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Ken's Real Estate Review
October 2022

  Ken Sugarman

   Residential REALTOR®
   Direct (208) 585-1032 

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The median sales price for the Boise housing market in September was $540,000.  Although this was 0.9% higher than the same month last year, it was a 4.4% drop from prices in August and marked the fourth consecutive month of price drops since they peaked in May.  The number of homes being sold has also dropped.  In September, 700 homes closed.  This is a 4.4% drop from August and a 30.3% drop from September of last year.  This drop in prices as well as in the number of homes being sold is due in large part to the increase in mortgage interest rates and the effect that’s had on home affordability. 

Although these statistics may seem discouraging to some, there are a few significant positives for both buyers and sellers. For buyers, lessened demand has allowed for increased inventory, with 93.8% more homes available than in the same month last year.  This means more homes to choose from but also less competition when one does find the right one.  Thus, there is more opportunity to negotiate.  For sellers, even though the median sales price has been dropping, the amount of equity earned over the past few years is still incredible.  Based on median sales prices, homeowners earned 31.7% equity in just the past two years and 54.2% in the past three.  So, although not as high as it was, today’s prices are still great and will make it much easier for sellers to afford a new home in today’s market than it will be for those newly entering the market with no equity. Additionally, it’s important to note that although it’s slowing, we are still in a market that favors sellers. Check out THIS ARTICLE to better understand why that is and to help keep things in perspective.    

If you’re curious about the current value of your home or what it might look like to enter the market as a buyer, please give me a call.  I would love the opportunity to meet with you to answer your questions, help you explore your options, and assist you in achieving your real estate goals.  Walking with my clients through important real estate decisions is not a burden but a joy! So, please don’t hesitate to reach out.    

For more information and specifics on the current market, please check out the full Boise Regional REALTORS® Market Report HERE.  

 Looking for some good fall fun!  Check out our event calendar HERE for the latest local happenings.  Some events may change, so please make sure to check the website links for the most up-to-date information.
The Long-Term Benefit of Homeownership
By Keeping Current Matters
Consider this: if you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how you gain equity and wealth as home values grow with time.  The National Association of Realtors (NAR) explains: “Home equity gains are built up through price appreciation and by paying off the mortgage through principal payments.”  Here’s a look at how just the home price appreciation piece can really add up over the years.

Home Price Growth Over Time
Even though home price appreciation has moderated this year, home values have still increased significantly in recent years. The map below uses data from the Federal Housing Finance Agency (FHFA) to show just how noteworthy those gains have been over the last five years...CONTINUE READING...
Ken is a phenomenal agent. Despite the fact we lived out of state, he never made us feel like we were a lower priority than his local clients. He video recorded numerous properties and shared his thoughts with us, including details about the house we might not have seen clearly on video or in photos. He was quick and responsive when we found properties of interest and guided us through the process. Ken negotiated numerous extra inspections and work on the property we ended up purchasing. We would heartily welcome Ken to anyone looking for a house in the Treasure Valley! ~Kirk Kraft
Read more of my client testimonials HERE.  
My broker recently wrote this article, and I really resonated with it.  So, I thought I would share it with my readers too.  I hope you enjoy it!
From One Beggar to Another
by Katie Miller
A while back, I heard a quote where a Christian defined himself as “just a beggar telling other beggars where to find bread.” I love the quote and hope it is a statement that would define my life as well—for I am, indeed, a broken and needy woman who has found my joy and sustenance in Jesus and who desires to point others to him so they might find the same.  But, I know I often fall far short of living a life that reflects that truth.  Too often, I and other Christians look more like self-righteous bystanders—covering our true “beggar” identity with a false, lofty one, and exchanging our compassion for our fellow beggars with an air of judgment.    

But, this is not like Jesus—the only one who is truly righteous and able to judge did not look down on us with disdain but with great love, forgiveness, and compassion and with great eagerness to provide for our deepest need.   He said, “I came not to call the righteous, but sinners” (Mark 2:17).  And, “I will not reject anyone who comes to me” (John 6:37).  “I am the bread of life; whoever comes to me shall not hunger, and whoever believes in me shall never thirst” (John 6:35). 

I know that for me, Jesus has certainly been my sustenance through every mountain and valley, every twist and turn.  He has been more than enough.  He has been my joy, my peace, my provider, my hope, and my Savior.  I cannot plumb the depths of his steadfast love for me or exhaust his immeasurable grace.  And, this is His response to anyone who would come to him!  So, from one beggar to another, I’ll point you to the “Bread of Life” and encourage you to come to Him today with every need and desire.  I am confident He will welcome you, however you are, with compassion and “provide for every need of yours according to his riches in glory in Christ Jesus” (Philippians 4:19).     
Recommended Service Providers
Looking to do some fall home projects, maintenance, or repairs? Check out our Homeowners Resources page HERE, where we've listed several different service providers we've used personally or who have been recommended to us.  We are always updating this list, so if you have contractors to recommend, please email my Broker!  
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