I have been asked “Rich, what makes a home worth a million dollars?” Easy I say, size, amenities, most importantly location, location, location. If we are in my office I will show them some on the computer. Most times they just say WOW!

What no one asks is, what does a million dollar home buyer or seller want? Isn’t that a loaded question? I’ve found that most people want the same thing. Someone they can trust; a person who will not take advantage of them. Someone they get answers from to the questions they ask. A person who makes certain their needs are met and also stays in touch with them during the process.

When the market was good I met with a prospective buyer for a $25 Million dollar property. Prior to the meeting I asked what information he would need to make a decision. I prepped and put together a presentation that answered all of his questions in 20 minutes. BAM! We made the offer. Pretty easy for me since he had already told me what information he would need. I listened and then produced it.

A couple of years ago, when the market was quite bad, I received a call one day from a person who had been referred to me by a friend. This person was trying to purchase a multimillion dollar property. The problem they were having was that they could not find a Realtor who would answer their questions or get back to them with an answer in a day or so.  I easily picked them up as clients. We opened lines of communication and they were one of the easiest clients I had to work with. Their questions were reasonable and reflected areas of concern they had a need to be concerned about.

During the same time frame I referred a client out of state. I sent messages to 10 Realtors looking for someone to help them. No responses. By the 15^th I finally connected. I asked, “How busy is the market?” “Pretty slow” they replied. I just shook my head.

I would like to report that all of those agents failed during the recent real estate bust that happened. Some did, some didn’t.  I believe people are people no matter where they are. Some excel at their work, others are ok at it, and some should just find another line of work. People are people; find one that works for you. All the Best Richie Rich

Boise area home prices won’t stay this low; with mortgage rates still at historic levels it’s a GREAT time to buy a home in Idaho! I can help you find the homes you are looking for in Boise, Meridian, Star, Eagle and more! Visit my website to start searching on your own or contact me to get the help of a qualified Idaho REALTOR® ! I specialize in homes in Meridian but can help you find the perfect place no matter what city you want to live in!

Oh Rich, sales are going well, multiple offers are coming in of course you like the Real Estate market today. Well my dear readers you are right. I do like those things when I represent sellers and I work harder with my buyers when something like a multiple offer occurs. However you know that what I am saying has a deeper meaning. Read on Read on.

Right now in the market I am seeing reasonableness. I know, I know what you are thinking, is reasonableness even a word? Merriam Webster defines it as being moderate, not extreme or excessive, possessing sound judgment (my favorite). I am seeing that more and more in the real estate market. Buyers are not trying to low ball sellers, sellers are not trying to beat on buyers for every penny and then some. A good offer (reasonable) is being made and then accepted by sellers. It is a good time.

Of course the lending institutions are now trying to be unreasonable. They feel they have the power and can command whatever they want. As their market dries up I believe that buyers will pass on their properties until they become more reasonable with their demands or lower the prices enough to make it worth a buyer’s time and effort to jump through their hoops.

The lending institutions are also being unreasonable when it comes to lending. The hoops they make the customers jump through are laughable. I am all for good sound judgment when making loans however I feel that the underwriters are so fearful they are making up their own rules.

 It has been said that fear is false evidence appearing real. I believe underwriters are people who are scared to do their jobs because they may get fired. They may have had a few loans go into foreclosure and are now terrified that if they make a single error in judgment they will be terminated. I would not want to be them. This will change over time. As long as we all keep being reasonable. Happy House Hunting, All the Best Richie Rich

Boise area home prices won’t stay this low; with mortgage rates still at historic levels it’s a GREAT time to buy a home in Idaho! I can help you find the homes you are looking for in Boise, Meridian, Star, Eagle and more! Visit my website to start searching on your own or contact me to get the help of a qualified Idaho REALTOR® ! I specialize in homes in Meridian but can help you find the perfect place no matter what city you want to live in!

Oh my goodness! Even if you don’t like numbers you need to read this! The results are in; we are still selling homes! Inventory remains low, prices are steady with some growth. So far this year in Ada county we have sold 1,403 single family homes. Of these 649 were short sales or properties that the lending institutions had foreclosed upon. 302 were short sales and 347 were the lending institutions. Which means, wait for it, drum roll please 745 homes were traditional sales. Hooray! Traditional sales are still out selling distressed property sales! I am liking that trend. It started last August and is hanging on! If you would like to see how your town did it is down below.

Sales of single family homes in the 1st quarter are up compared to last year by 7.92% The really big news is inventory is down by nearly 800 units. This time last year we had 2,636 homes available for sale, this year, with sales up nearly 8% with no tax incentive. we have 1,879 homes available.  This means there is a decrease of 28.72%. Over a 25% reduction of homes available for sale. That is huge my dear readers, huge! Supply is at the lowest it has been since 2008. Happy house Hunting! All the Best Richie Rich

 How did your town do?

