Lisa Erickson Real Estate at Silvercreek Realty Group

A move-in ready home on a peaceful cul-de-sac in highly sought-after Settler’s Bridge!

5 Bed | 3 Bath | 3-Car Garage

Step inside to an open concept floor plan with a vaulted ceiling that fosters a warm & inviting atmosphere perfect for family gatherings & entertaining guests. The split bedroom layout offers privacy. The upstairs bonus room can be used as a 5th bedroom, a perfect suite for hosting guests, complete with a closet & full bathroom. The spacious kitchen is the heart of the home, boasting slab granite countertops, pullouts in the cabinets & ample storage. Newly refinished hardwood floors add beauty to the living areas, while new carpeting creates a cozy haven. Freshly painted interior & exterior for a crisp & clean ambiance, along with updated light fixtures. The laundry room is equipped with a sink for added functionality. Refrigerator, washer & dryer ALL INCLUDED! Step out into the fully fenced east-facing backyard where a covered patio provides the perfect spot to enjoy outdoor BBQs. NO BACK NEIGHBOR! Enjoy being just a stone’s throw away from the NEIGHBORHOOD POOL!

4664 N Journey Pl, Meridian, ID 83646

Offered at $645,000

3% CO-OP to Buyer's Broker
MLS # 98912137

Lisa Erickson Real Estate
208-850-5278

The housing market is in a transition. And that gives you 3 key opportunities going into the fall. There are more homes actively for sale. Builders are motivated to sell, so a newly built home may be more achievable than you think. And mortgage rates have come down from their recent peak. If you’re ready and able to buy, you may find the housing market this fall a bit easier to navigate. Let’s connect to get started.

3 Reasons To Move in Today’s Shifting Market The housing market is in a transition. And that gives you 3 key opportunities going into the fall.

JUST IN! ***Market Update*** July 2024 Ada County
Boise Regional Realtors Report.

Ada County Highlight Reel:

MEDIAN SALES PRICE —
The Median Sales Price for single-family and resale homes rebounded from June 2024. Single-family homes slipped by nearly $25,000 and resale homes shrank by over $59,000 from June to July.
In contrast, new build’s Median Sales Price rose by nearly $25,000.

HOMES SOLD —
Closed activity bumped up across the board with resale boosted nearly 70 sales from June 2024.
This is the highest number of single-family sales in a month since June 2022.

PENDING SALES —
We’ve surpassed July 2023 by nearly 200 pending sales for single-family homes. Most of that hunger was appeased by new construction homes.
This increased year-over-year hunger fortunately didn’t dry up July’s inventory reserves.

INVENTORY —
Inventory for all single-family homes has been rising for 6 months now, giving buyers a summer treat: options.
July marked the highest single-family inventory in 20 months.

DAYS ON MARKET —
In January, the market speeds for both resale and new construction were nearly identical but now new builds are remaining on the market nearly twice as long as existing homes.

Click below to view details. 👇🏼

🏡 Contact me today if you’ve been thinking about buying or selling!

Lisa Erickson
REALTOR®, Associate Broker
Lisa Erickson Real Estate
at Silvercreek Realty Group
208-850-5278
[email protected]

When you're thinking about buying a home, your credit score is one of the biggest pieces of the puzzle. Think of it like your financial report card that lenders look at when trying to figure out if you qualify, and which home loan will work best for you. As the Mortgage Report says:

"Good credit scores communicate to lenders that you have a track record for properly managing your debts. For this reason, the higher your score, the better your chances of qualifying for a mortgage."

The trouble is most buyers overestimate the minimum credit score they need to buy a home. According to a report from Fannie Mae, only 32% of consumers have a good idea of what lenders require. That means nearly 2 out of every 3 people don’t.

So, here’s a general ballpark to give you a rough idea. Experian says:

“The minimum credit score needed to buy a house can range from 500 to 700, but will ultimately depend on the type of mortgage loan you're applying for and your...

What Credit Score Do You Really Need To Buy a House? When you're thinking about buying a home, your credit score is one of the biggest pieces of the puzzle.

