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Buying a Second Home in Idaho

Buying a Second Home in Idaho

by | May 1, 2024 | Discover Boise, Idaho Real Estate

(UPDATED 5/1/2024) Idaho is home to some of the most scenic landscapes in the Northwest and after a vacation to one of its idyllic lakes or mountain towns, the fantasies of owning a second home in the Gem State begin. Here’s a look at some of the most popular vacation areas in Idaho and what to expect should you decide to buy a second home in Idaho.

Buying a home in McCall, Idaho.

McCall, Idaho is a popular, bustling resort town located just a little over 100 miles or two hours North of Boise and is known for its pristine Payette Lake and Brundage Mountain resort making it a great destination all year long. Condos, cabins and beautiful estates line Payette Lake’s shores and the surrounding forest.

McCall was established as a resort town back in the early 1900s and has remained that way until today, however, it’s only in the past several years with the tremendous growth in Idaho that McCall has been put on the map. The real estate market in McCall is one of the most competitive markets for primary and secondary home buyers. The median price for a single-family home in Valley County which is home to McCall, Idaho is currently $850,000. For a townhome or condo, the median price is $715,000. Homes in this area go quickly and it’s common for a home for sale to have multiple offers and disappear in a week once hitting the market.

Buying a home in Stanley, Idaho.

Just 3 hours northeast of Boise, Stanley has become one of the hottest real estate markets in the area for primary and second homes. Located in central Idaho and surrounded by the Sawtooth, White Cloud, and Lost River ranges, Stanley is known for some of the best hiking, rock climbing, fishing, and whitewater rafting in the US and is home to the breathtaking Redfish Lake.

Demand for homes are particularly high and often sell within days if not hours from hitting the market and it’s not unusual for homes to receive offers sight unseen. The area offers large adventure but is relatively small with minimal housing inventory.  One of the challenges of buying a home in Stanley is that many are sold directly from seller to buyer. In For Sale By Owner cases in this area being in the right place at the right time or knowing someone who has a home for sale is key to finding a home. Land sales have also increased in the area with 9 parcels sold on the MLS in the past 18 months. Yet, due to its size and the surrounding public lands Stanley will most likely never develop like McCall or Sun Valley, Idaho.  If you are looking to purchase land or a home in this area, give me a call and I can connect you with real estate professionals who know this area.

Buying a Home in Coeur d’Alene

Idaho is located in northwest Idaho near the Washington State border. It’s known for water sports on Lake Coeur d’Alene, trails in the Canfield Mountains, and the surrounding 50 lakes. It boasts activities for all year round including snow mountain resorts.

Out-of-state buyers are fueling the real estate market in Coeur d’Alene. Many escaping the home price tags in their own states and desiring a piece of the outdoors are heading to this beautiful area. Once again the area has high demand for housing driving up prices. The average home price sale according to Realtor.com was $635,000 as of 5/1/2024. However, new developments are in the works and if you are willing to wait for a year buying a new home may be the answer. One of the biggest challenges to the area is that second-home buyers are competing against primary home buyers. The demand for homes has been increasing tremendously since the Spring and the inventory can’t keep up which will continue to drive up prices and create a seller’s market

If you’re still on the fence of whether buying a second home is right for you take a look at some of the pros and cons:

Pros of Buying a Second Home

Buying a second home can be a great investment as these areas are popular destinations and are more likely to hold and even continue to increase in value. There is also the incentive for tax deductions. If you keep your second home unoccupied other than for your enjoyment and only rent it out for no more than two weeks per year then the interest on the mortgage and the property taxes are fully deductible from your gross income. Another option is to rent out your second home for income while you aren’t occupying it. Rental fees vary according to seasons and the popularity of the area. Typically, peak season weekly rental fees are usually equal to or greater than the property’s monthly mortgage payment, allowing you to break even with an annual occupancy of around 30% from a cash flow viewpoint.

Let’s face it owning a second home if you can afford it can be a great long-term investment and an opportunity to enjoy regular vacations in a familiar space without the stress of finding lodging while away. The advantages can go on and on depending on your situation, but as with any decision, it’s important to weigh the disadvantages before deciding to buy.