Meridian: sold 364 homes in the 1st quarter of which 141 were distressed property sales leaving 223 traditional sales.

Eagle: 103 homes sold, 37 were distressed 66 were traditional sales

Kuna: 97 homes sold, 58 were distressed 39 were not

Star: 40 homes sold, 16 were distressed leaving 24 that were not

 All information for above figures comes from Intermountain Multiple Listing Service, Inc. Report # 13 as well as the Intermountain Multiple Listing Service.

Boise area home prices won’t stay this low; with mortgage rates still at historic levels it’s a GREAT time to buy a home in Idaho! I can help you find the homes you are looking for in Boise, Meridian, Star, Eagle and more! Visit my website to start searching on your own or contact me to get the help of a qualified Idaho REALTOR® ! I specialize in homes in Meridian but can help you find the perfect place no matter what city you want to live in!

I remember in the Movie the Godfather one of the characters says “It’s nothing personal it’s just business”, later on we learn from Michael that it is “They call it business. OK. But it’s personal as hell” I believe it is the same in selling or buying a home, it’s always personal.

             Sometimes as Realtors we can forget that little fact. What we need to remember as Realtors is that there are real people with real lives who just don’t understand why the deal hasn’t closed yet. Many times buyers and sellers are faced with dooming questions, where will I go, I ordered the truck, the movers are here, my family arrives tomorrow what, am I going to tell them, where are we supposed to stay and my favorite one, How come I don’t get the keys NOW! I am not trying to minimize the concerns; they are all very concerning and valid questions. As Realtors we need to remember that. Real people need real answers and just because this is a not so rare occurrence does not mean that the buyer or seller is used to it.

            Lenders need to learn this as well. When a buyer and seller sign a contract it is a binding contract that can be used in a court of law. Often times lending institutions forget this fact and the underwriter, the person behind the curtain my readers that approves the actual loan, is too busy CYAing instead trying to adhere to the contract as written. Often times the loan originator, the person the buyer deals with originally, and the Realtor work together to deal with the conditions of the underwriter. We actually had one underwriter who would not approve a loan because a drain was slow. Not inoperable, not leaking, just slow. Talk about frustrating for all involved.

            As a young man I went to buy a duplex with my bride and the repair work was not done as agreed. Youthfully prideful I told them to take their deal and stick it. Boy was I dumb. I should have worked with them to fix it. However it had become personal for me and my attitude could not be changed.  Another time a lender jokingly dared me to walk from a deal, my wife told him he should not joke like that because I would do it just to show him I could. Very very personal for me. So let’s all remember, it is personal, let’s not take it personally. Happy House Hunting, All the Best Richie Rich

Boise area home prices won’t stay this low; with mortgage rates still at historic levels it’s a GREAT time to buy a home in Idaho! I can help you find the homes you are looking for in Boise, Meridian, Star, Eagle and more! Visit my website to start searching on your own or contact me to get the help of a qualified Idaho REALTOR® ! I specialize in homes in Meridian but can help you find the perfect place no matter what city you want to live in!

Yo Meridian, what are we thinking! 1st we allow a waste transfer station to be put in at the SSC site on Franklin. Now Republic Services wants to build a sorting facility that will take in the recycled materials from not only Meridian but Boise and other states as well. (As reported in the Idaho Statesmen By Cynthia Sewell) The material recovery facility or murf as it is called will be on land that SSC currently owns in Meridian near 10 Mile. In case you didn’t hear Republic Services has purchased SSC. They take over by April 1st.

I am certain that these types of facilities are needed however I would not like them in town. If you come off the interstate and the 1st thing you see is a murf or as I view them, a dump, what impression are we making on visitors? What image are we sending out? The health and technology corridor are an awesome addition to our town. The City has done a great job on Meridian rd and I find it kinda cool that we have a race track in town. However, a transfer station and murf. Just not pretty, although perhaps necessary.

I’m thinking, why hasn’t anyone opened the murf up out in the desert, near the railroad tracks. Material could be shipped by rail. The facility would be off a Hwy exit yet not in town. I can understand the company wants everything to be near its operating facility to help save on costs however in looking long term perhaps having the facility a little further out might not be a bad idea.

I am excited to hear that Republic will be converting the sanitation trucks over to natural gas over time and they will be keeping the same containers and drivers. The transition should be smooth for the residents of Meridian.

OK enough griping my friends, thanks for listening. Happy house Hunting, All the Best Richie Rich

Boise area home prices won’t stay this low; with mortgage rates still at historic levels it’s a GREAT time to buy a home in Idaho! I can help you find the homes you are looking for in Boise, Meridian, Star, Eagle and more! Visit my website to start searching on your own or contact me to get the help of a qualified Idaho REALTOR® ! I specialize in homes in Meridian but can help you find the perfect place no matter what city you want to live in!