In recent years, there’s been a significant shift in how wealth is distributed among generations. It’s called the Great Wealth Transfer.

Basically, as more Baby Boomers retire, sell businesses, or downsize their homes, more substantial assets are being passed down to younger generations. And this creates a powerful ripple effect that’ll continue over the next few decades.

Impact on the Housing Market

One of the most immediate effects of this wealth transfer is on the housing market. Home affordability has been a concern for many aspiring buyers, especially in high-demand areas. The increase in generational wealth is expected to ease some of these challenges by providing future homeowners with greater financial resources. As assets are passed down through generations, buyers may find themselves in a better position to afford homes.

Impact on the Economy

But the Great Wealth Transfer doesn’t just impact housing. It’s also going to provide a new...

The Great Wealth Transfer: A New Era of Opportunity In recent years, there’s been a significant shift in how wealth is distributed among generations.

Over the past couple of years, a lot of people have had a hard time buying a home. And while affordability is still tight, there are signs it's getting a little better and might keep improving throughout the rest of the year. Here’s a look at the latest data on the three biggest factors affecting home affordability.

1. Mortgage Rates

Mortgage rates have been volatile this year, bouncing around from the mid 6% to low 7% range. But there's some good news. Data from Freddie Mac shows rates have been trending down overall since May. When rates decline, it's easier to afford the home you want because your monthly payment will be lower. Just don’t expect them to go back down to 3%.

2. Home Prices

The second big thing to think about is home prices. Nationally, they’re still going up this year, but not as fast as they did a couple of years ago. As Odeta Kushi, Deputy Chief Economist at First American, says, “While housing affordability is low for potential...

Is Affordability Starting To Improve? Over the past couple of years, a lot of people have had a hard time buying a home.

One of the biggest bright spots in today’s housing market is how much the supply of homes for sale has grown since the beginning of this year.

Recent data from Realtor.com shows that nationally, there are 36.6% more homes actively for sale now compared to the same time last year. That’s a significant improvement. It gives you far more options for your move than you would’ve had just a year ago. And with supply improving, you’re also regaining a bit of negotiation power. So, if you’re someone who thought about buying a home over the last few years but were discouraged by how limited inventory was, this should be welcome news.

As Lawrence Yun, Chief Economist at NAR, says, “Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”

While we’re up by almost 37% year-over-year, we’re still not back to how much inventory there’d be in a normal market.

The supply of homes across the...

Are There More Homes for Sale Where You Live? One of the biggest bright spots in today’s housing market is how much the supply of homes for sale has grown since the beginning of this year.

If you’re thinking about selling your house, it’s important to know what the home inspection is and what inspectors look for. As supply grows and buyers regain negotiation power, you may find you want to do some select repairs with a good return on investment before listing to get ahead of things a buyer may ask you to fix. To decide what's worth tackling, you need expert advice. Let's chat so you know what to prioritize.

Home Inspections For Sellers: How To Prepare If you’re thinking about selling your house, it’s important to know what the home inspection is and what inspectors look for.

Mortgage rates plunged this week to their lowest level in over a year, increase prospective homebuyers’ purchasing power.

Mortgage Rates See the mortgage rate a typical consumer might see in the most recent Primary Mortgage Market Survey, updated weekly. The PMMS is focused on conventional, conforming fully-amortizing home purchase loans for borrowers who put 20% down and have excellent credit.

If you’re planning to sell your house and move, you probably know there’s been a shortage of options available. But here’s the good news: the supply of homes for sale has grown in a lot of markets this year – and that’s not just existing, or previously-owned, homes. It’s true for newly built homes too.

So how do you decide which route to go? The choice is yours – you just need to figure out what’s most important to you.

Here are some benefits of buying a newly built home right now:

>>Have brand new everything with never-been-used appliances and materials
>>Use energy efficient options to save money and leave a smaller footprint
>>Minimize the need for repairs and benefit from builder warranties
>>Take advantage of builder concessions that can help with affordability

Ralph McLaughlin, Senior Economist at Realtor.com, shares, “Homebuyers who are looking for that ‘new-home smell’ may be in a relatively friendlier market than times past when new...

