Two homes under one roof!

Multi-Generational Housing

For millions of people, it’s reality — family members from two or more generations living together. The recession that began around the beginning of 2007 may have fueled it, but many think that the move toward multigenerational homes was bound to happen. Sharing a home is just one of the smart housing choices that makes sense on many levels.  Granted, it is not for everyone but for some it is a wonderful thing.

Why Give It a Try

Families decide to share housing for three basic reasons: child care, elder care and money. Of course, moving into one home for the purpose of simplifying child care or elder care also has a financial component; both types of care can be prohibitively expensive. But considerable money can also be saved on mortgage or rent, household furnishings and utilities. Another factor that pushes some toward creating a multigenerational household is love of family.

Autonomy or Isolation?

With so many common-sense arguments for living in a multi-generational home, why don’t more families give it a try? The reasons are many and complex, with a desire for independence topping the list. In the United States especially, the ideal for the better part of a century has been for nuclear families to be fairly autonomous.
Proponents of multi-generational homes say that the independence too often becomes isolation.

A Home Within A Home

If you can imagine having both privacy and togetherness, help and independence under the same roof; that is what Builders are beginning to design.  Offering innovative floor plans to accommodate your family without sacrificing comfort and style.  You can enjoy significant cost savings and more opportunities for special family moments.
Look at some of the ideas on the floor plan above this print and begin to understand the Home Within A Home solution for multi-generational lifestyle.

  • Separate private entrance to main home and suite
  • Two living areas under one roof featuring two entries, two seperate bedrooms, bathrooms, laundry, and living room
  • Separate garages/entries to garages for both suites
  • Interconnecting door (inside between both suites) acts like an outside door inside the home.  Soundproof, but yet if there is an emergency, someone is right there
  • Turn second suite into an office for the entrepreneur working from home. Lock the door and leave the office and go home! 🙂
  • Turn the “suite” into a rental providing additional income
  • Use your own imagination how to use this space to best benefit you and your family

Paragon Homes is very interested in developing a home for you and your family if this is of interest to you.

www.paragonhomesidaho.com

More 2014 Sales Data for Treasure Valley, Boise Idaho Area

Resale
Ada Co. closed +50 units over Oct. 2013 with 508 total units. That is an 11% increase over Oct. 2013
Canyon Co. closed 44 more units than last Oct. with 230 units closed. This is a 24% increase over Oct. 2013
The average sales price of a resale home in Ada Co. was $219,579. This is an $8,689 increase or 4% over the average sales price in 2013.
The average sales price of a resale home in Canyon Co. was $129,719. This is an $10,163 increase or 9% over the average sales price in2013.
Ada Co. available home inventory dropped to 1568 units. This is down 232 units from Sept. and down 81 units from Oct. 2013
Canyon Co. available home inventory dropped to 706 units. This is down 73 units from Sept. and down 2 units from Oct. 2013
Total pending sales for both counties was 857 units. This is down 83 units from Sept. and 23 units from Oct. 2013.
The month of supply for Ada Co. is 2.60 and Canyon Co. is 2.81.
The Distressed property numbers are down to 163 units in Ada Co. That is a 41 unit decrease from September. Canyon Co. is down by 25 units from September.
The total number on homes closed in October was 901 units. That is down 25 units from Sept. but up 77 units over October 2013.
Windmill
New Homes
Ada Co. new homes closed for Oct. was 129 units. That is a decrease of 12 units from Oct. 2013 and an increase of 5 units over Sept. 2014. Our YTD numbers compared to 2013 YTD numbers are down 234 units or 16%.
Canyon Co. new homes closed for Oct. was 34 units. That is a decrease 0f 10 units from Sept. and down 5 units from Oct. 2013.
The Ada Co. average sales price was $315,753 in Oct. That is an increase of $36,889 or 13% over the average sales price of 2013.
Canyon Co. average sales price was $205,632 in Oct. That is an increase of $14,498 or 8% over the average sales price in 2013.
Ada Co. new home inventory in Oct. was 437 units. That is an increase of 52 units over Oct. 2013.
Canyon Co. inventory in Oct. was 135 units. That is an increase of 17 units over Oct. 2013.
Total new homes pending in Oct. was 321 units. That is up 6 units from Sept. and down 42 units from Oct. 2013.
The month of supply for Ada Co. is at 3.09 in Ada Co. and 3.00 for Canyon Co.