Gentlemen pleeezze keep this in mind. Especially when buying a home. Your wife loves you and she will say it doesn’t matter. She will say she loves the 1 bedroom fixer upper that has a 3,000 sq ft shop for you and your toys. As she is walking out the door headed to the next house. I was going to say something about mind reading here. Best I not do that.

As you begin shopping for your home several things will begin to come clear. Your wife knows what she wants and she is willing to give you some concessions, such as a three car garage, as long as her wants are met. Schools, neighborhoods, yards, kitchens are all very important. If she is cringing as she is saying that it will be ok for you to fix up the home, probably best if you either plan to pay someone to do it or find a new home. She is not doubting your talent and abilities, just the time you have to commit and finish the project. If the poker room still is not finished at your current home probably best if you either plan to pay someone to do it on this home or find a new home. (I know I know I am repeating myself. Some of us guys are thick headed and we need to be hit with a 2×4 on occasion).

Men, don’t argue about the colors she wants to paint the home. Let others do it for you. As your Realtor I am comfortable saying that a color scheme may not work, the folks at the paint store may also help in that area. I had one client who wanted her home painted yellow on the exterior. After visiting the folks at the paint store she realized the color would not hold very well and fade. A new color, her husband’s choice was selected. He got props for just trying to get her the color she wanted.

And fellas, if she truly does not like the kitchen, you will know because she will tell you multiple times the kitchen doesn’t work, find a new home. Or be prepared to PAY to have the entire kitchen remodeled PRIOR to moving in. Here is how it usually goes, starting with the fella. Honey I like this house. Did you see the kitchen? Yah, it’s not bad. Are kidding me, come look how small it is. It’s not bad, did you see the garage. I know it is a great garage for you how will we ever cook in this? It has the fireplace you like. The kitchen is too small (Guys we are on a sinking ship) Look at the yard! Look at the kitchen, it just won’t work. (as she is headed out the door to the next home).

You see boys, she is the Mother Hen, the Queen Bee, the True Ruler of the home. A benevolent dictator that allows us to be in charge, as long as we do want she wants.

So remember, Happy Wife! Happy Life! Happy house Hunting, All the Best Richie Rich

Boise area home prices won’t stay this low; with mortgage rates still at historic levels it’s a GREAT time to buy a home in Idaho! I can help you find the homes you are looking for in Boise, Meridian, Star, Eagle and more! Visit my website to start searching on your own or contact me to get the help of a qualified Idaho REALTOR® ! I specialize in homes in Meridian but can help you find the perfect place no matter what city you want to live in!

Like the song by Pete Seegers, Where have all the houses gone? Long time passing, buyers have … bought them all. It is a crazy time again in real estate. Multiple offers on properties, well priced homes selling in days. Low supply of homes to sell with more buyers buying, prices are going up. Not just here it is happening across the nation.

So where did all the house go Rich? Mostly they have been sold my friend. I have not seen shadow inventories of homes. I have seen lending institutions not feeling the need to foreclose as quickly, they are trying to work through short sales more and more. Another good sign the economy is stabilizing. Some are even offering to accept the short sale as payment in full. Which is very good news for the seller. Housing is starting to do well enough to be included in the GDP. First time this has happened in about 7 years. (http://rismedia.com/2012-02-21/housing-expected-to-add-to-gdp-for-first-time-in-7-years/).

I receive weekly Notice of Default lists to show how many houses in Ada County are just beginning to go into foreclosure. Usually there are quite a few. On average there are10-20 homes on the list, this week, only two homes. Times are changing.

So Rich, are you saying not to buy a home. No Dear Reader I am not saying that at all. I am saying that right now there is a window of opportunity to sell your home that may be better than the rest of the year. This is the dip in inventory I was predicting for the year. I believe the foreclosure machines will begin turning out houses again shortly, in another month or so. I also believe that in April and May home owners seeing what the market has done (past tense please notice) will also begin to put their homes on the market. The pendulum will continue to shift back and forth as it becomes more stable. Next week, what should you do if you want to sell your home? Happy house Hunting, All the Best Richie Rich

Boise area home prices won’t stay this low; with mortgage rates still at historic levels it’s a GREAT time to buy a home in Idaho! I can help you find the homes you are looking for in Boise, Meridian, Star, Eagle and more! Visit my website to start searching on your own or contact me to get the help of a qualified Idaho REALTOR® ! I specialize in homes in Meridian but can help you find the perfect place no matter what city you want to live in!

