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The 3 Values of Your Home - Boise Idaho Real Estate

by Randy Gridley

The 3 Values of Your Home

Have you ever wondered why there are so many different types of home values? You go to sell your house and your agent tells you that your house is worth $100,000.  How can that be, the insurance company has you carry insurance to replace your house for $180,000 and your property taxes are based on a value of $80,000?

True home value is subjective and dependent upon who is determining the value and for what the value is being used.  In other words, the value of your home just depends upon for what you need to know the value.  Below are the definitions of the three primary values of a home and what they mean.  This can help you understand the various home values you may refer to from time to time.

Market Value – Market value is the value that a real estate appraiser or real estate broker determines is the price that a buyer would be willing to pay to own your home.  This means that during a time where the market is down, where people are not buying homes or your neighborhood is not considered desirable, the market value will be low. However, during times where buyers are waiting for homes to go on the market, or in neighborhoods that people are wanting to live, market value will be higher.

Replacement Value – The replacement value of your home is the price that an insurance company places on your home. It is considered the amount that would be required to replace your home in the event of a fire or other disaster. The replacement value is typically higher than the current market value because inflation is assumed when determining the replacement value. In addition, it generally will take more to rebuild something than to originally build it. Therefore, replacement value is typically the highest value placed on your home.

Property Tax Value – The property tax value is one of the most talked about and confusing of the home values. The property tax value can differ from state to state for a similar home due to state regulations, laws, and market. The market has determination of property tax value as of each January first for that whole year in Idaho. If the property tax value exceeds the market value, it is a good idea to ask for a re-evaluation of the property tax value.

Here are a few homes to view that are current in the Boise, ID Market furnished by IDX/IMLS:

 

What Home Buyers Want | Boise Idaho Real Esate

by Randy Gridley

Energy efficient homes on the market in Ada and Canyon Counties furnished by IDX/IMLS.  Click on the home below to view existing listings. Homes are updated daily early each morning.

Homes on the market 3 days or less in Ada and Canyon Counties.

Should I Refinance Now - Boise Idaho Real Estate

by Randy Gridley

Should I Refinance Now?

With the talk of plummeting interest rates saturating the news and internet, it is likely that you continually ask yourself – should I refinance now?

Most consumers are afraid to make the decision to lock in an interest rate for fear that they will miss the next interest rate dive. With 30-year fixed rates below 4%, even those with credit scores in the 700’s are seeing record low interest rate offers. A 15-year fixed rate is around 2.75%, which is down almost one half percentage point from last year at this time.

So, should you refinance? Expert’s state that now is the time. Though there is a possibility that the interest rates will continue to fall, they must eventually bottom out. There is no reason why a consumer cannot refinance a second time.  Therefore, if you do find refinance and then find the interest rates go even lower, many programs will allow you to refinance again to lock in the best rate. Freddie Mac states that a savings of at least one percentage point is savings enough to consider refinancing.

Though low interest rates are typically a sign of a struggling economy, a lackluster real estate market, and high unemployment rates, Freddie Mac predicts that low interest rate trend is one that is helpful to the market overall.  However, the low interest rates are bringing more potential buyers to the closing table making low interest rates the silver lining in an otherwise bleak housing market.

Therefore, as record low interest rates continue, expert’s state that now may be the time to jump on board the refinance wagon and secure a record low interest rate on your home loan.

Welcome to Boise – 3 Must-Sees in Boise, Idaho

If you are looking for houses in Boise, Idaho, it is likely you are planning a move to the area.  Boise is a great place to live and there are many things to see and do in our beautiful city and the surrounding areas.  If you are new to the area, or looking to relocate, you will want to know of some of the must-see attractions to visit once you are here.

#1 – The Boise River

The Boise River is a beautiful site and a great place to spend some time especially now, in the heat of the summer. With inner tubing, rafting, canoeing, and kayaking available, there is no shortage of fun and adventure on the Boise River.  If exciting on-the-river adventure is not for you, there are many riverside places to visit to spend some quiet time with friends and family and see the sites. For information on Floating the Boise River and other activities on the River, visit the City of Boise website.

#2 – The Bruneau Dunes State Park

Another must-see, located just southeast of Boise, Idaho, is the home of the tallest sand dune in North America, Bruneau Dunes State Park.  Highlighting the 470-foot high sand dune towering above the Snake River close to Indian Cove, Idaho, Bruneau Dunes State Park is a wonderful place to spend the day. Whether you enjoy bird watching, hiking or just checking out the observatory, there is something for the whole family at Bruneau Dunes State Park. For directions and activities, visit there website.

#3 – Bronco Stadium

Whether or not you are a football fan, the Boise State University stadium is the home of the Bronco football team and home of the world’s only blue football field.  Located on the Boise River, the campus also sports foothill views and recreation for everyone.  Check out their website here.

Have you Visited the Whittenberger Planetarium?

Boise has many attractions and sites to see.  If you are new to Boise, or even if you are not, the Whittenberger Planetarium is an excellent excursion for the whole family.