Where Will You Go After You Sell? If you’re planning to sell your house and move, you probably know there’s been a shortage of options available.

Mortgage rates have been one of the hottest topics in the housing market lately because of their impact on affordability. And if you’re someone who’s looking to make a move, you’ve probably been waiting eagerly for rates to come down for that very reason. Well, if the past few weeks are any indication, you may be getting your wish.

After the latest reports on the economy, inflation, the unemployment rate, and the Federal Reserve’s recent comments, mortgage rates started dropping a bit. And according to Freddie Mac, they’re now at a level we haven’t seen since February.

Maybe you’re seeing this and wondering if you should ride the wave and see how low they’ll go. If that’s the case, here’s some important perspective. Remember, the record-low rates from the pandemic are a thing of the past. And if you wait for mortgage rates to drop further, you might find yourself dealing with more competition as other buyers re-ignite their home searches too.

In...

Mortgage Rates Down a Full Percent from Recent High Mortgage rates have been one of the hottest topics in the housing market lately because of their impact on affordability.

If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market. And while that doesn’t make this a buyer’s market, it does mean buyers may be able to ask for a little more. So, sellers need to be ready for that possibility and know what they’re willing to negotiate.

Whether you’re looking to buy or sell a house, here’s a quick rundown of potential negotiations that may pop up during your transaction. That way, you’re prepared no matter which side of the deal you’re on.

What Can You Negotiate?

Most things in a home purchase are on the negotiation table. Here’s a list of just a few of those options, according to Kiplinger and LendingTree:

• Sale Price
• Home Repairs
• Fixtures
• Closing Costs
• Home Warranties
• Closing Date

One thing is true whether you’re a buyer or a seller, and that’s how much your agent can help you throughout the process. Your agent is your go-to for any back-and-forth. They’ll handle the...

Helpful Negotiation Tactics for Today’s Housing Market If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market.

Curious about selling your home? Understanding how much equity you have is the first step to unlocking what you can afford when you move. And since home prices rose so much over the past few years, most people have much more equity than they may realize.

Here’s a deeper look at what you need to know if you’re ready to cash in on your investment and put your equity toward your next home.

Home Equity: What Is It and How Much Do You Have?

Home equity is the difference between how much your house is worth and how much you still owe on your mortgage. For example, if your house is worth $400,000 and you only owe $200,000 on your mortgage, your equity would be $200,000.

Recent data from the Census and ATTOM shows Americans have significant equity right now. In fact, more than two out of three homeowners have either completely paid off their mortgages.

Today, more homeowners are getting a larger return on their homeownership investments when they sell...

What Every Homeowner Should Know About Their Equity Curious about selling your home?

Back in 2008, there was an oversupply of homes for sale. Today, there’s an undersupply. The three main sources of inventory show this isn’t like the last time. Existing homes, new homes, and foreclosures are all way below the levels we saw during the housing crash. Inventory data shows there just aren’t enough homes available to have a repeat of what happened back in 2008.

3 Reasons Why We’re Not Headed for a Housing Crash Back in 2008, there was an oversupply of homes for sale.

Are you a part of the Sandwich Generation? According to Realtor.com, that’s a name for the roughly one in six Americans who take care of their children and their parents or grandparents at the same time.

If that sounds familiar to you, juggling all the responsibilities involved certainly must have its challenges. But it turns out there’s one pretty significant benefit: it can actually make it a bit easier for you to buy a home.

How Can It Help You Buy a Home?

Here are a few ways their caretaking situation might be helping those 33% buy a home:

• Sharing Expenses

• Built-In Childcare

Beyond just the financial reasons, buying a multi-generational home has other advantages. The Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) highlights some of the most popular, including:

• Easier To Care for Aging Parents

• Spending More Time Together

How a Real Estate Agent Can Help

If you’re in the Sandwich Generation and...

Why the Sandwich Generation Is Buying Multi-Generational Homes Are you a part of the Sandwich Generation?