I read an interesting statistic the other day. Only 10 percent of the homes sold last year were sold as a For Sale By Owner. Now here is the funny part. The people who make a living selling Fizbo’s (For Sale By Owner) think this is a selling point as to why they believe you should do it on your own. A 1 in 10 chance that out of every home sold yours may be the one that sells; you may be able to do it, on your own. Call it new math, no home left behind or whatever you like, the Fizbo theory does not work. The report also goes on to say that of the homes that did sell without a Realtor 40% of those were sold to someone the owner already knew. An MLM of housing if you will. Now Now dear reader, I am not knocking FSBO’s and I support if you know someone who wants to buy your home sell it to them. It is the same as selling your car on your own or trading it in. However; if you want a better chance, a 90% better chance, to sell your home than perhaps you should hire a professional. Many FSBO services have sweetheart deals that allow their clients to post their home in the local MLS. Of course their clients must pay extra for this service. The FSBO services also suggest that their clients ask Realtors to help them price their homes. They also suggest that if a Realtor asks that they pay a commission for bringing a qualified buyer that they pay. Hmmm Let’s review, you pay to use the FSBO services, (oh yes it’s not free they actually make money if you use them, and if your home doesn’t sell you have already paid, up front) then they say use the services a Realtor provides, then pay a commission. Hmmm.  Maybe you should just use a Realtor. Below are some more statistics about Fizbo’s. Happy House Hunting! All the Best Richie Rich

Some Statistics:

For Sale By Owner (FSBO) Statistics

FSBOs accounted for 10% of home sales in 2011.  Only 10% of sellers sold their homes without the assistance of a real estate agent. Of those people, 40% knew the buyer prior to the sale. The typical FSBO home sold for $150,000 compared to $215,000 for agent-assisted home sales.

FSBO Methods Used to Market Home:

• Yard sign . . . . . . . . . . 44%
• Listing on Internet . . . 33%
• Friends/neighbors . . . .27%
• Open house . . . . . . . .19%
• Newspaper ad . . . . .  17%
• For-sale-by-owner Web site . .12%

Most Difficult Tasks for FSBO Sellers:

• Getting the right price . . . 12%
• Understanding and performing paperwork: 11%
• Having enough time to devote to all aspects of the sale: 6%
• Preparing/fixing up home for sale: 5%
• Selling within the planned length of time: 5%

Source: 2011 National Association of REALTORS® Profile of Home Buyers and Sellers

Boise area home prices won’t stay this low; with mortgage rates still at historic levels it’s a GREAT time to buy a home in Idaho! I can help you find the homes you are looking for in Boise, Meridian, Star, Eagle and more! Visit my website to start searching on your own or contact me to get the help of a qualified Idaho REALTOR® ! I specialize in homes in Meridian but can help you find the perfect place no matter what city you want to live in!

The sales figures are in for January. As predicted inventory is down. Sales are up as well as prices. New home sales are leading the charge. Their sales are up 35% compared to last year in Ada County. Existing home sales are up 10.43% with  257 less homes on the market compared to the same time last year.

If you would like to take a look at the numbers use this link:

http://publicstats.intermountainmls.com/static/REPORTS/Ada/2012/January-2012-Ada.pdf

Boise area home prices won’t stay this low; with mortgage rates still at historic levels it’s a GREAT time to buy a home in Idaho! I can help you find the homes you are looking for in Boise, Meridian, Star, Eagle and more! Visit my website to start searching on your own or contact me to get the help of a qualified Idaho REALTOR® ! I specialize in homes in Meridian but can help you find the perfect place no matter what city you want to live in!

Boise has been listed as one of America’s top “turn around” towns! For those who live there this is no surprise as residents in the City of Tree’s already know what a great place they live in. The quirky economy here can be surprising as it blends a combination of old and new diversity with logging and agriculture still playing huge roles in many smaller area towns while tech based jobs are becoming even more prevalent.

Truth be told chip maker Micron Technology is Boise’s biggest employer according to the Boise Valley Economic Partnership. However lately it’s the boom in the food industry that is really heating things up, enabling many of
the agriculutural companies in the area to increase their profits. This is a welcome factor as it shows how small changes in what individual people want can really drive change in a market.

Even during bad times nationally the Treasure Valley has been truly blessed as it’s always had a steady inflow of relocating residents and now this first little glimmer of light is showing improved investment and construction statistics. Some would rightly say that the diversity of employers here and the growing number of jobs they’re offering is a central reason this town is starting to stage a major comeback.

The figures from REALTOR.com show that the number of homes for sale during the fourth quarter fell by 40% compared with a year earlier. That diminishing inventory could help drive home prices higher; Fiserv is predicting annual
home-price appreciation averaging over 6% over the next five years.

Boise area home prices won’t stay this low; with mortgage rates still at historic levels it’s a GREAT time to buy a home in Idaho! I can help you find the homes you are looking for in Boise, Meridian, Star, Eagle and more! Visit my website to start searching on your own or contact me to get the help of a qualified Idaho REALTOR® ! I specialize in homes in Meridian but can help you find the perfect place no matter what city you want to live in!