Cons of Buying a Second Home in Idaho

A second home mortgage typically requires a larger down payment of 20-30% and a higher interest rate and as with any home you own you are responsible for the maintenance. This means if you don’t live in the area hire a property management, or maintenance company to take care of any leaky faucets, burst pipes or any number of things that may need repair on your second home while you are not in town. Another important item to consider is that once you decide on a vacation home it can often lead to feeling married to that one vacation spot all year long, year after year. It can create a feeling of inflexibility and make you less likely to visit other beautiful areas during your vacation periods.

Here’s a great article full of pros, cons and next steps to purchasing a second home in Idaho: Pros/Cons of Buying a Second Home. In the meantime it’s free and fun to just check out some of the beautiful vacation homes for sale in lovely Idaho even if you never decide to purchase and owning that second home remains a fantasy.

Check out Idaho’s Vacation Homes in McCall, Idaho

Check out Idaho’s Vacation Homes in Sun Valley, Idaho

Check out Idaho’s Vacation Homes in Stanley, Idaho

Check out Idaho’s Vacation Homes in Coeur d’Alene, Idaho

Would you like to know more about the real estate market in Idaho? Please contact 208-509-9122 or [email protected] for more information or to be connected to a real estate professional specializing in these specific areas.

What the NAR Settlement Means For Idaho

What the NAR Settlement Means For Idaho

by | Mar 19, 2024 | Idaho Real Estate

The National Association of Realtors, NAR is making headlines with their unprecedented settlement that if approved by the courts could transform how broker commissions are managed. This move directly impacts over a million NAR members, including agents, brokerages, and MLS services, setting a new precedent for transparency and negotiation in commission structures.  This article will detail what the NAR Settlement means for Idaho and those buying and selling homes in the state.

Key Changes and Their Impact

Transparency in Commissions

The settlement mandates a shift in how broker commissions are disclosed. Specifically, the practice of advertising cooperative compensation on MLS is changing. Sellers traditionally agreed to a broker fee, shared with the buyer’s agent through MLS listings. Now, such compensation must be negotiated outside of MLS, requiring buyers to understand their agent’s fees upfront through a Buyer Representation Agreement.

Negotiation of Fees:

Sellers retain the flexibility to negotiate commission fees and may opt to offer a cooperative fee to the buyer’s agent. This isn’t a novel concept; however, clarity around fee negotiation has been lacking in certain states, leading to misconceptions about commission rates. The settlement aims to rectify this by ensuring all parties are informed and agreeable to the terms from the outset.  The NAR does not set commissions or require a set fee. Fees are negotiated via a seller representation agreement and buyer representation agreement before a transaction begins for the majority of real estate transactions in Idaho.

The Idaho Example

Idaho has been ahead of the curve, with clear stipulations regarding brokerage and cooperative fees. This practice ensures buyers and sellers are well-informed from the beginning, reducing surprises and fostering a fair, transparent real estate environment.

Market Misconceptions

Despite rumors that the settlement could lower home prices or eliminate buyer agent fees, it’s essential to understand that the value provided by real estate professionals remains unchanged. Agents play a crucial role in guiding clients through the complexities of buying or selling a home, and their services come at a cost. This settlement doesn’t abolish fees but emphasizes transparency and choice, ensuring clients know what they’re paying for and why.

Real Estate Professionals as Small Businesses

It’s vital to remember that agents, operating under brokerages, run their businesses. This means they have the autonomy to set their service fees, which are negotiable and subject to the client’s choice. This autonomy respects the professional judgment of real estate experts and the consumer’s right to choose.

In Conclusion and My Personal Opinion

In writing this article, I’ve delved into the legal documents and discussions with my team at Silvercreek Realty Group to clarify misunderstandings and share insights. The real estate sector is undoubtedly at a crossroads, needing evolution. While I have reservations about removing cooperative fee advertisements from MLS, my commitment to transparency has never wavered. That’s precisely why I chose to work with Silvercreek Realty Group and take pride in operating openly in Idaho’s real estate scene.

