Real Estate in Boise, Meridian, Nampa
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Jennifer Louis
Residential Real Estate Expert
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The Truth About Zillow, Realtor.com and Trulia in Idaho

The Truth About Zillow, Realtor.com and Trulia in Idaho

One of the first things homeowners do when they consider selling their home is go to Realtor.com, Trulia, or  Zillow to get their Zestimate or their estimated home value in the current market.  These mega-data-based websites access public and user-submitted data and plug this information into an algorithm to compute an estimate.  There’s just one problem, Idaho is a non-disclosure state.

So, what does a non-disclosure state mean?  It means that sale prices in a real estate transaction are not disclosed, recorded, or published as public records.  However, the National Association of Realtors (NAR) website states that non-disclosure states “cannot withhold sold data from Multiple Listing Service (MLS) data feeds.” The restrictions on disclosing this data relate only to the public display of that information.  So, if you want to know the true sales price of a home, you will need to ask the seller directly or work with a real estate professional with access to the MLS.

How does this affect you if you are selling or buying a home?  Well, as long as you are working with a professional with access to the MLS you can find the most accurate pricing to buy or sell a home based on recent home sales in the area.  However, it can become confusing when you rely solely on online websites like Zillow to price a home.  This is why many For Sale By Owners are unsuccessful, even in our hot market, because without accurate sales comparables, their homes are typically grossly under or overpriced.

Since these online platforms count on public county records as their primary data source driving their price algorithms without the correct/up-to-date sales price their price for homes in the state of Idaho are often WAY OFF.  On Zillow.com they disclose the following regarding their price estimates, “Since we rely on public county records as our primary data source driving our Zestimate algorithms (which take comparable sales prices into account), it poses a challenge to calculate accurate Zestimates when sale prices are not available.”

These real estate websites can access a sales price when it is listed on the MLS, but they can’t see how much it sold for.  Take two homes that recently sold in Boise last month, one sold for $70K over the asking price, and the other sold for $30K.  Since Zillow can’t access the final sales price, it uses the listing price which is substantially less than the final price, and hence is unable to come up with an accurate sales price estimate. Here’s an example: I went to several online sites like Zillow and plugged in the street where I live in the Bench in Boise.  Zillow’s estimated price range for almost every home on the street, including my own was incorrectly priced by $20K-$100K.   When selling a home, incorrectly pricing from the start can make a big difference in the final price.

Even Zillow acknowledges their Zestimates are limited and has a rating system for their accuracy per county.  4 stars are the Best Accuracy, 3 stars are Good Accuracy, 2 stars are Fair Accuracy and 1 star is Tax Assessor Value or Unable to Compute Zestimate Accuracy.  All counties in Idaho including, Ada, Gem, and Canyon County only had 1 star.   According to Zillow.com, a Zestimate, “is not an appraisal and it should be used as a starting point. We encourage buyers, sellers, and homeowners to supplement the Zestimate with other research such as visiting the home, getting a professional appraisal of the home, or requesting a comparative market analysis (CMA) from a real estate agent.”

Does the lack of accuracy for Idaho on Realtor.com, Trulia, or  Zillow.com mean it’s no longer a good source when considering selling a property?  No, there is still a lot of good information that can be found on these websites, and their platforms are often easy to use and enjoyable to look at, but even Zillow acknowledges that even with their most accurate Zestimates it does not substitute working with a trained professional to find the true value of your home in the current market.

Boise Top Real Estate Agent Contact Jennifer Louis, Top Producing Real Estate Agent for Boise and the surrounding Treasure Valley.  Specializing in relocation, first-time home buyers, and 5-star reviewed listing agents.  Set up a no-obligation consultation in-person or via Zoom to better understand the local real estate market in Southern Idaho, and the best way to buy or sell a home in the Valley.

