Spring 2023 Market Update

We felt the tides turn in April, with strong buying activity and the return of multiple offers.  May has continued the same trajectory. We are feeling a zealous Spring Market, which has brought an increase in the median sales price. A seasonal increase in the Spring Market values is expected and commonly experienced, year-over-year. This year, however, has been exceptional. Our Spring increase in the values of existing homes during the month of April was even stronger than a typical Spring, perhaps due to the market balancing out an “over correction” of the Treasure Valley’s values, which had dropped significantly over the past year.  How did our market get here? Our local market was hit harder than many others in the US, when the Federal Reserve dramatically increased its benchmark borrowing rates and the market-correction occurred last year. In Spring 2022, we saw area inventory swell, buyer activity decrease, and prices fall. By the beginning of 2023, inventory (available homes to buy) had decreased and balanced, and mortgage interest rates eventually stabilized and ceased the trajectory of skyrocketing up. Currently, favorable market conditions of this Spring 2023 are clearly indicating renewed buyer confidence in our market, fueled by low supply and a strong demand. The monthly trend of declining values, which started in Spring 2022, changed in February this year when we saw stabilization of pricing and a slight increase in the median sales price. The same occurred in March this year. Then, this April was significant. April provided a substantial gain in values illustrated by an increase in the median sales price: The median sales price of existing homes increased from $475,000 in March 2023, to $515,000 in April 2023, (this is a one-month comparison)! While it remains true that values, overall, and the median sales price for existing homes in our valley, have decreased 9.6% over the past 12 months (from end of April 2022 – end of April 2023), the data shows a strong market in our valley, and one that is finding its place and balance after a period of market correction. Pricing homes competitively in the current market remains important. While many homes are experiencing multiple offers and price escalation, certain segments of the market are still feeling a normal or slower market. These include homes priced over the competitive range of the market, small pockets of the market where the inventory of similar homes are high, or where buyer demand is specialized. As the Spring conditions continue to spread, each segment of the market has seen a pick-up in activity, one after the next. Thank you to our clients for their continued business and trust for three decades! Being in touch with a knowledgeable and experienced real estate advisor is crucial to successfully buying or selling a property during an ever-changing market.  Contact us to learn how our signature client concierge service can benefit you in the sale or purchase of a home by phone: (208) 472–5337 or email: info@lysibishop.com. We have a full-service team of experts, who will help you through each step of the important journey of buying or selling a home. Stay up-to-date on your home’s changing value here. 

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Spruce Up Your Home’s Curb Appeal

  Credit: Doug Peterson Photography When it comes to selling your home, first impressions matter… and we could argue that they matter a whole lot more than you realize. Why is curb appeal so important? Your home’s exterior and grounds set the tone for potential buyers. The more charming, well maintained, and inviting it is, the more likely a buyer will be drawn to it. By enhancing your home's curb appeal, you not only make it more attractive but also increase its market value. We share with you our expert tips on sprucing up your home’s curb appeal. #1 Landscaping: Think of your curb appeal as a painting: your home is the artwork and the landscaping is the frame. Well- trimmed landscape, vibrant flowers, and lush green grass create a beautiful and neat frame around the house.  Our top recommendations: Plant colorful foliage in garden beds, or place potted plants around the front entry. Pro-tip: select plants that are seasonally and geographically appropriate for your area. In Idaho, drought-tolerant plants are a bonus (and must) in our warm and dry climate. Top garden beds with fresh mulch Remove weeds and other debris from garden beds Trim trees around the home so they are not touching the exterior or roof Ensure sprinkler systems are in working order Credit: Doug Peterson Photography                                             #2 Freshen Up Exterior Finishes: Now that you’ve created the perfect frame, focus on the painting itself. Your home’s exterior is important to the overall appeal. A maintained exterior shows the home’s condition at a glance. When a home’s exterior is kept up, buyers will translate the whole property as well cared for. Our top recommendations: Address siding issues. Replace damaged siding, scrape peeling paint, powerwash dirt and grime, and/or repaint the exterior. Wash windows Check for broken/leaking gutters and replace as needed Replace outdated fixtures and hardware. Updating exterior light fixtures and address numbers are a lower-cost upgrade that has a big impact. Credit: Doug Peterson Photography   #3 A Grand Entrance: The entryway is the focal point of your home’s curb appeal. This area needs special attention as this will be where buyers cross over the threshold into their potential ‘dream home.’  Our top recommendations: Repaint the front door. A fun (and complimentary) color draws the eye to the home’s entry. If painting the door is not possible, consider adding color through potted plants. Place potted plants or hanging baskets on either side of the entrance Add a clean doormat that complements the home’s style If you have a porch, place a cafe table, chairs, and fluff with outdoor pillows and a refreshment setting on the table to craft a relaxed atmosphere that buyers can see themselves enjoying. Credit: Doug Peterson Photography   #4 Create Outdoor Living Spaces: Highlighting outdoor living spaces is an excellent way to increase your home's appeal. In the post-pandemic market, buyers are actively looking for enhanced outdoor spaces to enjoy fresh air. Our top recommendations: Stage your patio/deck spaces with comfortable furniture and accessories Fire tables and firepits elevate patio spaces and create a cozy environment Add cafe lighting above patio/deck spaces for ambiance Remove covers from grills/outdoor furniture and open up patio umbrellas If you have a pool/spa, open the pool and ensure it is cleaned out and serviced  Credit: Doug Peterson Photography   #5 It’s All in the Details: Little details may not make or break a sale, but they can certainly add up. Take care to address these small (and easily overlooked) areas: Remove cobwebs (especially entryways) Hide trash bins/cans Pressure wash sidewalks and patios Park vehicles away from the home or in the garage Keep the garage tidy Blow leaves and other debris from collecting in corners Remove yards signs (i.e. political endorsements) Credit: Doug Petersen Photography By implementing our expert tips to spruce your home's curb appeal, you're not only making a positive first impression but also increasing the home’s value. Well-maintained landscape, fresh exterior finishes, an inviting entryway, relaxing outdoor spaces, and attention to detail can make all the difference when it comes to attracting potential buyers and securing a top dollar return on your investment. Remember, a little effort and creativity can go a long way in transforming your home's exterior into an irresistible selling feature! If you’ve been thinking about selling your home, learn more about our full-service client concierge program. Our team of dedicated professionals is here to help you with these recommendations and will coordinate the heavy lifting for you. Let us take care of the details, so you can focus on what matters most to you. Call us at (208) 870-8292 to schedule a preliminary consultation.    