The structure of real estate organizations like NAR, local associations, and MLS does seem a bit dated. Their focus on increasing membership for revenue, making entry into the profession too easy, raises questions about maintaining high standards. With over 8,000 agents in the Treasure Valley alone as of 2023, the bar for entry is low, involving just a course, exams, and a background check, with no rigorous vetting process. This ease of entry might contribute to the lack of transparency that led to legal challenges against NAR.

Despite intense competition, which theoretically should lower fees, many agents are selected by sellers or buyers based on personal connections rather than expertise, creating disparities. Given that the average real estate agent in Idaho makes around $40,000 a year, not accounting for expenses, the competition paradoxically keeps fees high for agents to remain viable. Elevating the requirements to become a real estate agent, such as implementing a college degree prerequisite or mandating years of experience in relevant fields, could enhance professionalism and ensure that those entering the industry are truly qualified.

With an industry filled with qualified professionals, we would see a more positive light shining on real estate agents and what they do in a real estate transaction.  In the meantime, I encourage those looking to buy or sell a house in Idaho to take your time when choosing your real estate professional.  I wrote an article to help guide buyers and sellers in making this decision because it is important.  A good agent should have experience, qualifications, and a proven track record with real client reviews and sales,  not just be someone you know or are related to.

If you have more questions about what the NAR Settlement means for Idaho or how it could affect you if you are considering selling or buying a home please reach out.  I am passionate about this field and would love to chat.

Boise Real Estate ProfessionalFor expert guidance on moving to Boise, or selling a home in the area contact Jennifer Louis, a Boise real estate and relocation expert. Set up a time for a consultation here.  In the meantime, make sure to follow me,  Jennifer Louis, Boise Metro Real Estate Expert, and local relocation guide on Instagram, Facebook, or my blog for fun facts about Boise and of course a few things real estate.  (208) 509-9122 or [email protected].

Best Spring Activities in Boise

Best Spring Activities in Boise

by | Mar 13, 2024 | Discover Boise

Welcome to Boise and Beyond’s blog series focusing on living like a local in Idaho.  If you are one of the many who have recently relocated to Boise and the Treasure Valley here are some of the best ways to fit in and acclimate to your new home.

Discovering Boise’s Spring Scene

Spring is the season that Boise comes alive!  After months of colder weather and shorter days, locals are eager to get out and enjoy the outdoors.  With so many great activities and warmer, longer days there are endless things to do in Spring.   Here are my top 5 recommendations for the best Spring activities in Boise:

1. Edwards Greenhouse

organic nursery in BoiseSpring is a great time to experience Edwards Greenhouse.  Not only do the historic, geothermal water-heated greenhouses keep you warm on those cooler Spring days, but they are a feast for the eyes.  Not to mention a great way to find inspiration for all your gardening and landscaping.  You can find incredible, one-of-a-kind roses this time of year to order and find some Spring flowers for those flowerpots around your yard.  They are known for their classes, such as their upcoming orchid class or bulb class and of course there is yoga classes in the gazebo.  It’s a great place to enjoy an afternoon, soak in the warmth, and get inspired.

2. Bird Watching

Birds of Prey in Kuna, IdahoBird Watching at the World Center for Birds of Prey – Spring is a fantastic season for bird enthusiasts to visit the World Center for Birds of Prey. This unique experience offers a closer look at conservation efforts and the chance to see majestic birds in action. It’s an educational and engaging outing for all ages.  Another great area is to head over the the Boise Greenbelt and take a stroll down the Idaho Birding Path  It’s a serene strip of trail open to foot traffic only and is dotted with plaques of birds typically found in the area.  It’s a great place to catch a glimpse into some of Boise’s tallest trees and the feathered friends that seek refuge in them.

