Real Estate in Boise, Meridian, Nampa
& All of the Treasure Valley

Jennifer Louis
Residential Real Estate Expert
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The Cost of Living in Boise, Idaho

The Cost of Living in Boise, Idaho

by | Jan 10, 2024 | Discover Boise

Boise, a top relocation destination, attracting people with its outdoor living, relaxed lifestyle, and affordable cost of living compared to nearby states, Boise is a prime choice for relocating families and professionals. If you’re moving to Boise, understanding the city’s living expenses is essential. Here’s a breakdown of the main cost of living in Boise:

Housing in Boise

When considering relocation to Boise, housing is a top priority. The Boise real estate market offers diverse options, from downtown charm to suburban spaciousness. In Ada County, Ada County’s median home prices as of December were $518,000. In Canyon County, encompassing Nampa and Caldwell, prices were $394,000. Ada County homes range from $350,000 to over $2 million. The Boise housing market trends show days on the market for Ada County 40 days and Nampa 56. Boise’s growth makes homeownership a smart choice for those moving to Idaho, especially in areas like West Boise, Southeast Boise, and West Meridian where there is a lot of growth.  Connect with top real estate pro, Jennifer Louis for the precise cost of living expenses, and housing costs by neighborhood or specific areas.  Click here to look at active homes on the market in these areas. 

Renting in Boise

Historically Boise and the surrounding area have a limited supply of rental housing due to high demand, particularly due to the influx of new residents relocating to the area.  There’s an increase in new residential developments, including apartment complexes, aiming to meet the rising demand for multifamily units, however rental rates will likely continue to increase due to supply and demand over the next several years.  As of January 2024, the average rent in Boise was $1,977/month, but here is a breakdown of other resources and rental costs for the Boise area.  Zillow reports a median rent of $1,750 for houses. Apartment List shows Boise’s median rent at $1,229, while Redfin lists the average rent at $1,582.

Utilities in Boise

Boise’s utility and grocery costs align with national averages, balancing the higher housing expenses. Recent averages (as of January 2024):

  • Electricity: 11.36 cents per kWh, average monthly bill $108.73.
  • Natural Gas: The average monthly bill is $53.
  • Water: The average monthly bill is $49. Veolia North America operates Boise’s water services. Southern Idaho’s irrigation districts provide water savings for landscape irrigation in certain neighborhoods.
  • Internet: The average monthly bill is $53 (8 Mbps). Providers include Century Link, Sparklight, Anthem Broadband, CTC Telecom, AT&T Wireless, and Ting, among others. T
  • Total average monthly utility costs are approximately $297, including electricity, gas, cable, internet, and water. In areas like Middleton, Caldwell, Star, private/community wells, septic systems, and irrigation canals are more common.

Depending on which area you make home in the Boise area you could expect the total Average Monthly Utility Costs to be about $297/month, including electricity, gas, cable & internet, and water.  The costs of living in Boise when it comes to utilities are on average lower than neighboring states.

Child Care in Boise

For those relocating to Boise with children, child care is a significant expense. Child care and private schooling costs in Boise vary by care type, child’s age, and institution. Average costs are:

  • Daycare: Approximately $6,905/year in centers, $6,284/year in family/in-home settings.
  • Pre-school: Around $6,429/year in centers, $5,834/year in family/in-home settings.
  • Private Schools: The average cost for high schools in Idaho is about $8,272. Specific fees for Boise schools may vary.

Boise Fuel Costs

For new Boise residents, understanding local fuel costs is vital. As of the beginning of 2024, Boise experienced a notable decrease in gas prices, with an average drop of about 7 cents per gallon. The cheapest gas in Boise was reported to be priced at $2.99 per gallon, while the most expensive was around $3.39 per gallon. This decline in prices represents a positive trend for residents, especially considering the escalating fuel costs over the past year

Lifestyle and Leisure in Boise

Boise’s lifestyle is a draw for those considering relocation to Idaho. Boise is a haven for outdoor enthusiasts and culture lovers alike. From the stunning Boise River Greenbelt to the vibrant arts scene, there’s always something to do – without breaking the bank. Many activities, like hiking and visiting local parks, are free or low-cost, making it easy to enjoy the area.

Compared with other neighboring states a move to Boise may make more sense when it comes to cost of living. Home prices and utilities compared to Washington, California, Oregon, and Colorado are typically significantly less. Not to mention the amount of time and energy saved due to the shorter commute times and less congestion in traffic.