Located in Caldwell, Idaho, at the College of Idaho campus, the Whittenberger Planetarium offers programming through the year for every age. Considered a suburb of Boise, Caldwell is located on the Northwest side of Boise in Treasure Valley.  You will find a great learning experiences and beautiful star gazing available just a few minutes outside the city.

Opening to the public in 1969, the Whittenberger Planetarium has been a part of the Boise area attractions public outreach programs for over 40 years. Offering programs, tours, and field trip opportunities, the planetarium also expanding their public outreach in the 1990s by purchasing a portable planetarium available for rent by groups. 

The 24-foot domed theatre seats 50 people and offers a variety of shows including northern and southern constellations, moon views, and sun as well as daily and seasonal changes in the night sky that are visible in the various season. Specialized shows include those focusing on Saturn, Winter and Summer Solstice, Venus Transit, Autumn Equinox, and Constellations. The planetarium typically sponsors an Astronomy Day each year. Show schedules are available on their website.

If you are looking for something fun to do in the Boise area, consider a visit to the Whittenberger Planetarium.  Check out their website at http://www.collegeofidaho.edu/planetarium.

A Newlywed’s Guide to Buying a House

The summer is traditionally a time for weddings. This means that more and more couples of considering home buying. As a newlywed couple, it is important to consider some important factors if you have decided to purchase your first home together.

Prioritize – Together, you and your spouse need to determine what is most important in a new home. You will want to discuss what is important to each of you and then make decisions on what the most important items you will want to look for in a house.

Finances – As you begin your life together as a married couple, it is important to make certain that you have a clear financial picture. This means being honest about your financial situation with your mate. Buying a house together means comingling your finances. Once you have married, your credit status will affect each other so it is important that each of you understands the financial situation of your mate. Discuss finances and begin to prepare for a home purchase by saving for a down payment and getting a clear understand of how much house you want and can afford together. Developing a good budget is an excellent first step.

Negotiate – Once you have found a house you both are interested in, it is important to be ready to negotiate. If you can find needed home repairs or want to move in by a certain time, it is a good idea to negotiate these things with the seller. You may be willing to take care of some of the repairs for an earlier move in date or you may want to take care of some of the closing costs in return for the sellers vacating the premises early.

Communicate – Communicate with each other and with you real estate agent. You want to make sure that you are clear about your priorities and your price range to your real estate agent and be certain that you and your spouse are discussing the pros and cons of each house you view. You want to be happy with your decision. Discuss your long terms plans, will you be living in the house for a while? Are there plans for children right away? Is it a good commuting distance from your workplace? Is the neighborhood in a good school district? These questions should be discussed by you and your spouse before making any sort of final decision on a house.

Buying a house for the first time together can be exciting; however, it can also be taxing if you are not prepared and do not communicate. Make sure you are prepared for house-hunting and are ready to discuss the homes throughout the process. Good preparation and open communication are the key to you finding the home of your dreams.

View a few homes under $200,000 in Boise, Idaho that are current and up to date provided by IDX/IMLS.

 

Record Low Mortgage Rates Continue - Boise Idaho Real Estate

by Randy Gridley

Record Low Mortgage Rates Continue

According to Freddie Mac, the record low mortgage rates are hanging on just a little longer. Last week, the 30-year fixed rate mortgage averaged 3.66 percent, down almost an entire percentage point from last year at this time. The 15-year fixed rate mortgage dropped to a record low 2.94 percent, down from last year’s 3.69 percent.

Freddie Mac estimates that these record low rates will eventually begin to climb; however, for the time, they are staying low affording more homeowners and homebuyers to lock-in these all-time low rates. Though this week’s record low rates are virtually unchanged from last week, they did continue to a downward trend.

The continued low-rates have been vital to the rebuilding of the real estate market nationwide. The interest rate trend continues to make home ownership and refinancing more accessible to current and potential homeowners.

How long will these low rates last? Experts continue to predict low rates, though how low and for how long is the question. These rates continue to support the increasing economy and make home ownership affordable again after almost a decade of a volatile housing market.

If you are contemplating the purchase of a home, there is no better time to lock in low interest rates and secure a mortgage. With a large supply of homes available and many potential buyers entering the buying scene, the real estate market is steadily recovering from its stagnant status over the past several years.

Record low mortgage rates continue for now. Since no one can guess how long the Federal Reserve will continue to support these low rates, it is best to consider locking in these record-low rates in order to secure a fixed rate mortgage if you are in the market to purchase a home this summer.

Freddie Mac is one of the largest providers of housing financing and continues to help potential homeowners acquire financing to make home buying a possibility. Freddie Mac continues to report record jumps in new home buying as well as existing home buying continuing to rebound for the first time in over two years.

Source: Freddie Mac

View some foreclosure homes in Boise, Idaho furnished by IDX/IMLS that are active and current since each morning Monday - Friday listings are updated.  Click on the listings below to view more information.

Displaying blog entries 1-7 of 7

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Randy & Doyelene Gridley
Silvercreek Realty Group
1099 S Wells St. Suite 200
Meridian ID 83642
Randy's Direct Office: 208-859-7060
Fax: 208-323-8081

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