New Year, New Home: Resolutions for Homebuyers and Sellers

Photo Credit: Unsplash As many of us are reflecting on the previous year and looking forward to the next with our goals and ambitions in full focus, the new year seems like the perfect time to turn a new leaf. Life brings about change in many ways and a new calendar year marks the beginning of what could be. Whether you’re a first-time homebuyer, looking to combine households, and everything in between, join us as we delve into the resolutions that will pave the way for a successful and fulfilling real estate journey in the coming year.   Homebuyer’s Resolutions: Create your budget. Begin your homebuying journey by taking a close look at your financial situation. Evaluate your monthly income and expenses, and give yourself a general budget for your future home. Begin saving for a down payment. Establish a clear savings goal for your future down payment. Try making a dedicated savings account and calculating what amount works for you to put aside each month. Look for opportunities to increase your savings through additional income or strategic budgeting. Get pre-approved for a mortgage. Navigate the mortgage process with confidence by researching different lenders and gathering necessary financial documents. Then, go to your chosen lender and obtain a pre-approval, giving you a clearer picture of your budget. Create a must-haves and a nice-to-have list. Imagine your dream home and write down what features are must-haves, and which would be nice to have as added amenities. Make sure to take into account your future needs, whether it’s more space for new additions to the family or a neighborhood with a good school district.  Hire a real estate agent. Research and interview potential agents, and make sure they understand your budget, preferences, and timeline for a seamless homebuying experience. When choosing a real estate agent, it is helpful to look at previous client's testimonials to ensure you will have a positive experience.    Sellers Resolutions: Begin preparing your home for sale. Set aside time in the new year to begin enhancing your home's curb appeal and overall presentation. Consider taking on repairing minor issues, repainting, and decluttering to make your property more attractive to potential buyers. Set realistic goals and timelines. Define clear and achievable goals for selling your home, and write down action items you can do to ensure that you reach these goals. Set a general timeline for selling your home, and make sure to leave a little room for unexpected challenges.  Choose your real estate agent. When choosing your agent, start by asking friends, family, and colleagues for recommendations. Personal experiences can provide valuable insights. Use online platforms and reviews to research agents in your desired area. Make sure the agent you choose has extensive local market knowledge and experience.  Declutter and stage your home. With the previous steps completed, you can get your home ready for photos and open houses by beginning to declutter, remove personal touches, and stage the home if needed. 

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The Future of Real Estate: Emerging Trends to Watch

Photo Credit: Doug Petersen As the new year begins, real estate continues to change and evolve to fit with technological advancements and shifting societal norms. From sustainable living to virtual tours, several trends are shaping the future of housing. Let's explore these emerging trends that are expected to leave a lasting impact on how we buy, sell, and live in our homes.   Home Efficiency: Photo Credit: David FishEnvironmentally friendly living is taking center stage in the real estate landscape. As sustainability becomes sought after by buyers, “green homes” are gaining popularity. These houses incorporate eco-friendly practices, such as energy-efficient appliances, solar panels, and energy-efficient windows. These homes not only positively impact the environment, but also can lead to lower energy bills for the homeowners.    Smart Features: Photo Credit: David Fish The integration of smart technologies is revolutionizing the way we interact with our living spaces. Smart homes with connected devices and automation systems offer enhanced security, energy efficiency, and convenience. These high-tech devices include thermostats that can be set on your phone, security systems that can be controlled remotely, and smart lighting throughout the house. These devices add convenience to our homes and buyers are prioritizing homes with tech built in. The future holds the promise of even more sophisticated and interconnected smart home solutions, making our living spaces comfortable and intelligent.   Home Office Space: Photo Credit: Doug Petersen The rise of remote work has changed what homebuyers are looking for in their ideal homes. With an increasing number of people working from home, homebuyers now prioritize dedicated office space. The real estate industry is adapting to this shift, with builders and developers incorporating flexible and multifunctional spaces to accommodate these needs. The home is transforming from a living space to a versatile place that supports both life and work, a lingering change from the pandemic.   Smaller Single Family Homes, More Townhomes, Larger Condos: Photo Credit: Tony Moody Higher mortgage interest rates and a shift in lifestyle have placed emphasis on smaller single family homes with less bedrooms. The National Association of Home builders says that the median square footage of new single family homes is 2,261, a little more than 200sf smaller than in 2015.. At the same time, renters are seeking more space to accommodate changes in remote work and more luxury amenities. Demand for luxury apartments remains intact heading into 2024, especially in retirement areas like Florida and Arizona.    Natural and Native Landscaping: Photo Credit: Doug Petersen Concerns over climate change and resource availability is forcing homeowners to reconsider whether the grass is greener on the other side. Yards consisting of native/drought-tolerant plants, rock, and other hardscape are being prioritized over lush, water hungry lawns. In desert climates like Idaho, Arizona, and California, xeriscaping has been popularized and is becoming more accepted by HOAs. Rising Home Prices and Less Inventory: As demand for housing continues to surge, the real estate market is grappling with rising home prices and dwindling inventory. The National Association of Real Estate predicts home prices to rise by 2.6% in 2024. The competitive market will force buyers to act swiftly, while sellers enjoy the benefits of increased property values.

