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Ken's Real Estate Review
March 2022

  Ken Sugarman

   Residential REALTOR®
   Direct (208) 585-1032 

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Despite seasonal slow down this winter, the median sales price for the Boise housing market hit a new record high this past month at $549,900.  This 21.6% increase from February 2021 is largely due to insufficient supply to meet Boise’s growing housing demand.  In addition to rising prices, two other factors indicate another competitive buying season may be in store for us this spring:  the number of days a home is on the market before it goes under contract and the percent of original list price received.  Last month, the average Days on Market (DOM) was 23 days.  While this number is 14 days more than February of 2021, it is 10 days less than last month and still well below historical averages.  As stated by Boise Regional REALTORS®, “Buyers may have a bit more time to shop than they did last year, but they will still likely need to make quick decisions once they find a home they’d like to purchase.” 

The percent of original list price received for existing homes in February was 99.6%.  This is down from the 105.5% of list price received last year, but it is still significant.  BRR explains: “Buyers may be unable or unwilling to spend over list prices to win a listing, as was common a year ago, or we’re seeing sellers pricing homes more in line with the market comparables.  Overall, we are seeing fewer bidding wars than last year, but that doesn’t mean it isn’t still happening in some instances. It just depends on the particular property, the list price, and what buyers are willing to pay.”

If you have questions about the market and how it may affect your individual buying, selling, or investment decisions, please give me a call.  I would love to meet to help you think through your options!
For more information and specifics on the current market, please check out the full Boise Regional REALTORS® Market Report HERE.  

 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.
How Global Uncertainty Is Impacting Mortgage Rates
by Keeping Current Matters
If you’re thinking about buying or selling a home, you’ll want to keep a pulse on what’s happening with mortgage rates. Rates have been climbing in recent months, especially since January of this year. And just a few weeks ago, the 30-year fixed mortgage rate from Freddie Mac approached 4% for the first time since May of 2019. But that climb has dropped slightly over the past few weeks (see graph below):
The recent decline in mortgage rates is primarily due to growing uncertainty around geopolitical tensions surrounding Russia and Ukraine. But experts say it’s to be expected.  Here’s a look at how industry leaders are explaining the impact global uncertainty has on mortgage rates: Odeta Kushi, Deputy Chief Economist at First American, says, “While mortgage rates trended upward in 2022, one unintended side effect of global uncertainty is that it often results in downward pressure on mortgage rates.” In another interview, Kushi adds, “Geopolitical events play an important role in impacting the long end of the yield curve and mortgage rates. For example, in the weeks following the ‘Brexit’ vote in 2016, the U.S. Treasury bond yield declined and led to a corresponding decline in mortgage rates.”

Kushi’s insights are a reminder that, historically, economic uncertainty can impact the 10-year treasury yield – which has a long-standing relationship with mortgage rates and is often considered a leading indicator of where rates are headed. Basically, events overseas can have an impact on mortgage rates here, and that’s what we’re seeing today...CONTINUE READING
We love Ken!! He is very knowledgeable about the current market and locations, great response time and always precise when showing houses. He was very quick in requesting showing times and willing to show houses in a short time frame. He has a trustworthy reputation among all the parties involved with house buying and went to bat for us multiple times with sellers. We would absolutely go through the house buying process with him again! ~Jonathen & Bethany Lee 
Read more of my client testimonials HERE.  

Don't Blink
I gave my oldest son a basketball hoop and a little rubber ball for his first birthday.  It wasn’t long and he developed a love for putting the ball through the hoop.  I coached his first local basketball team when he was in kindergarten.  The years have flown by as we have enjoyed this game together.  When I was coaching college basketball, he was right by my side on the bench--grabbing towels and water bottles for the guys.  When we traveled, he was always there sitting next to me on the bus.  People always tell you to cherish the moments because they go by so quickly.  I had no idea.  Since we moved to Idaho 6 years ago, I have coached my son Johnny to multiple championships.  I have watched him become a 4-yr varsity  starter at point guard,  learn to grow in his assertiveness, diligently hone his craft, sacrifice sleep so he could get up early before school and go shoot, sacrifice his own shots to see others be successful, and grow into a leader.  I've witnessed him reach the pinnacle of worldly high school success (State Champion, First-Team All State, Conference Player of the Year, Slam Dunk Champ, 4.0 GPA, and National Merit Scholar). I've also walked with him through difficult disappointments (losing in championship games, missing a state trophy senior year, and watching key teammates go down to injury).  But, as I have been there all along through the ups and downs, the celebrations and disappointments, the wins and losses, I have seen a young boy grow into a man.

God has blessed Johnny in so many ways, and I know He has His hand on his future.  I have been fortunate to be there each step of the way--to guide, console, and celebrate with him.  God has been merciful to allow all of that.  The relationship I have with my son has been enhanced through the game of basketball.  It has taken us across the country and has given us much to talk and pray about.  I didn’t know what this last year of high school would be like.  I thought in my mind what I would like for it to be.  After playing in back to back state championship games, I thought it would be fitting to play in one more and get another championship.  But, it was not to be.  And, after a week to process that, I am ok with it.  I know God grows us when we are under pressure, through the tough times.  He wants us to call out to Him and to rely on Him.  He has all that we need.  

This week was the end of a special journey that Johnny and I have traveled.  He played his last two high school games in the 3A vs 2A seniors all star game and in the All-Idaho All Star game.  Not that it's important, but both his teams won and he won a slam dunk competition along the way.  It was good to see him smiling and laughing with the other all-stars.  And it was a great way to end his high school career.  Although I am sad this part of the journey is over,  I am thankful that God allowed me to enjoy it with Johnny.  God willing, he will continue his basketball career in college, and I am blessed to still have two years left coaching Eli.   What a ride it has been!   Please, parents, cherish each and every moment with your child!  It will fly by and you will be watching them walk down the aisle graduating from high school.  Don’t blink or you might miss something special. 
Recommended Service Providers
Need help with a home project, service, or repair? 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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