Boise Residential Realtors Release Market Analysis

The Boise Residential Realtors (BRR) analysis of the October market was released this week, summarizing sales prices, days on market, and overall inventory of existing single family homes throughout Ada County.   When comparing data from the same date, year over year, we are able to notice slight shifts in the market, helping our clients feel knowledgeable and informed about the right times to sell and the best offers to present.  Regional statistics show a strong and steady real estate market, making this a balanced and even environment for both buyers and sellers alike.  A slight, yet stable increase in values is welcome news for homeowners and those looking to list their property this year.  And inventory is also a touch higher than last year at this time (up 10% year-over-year), giving buyers more choices and increased opportunity to find their dream home.    Digging into the numbers a bit more, BRR reports that existing single family homes are spending a bit more time on the market this month than last - this is very typical this time of year, as potential buyers get busy with the holidays or lean in to slowing down as the seasons change.   Overall, the statistics reflect a healthy market that remains strong in Quarter 4.  With nice inventory that gives buyers more options, and median home sales prices up 2.1% from last year, whether looking to list a home or purchase one, real estate clients are in a position to feel confident about their move.

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Navigating the Changing Landscape of Real Estate Compensation: What You Need to Know

Photo by by benedek from Getty Images Signature In the ever-evolving world of real estate, effective communication has always been a cornerstone of success. Changes brought from a recent NAR Settlement regarding how real estate compensation is disclosed are set to reshape how agents, buyers, and sellers interact. While these changes may seem daunting at first, they underscore the importance of clear, transparent communication in real estate transactions.   Understanding the Changes The recent legal settlements have introduced new rules that will significantly impact how compensation is disclosed in real estate transactions. While these lawsuits did not directly involve Idaho, where practices were already in alignment with proper disclosure standards, the new regulations will still affect how business is conducted. As of August 7th, the ability to disclose whether a seller is offering compensation to a buyer's agent through the MLS system is not allowed. Previously, buyer's agents could view this information and discuss it with their clients. Moving forward, this transparency will be removed, requiring a proactive discussion between the buyer and their agent about how the agent will be compensated before any home showings occur.   What This Means for Buyers and Agents For buyers, this means that the first conversation with their real estate agent must now include a detailed discussion about compensation. This is a crucial step to ensure that both parties agree on how the agent will be paid—whether the compensation comes from the seller, the listing brokerage, or directly from the buyer. Real estate agents must now prioritize these compensation discussions, ensuring clarity and agreement before proceeding with any property viewings. The law is clear: agents cannot even open the door to a property without first addressing and resolving the compensation matter.   The Path Forward While these changes may introduce some initial confusion, they ultimately highlight the importance of professional communication and negotiation in real estate. The new rules may seem paradoxical—aimed at transparency yet removing a level of transparency that agents and buyers have relied on—but they also emphasize the need for clear, direct communication between all parties involved. Much like choosing the right professional for tax preparation—whether it's doing it yourself, using a service like H&R Block, or hiring a CPA—buyers now have more explicit choices about the level of representation they want and how much they are willing to pay for it. This flexibility ensures that there will always be a need for skilled real estate professionals who can offer expert advice and negotiate effectively on behalf of their clients. The real estate landscape is shifting, but the core principles remain the same: communication, professionalism, and negotiation are key. Those in the industry who can navigate these changes with expertise and clarity will continue to thrive, ensuring that buyers, sellers, and agents alike will be well-served in this new era of real estate transactions.    

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The Top 3 Things to Do After You Purchase a Home

Photo credit to Unsplash. Congratulations! You have just purchased a new home, and the excitement of moving into your new living space is unmatched. As you begin to settle into your home, there are a few crucial tasks to prioritize to make your move seamless. Here are the top three things you should do immediately after you purchase a home. Change the locks Photo credit to Unsplash. The very first thing you should do after getting the keys to your new home is to change the locks. You don’t know who might have a copy of the existing keys— from previous owners and real estate agents to contractors. Changing the locks helps make your home more secure by ensuring you are the only one with access to it. Hiring a professional locksmith can make this process quick and easy.    File a Homeowner's Exemption (if you are occupying the home) If you are occupying your new home as your primary residence, filing for a Homeowner's Exemption can save you a significant amount of money on property taxes. This exemption reduces the taxable value of your home, thereby lowering your annual property tax bill. To file a homeowner’s exemption in Ada County, you can fill out an online application form here, which will ask you to provide proof of residence, such as a utility bill or driver's license with your new address.   Notify the USPS of a change of address Photo credit to Unsplash. To make sure your mail reaches your new home, you must notify the USPS of a change of address as soon as possible. You can do this easily online through the USPS website or by visiting your local post office. In addition to the USPS, make sure to update your address with banks, credit card companies, insurance providers, and any subscriptions or services you use. This small step will help prevent interruptions in your mail delivery and make sure important documents and bills reach you without delay.

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