the numbers, complaints are up. Sales professionals and Brokers are finding the time to gather their cases and submit them for review. Outside of the industry complaints though, customer and client submissions are exponentially UP! THANK YOU! Thank you to agents educating their friends, family, and their mother’s uncle that they have somewhere to go when they have been wronged by a real estate professional.

I wake up daily with a positive outlook on the life I create and live, a large part being my career in real estate. The days don’t always end on as sharp a note as they start, but that doesn’t keep me from representing my community the best way I know how everyday. I thank my loved ones, acquaintances, industry cohorts and community for continuing to make our Boise community the best place to live.


ada county (boise) market statistics for December 2009

Ada County, Market Statistics December 2009


The Ada County (Boise) market statistics for December 2009 released earlier this month show there are more contracts being written and submitted to sellers, but less of a percentage of them are making it to a closed deal over last year. The decline could be a symptom of various actions taken, but I’m going to narrow it down to two; a higher percentage of homes on the market are selling short, therefore less than what they owe on the home. Secondly, loans are that much more difficult to approve, including, but not limited to, strength of borrower and strength of appraised property value.

Also indicated by the numbers, if you’re home on the market is in the price range above $300,000, you’ll have much competition in selling. Only 12% of the homes sold in December were sold above $300,000.

As a professional that tours homes at least three times a week, let me give you a little unsolicited advice; make your home stand out! Have it groomed and ready to show at anytime; this means giving your tenants incentive to do the same! Ask them for specific times and days the property will be in perfect showing condition, no questions asked. Give them a goodie package with cleaning supplies, air defusers, and a basket of booties for prospects to wear while viewing.

Ask your real estate professional to give you weekly updated on the comparable homes in your area that have sold and price accordingly. Chasing the market is a no-win situation.

If you have any questions about the numbers you see or desire to hear more about to ready your home for sale, please don’t hesitate to contact me directly.

Tina Funkhouser
Group One
208.867.8595
tfunkhouser@group-one.com


the new, the blue or the one you wore last

Borrowing a matriarchal saying – the new, the blue or the one you wore last – I challenge you to visit our local Boise spirit haunts after soaking in this article from the NY Times about inventing and reinventing the cocktail. There is something nostalgic about sporting your grandfather’s suit jacket or your great grandmother’s broach, pulling up a stool in a downtown lounge and sipping on a Moscow Mule or a Manhattan hoping to channel their wise of living through such a deep recession.


House Price Indicator Interactive from The Economist

The Economist just launched, an interactive graphic of The Economist’s house-price indicators. View house price trends from… Interactive House-Price Graph


August 2009 Market Stats

August Market Stats

Ada County Sales up, Inventory down.

There are about 1000 less homes in the market share of active/pendings/solds than 2008 and 1500 less than 2007. This is an indicator of thinning of inventory, which also means that we’re nearing a bottom; heading toward a healthy real estate market of reasonable buyer/seller terms. Buyers and Sellers are letting go of fears of ‘not getting the good deal’ and exchanging property for a fair rate.

Statistical analysis by a local BDO at Group One says
“The market continues to show an increase in activity as new sales (pendings) of homes in Ada County were 59% higher this August than in August of 2008. Closings were up 11% while inventories have shrunk to 75% of last year’s level. The absorption rate, based on the last 12 months of closings, is at 8.9 months, the lowest in over two years.”

“Pendings in Canyon County were 61% higher than the same month last year,while inventory is 74% of last year’s level. The absorption rate is at 10.6 months.”

“90% of year-to-date closings in Ada and Canyon Counties were below $300,000. The median price this year in Ada County is $178,000 and in Canyon County is $119,000.”