April 2021 – Boise Metro Market Update

April 2021 – Boise Metro Market Update

 Home prices in the Boise area continue to soar even with an increase in homes for sale popping up this Spring.  The past few months have shown that the real estate market in the Boise Metro Area remains red hot, as home prices have gone up over $100K from last year and all signs point towards home prices continuing to increase through summer.  Here’s a brief overview of where real estate stands as of April 1st, 2021.

Ada County saw an increase in price of 28% over last year to  a record median price of $469,000 for all homes.    The city of Boise also saw home prices continue to rise with the median price at $460,000, a 30% increase from the year before.   Canyon County had the largest increase in home prices with a 40% increase from a year ago leaving the current median price at just over $380,000.

Multiple offers continue to be the norm in most areas around town which contribute to bidding wars and ultimately higher prices.  In the City of Boise during the month of March 395 homes were sold of which 48% sold over the asking price, 41% at the asking price, and only 11% under the asking price.  Homes priced correctly (Fair Market Value) tended to stay on the market for 3-4 days depending on the area.

Although March brought us more homes for sale on the market compared to the Winter months, we still have a dire inventory shortage.   Home inventory refers to a hypothetical scenario in which no new homes become available for sale.  If this happened, and buyers could only choose from the houses that are already on the market, “months of inventory” is how many months it would take to buy up every house on the market.  A balanced market is six months of inventory.  Boise Metro Area is down to less than two weeks of inventory, hence the main reason pricing continues to rise, supply and demand.

Will the Local Housing Market Crash?

An interesting article recently on CNBC said that one of the most popular questions on Google lately is, “When will the housing market crash?”  Experts chime in to say that unlike the housing bubble from ten years ago we are seeing a very different market here, one that may cool, but not crash.  There are a few reasons not to expect a housing crash here in the Boise Area:

Supply and Demand. The difference between today and the housing bubble we saw back in the mid-2000s is the drastic lack of inventory.  As mentioned earlier in this article we are down to less than two weeks of inventory in the area.  Neighboring states continue to flock to Idaho for various reasons along with many locals in need of a different home to accommodate changing circumstances driving the demand for housing.  It’s also important to mention one of the largest generations, Millennials are now at the age to buy their first-home adding more buyers to the every-growing pool.

Mortgage Rates.  The mortgage interest rates remain very low historically allowing buyers to be able to afford more homes than ever before.  Over the past couple months, we have seen a slight increase in rates, but still, a 3.5% interest rate allows many to afford to buy a home for the first time or afford more homes than they had in the past.

Reduced Risk of Foreclosure. Back in the mid-2000s many homeowners, unfortunately, were cashing out on their home’s equity or were locked into negative interest mortgage loans creating negative equity.  This means many homeowners back then owed more than their house was worth.  Today’s situation is just the opposite, as underwriting for a lender has become very strict, unlike the situation ten+ years ago.  Now most homeowners can truly afford the homes they are purchasing.

We can expect the housing market to cool as mortgage rates continue to increase and buyers hit an affordability wall, meaning we can expect that home prices will peak and flatten, but not crash.

Buying a Home in a Seller’s Market

Be Realistic.  In this market, it may be necessary to compromise on some of the ideal features you would like in a home.  Can you overlook the old carpet, outdated features, and budget in slowing remodeling the home yourself to your own taste?  Could you live with a two-car garage, over a three-car?  Compromising can save thousands and more importantly get you in a house in one of the greatest cities in the US now.

Broaden your search area.  Homes near the Greenbelt and downtown go for a premium, as do newly built homes or homes with a large property.  Consider moving to neighborhoods that are less popular (now) with the knowledge that they may soon be a hot neighborhood to live in.  Check out homes in Nampa and Caldwell as these are great alternatives to get more house for less money,  just 20-30minutes from Boise.

Financing.  It is imperative that you have your financing in place BEFORE starting the home buying process.  A local lender, that understands this market and your options is the best place to start.  Have earnest money set aside as well as closing costs before you start the process, so you know how much you can afford and put your best offer forward.  If you are planning on using all cash to pay for a home have your proof of funds letter ready so this can be submitted with an offer, making your offer look reliable.