 

Boise Real Estate ProfessionalFor expert guidance on moving to Boise, 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].

Boise Real Estate Market Facts and Trends – December 2023

Boise Real Estate Market Facts and Trends – December 2023

by | Dec 19, 2023 | Market Trends

The median price for Ada County in November 2023 was $530,000, an increase from last year at this time.  In Canyon County the median price was just shy of $399,000 an almost 4% increase from 2022.  We can attribute these increases to the decrease in inventory and as always when supply is lower than demand prices tend to go up. But just how long will this trend continue?  Here are the Boise area real estate market facts and trends for December 2023.

Take a Look at the Boise Area Real Estate Market Facts and Trends for December 2023

 

Ada County Market Stats
Canyon County Market STats

Ada & Canyon Counties Home Prices Trend Upwards

Within Ada County, encompassing cities like Boise, Meridian, Eagle, Star, and Kuna, the real estate landscape has witnessed an unexpected resurgence. Home prices have rebounded, even increasing from a year ago.  This is mostly seen in existing home sales, new construction has still struggled since the market shifted in early 2022. As in the past few weeks, we’ve seen glimmers of interest rates dropping and with the knowledge that they will continue to drop more sellers are entering the market, despite the season.  Buyers are back out shopping including those that have been waiting on the sidelines for the past several months until rates dropped.

Shifting Inventory Dynamics

The interest rates are playing a role in the inventory we are seeing entering the market and will have an effect on overall home prices, but there have been so many buyers on the sidelines in anticipation of lower rates and are now starting to emerge back into the market.  Other states that typically provide buyers to the Treasure Valley market are starting to soften and once these buyers can sell their homes in their current place of residence we can expect the buyer pool to surge again in the Boise area.  More buyers on the market, even with an uptick of homes coming for sale will most likely tiip the market back into a seller’s market as demand surpasses supply.  We can expect it will be less dramatic than in the pre-COVID and COVID years, but buyers should prepare to start seeing homes go pending much sooner and multiple offers may become the norm again.

Here  are two interesting market stat sheets created by the Boise Regional Realtors for November 2023.

A Few Key Facts

The 2023 seasonal slow-down that typically starts in early Fall was less noticeable than in 2022 when market movement slowed.  The Boise Regional Realtors report that as of November 2023, there were 11 fewer sales than the previous month, but if you compare this to the same time in 2022 there were 45 fewer closings.

We’ve also seen days on the market decrease for homes priced beneath the median price of $530K in Ada County.  Canyon County also saw a dramatic decline when it came to days on the market in November.  The average days on the market was 42, down 29% from 2022.

2024 Market Projections

2024 is gearing up to be another year of a shifting market.  With so many sellers and buyers on standby in 2023 it is safe to assume as they enter the market and interest rates go down, brining in more buyers we can expect home prices to go up in both Ada and Canyon County.  The fact is, Idaho still remains a very desirable place to live for many relocating from other states.

It’s imperative to talk to a real estate professional who understands the market you are buying and selling in to truly understand the best timing to sell and buy.  There are a lot of opinions out there on the Internet, or even trusted friends, colleagues, and family, but unless it’s coming from someone with the pulse on the market you are dealing in, you might be getting the wrong data and that could potentially cost you thousands.  Set an appointment today to understand the market trends in Boise and the surrounding Treasure Valley.

Buyer Opportunities

That said, opportunities do still exist for buyers. Homes that have lingered on the market for over 21 days and remain vacant may be more inclined to negotiate on price. Having a seasoned agent like Jennifer Louis, a real estate and relocation expert specializing in Boise and the Treasure Valley, is invaluable for understanding when and how to negotiate effectively in the current market.

With rent prices going up local buyers should seriously consider buying a home versus renting.  There are places in the US where it makes more sense to rent than to buy, but the Treasure Valley, unfortunately, has limited housing and has forced rent prices up.  For first-time home buyers Idaho has some great options to assist with down payment and closing costs don’t forget, even though the market is picking up, you can still negotiate with the seller to have them help with closing costs or even buying down the interest rate to get you a lower monthly payment. Also, it was just recently announced that those who qualify for FHA loans can save thousands over the course of their loan.  I’ve just helped several first-time home buyers get fantastic deals on their homes in the Valley and are paying close to if not less than what they were renting for.

Talk to an Expert

Whether you are buying or selling consult first with a professional that understands Boise real estate market trends and the best way to succeed.  Schedule a 30-minute no-obligation consultation with Jennifer Louis, Boise Metro Area Real Estate Expert at (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].