Narrative
We are on track to beat the total number of homes closed in both counties for 2014 over 2013. However that be a very modest increase. The total volume of sales for resale homes is up while the new homes counter-part is down. This can be attributed in great part to the increase in the average sales price. Resale home prices in Ada Co. have jumped $8,869 over the 2013 average while the new home average sales price has jumped $36,889 over the 2013 average. This creates a real challenge for consumers. This is clearly reflected in the decrease of new homes closed YTD. We are down by 234 units compared to 2013. Canyon Co. is actually up in sales YTD by 26 units. Here the average sales price is only up by $14,498 compared to the $36,889 number in Ada Co. Some new home buyers that cannot afford a home in Ada Co. will simply move into the Canyon Co. market. I think this evident in the market numbers.
The better news is that resale inventory’s are down very sharply from last month. We are down 232 units in Ada and 73 units in Canyon. That is 305 fewer resale homes to choose from. New home inventories have stayed about the same. The total number of distressed homes fell of also in both counties. If this trend continues, and we have a normal boost in sales early 2015, the new home communities will benefit from the reduced resale inventories.
The market still remains fairly healthy and I think we can expect modest gains in the overall growth and value. What we will continue to see is shifting in the consumers buying habits. Ada. Co. vs. Canyon Co. and Resale vs. New homes. It will be interesting to watch the market and the consumers choices moving forward!

Fall 2014 Real Estate Recap for Boise Idaho Area

Single family home sales in September 2014 were 651 in Ada County, a decrease of 6% compared to September 2013.   YTD total sales are down 5% compared to this time last year; 5,920 homes sold compared to 6,203.

In September, sales of homes priced above $200,000 showed increases in nearly every price category.Market-Snapshot_September-1024x1011

Average Days on Market in September were 54; one more day than last month. In September 2013, Days on Market was 45.

New homes sold in September totaled 120; down 10% from last year; up 4% from August.

Existing home sales were 531; down 6% from September 2013.

Pending sales at the end of September were 930; down just 3% from September 2013. This is the smallest “decrease” in Pending sales all year (April was down 18%). This bodes well for a 4th quarter sales “rebound”.

September median home price was $205,551; up 4% from September 2013. Our YTD median price is $209,900; up 8% over last year.

New Homes median price for September was $283,5530; up 7% from September 2013. For Existing homes the increase is 3% to $191,000.

The number of houses available for sale at the end of September decreased 4% from August 2014 to 2,857. This is 11% more than last year at this time.

In Ada County we now have 3.9 months of inventory on hand, essentially unchanged from the end of July.

So…what’s next?

Our late Summer sales tried hard, but couldn’t make up for the surge in July and August 2013. We have narrowed the gap, but not surpassed 2013…yet. There was a slow down during the last three months of 2013. Our expectation continues to be a strong fourth quarter.

We have more inventory coming online in the <$160,000 which will release some pent up demand among first time buyers.

As crazy as it might sound…now’s the time to be looking forward to Spring 2015. The people we are talking to now are the ones we will be building for and selling homes for in the Spring of 2015.

Housing Bust?

Lumber Prices nearing a 2 year low:

July 5, 2014

To my valued followers:

LumberI wanted to give a monthly snapshot as to what is going on in the Boise Idaho Treasure Valley New Home Building Market per my perspective with the caveat that I am a numbers guy and yet the eternal optimist. I always try to look at the glass as half full.

Lumber prices are low! The composite is at its lowest for the year, and very nearly the lowest in the last two years! The advantage to us as homebuilders is obvious; lumber prices are low enabling us to build homes at the lowest prices possible. I suppose what some folks would consider bad news because lumber prices are at their slumping level because the new home market is not at the rip-roaring pace that everyone expected it would be by this time. Producers have added capacity and demand has not consumed that capacity. Hence, lower commodity prices. This is not to say that the housing market is bad. In fact by most measures the housing market is decidedly not bad; it is actually good. Sales of both existing and new houses are up over last year in most of the markets we serve. We have watched a see-sawing effect of permits and starts for most of this year, but on the whole single family starts are holding tough. Property values have continued to improve. Months of supply remains low or both new and existing homes. Distressed properties have all but disappeared. Retail sales are up (a sign of consumer sentiment) and interest rates are low (averaging around 4.2% for a 30-year fixed over the past month.) Multi-family starts are simply exploding. Nonetheless, hand-wringing has commenced. Commentators and analysts are fairly desperate to declare a new housing blumber 2ubble bursting or the housing market to be on its deathbed. I suppose it is the nature of our industry to be nervous about the existing status, whatever that status happens to be. And who can blame us, right? I think this is a classic example of whether one views the glass as either half-full or half-empty. The reality is we (the homebuilding industry) are clicking along at a manageable pace and the economy is slowly but perceptibly improving from the longest and deepest recession in our lifetimes. I’ll take that any day of the week. It is a healthy rebound and clicking along at a manageable pace

Have a great July! Celebrate America!

 

Glade Poulsen

Pres.  Paragon Homes, LLC

February 2014 Ada County Sales Data

February Market Report…Kind Of Like Skiing In The Rain. It’s Good But You Wish It Was Better.