Put your best offer out there.  Remember, turn-key homes, or competitively priced homes in desirable areas attract multiple buyers.  To get your offer noticed, put together the best offer possible and remember most homes are selling at full-price or over asking price.  “Good Deals” aren’t really happening right now.  Put your best number and terms out there that you can comfortably live with.  The right home always comes around so be patient that it may take a few tries before finding the right home, but have faith it’s out there.

Selling a Home in a Sellers Market

Despite how easy it may look to sell a home in this market there are certain factors that homeowners should consider before selling their home.  The first factor is price.  Having worked with many homeowners the past couple of years I notice that the common thought among many of them is to price high and see what the market brings.  Unfortunately, that line of reasoning usually leads to homes sitting on the market, drastic price cuts, and disappointed sellers.  Fair Market Value is the ideal place to price a home in this market.  Too low and you will most likely get multiple offers, but they may not go as high as if you started at the right price range.  Start too high and you scare away many buyers that may have potentially paid your desired price but were cautious not to start the process knowing that most homes sell over the asking price.  How do you find what is the Fair Market Value for your home? Find a real estate agent with experience selling homes in your area and home type.  

In Treasure Valley’s current housing market, we are seeing more than just price plays a role in the offer a homeowner chooses to accept.  The terms of the offer can often be more appealing than the price itself.   Over the past few months, more and more buyers are waiving their home inspection, or agreeing up front to purchase the home “as is”, meaning not asking for any repairs.  Additionally, some buyers using financing to purchase may agree up front to make up any difference in price should an appraisal come in lower than the agreed-upon price.  This along with other terms can make an offer more solid and secure in the eyes of the homeowner and may be worth more than just the final price.

Here is the median price breakdown for single-family existing & new homes in Ada and Canyon County for March 2021

Median Sold Price

Nampa: $372,000
Caldwell: $377,000
Middleton: $425,000

Median Sold Price

Boise $460,000
Meridian: $459,500
Eagle : $715,000
Star:  $490,000
Kuna: $417,000

For more details on the market and trends in the Boise Metro Area please contact Boise Area Real Estate Expert, Jennifer Louis at (208) 509-9122 or [email protected]

March 2021 – Boise Metro Market Update

March 2021 – Boise Metro Market Update

The past two months plus have been a whirlwind in Boise real estate.  With a growing number of buyers and a dwindling number of homes for sale, we’ve seen home prices shoot up to never-before-seen prices here in the Treasure Valley.

Jan-Feb Boise Metro Market TrendsIn Ada, the median price for a single-family home was $450,000 for home sales as of March 15th.  That’s up nearly 29% from the same time period a year ago.  The city of Boise is also setting new records with the median price at $448,500 as of March 15th.  The surprising fact is that of the 377 homes that sold in January and February of this year,  52% of those homes sold at over the asking price, several of which sold at over $100,000 over list price.  Nearly 25% of the recent sales sold cash and 80% of these homes sold in six days or less.

Are We In A Housing Bubble?

With pricing going up so quickly one of the most common questions is: “Are we in a housing bubble?” The warning signs are there, but it’s important to look at a few facts before assuming there is a  bubble and that it’s about to burst:

Supply and Demand. The difference between today and the housing bubble we saw back in the mid-2000s is the drastic lack of inventory.  A healthy market, in favor of neither the buyer or seller, should have six months of inventory.  In Ada County, we have about a 1.5 week supply or as of 3/15/21 290 home for sale.  Pretty dire indeed.