Boise real estate market trends – October 2023

Boise real estate market trends – October 2023

by | Oct 16, 2023 | Market Trends

The year 2023 has unfolded as an unusual chapter in the real estate world, catching many off guard. Nevertheless, the market has demonstrated remarkable resilience, outperforming expectations despite the slowdown experienced in 2022.  Here are the Boise real estate market trends for October 2023.

The Facts Year-to-Date

 

Boise market trends
Nampa Market Trends

Ada County’s Surprising Turnaround

Within Ada County, encompassing cities like Boise, Meridian, Eagle, Star, and Kuna, the real estate landscape has witnessed an unexpected resurgence. Home prices have rebounded, now hovering at levels nearly identical to those of a year ago. This unforeseen stability in home values has left numerous individuals, including both buyers and sellers, as well as some real estate experts, pondering the direction of the market.

Shifting Inventory Dynamics

As of September 2023, the inventory of existing homes available for purchase stands at approximately 1,560, a significant decline from nearly 2,400 homes during the same period in the previous year. This sharp reduction in inventory is a key factor in maintaining home prices. The median price for single-family homes in Ada County currently sits at $535,000, marking a .9% decrease from 2022. In Canyon County, the median price is $416,000 down 2.6% from 2022.  However, it’s important to note that the year is not yet over, and market conditions could continue to evolve.

Here  are two interesting market stat sheets created by the Boise Regional Realtors for September 2023.

Here is a chart for Ada County and Canyon County’s market statistics compared to the same time last year:

Market-Report-September-2023-Ada-County

Market-Report-September-2023-Canyon-County

An Active Fall Season

This fall season has witnessed a surge in real estate activity, with an influx of out-of-state individuals considering relocation to Boise before the arrival of the holiday season and winter weather. Notably, despite mortgage rates hovering around 8%, the demand for homes has remained surprisingly robust. This could be attributed to homeowners across the nation having accumulated more equity in their homes than in the past, prompting them to cash out and make the move.

Clearing Up Misconceptions

Contrary to some misconceptions, homes priced correctly—within the value range of recently sold, comparable homes in their respective areas—are selling swiftly. In September in Ada Co., the average days on the market dwindled to 30, a notable reduction of about 13% from over 30 days in the previous year. In certain instances, bidding wars have erupted, resulting in homes selling above their asking prices. This may perplex new buyers who assume that offering below the asking price is the new norm.

Year-End Projections

As we approach the year’s end, the market is anticipated to remain relatively stable, with home prices holding firm. The recent uptick in mortgage interest rates may lead to a decrease in the number of homebuyers. Moreover, as the holiday season approaches, fewer homes are expected to be available on the market, which should help maintain a balanced supply and demand scenario. If more homes do surface for sale, this could present a favorable window of opportunity for buyers, with less competition in the market.

It’s imperative to talk to a real estate professional who understands the market you are buying and selling in to truly understand the best timing to sell and buy.  There are a lot of opinions out there on the Internet, or even trusted friends, colleagues, and family, but unless it’s coming from someone with the pulse on the market you are dealing in, you might be getting the wrong data and that could potentially cost you thousands.  Set an appointment today to understand the market trends in Boise and the surrounding Treasure Valley.

Buyer Opportunities

That said, opportunities do still exist for buyers. Homes that have lingered on the market for over 21 days and remain vacant may be more inclined to negotiate on price. Having a seasoned agent like Jennifer Louis, a real estate and relocation expert specializing in Boise and the Treasure Valley, is invaluable for understanding when and how to negotiate effectively in the current market.

With rent prices going up local buyers should seriously consider buying a home versus renting.  There are places in the US where it makes more sense to rent than to buy, but the Treasure Valley, unfortunately, has limited housing and has forced rent prices up.  For first-time home buyers Idaho has some great options to assist with down payment and closing costs don’t forget, even though the market is picking up, you can still negotiate with the seller to have them help with closing costs or even buying down the interest rate to get you a lower monthly payment. Also, it was just recently announced that those who qualify for FHA loans can save thousands over the course of their loan.  I’ve just helped several first-time home buyers get fantastic deals on their homes in the Valley and are paying close to if not less than what they were renting for.

Talk to an Expert

Whether you are buying or selling consult first with a professional that understands Boise real estate market trends and the best way to succeed.  Schedule a 30-minute no-obligation consultation with Jennifer Louis, Boise Metro Area Real Estate Expert at (208) 509-9122 or [email protected].