3. Soak in Idaho’s Hot Springs

Idaho is covered with hot springs waiting to be discovered and enjoyed. You can pick up a guidebook or visit a website to find many springs you can hike to during the day or twilight hours. Some are privately maintained and family-friendly just outside Boise. Here are two of my personal favorites:

  1. The Springs in Idaho City, are located just 45 minutes northeast of Boise near the historic mining town of Idaho City. Here, you can enjoy a spa-like experience with a soak in their natural hot spring pool while listening to local musicians or indulging in local cuisine. You can also rent a private pool or get a massage. Kids are welcome on Saturdays and Sundays, but reservations are required.
  2. Gold Fork Hot Springs, north of Boise on the route heading towards McCall, is situated in the town of Donnelly in the foothills of the North Fork Range. They offer multiple pools at different depths and temperatures, making it an excellent soak for the whole family, from young to old. Please note they are closed on holidays and Tuesdays, and cash is the only accepted payment method. It’s advisable to call ahead to ensure they are open and have ample space.

4. Bike the Boise Greenbelt

Biking Along the Boise River Greenbelt – The Greenbelt offers a scenic escape with its 25-mile path following the Boise River. Ideal for a leisurely bike ride or a refreshing walk, this trail is a prime spot for nature lovers to spot wildlife and enjoy the great outdoors.  Check out Pedego electric bikes if you want a great rental experience or join the Boise bike tours for a guided tour around Boise and the Greenbelt.

5. Downtown Boise/First Thursday

If you haven’t yet, this Spring come check out First Thursday, an iconic event that captures the heart and soul of our vibrant community in Downtown Boise.. As the city awakens with the freshness of spring, First Thursday in March, April, and May presents an unparalleled opportunity to immerse yourself in the best of Boise’s arts, culture, and culinary delights.

This monthly celebration takes place in Boise’s bustling downtown area, where locals and newcomers alike gather to explore an eclectic mix of galleries, shops, restaurants, and live music venues. Each First Thursday event is a unique experience, offering something new and exciting to discover.

Boise Real Estate Professional

 

Enjoy your Spring in beatiful Boise, Idaho.  And there are so many other great places to explore in Boise and the surrounding Treasure Valley.  Looking to discover more about Boise Metro Area?  Follow this blog or set up your personal consultation with Jennifer Louis, Boise Metro Real Estate Expert, and local relocation guide.  (208) 509-9122 or [email protected]

 

Your Property’s Assessed Value versus Fair Market Value

Your Property’s Assessed Value versus Fair Market Value

by | Dec 12, 2023 | Market Trends

Property owners in Ada County have recently received their 2023 Assessed Value notices, and to the delight of many, there’s a surprising dip compared to the 2022 assessment. This unexpected turn of events is fantastic news for homeowners, as a lower assessed value translates to reduced property taxes. However, if you’re contemplating selling your home, you might be wondering: does the drop in assessed value parallel a decline in your home’s market value? Let’s delve into the differences between a property’s assessed value versus fair market value.

What is Assessed Value?

The assessed value is the dollar value assigned to a home or other property for tax purposes. It takes into consideration comparable home sales, location, and other factors. In Ada and Canyon Counties properties are assessed annually on January 1st.  They are sent to homeowners around the middle of the same year and are due for payment during the following year. Assessed values in Idaho over the past ten years tend to be lower than the Fair Market Value.

What is Fair Market Value in Real Estate?

Fair market value (FMV) in real estate is the price that a property will sell for in an open market, in other words, what a buyer is willing to pay for a home and a seller is willing to accept.  Market value reflects what a property could sell for, irrespective of its assessed values. Relying exclusively on assessed or appraised values may lead sellers to misjudge and potentially misprice their property. Determining a home’s market value involves a nuanced analysis, considering various factors:

  • External Characteristics: Elements like curb appeal, roof and garage, lot size, home style, and the availability of public utilities.
  • Internal Characteristics: Sqft, Bed/Baths, updates, appliances, special features such as RV parking, views, shops, etc.
  • Mechanicals: The age and condition of the HVAC, water heater, plumbing, electrical, etc.
  • Comparables (Comps): Understanding recent selling prices of similar homes in the same area is crucial for a realistic market valuation.
  • Supply and Demand: The dynamic between the number of buyers and sellers in your area influences the perceived value of your property.
  • Location: The neighborhood’s desirability, the quality of schools, and the local crime rate all play a role in determining market value.