According to Mark Fleming, First American’s Chief Economist what we’re seeing in home prices today is nothing like what we saw in the mid-2000s.  He said,   “During the housing bubble, rapid house price appreciation was not entirely supported by economic fundamentals, but in today’s housing market, nominal  house price appreciation has been driven by a historic shortage of supply relative to demand and rate-driven surge in house-buying power.  May find it hard to believe, but housing is actually undervalued in most markets and the gap between house-buying and sale prices indicates there’s room for further house price growth in the months to come.” 

Housing Demand. The current demand for housing is spurred on by many reasons such as the low mortgage interest rates, the pandemic forcing many to look for housing that is better suited to a work-from-home and learn-from-home environment, and don’t forget all those millennials who are now reaching the age to invest in their first home.

Reduced Risk of Foreclosure. Back in the mid-2000s many homeowners, unfortunately, were cashing out on their home’s equity or were locked into negative interest mortgage loans creating negative equity.  This means many homeowners back then owed more than their house was worth.  Today’s situation is just the opposite, according to  an article on keepingcurrentmatters.com  “Cash-out refinance volume over the last three years is less than a third of what it was compared to the three years before the crash. More than 38% of homeowners have paid off their mortgage “free and clear,” and another 18.7% have paid off over 50% of their mortgage.”  This means the current market is much more stable with little risk of foreclosure as we saw in previous bubbles.

So if we’re not in a bubble is this a good time to buy a home?  Armed with the fact that the housing market in the Boise Metro Area is very strong and continuing to go up, not to mention historically low-interest rates, now is a great time to purchase a home and start building equity, but that leaves the question:

As a buyer, how can you be prepared to buy in this market?

Be Realistic.  In this market, it may be necessary to compromise on some of the ideal features you would like in a home.  Can you overlook the old carpet, outdated features, and budget in slowing remodeling the home yourself to your own taste?  Could you live with a two-car garage, over a three-car?  Compromising can save thousands and more importantly get you in a house in one of the greatest cities in the US now.

Broaden your search area.  Homes near the Greenbelt and downtown go for a premium, as do newly built homes or homes with a large property.  Consider moving to neighborhoods that are less popular (now) with the knowledge that they may soon be a hot neighborhood to live in.  Check out homes in Nampa and Caldwell as these are great alternatives to get more houses for less money just 20-30minutes from Boise.

Financing.  It is imperative that you have your financing in place BEFORE starting the home buying process.  A local lender, that understands this market and your options is the best place to start.  Have earnest money set aside as well as closing costs before you start the process, so you know how much you can afford and put your best offer forward.  If you are planning on using all cash to pay for a home have your proof of funds letter ready so this can be submitted with an offer, making your offer look reliable.

Put your best offer out there.  Remember, turn-key homes, or competitively priced homes in desirable areas attract multiple buyers.  To get your offer noticed, put together the best offer possible and remember most homes are selling at full-price or over asking price.  “Good Deals” aren’t really happening right now.  Put your best number and terms out there that you can comfortably live with.  The right home always comes around so be patient that it may take a few tries before finding the right home, but have faith it’s out there.

What’s the best way to sell a home in the current market?

If you’ve been reading the news and just finished this article it may seem rather simple to sell a home in today’s market.  Although most homes are selling in a record short period of time, it’s still imperative to price your home correctly and market it appropriately.  Remember, Idaho is a non-disclosure state meaning the sales price of homes sold is not public record, so those Zestimates and other online resources are often off by thousands of dollars.  Have a real estate professional who has experience selling in your neighborhood help you find the right starting price and prepare your home for the market.  Starting out right when selling your home can make the entire process less stressful and in almost all cases more profitable than trying to sell on your own or hiring the wrong person to sell your home.

Here is the median price breakdown for single-family existing & new homes in Ada and Canyon County for February 2021

Canyon county Market Trends

Median Sold Price

Nampa: $360,000
Caldwell: $350,000
Middleton: $365,000

Market Trends Ada County

Median Sold Price

Boise $450,000
Meridian: $442,772
Eagle : $7706,000
Star:  $482,450
Kuna: $400,490

For more details on the market and trends in the Boise Metro Area please contact Boise Area Real Estate Expert, Jennifer Louis at (208) 509-9122 or [email protected]

January 2021 – Boise Metro Market Update

January 2021 – Boise Metro Market Update

As buyers in the Boise Metro area snap up what little housing inventory exists many are hopeful that Spring will bring an increase in homes for sale, but will it? 