Boise Home Builders and Your Construction Options

Boise Home Builders and Your Construction Options

by | Oct 11, 2023 | Idaho Real Estate

Choosing the Right Builder and Community

Finding the perfect builder and community is your first crucial step in the exciting journey of constructing your dream home in the Treasure Valley. With over 100 active builders to choose from, this can seem like a daunting task, but it doesn’t have to be. Jennifer Louis, a highly recommended realtor with expertise in relocation, is here to help.  Here is your guide of Boise Home Builders and your construction options to get started.

Exploring Home Builder Types

When embarking on the journey of building a new home, one of the fundamental decisions you’ll need to make is selecting the right type of home builder to suit your preferences and needs. Here, we delve into the three primary categories of home builders, each offering a distinct approach to the art of home construction:

1. Production Builders

Production builders are renowned for their efficiency and streamlined processes. These companies specialize in constructing a range of homes based on the same set of floorplans. This repetition allows them to create consistent, high-quality homes. However, there’s a trade-off. While production builders often provide a multitude of options and upgrades, these typically come at a premium. In the pursuit of efficiency, the client experience may sometimes be less personalized compared to other builder types.  There are various price ranges and community types with production builders in Boise and the surrounding Treasure Valley.  Depending on the production builder you choose you may have less participation in customizing the home.  CBH Homes is one of the largest production builders in the Valley and they offer minimal options to customize.  They became a spec home builder several years ago during the Boise Boom and removed most options that a homeowner can choose in new construction.  They still offer options for landscape and fencing in some of their communities and you can often upgrade to include their window coverings and appliances or negotiate to have these included in the contract price.

2. Semi-Custom Builders

Semi-custom builders strike a balance between the convenience of pre-designed floorplans and the flexibility to make modifications. Clients can choose from a selection of floorplans but also have the opportunity to personalize finishes and amenities to better suit their tastes and requirements. What sets semi-custom builders apart is their increased level of client interaction. They tend to be more hands-on throughout the construction process, often having superintendents on-site to oversee the project, ensuring that your vision is brought to life.  Brighton Homes is a good example of a semi-custom home that is popular with homeowners in the Treasure Valley.  They have been around for nearly 30 years and have built-in many popular subdivisions and parts of the Treasure Valley.

3. Custom Home Builders

For those seeking a truly unique and personalized home, custom home builders are the answer. They are dedicated to crafting one-of-a-kind homes tailored to the individual preferences and requirements of each client. Unlike other builder types, the price and size of the home do not determine whether a builder is considered custom. Many builders claim to offer custom services, but only a select few can genuinely be classified as custom home builders. In this category, clients typically purchase a lot, collaborate closely in designing their dream home, and then engage a builder to bring their vision to life. While custom home construction offers the highest level of personalization, it’s important to note that it’s often the most expensive route to homeownership.  There are many custom builders to choose from, for example, Shadow Mountain Homes which has been building luxury homes in the Boise, Idaho area for nearly 30 years.

In summary, choosing the right type of home builder is a pivotal decision in your home-building journey. Your selection will significantly influence the design, cost, and personalization of your dream home, so consider your priorities and budget carefully before making a choice.

Why Jennifer Louis is Your Key to Success

Jennifer has an extensive track record of working with numerous builders in the area. Her firsthand experiences and client feedback from those who’ve had homes built or purchased under construction are invaluable. She’ll expertly match you with the right builder and community, ensuring you start on the right path.

If you are coming from out of state you will start with in-depth video consultations to get a feel for the area and where you may want to begin.  Based on your criteria and the initial consultation you will be sent a list of builders and homes under construction to start viewing floorplans and communities online.  She will then start registering you as her client with the builders and getting the communication started for your first tour through the community and homes.  If visiting in person is not an option Jennifer will work on your behalf providing you with detailed information to make the right home selection from afar.  This support covers everything from touring homes that align with your preferred floorplans and model homes to reviewing all contracts and composing addendums. She’s skilled at negotiating terms, attending design appointments, and overseeing inspections, ensuring the builder delivers as per the contract.

Jennifer Louis is your trusted partner in making your dream home in the Treasure Valley a reality.  Contact her today to set up a free consultation to get you matched up with the right builder in the right community or area in the Boise area.

Boise Real Estate ProfessionalIf you are considering relocating to Boise and the surrounding area and buying a home  I offer a free, no-obligation consultation and will help you start the home-buying process in Boise.  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].