Figuring out what to do with your house when you're ready to move can be a big decision. Should you sell it and use the money for your next adventure, or keep it as a rental to build long-term wealth?

Is Your House a Good Fit for Renting?

Even if you're interested in becoming a landlord, your current house might not be ideal for renting. Maybe you're moving far away, so keeping up with the ongoing maintenance would be a hassle, the neighborhood isn't great for rentals, or the house needs significant repairs before you could rent it out.

If any of this sounds like it might apply, selling might be your best option.

Are You Ready for the Realities of Being a Landlord?

Managing a rental property isn't just about collecting rent checks. It's a time-consuming and sometimes challenging job.

For example, you may get calls from tenants at all hours of the day with maintenance requests. Or you may find a tenant causes damage you have to repair before...

Should You Rent Out or Sell Your House? Figuring out what to do with your house when you're ready to move can be a big decision.

Here’s a look at some of the most common mistakes – and how an agent will help you avoid them when you sell.

1. Overpricing Your House

Many sellers set their asking price too high and that’s why there’s an uptick in homes with price reductions today. An unrealistic price will deter potential buyers, cause an appraisal issue, or lead to your house sitting on the market longer.

2. Skipping the Small Stuff

You may try to skip important repairs, thinking you can pass the task on to your buyer. But visible issues (even if they’re small) can turn off potential buyers and result in lower offers or demands for concessions.

3. Not Looking at Things Objectively

Buyers today are feeling the pinch of high home prices and mortgage rates. With affordability that tight, they may come in with an offer that’s lower than you’d want to see – especially if you didn’t stage, price, or market the house well.

4. Being Unwilling To Negotiate

The supply of homes...

The Biggest Mistakes Sellers Are Making Right Now The housing market is going through a transition.

Today’s headlines and news stories about home prices are confusing and make it tough to know what’s really happening. Some say home prices are heading for a correction, but what do the facts say? Well, it helps to start by looking at what a correction means.

Here’s what Danielle Hale, Chief Economist at Realtor.com, says: “In stock market terms, a correction is generally referred to as a 10 to 20% drop in prices . . . We don't have the same established definitions in the housing market.”

In the context of today’s housing market, it doesn’t mean home prices are going to fall dramatically. It only means prices, which have been increasing rapidly over the last couple years, are normalizing a bit. In other words, they’re now growing at a slower pace. Prices vary a lot by local market, but rest assured, a big drop off isn’t what’s happening at a national level.

From 2020 to 2022, home prices skyrocketed. But, that kind of aggressive growth couldn’t...

Are Home Prices Going To Come Down? Today’s headlines and news stories about home prices are confusing and make it tough to know what’s really happening.

Equity is the difference between what your house is worth and what you still owe on your mortgage. The typical homeowner gained $28,000 over the past year and has a grand total of $305,000 in equity. And there are a lot of great ways you can use that equity. Want to know how much equity you have? Let’s connect so you can get a Professional Equity Assessment Report (PEAR).

Unlocking the Benefits of Your Home's Equity Equity is the difference between what your house is worth and what you still owe on your mortgage.

✨OPEN HOUSE✨ and NEW PRICE! 🙌🏼

Saturday, July 27th, 1pm-3pm

5 Bed | 3 Bath | 3-Car Garage

A move-in ready home on a peaceful cul-de-sac in highly sought-after Settler’s Bridge! Step inside to an open concept floor plan with a vaulted ceiling that fosters a warm & inviting atmosphere perfect for family gatherings & entertaining guests. The split bedroom layout offers privacy. The upstairs bonus room can be used as a 5th bedroom, a perfect suite for hosting guests, complete with a closet & full bathroom. The spacious kitchen is the heart of the home, boasting slab granite countertops, pullouts in the cabinets & ample storage. Newly refinished hardwood floors add beauty to the living areas, while new carpeting creates a cozy haven. Freshly painted interior & exterior for a crisp & clean ambiance, along with updated light fixtures. The laundry room is equipped with a sink for added functionality. Refrigerator, washer & dryer ALL INCLUDED! Step out into the fully fenced east-facing backyard where a covered patio provides the perfect spot to enjoy outdoor BBQs. Enjoy being just a stone’s throw away from the neighborhood pool!