Traditionally, Spring is when the Boise Metro Area housing market really opens up.  As temperatures rise and days are longer many homeowners on the cusp of selling start the preparations of getting their home ready to sell, but this year may not bring as many homes to the market as some may hope.  Mainly due to the pandemic situation dragging on and the fear of moving in such uncertain times has made many put an indefinite hold on selling their home.  

Yet, as sellers put the brakes on selling their homes, the Boise Metro area is seeing a huge influx of buyers moving to the area looking to escape crowded higher-priced cities for Boise’s more affordable housing and outdoor draw.  So what can we expect as we approach Spring?  Pretty much the same as we’ve been seeing since Winter, low inventory, high demand and rapidly increasing pricing.  

Here’s a snapshot of the Boise Metro Market Trends in January this year compared to one year prior:

Home prices have risen in Ada County by over 20% and in Canyon County by 33% annually.  Here are some other interesting trends we saw in January:

In Ada County of the 355 existing, single-family homes that sold in January 56% of them sold over the asking price, and 24% of those homes sold with cash financing.  In Canyon County of the 185 existing, single-family homes that sold 56% sold over asking price and 23% sold with cash financing.

Boise’s market and trends could be considered good news or bad news depending on your role in this market.  

For sellers, it’s good, if they are ready to sell now while the market sizzles.  We’re seeing more homes for sale include terms in their listing such as “selling as-is”, “seller to make no repairs”, etc.  Many buyers are agreeing to buy the home while removing their inspection contingency and also removing their appraisal contingency to make their offers more appealing.  In the end, it seems price is the ultimate deciding factor.  In homes that are priced under Fair Market Value, we can see up to 25 offers on a home and offers up to 30% over asking price.  This is why it’s imperative that sellers price their home correctly to draw this kind of interest on a home and ultimately get the best offer.  

The above stats can be disheartening for buyers looking to purchase a home in the area, but the reality is that homes are out there, and with a good strategy, the right agent and patience, buyers do eventually get the right home.  My blog article lays out proven tips for buyers looking to buy into this market.  The trends are showing that while inventory remains low home prices will continue to rise making it a good time to invest in a home and start building equity.  Additionally, interest rates remain incredibly low making rising home prices more affordable in the long-term.  Since the majority of homes sold are still be financed via a lender it’s a great time for buyers to see if they qualify for the low-interest rate and start their home search.


Here is the median price breakdown for single-family existing & new homes in the Treasure Valley for January 2021:

Boise: $432,750
Meridian: $433,000
Eagle:  $746,442
Star: $460,000
Kuna: $430,000
Nampa: $343,000
Caldwell: $307,000

For more details on the market and trends in the Boise Metro Area please contact Boise Area Real Estate Expert, Jennifer Louis at (208) 509-9122 or [email protected]

Incorrectly Pricing a Home is Throwing Money Away

Incorrectly Pricing a Home is Throwing Money Away

Overpricing Your Home Is Throwing Your Money Away

Even in Boise and the surrounding Treasure Valley’s hot seller’s market, incorrectly pricing a home can cost a home seller thousands of dollars. You’ve heard about those bidding wars and homes being sold substantially over their asking price? Well, those homes all had one thing in common, they were listed at Fair Market Value or slightly below.