According to the Ada County Assessors website, assessors estimate what a typical buyer would reasonably pay for a property on January 1st of the year. Assessors do not consider updates inside the home, such as remodels, new electrical work, plumbing, or new flooring. Given that the Assessment Notice is mailed six months after the assessment, it quickly becomes outdated compared to actual market trends and we see bigger gaps or differences between assessed value and fair market value.  We saw this firsthand in 2022.  According to the Property Value Flyer that accompanied the 2023 Assessment the assessor wrote, “Due to the timing of assessments, last year’s value did not capture 2022’s peak market conditions.”  The real estate market peaked in May 2022 and then prices declined, but the assessment had been decided in Jan 2022 when home prices were still increasing.

So, if your assessed value doesn’t align with your expectations, there’s no need to panic. Assessments primarily serve tax purposes. Home buyers and sellers, however, focus more on market value, recognizing that the true value of a home is subjective. It ultimately boils down to the agreement between the buyer and seller. Your neighborhood real estate professional will be able to provide you with accurate market trends and comparable homes to accurately price your home and get it sold.

Boise Real Estate ProfessionalCurious about the market value of your home in today’s market?  I offer free, in-person consultations to get your home’s current market value and what you can expect during the process. Set up a time for a consultation here.  In the meantime, make sure to follow me,  Jennifer Louis, Boise Metro Real Estate Expert, and local relocation guide on Instagram, Facebook, or my blog for fun facts about Boise and of course a few things real estate.  (208) 509-9122 or [email protected].

Best Winter Activities in Boise

Best Winter Activities in Boise

by | Nov 2, 2023 | Discover Boise

Welcome to Boise and Beyond’s blog series focusing on living like a local in Idaho.  If you are one of the many who have recently relocated to Boise and the Treasure Valley here are some of the best ways to fit in and acclimate to your new home.

Discovering Boise’s Winter Scene

If you haven’t yet experienced the colder months in Boise, you really should. Winter in the Treasure Valley stands out from most other cities in the US, mainly due to its mild weather, while offering a plethora of enjoyable winter activities. With only a fraction of annual snowfall and consistently sunny skies, it’s easy to stay active throughout the winter season. Here are some of the best activities to partake in this winter in Boise and the surrounding Treasure Valley.

Winter Markets in Boise

Boise Winter MarketsBoise is renowned for its support of local businesses and hosts several outdoor markets during the warmer months. Even in winter, you can still experience these markets at two different locations.

  1. The Wintry Market is situated at the Boise Centre in Downtown Boise (850 W Front St, Boise, ID 83702) from November 17th to 18th. This indoor event showcases the creations of local artists, craftsmen, and vendors, featuring over 175 participants. This year, they have expanded to include artists from Arizona, Montana, Oregon, and Washington, offering unique goods and crafts at affordable prices.
  2. Boise Farmers Market, one of the most popular weekend events all year long in Downtown Boise, moves indoors during winter. You can purchase produce and goods from local farmers and vendors on Saturdays from 9 AM to 1 PM, from November 4th to December 23rd. They will be at two different locations; click here for details and a map to the markets.

Sledding/Hiking/Tubing

Boise Winter Activities Outdoors

While snow doesn’t stick around all winter in Boise, when it does, it creates fantastic opportunities for outdoor fun. Here are a few of my favorite places for sledding and hiking:

  1. Camelback Park in Boise’s Northend transforms into a sledding adventure when snow arrives. At the beginning of winter, preparations are made by attaching hay bales to many trees, ensuring safe sledding. Hike up the hill and enjoy tubing or sledding down, all while taking in some of the most breathtaking views of Boise. Even without snow, Camelback Park is a great place for hiking, offering ample hiking and running trails with extraordinary valley views.
  2. Eagle Island State Park, hosted by Gateway Parks, opens its popular tubing hill from November to March every year. There is an entrance fee, and additional charges apply for activities. The park provides food, drinks, and a firepit at the base for spectators.
  3. Bogus Basin, a non-profit winter park only 16 miles from Boise, offers a wide range of winter activities. It’s an ideal spot for a half-day or full-day trip to enjoy the snow. You can explore a tubing hill or purchase a pass to take a chairlift and ski or snowboard down any of the 90 runs on the mountain. The views are breathtaking, and you’ll find various spots for food and drink as well as indoor areas to warm up.

