How Interest Rates Impact Affordability

The Federal Reserve has been on a mission to dampen rising inflation by increasing borrowing interest rates. These increases are impacting borrower's affordability in their mortgage loans. The impact for each buyer will depend on their interest rate, home price, and down payment. However, all buyers in every price point will be under pressure with climbing rates and economic uncertainty. Click here for current mortgage loan rates for a 30-year fixed loan. Higher interest rates equate to two things: 1) higher mortgage payment 2) less buying powerThe image below illustrates how even a minor quarter percentage point can increase the monthly mortgage payment by $70-75 (for a $500,000 30-year fixed loan). The quarter percentage increase may not seem like much incrementally, but you can see the big difference when it's a full percentage point (nearly $300 more per month). Keep in mind the interest rates don't include the taxes and insurance and the actual obligation will be higher.   That $300 a month could be anything to you: the ability to buy a larger or higher priced home in a neighborhood you want, daycare expenses, retirement savings, or rainy day funding. To see the effects even further, let's look back at 2020 when interest rates were at their lowest. The chart below details the impact of rising mortgage rates on 30-yr mortgage payments with both a 10% and 20% down payment (excluding taxes and insurance). graph courtesy of realtor.com   If you've been thinking about waiting to see if the market cools off, the increase in interest rates may very well off-set any savings you would see in purchase price. We recommend reaching out to an experienced and local lender to discuss your best options. Call us at (208) 870-8292 or email at info@lysibishop.com to get connected with a real estate professional to get started.  

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Why Boise is One of the Healthiest Places to Live

The capital of the Gem State is quite the gem itself, boasting a lifestyle that many yearn for and are actively seeking. With unbeatable access to nature, kind people, and an overall higher quality of life, Boise proves to be one of the healthiest places to live. Not to mention, it doesn’t take its nickname The City of Trees lightly. Read on to find out why Boise is one of the healthiest cities to live in.   Access to the Outdoors: Nestled along the base of foothills, Boise is a haven for outdoor recreation. Residents enjoy the Ridge-to-Rivers trail system for daily outdoor activities like hiking and biking located within 10-15 minutes from nearly everywhere within the city. Parks are a big deal in Boise, as the city maintains over 100 of them throughout town. The Boise River is a central vein running through the heart of the city, and along with it, a 25-mile paved Greenbelt where folks can enjoy tranquil river views on a leisurely ride. Water enthusiasts have a bounty of options for kayaking, floating, and even surfing on the river. An angler’s dream setting, the river provides fishing holes where trout and bass are abundant and regularly stocked. Camping, hunting, skiing, and boating are all normal occurrences for the Boise resident, with various campgrounds, lakes, and resorts found within 2 hours or less.    Boise Kind: There’s a saying Boiseans live by, Boise Kind. Initiated in 2018 as a campaign by the City, Boise Kind embodies the generous, caring, and accepting spirit of its residents. It’s true, people will wave hello and smile as you pass them on the streets, neighbors help each other out, and the community rallies together to help those in need. Boise is still small enough to run into a friendly face here and there.    Health Care Systems: Boise has two large healthcare centers and a VA center within city limits, plus an array of pop-in urgent care facilities throughout the valley. St. Luke’s Medical Center is one of Idaho’s largest employers, and has campuses in downtown Boise, Meridian, and Eagle. Boise State University has one of the top nursing programs in the nation and graduates dozens of students who become employed locally.   Gyms a Plenty: Boise has dozens of public and private gyms dotted throughout the city, along with its fair share of yoga studios. Most residents will find a gym facility within a half mile of their home or workplace. Popular gyms include the Y, Axiom Fitness, and Planet Fitness.   Biking and Running Friendly: On two feet or two wheels, Boise offers plenty of avenues for cyclists and runners alike with a paved Greenbelt, foothill trails, and generous bike lanes throughout town. The J.A. Kathryn Albertson Foundation Bike Park in Fort Boise is a terrain park with a series of tracks ranging in skill from beginner to expert for mountain biking.   Overall a Higher Quality of Life:  The above facilities and opportunities combine to afford the Boise resident a full spectrum of accommodations to live a healthy and active lifestyle. The small town feel of Boise is still intact, with families enjoying any of the 108 city-owned parks throughout the city. The adventurous atmosphere and kind nature of Boise lends itself to be a highly desirable area to call home and secure real estate in. For more information on buying a home in Boise, call us at (208) 870-8292.        Sources: Healthiest & Unhealthiest Cities in America: wallethub.com Boise #13 Best Places to Live in 2021: money.com Boise #24 in Top 100 Places to Live in 2021: livability.com Idaho #1 Friendliest State for Small Business: cnnmoney.com Boise is the Healthiest City in Idaho: usatoday.com Boise is One of the Healthiest Cities for Men: menshealth.com

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Lysi Bishop Real Estate #2 in Top Groups Within Keller Williams

Left to Right: Elizabeth Campbell - Realtor/Buyer Specialist, Jody Nelson - CEO, Lysi Bishop - Founder and Realtor/Listing Specialist, Jason Abrams - Head of Industry and Learning at Keller Williams, Scott Bishop - CVO   The leadership team at Lysi Bishop Real Estate attended Keller Williams Family Reunion 2023 event in Anaheim, Califorina this past weekend. This event is one of the industry's largest training, networking, and cultural events. Keller Williams is the #1 brokerage in the world, with 40 years in business operating across the globe. KW leads the industry in number of agents, number of sales units and volume sold. At the event, Lysi Bishop Real Estate at Keller Williams Realty Boise was recognized and awarded for being #2 in Top Groups nationwide in Keller Williams in 2022. This accomplishment is a tremendous team effort from our agents and support staff, who worked diligently to represent 345 families buy or sell a home last year. The market shifted from a prevalent seller's market to a more balanced one in 2022, almost at the turn of the dime. Our team of skilled agents were able to navigate the changing market and assist their clients to successful outcomes.  We are proud of our agents and support staff in their part in making this recognition a reality. Thank you to our loyal clients, community, and colleagues for their continued support and trust in our business for nearly 30 years!

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