Fair Market Value is a home value range based on what other comparable homes in the area recently sold for. This value range takes into consideration market trends, the home’s features and unique attributes, and the target audience.  If you’re overpricing your home with the thought that you’re building in a negotiating buffer, this is not how you should be viewing your pricing strategy. It is far better to list at fair market value and not negotiate, than list too high and expect to negotiate, and here’s why:

Deters Potential Buyers

The reality is that a high price tag does not mean you’re going to cash in big on the sale. It’s actually more likely to deter buyers and have them looking at other homes in their price range. Buyers know that in this market most sellers are expecting full price or higher offers, so if your pricing a home at the top of their range they most likely won’t bother. 

Here’s an example of a recently overpriced home that lost out on multiple buyers:   A home in a desirable neighborhood in the Boise Bench checked all my buyer’s boxes, but it was overpriced by about $40,000.  It had been on the market for a week (a lifetime in this market) with zero offers.  I tried to convince my client to consider it and perhaps put in a low offer, but she refused in fear of the seller being difficult to work with or wasting a time writing an offer that wouldn’t be considered.  In the end my buyer found the right house and the house in question dropped its price considerably and ended up selling for $60,000 less than the asking price with only one offer after 14 days on the market.  In this example pricing high lost the seller viable offers and potentially a bidding war that may have brought the price higher.  

Incurring Costs

The longer your home remains on the market, the longer you have to continue to make mortgage payments, as well as utilities, taxes and home maintenance costs. Every month it goes unsold, you pour more money into the home that you will not get back. With a high price, there is no negotiating up. If there are no buyers, you are spending money that you would not have had to if the home had been priced appropriately at the beginning. This can force you to have to lower the price and lose the valuable momentum that comes from a home that is brand new on the market.

Low Appraisal

In some cases, an overpriced home may get an offer asking price. It may be that your home is in a desirable neighborhood or that the buyer agrees that your house is something special. However, at a higher price, you may have lost potential cash buyers and then will only be able to consider buyers requiring financing from a lender, and hence an appraisal.

The loan amount the bank will lend the buyer is based on the appraised value of the house rather than the agreed-upon purchase price. The appraiser will use the prices of recently sold nearby comparable homes to help determine the value of your house, in other words, the fair market value. If the agreed-upon price is considerably higher than the fair market value the appraisal in many cases will come in low.  In this case the seller will either need to reduce the price to meet the appraisal value or the buyer will need to come up with additional funds to make up the difference. 

There’s nothing wrong with pricing a home on the high side of fair value. But do not list over that fair market value price range. In Boise’s market, with many buyers, a fair market value-priced home or even a little under could receive multiple offers because people recognize that it is a good deal. It may even spark a bidding war that will then drive the final offer price above your list price to your desired price or more. 

How do I find my home’s fair market value?

With so many online resources at our fingertips pricing a home should be relatively easy, right?  Wrong! Idaho is a non-disclosure state meaning that home sale prices are not published to the public, and are only available to those with access to the Multiple Listing Service. This means that Zillow’s Zestimates are well, just a guess. Zillow, Realtor.com, and other online home search sites have an agreement with Idaho’s MLS to post homes that are for sale, but sold homes are at the discretion of the homeowner or realtor to post onto their site. Without an accurate, up-to-date database of homes that have sold Zillow cannot create enough data to come up with an accurate fair market value.  

Real Estate Agent And Two Home Buyers

There is also a new trend for online real estate companies that will sell homes for a flat fee and include a value range to price the home from an online licensed agent. These online real estate brokerages claim they are full-service and save sellers thousands on real estate fees and commissions, but in reality, their listing agents are virtual and often misprice a home due to a lack of first-hand knowledge of the home’s condition and are in turn costing their clients more than any fees they would have paid with an experienced real estate professional.  

To correctly price a home, it’s essential to know what you are pricing. This means a professional real estate agent needs to come to the home and carefully look at the property and home. Not just any real estate agent, however.  Your real estate agent should know the neighborhood, have a history of selling homes in the area, and have a track record of selling homes for full or over asking price. If you’d like to know your home’s fair market value start by hiring the right real estate agent for your home.