“35% of all closings this year in Ada County were listed as financially
distressed properties compared to 59% in Canyon County.”


sell / rent / buy

It’s always one of these, in terms of ‘what kind of market’ it is depending on who you talk to, should I sell, rent, buy–I’m so confused!! One thing is very clear this year, if you have saved your pennies, you have a good job and would like to quit paying your landlord’s mortgage so you can be the one the reap the benefits of property ownership, THIS IS YOUR YEAR. Take a look at a writer for the Wall Street Journal, June Fletcher, reasons to Buy or Not to buy and decide for yourself.
Tina


Market Stats for October 2008

In the spirit of continual transparency, below please find the link to Group One’s market statics for the Treasure Valley through October 2008.
Please contact me with any questions/comments you may have regarding Treasure Valley Real Estate!

http://www.group-one.com/marketreport/marketstats.html


Credit Crisis 2008 Summary from NAR

The past couple of months I’ve been observing lawmakers and how they are deciding to intervene in the Nation’s current credit crisis. Now that the Emergency Economic Stabilization Act of 2008 has past, explanation to the people is needed.
I’ve received calls from clients wondering how this effects their current real estate transaction, if at all, and how is the Act going to directly assist them in staying in their home.
The National Association of Realtors has posted a summary of how it pertains to the buying and selling of real estate.


2008 August Market Stats

2008 August Market Statistics of Ada County, Boise, Idaho.


8 Quick Fixes to Increase You Home’s Value


With buyers scarcer, sellers must up the ante to convince them that their property offers what many want most — top value for dollar expended. Here are eight fast fixes:

1. Buff up curb appeal. You’ve heard it before, but it’s critical to get buyers to want to look on the inside. Be objective. View listings from the street. Check the condition of the landscaping, paint, roof, shutters, front door, knocker, windows, house number, and even how window treatments look from the outside. Add something special—such as big flower pots or an antique bench — to help viewers remember house A from B.

2. Enrich with color. Paint’s cheap, but forget the adage that it must be white or neutral. Just don’t get too avant-garde with jarring pinks, oranges, and purples. Recommend soft colors that say “welcome,” lead the eye from room to room, and flatter skin tones. Think soft yellows and pale greens. Tint ceilings a lighter shade.

3. Upgrade the kitchen and bathroom. These make-or-break rooms can spur a sale. But besides making each squeaky clean and clutter-free, update the pulls, sinks, and faucets. In a kitchen, add one cool appliance, such as an espresso maker. In the bathroom, hang a flat-screen TV to mimic a hotel. Room service, anyone?

4. Add old-world patina. Make Andrea Palladio proud. Install crown molding at least six to nine inches in depth, proportional to the room’s size, and architecturally compatible. For ceilings nine feet high or higher, add dentil detailing, small tooth-shaped blocks used as a repeating ornament. It’s all in the details, after all.

5. Screen hardwood floors. Buyers favor wood over carpet, but refinishing is costly and time-consuming. Screening cuts dust, time, and expense. What it entails: a light sanding, not a full stripping of color or polyurethane, then a coat of finish.

6. Clean out, organize closets. Get sorting—organize your piles into “don’t need,” “haven’t worn,” and “keep.” Closets must be only half-full so buyers can visualize fitting their stuff in.

7. Update window treatments. Buyers want light and views, not dated, fancy-schmancy drapes that darken. To diffuse light and add privacy, consider energy-efficient shades and blinds.

8. Hire a home inspector. Do a preemptive strike, since busy home owners seek maintenance-free living. Fix problems before you list the home and then display receipts and wait for buyers to offer kudos to sellers for being so responsible.

Sources: Ernie Roth, Roth Interiors, Los Angeles; Angel Petragallo, abr, Group One, Boise, Idaho; Melissa Galt, Galt Interiors, Atlanta; Steve Kleiman, CEO, Oakington Realty, Houston; Sid Davis, Sid Davis & Associates, Farmington, Utah, and author of First-Time Homeowners’ Survival Guide (Amacom, 2007); Steve Hochman, Friendly Note Buyers, Roxbury, N.Y.; Margi Kyle, designer and spokesperson for Hunter Douglas.


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