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Changes on the Horizon

Boise's iconic mountainous skyline is undergoing a remarkable transformation, with dynamic developments reshaping the city's silhouette. It is hard to get through downtown Boise now without going through some sort of construction zone or under towering cranes. An influx of new residents seeking better quality of life, lower cost of living, and access to the outdoors during the COVID-19 pandemic placed Boise at the top of many ‘Best Places to Live’ lists. This increase in demand has led to dozens of high-profile (literally) projects to break ground and go up, up, up in the City of Trees. It all began in 2012 with the infamous ‘8th St Hole’ being filled with a 327’ tall, 17-story skyscraper, the Zions Bank Building. With its protruding spire, it stands as the tallest building in Idaho. Alongside this, the rise of upscale hotels like The Inn at 500 Capitol and luxury apartments like the Lucy have not only redefined the skyline but also elevated the city's hospitality standards, attracting visitors seeking refined accommodations amidst Boise's charm. Recent zoning changes allow for more density and removal of certain height restrictions, making the sky the limit for some developers. Below we explore a handful of underway and proposed projects that will shape the future of Boise's iconic skyline. Under Construction: 12th and Idaho Apartments: Rendering, SCB Now the second tallest building in Idaho, just a few feet short of the tip of the spire of the Zions Bank Building), this $140 million project is being developed by Oppenheimer Companies and White Oak Realty Partners. It is a striking glass 27-story skyscraper comprising 297 residential units spanning 18 floors, main level retail space and 7 levels of parking. Designed as a luxury residential offering, the sculpted jagged edge rooftop will include a host of amenities, including a pool. What a view that will be! Status: Under Construction Developer: White Oak Realty Partners and Oppenheimer Companies Property Owner: Oppenheimer Companies Architect: SCB Stories: 27 Residential units: 297 Use: Mixed Use, Residential and Retail   Idaho Central Credit Union Building (4th and Idaho): Rendering, Cushing Terrell Replacing the current ICCU branch located on 5th and Grove, the new building will tower above the skyline and have a mix of office space and residential, with an ICCU branch operating on the ground floor. Status: Under Construction Developer: Ball Ventures Ahlquist Property Owner: Idaho Central Credit Union Architect: Cushing Terrell Stories: 13 Residential units: 100 Use: Mixed Use, Office and Residential   The Sparrow (11th and Grove): Rendering, CSHQA A redevelopment of the Safari Inn, this project includes renovation of the existing rooms, converting the parking lot to add units, and a redesign of the lobby. There will be a public space for gathering and food truck. Status: Under Construction Developer: Nest Partners and Oppenheimer Companies Property Owner: Idaho Central Credit Union Architect: CSHQA Stories: 3 Residential units: 68 Use: Hotel   Hotel Renegade (11th and Grove): Rendering, CSHQA Status: Under Construction Developer: Hendricks Commercial Properties Architect: CSHQA Stories: 7 Residential units: 122 Use: Mixed Use, Boutique Hotel, Restaurant, and Retail   Broadstone Saratoga Apartments (Grove St): Rendering, CCDC Status: Under