Soak in Idaho’s Hot Springs

Best Hot Springs Near Boise

Idaho is literally covered with hot springs waiting to be discovered and enjoyed. You can pick up a guidebook or visit a website to find many springs you can hike to during the day or twilight hours. Some are privately maintained and family-friendly just outside Boise. Here are two of my personal favorites:

  1. The Springs in Idaho City, are located just 45 minutes northeast of Boise near the historic mining town of Idaho City. Here, you can enjoy a spa-like experience with a soak in their natural hot spring pool while listening to local musicians or indulging in local cuisine. You can also rent a private pool or get a massage. Kids are welcome on Saturdays and Sundays, but reservations are required.
  2. Gold Fork Hot Springs, north of Boise on the route heading towards McCall, is situated in the town of Donnelly in the foothills of the North Fork Range. They offer multiple pools at different depths and temperatures, making it an excellent soak for the whole family, from young to old. Please note they are closed on holidays and Tuesdays, and cash is the only accepted payment method. It’s advisable to call ahead to ensure they are open and have ample space.

Boise’s Winter Gardens and Parks

Boise Garden's In WinterThe Treasure Valley is brimming with beautiful parks that come alive in winter. There are several private gardens and parks that are a must-visit in winter, as well as places to play, run, or build a snowman during the day. Here are a few of my top recommendations:

  1. The Idaho Botanical Gardens light up with their Winter Garden aGlow from November 23rd to December 31st. Here, you can stroll through paths adorned with twinkling lights and explore a winter wonderland. They offer food and warm drinks, such as hot chocolate, or you can check out an adult beverage at the Snow Globe Bar. Additionally, they feature a Gingerbread Village and have numerous fire pits scattered throughout the gardens.
  2. Edwards Greenhouse is one of the best places to escape the cold and still feel like you’re outdoors throughout the winter. The thermally heated historic greenhouses in NW Boise provide a warm and tropical environment, allowing you to shed your coat and immerse yourself in the beauty of plants and natural aromas. You can bring your lunch and enjoy it under their gazebo. You can also partake in yoga classes or potting classes in their flower shop. Don’t forget their kids’ pop-up park in February, where an entire greenhouse is cleared and transformed into an indoor playground and picnic area.
  3. Ann Morrison Park is an excellent public park for letting your dog play on Dog Island and run in the snow, or you can head to one of the many grassy areas and build a snowman. Located on the Boise Greenbelt, it’s an ideal place to soak in some sunshine and enjoy the winter ambiance.
 

Go to the Movies, Boise Style

Boise Winter Activities Egyptian Theater

If you need a break from the cold but still want to get out, winter is a great time to visit some of Boise’s coolest cinemas.

  1. The Flicks, located in downtown Boise, is a one-of-a-kind cinema for movie lovers. They feature independent, foreign, art films, and some of the best Hollywood movies on their four screens. Additionally, they have a café serving local fare, where you can grab a snack, dinner, or enjoy wine and beer before or during your film.
  2. The Egyptian Theatre is a historical gem in Boise that you shouldn’t miss. During the colder months, they showcase seasonal movies like “Love Actually” and other past blockbusters. Be sure to check their calendar for live performances, including the Nutcracker and popular comedians and musicians.

 

Boise Real Estate Professional

 

Don’t let the Fall and Winter months keep you inside, there are so many great places to explore in Boise and the surrounding Treasure Valley.  Looking to discover more about Boise Metro Area?  Follow this blog or set up your personal consultation with Jennifer Louis, Boise Metro Real Estate Expert, and local relocation guide.  (208) 509-9122 or [email protected]