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Common Real Estate Terms Explained

Credit: Unsplash/Getty Images   Whether you are buying or selling a property, it is essential to have a basic understanding of the common terms and abbreviations you often hear in real estate. At Lysi Bishop Real Estate, we strive to ensure buyers and sellers are educated and prepared so they can navigate the process with confidence. Here’s a list of some of the most commonly used terms we see in the industry:   Intermountain Multiple Listing Service (IMLS) The Intermountain Multiple Listing Service (IMLS) (also often referred to as “MLS”) is a secure database of properties for sale that is used by real estate agents in the Intermountain West region of the United States. You can use the public-facing search portion of their website to find homes for sale, and members (agents) can use the full IMLS access to conduct detailed property searches for their clients and to list properties for sale.   Listing A listing is simply a property that is for sale and is often represented by a “listing agent” or “seller’s agent.” When browsing real estate websites such as IMLS, or a real estate team, you are looking at listings of properties for sale. View Listings on the Lysi Bishop Real Estate search page here   Live VS On Market VS Active “Live”, “On Market”, and “ Active” are all terms used when a property is for sale on the market.   CMA  A Comparative Market Analysis (CMA) is a detailed report that is prepared by a real estate agent or team that provides an estimate of a property's value based on recent sales of comparable properties in the area. This is NOT the same as an appraisal or an instant “home estimate” that many websites provide using an algorithm. Request a Complimentary CMA on your property here   Pending or Sale Pending When a property is listed as pending, it means that the seller has accepted an offer from a buyer. This does not mean the property has been sold. During this period, the buyer is finalizing inspections and financing. Depending on the contractual agreement between the buyer and seller, the buyer can terminate the sale during the pending process and the seller can put the house back on the market as an active listing. The property may continue to be marketed during this time. Other interchangeable terms are “Under Contract” or “Offer Accepted.”   Contingency A contingency often refers to a clause in the purchase and sale agreement (PSA) that specifies terms that must be met before the sale can be completed. They protect the buyer and seller by giving them the right to terminate the contract if the terms are not met without penalty.  We advise all of our clients to discuss with their agent what contingencies are available to them before signing a contract.   Appraisal VS Inspection Appraisals and inspections are commonly mistaken for each other when actually they are both very different: Appraisal: A process by which a certified appraiser determines the value of a property based on location, condition, size, recent upgrades, and recent sales of comparable properties in the area also known as ‘comps’. Inspection : An examination of a property's physical condition by a licensed inspector. This inspector will evaluate the condition of the property's working systems and structure. A quality inspector will provide a detailed report and feedback on every area of the property (including electrical, plumbing, and foundation). Some agents have a list of inspectors in their contacts, but it’s always good to conduct your own research to select a qualified inspector when selling or buying a home.   Lien According to Idaho law, a lien is a legal claim or right or charge against a property that is used as security (collateral) for a creditor or lender who expects payment from the seller. For example, if a homeowner has not paid their property taxes, a lien may be placed on the property to secure payment.  There are many different kinds of liens, but be aware that most mortgage lenders will not approve a mortgage if a property has any outstanding liens. Most often, properties cannot be sold until the lien(s) have been paid.  In the State of Idaho, liens are public information, if you aren’t sure if your property has a lien on it, you can search on the Secretary of State Office website.   Earnest Money Also called a “good faith deposit,” earnest money is a deposit of money from the buyer made in earnest to demonstrate their commitment to purchasing a property. It is often due within days of an accepted offer. It is typically held in escrow and will often be applied to the purchase price at closing. Who Keeps the Earnest Money? : If the buyer backs out of a signed and accepted offer, the seller keeps the earnest money. However, if the seller backs out of the offer, the money returns to the buyer. Having clear contingencies in place will help protect the seller and buyer in these situations.   Escrow Escrow is where a neutral third party holds funds and documents related to a real estate transaction. This often includes the buyer's earnest money deposit, purchase and sale agreement, and title documents. These funds and documents are held in escrow (typically set up by a lender) until the sale is completed.   Title Insurance Title insurance is a policy that protects the buyer and lender against issues that might come up with the property's title. The State of Idaho does not require title insurance, but your lender may require you to purchase title insurance to protect the buyer and the lender’s own interests from liens or disputes over ownership. For example, if there is a claim against the property the title insurance will often defend the buyer and pay for covered losses. If you have any additional questions or unique concerns not found here, please contact your real estate agent today. Find Me a Real Estate Agent  

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