Construction Developer: Alliance Residential Property Owner: Broadstone Saratoga LP Architect: Urbal Architecture Stories: 7 Residential units: 330 Use: Mixed Use, Residential and Retail   Approved/Permitting/Not Started Yet: St. Luke’s Downtown Expansion: Rendering, Via Arch Nexus/Hummel Architects Status: Approved, not yet started Developer: St. Luke’s Health System Upgrades: Infrastructure upgrades, central plant, parking structure, 9-story hospital tower, cancer center expansion, remodel of existing hospital tower and new children's health pavilion.   Ovation (6th and Front): Rendering, EUA Status: Approved, not yet started Developer: Hovde Group Architect: EUA Stories: 23 Residential units: 209 Use: Mixed Use, Residential and Retail   16th and State: Rendering, GGLO Status: Permitting Developer: Johnson & Carr, Inc. Property Owner:  Architect: GGLO Stories: 7 Residential units: 110 Use: Mixed Use, Residential and Commercial   AC Hotel Element by Westin (10th and Grove): Rendering, Erstad Status: Permitting Developer: Pennbridge Lodging Architect: Erstad/SERA Stories: 14 Residential units: 271 Use: Dual Hotel Concept   8th and State St: Rendering, Hummel Status: Permitting Developer: Swanby Investment Group Architect: Hummel Stories: 6 Residential Units: 21 Use: Mixed Use Retail and Residential Vision/Proposal: Boise YMCA Redevelopment/ Block 68 (10th and State): Rendering, Edlen & Co., deChase Miksis and Treasure Valley YMCA Status: Proposal Developer: Edlen & Co, deChase Miksis Property Owner: CCDC, YMCA Architect: TBD Stories: TBD Residential units: TBD Use: Mixed-Use, Multi-Building    College of Western Idaho Boise Campus: Rendering, Hummel Status: Proposal Developer: State of Idaho, Ball Ventures Ahlquist Property Owner: College of Western Idaho Architect: Hummel Residential units: 300 Use: Mixed-Use, College Campus   London (5th and Front): Rendering, Hummel Architects Status: Proposal Developer: TBD Developer: Scot Ludwig Architect: TBD (rendering from Hummel Architects) Stories: 19 Residential units: 44 Use: Mixed Use, Residential and Retail   Saltbox (5th, Myrtle and Broad): Rendering, GGLO Status: Proposal Developer: Roundhouse Group Architect: TBD Stories: 12 Residential units: TBD Use: Mixed Use, Hotel, Residential and Commercial While these modern developments bring a new vibrancy to Boise's skyline, they also prompt reflection on the city's rich history. Downtown Boise has long been characterized by its blend of historical landmarks and contemporary urban development. Structures like the Idaho State Capitol, with its majestic dome, stand as proud reminders of the city's heritage. As Boise continues to grow and evolve, it's crucial to cherish and preserve its historical identity while embracing the positive changes that contribute to a more vibrant and cosmopolitan cityscape. The infusion of modern architecture complements Boise's historical fabric, offering residents and visitors an exciting blend of past and present while ushering in a new era of progress and growth for the capital city of Idaho. We  love the revitalization of the historic Tiner Building on Main Street into The Avery Hotel and Brasserie and construction of The Lively on Bannock St. These additions pay homage to the roots of Boise's long history, while elevating the dining and hospitality scene in Idaho's thriving capital city.

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