4664 N Journey Pl, Meridian, ID 83646

Offered at $645,000

3% CO-OP to Buyer's Broker

MLS # 98912137

Lisa Erickson Real Estate
208-850-5278

As someone who’s thinking about buying or selling a home, you’re probably paying close attention to mortgage rates – and wondering what's ahead.

One thing that can affect mortgage rates is the Federal Funds Rate, which influences how much it costs banks to borrow money from each other. While the Federal Reserve (the Fed) doesn’t directly control mortgage rates, they do control the Federal Funds Rate.

The relationship between the two is why people have been watching closely to see when the Fed might lower the Federal Funds Rate. Whenever they do, that’ll put downward pressure on mortgage rates. The Fed meets next week, and three of the most important metrics they’ll look at as they make their decision are:

1. The Rate of Inflation
2. How Many Jobs the Economy Is Adding
3. The Unemployment Rate

What Does This Mean Moving Forward?

While mortgage rates are going to continue to be volatile in the days and months ahead, these are signs the economy is...

How the Economy Impacts Mortgage Rates As someone who’s thinking about buying or selling a home, you’re probably paying close attention to mortgage rates – and wondering what's ahead.

If you’re in the market to buy a home, there’s some exciting news for you.

Here are two key reasons working with your agent to look into new home construction could help you find a more budget-friendly option.

Reason 1: Lower Median Prices for Newly Built Homes

The median sales price for newly built homes is lower than the median sales price for existing homes today. This might seem surprising, but it’s true according to the latest data from the Census and the National Association of Realtors (NAR).

Why is that? Builders are focused on building what they can sell. And right now, there’s a very real need for smaller and more affordable homes – so that’s what they’ve been bringing to the market.

Reason 2: Attractive Incentives from Home Builders

Another big reason to consider a newly built home is the range of incentives that many home builders are offering. Again, since builders are aiming to sell their current inventory, some are providing...

A Newly Built Home May Actually Be More Budget-Friendly If you’re in the market to buy a home, there’s some exciting news for you.

Even though data shows inflation is cooling, a lot of people are still feeling the pinch on their wallets. And those high costs on everything from gas to groceries are fueling unnecessary concerns that more people are going to have trouble making their mortgage payments. But, does that mean there’s a big wave of foreclosures coming?

Here's a look at why the data and the experts say that’s not going to happen.

There Aren’t Many Homeowners Who Are Seriously Behind on Their Mortgages

One of the main reasons there were so many foreclosures during the last housing crash was because relaxed lending standards made it easy for people to take out mortgages, even when they couldn’t show they’d be able to pay them back. At that time, lenders weren’t being as strict when looking at applicant credit scores, income levels, employment status, and debt-to-income ratio.

But since then, lending standards have gotten a whole lot tighter. Lenders became much more...

Why a Foreclosure Wave Isn’t on the Horizon Even though data shows inflation is cooling, a lot of people are still feeling the pinch on their wallets.

✨OPEN HOUSE✨

Thursday, July 25th, 5pm-7pm

5 Bed | 3 Bath | 3-Car Garage

A move-in ready home on a peaceful cul-de-sac in highly sought-after Settler’s Bridge! Step inside to an open concept floor plan with a vaulted ceiling that fosters a warm & inviting atmosphere perfect for family gatherings & entertaining guests. The split bedroom layout offers privacy. The upstairs bonus room can be used as a 5th bedroom, a perfect suite for hosting guests, complete with a closet & full bathroom. The spacious kitchen is the heart of the home, boasting slab granite countertops, pullouts in the cabinets & ample storage. Newly refinished hardwood floors add beauty to the living areas, while new carpeting creates a cozy haven. Freshly painted interior & exterior for a crisp & clean ambiance, along with updated light fixtures. The laundry room is equipped with a sink for added functionality. Refrigerator, washer & dryer ALL INCLUDED! Step out into the fully fenced east-facing backyard where a covered patio provides the perfect spot to enjoy outdoor BBQs. Enjoy being just a stone’s throw away from the neighborhood pool!