Posted on March 11, 2014. Filed under: Home Sales, Market Update |

by Marc Lebowitz, RCE, CAE

ACAR Executive Director

Single family home sales in February 2014 were 422 in Ada County, an decrease of 10% compared to February 2013.  January sales were strong, and, when linked with February gives us a YTD total sales exactly equal to this time last yea; 836 homes sold.

In February more than 50% of our total sales were for homes priced above $160,000.  Sales of homes priced above $160,000 were up over February 2013.

Days on Market for February were 66.  That’s down from February, but still up significantly from December’s 59. In February 2013, Days on Market was 72.

New homes sold in February totaled 96; down 9% from last year.

Existing home sales were 326; down 10%.

Historically, February sales increase from January by an average of 3%. February 2014 posted a 4% increase over January.

Of the total sales in February, 13% were distressed; up 1% from last month. In February 2013, 23% of sales were distressed.

For the month of February, REO sales (62% of Distressed; 34 total sales) exceeded Short Sales (38% of Distressed; 20 total sales).

Pending sales at the end of February were 951; down 10% from February 2013.

Of Pending sales in distress (12%), there are slightly more Short Sales (57%; 65 sales) than REO’s (43%; 49 sales).

February median home price was $199,650; up 11% from February 2013.

New Homes median price for February was $320,500; up 23% from February 2013. For Existing homes the increase is 6% to $169,900.

The number of houses available for sale at the end of February increased  slightly from January 2014 to 2,127.  This reverses four consecutive month of decrease.  This is 23% more than last year at this time…which we need heading into Spring.

We anticipate continued inventory growth from now until the end of Summer.

Of the total active listings, 10% are distressed, down 1% from January.

Of our Distressed Inventory, 67% is Short Sales (142) and 33% is REO (70).

In Ada County we now have 4.7 months of inventory on hand, up a little from the end of January.

The price category in shortest supply is <$100K where we have 1.4 months.

From $100,000 to $119,000 we have 2.1 months available.

From $120,000 to $160,000 we have just under 3 months available inventory.

From $160,000 to $300,000 we have nearly 5 months…except for the very popular $250,000 – $300,000 which has only 4.5 month’s supply available.

Above $300,000 we have a 5 month’s supply. Above $500,000 the supply is closer to 14 months.  Remembering that 6 months of available inventory describes a “stable real estate market”; it looks like we are heading into a period of “normal” like we haven’t seen in several years.

Of sales in February, the most popular price point was $120,000 to $160,000 (26%); followed by $160,000 to $200,000 (14%) and  $200,000 to $250,000 with 12%.

So…what’s next?

Sales did hit a Winter wall in February.  We are now chasing a super strong Spring and Summer 2013. March 2013 sales were 550.  Can we increase sales from 422 to 550 with Pending sales where they are? It’s going to be close.

February is typically our weakest month for median home price. February 2014 was pretty strong.  This should continue into the Summer.

We are seeing more and more data that says that the Millennials (the big homebuyer wild card) are feeling better and better about home ownership.  Nearly 90% of Millennial buyers say “homeownership is a good investment”.

This is the pent up demand we’ve been waiting to see activate.

Bottom line…its going to be a complicated first quarter for real estate.

Why 2014 is a good year to buy a home

A great article from CBSNEWS, by Amy Stone.  The article and video are very informative.

If you didn’t buy a home in 2013, you may be kicking yourself now. Home prices climbed nationally an average of 13.6 percent in the past 12 months, according to Tuesday’s release of the Standard & Poor’s/Case-Shiller 20-city home price index.

Don’t make the same mistake in 2014, suggests Benjamin Weinstock, real estate attorney and partner at the firm Ruskin Moscou Faltischek in Uniondale, N.Y.

Market forecasters predict that 2014 will be another year of gains for the real estate market, even though the rapid pace of sales in 2013 cooled off a bit at the end of the year. On Dec. 30, The National Association of Realtors said its pending home sales index, based on contracts signed last month, rose 0.2 percent in November, below the 1 percent rise forecast.

Home prices are expected to rise about 5 percent next year, says Weinstock. Higher mortgage rates will dampen the pace of both sales and price gains, but not bring them to a halt. The average rate on a 30-year fixed mortgage is expected to rise from 4.5 percent to 5 percent in the next year.

Even aside from expected price gains, buying a home is almost always a good investment in the long run, says Weinstock. Tax benefits are not to be overlooked.

“When one rents, at the end of the year he or she has a pile of 12 cancelled rent checks,” Weinstock says. “However, the homeowner has a pile of 12 cancelled mortgage checks that are nearly fully tax deductible in most cases.”

Editor’s note: If you’re shopping, you may want to keep your eye out for the latest design trends in homes for 2014 while you’re at it.
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