4664 N Journey Pl, Meridian, ID 83646

MLS # 98912137

Lisa Erickson Real Estate
208-850-5278

There’s an interesting trend happening in the housing market. People are increasingly moving to more affordable areas, and remote or hybrid work is helping them do it.

Consider Moving to a More Affordable Area

Today’s high mortgage rates combined with continually rising home prices mean it’s tough for a lot of people to afford a home right now. That’s why many interested buyers are moving to places where homes are less expensive, and the cost of living is lower.

If you’re hoping to buy a home soon, it might make sense to broaden your search area to include places where homes that fit your needs are more affordable. That’s what a lot of other people are doing right now to find a home within their budget.

Remote Work Opens Up More Home Options

If you work remotely or drive into the office only a few times each week, you have many more possibilities when looking for your next home. That’s because you can cast a broader net and include more suburban...

How Affordability and Remote Work Are Changing Where People Live There’s an interesting trend happening in the housing market.

JUST IN! ***Market Update*** June 2024 Ada County
Boise Regional Realtors Report.

Ada County Highlight Reel:

MEDIAN SALES PRICE —
For the first time since April 2021, the Median Sales Price for resale homes hiked beyond that of new builds.
Explanation: the average square footage of homes sold for existing also surpassed new builds this month.

HOMES SOLD —
Single-family and existing home sales saw their first slip since January 2024 while new construction recovered from its slight 8.6% dip in May.
While monthly shifts may be volatile, long-term trends have remained relatively even.

PENDING SALES —
Pending contracts are up an even 200 signings compared to June 2023.
All sectors have experienced double-digit percentage improvements compared to June 2023.

INVENTORY —
Inventory has made significant strides toward recovering from 2020-2022 shortages.
Our Months’ Supply of Inventory (MSI) has bounced back to October 2022 levels.

DAYS ON MARKET —
Aside from a brief bog in May, we’ve seen a speed-up in the market since February, consistent with seasonal shifts.
Market speeds are similar to those of Summer 2023, Fall 2022, and Winter 2021.

A MESSAGE FROM BRR’S PRESIDENT —
“It’s very important to keep in mind that overall county data may not be representative of the neighborhood you’re researching for your clients. When sharing data with your clients, use your expertise to highlight those differences.” ~Elizabeth Hume, Boise Regional REALTORS® 2024 President

Click below to view details. 👇🏼

🏡 Contact me today if you’ve been thinking about buying or selling!

Lisa Erickson
REALTOR®, Associate Broker
Lisa Erickson Real Estate
at Silvercreek Realty Group
208-850-5278
[email protected]

Want to know the biggest mistakes homebuyers are making today? They include everything from putting off pre-approval for too long, holding out for the perfect home, buying more than they can afford, and skipping out on hiring a pro. Let’s connect to make sure you have a pro on your side who can help you avoid these mistakes.

The Biggest Mistakes Homebuyers Are Making Right Now Want to know the biggest mistakes homebuyers are making today?

There’s no arguing this past year has been difficult for homebuyers. And if you’re someone who has started the process of searching for a home, maybe you put your search on hold because the challenges in today’s market felt like too much to tackle. You’re not alone in that. A Bright MLS study found some of the top reasons buyers paused their search in late 2023 and early 2024 were:

• They couldn’t find anything in their price range
• They didn’t have any successful offers or had difficulty competing
• They couldn’t find the right home

If any of these sound like why you stopped looking, here’s what you need to know. The housing market is in a transition in the second half of 2024. Here are four reasons why this may be your chance to jump back in.

1. The Supply of Homes for Sale Is Growing

2. There’s More New Home Construction

3. Less Buyer Competition

4. Home Prices Are Moderating

The Opportunity in Front of You

If you’re ready and able to...

Unlocking Homebuyer Opportunities in 2024 There’s no arguing this past year has been difficult for homebuyers.