Monthly Archives: December 2016

No Z Estimate for Idaho

The Cold Hard Truth about Zillow and Idaho: Facts you need to know

The Cold Hard Truth about Zillow and Idaho!

 

No Z Estimate for Idaho

Idaho is a Non Disclosure State!

Before you hug your Z estimate to tight lets discuss the facts about that little baby.

Ever wonder where Zillow gets there information?  Its pretty simple Public Records, and Zillows own Algorithm that helps it determine a value off public records and there own values that they have plugged in to come up with a hypothetical value for your home.

So hypothetically and not taking into consideration the home improvements you have done or the fact that the neighbor did home improvements and you ripped your kitchen out and didn’t return it   There is your value.

Now don’t get me wrong I am not a Zillow hater.  In fact I am a Premier agent with Zillow.  I pay them the big bucks for my listings to be listed as mine and for the property requests that are done on those listings to actually come back to me.  The listing agent.  I love the fact that so many people do use Zillow.

But here is the deal!  Idaho is a non- disclosure state.  So what does that mean for Zillow?  They are not accessing our public records for home sales.  We as agents will get in trouble if we disclose to Zillow what homes are selling for.  So where is that pie in the sky number coming from?

That’s a good question.  I have a few ideas but none of them are probably suitable to put in print.

See that is one of the beauties of Idaho.  You go down to the county to file for your home exemption.  First words will be what did you pay for the property?   Your answer is:

I Choose not to disclose!

Now is it ever in your favor to disclose?  There are times:  Example being when the market was bad.  You bet if your new property is getting taxed as being worth $200k and you just paid $150k then you bet you march on in there with your contract and closing statement and you disclose what you paid for it.  But if that is reversed you take the Idaho answer!  I choose not to disclose!  And don’t feel bad about taking that choice.  They expect it!  And it is your right!

So keep in mind of how Zillow just came up with that Z Estimate on your home or a home you are considering from a State that Chooses not to Disclose.  You probably guessed it!

Get an actual value!  Contact me I am happy to disclose to you from the MLS (that I cannot put public links to closed properties on) sold homes in any area that you would like.  Be it a home you are considering selling or a home you are considering purchasing.  You want to rely on someone with the real tool bag.  For Idaho it truly is Not Zillow!

Contact me here for any specific property that you would like a market analysis on or just some local com parables.

Rathdrum Idaho Home Sales

Rathdrum Idaho February 2016 Market Report

February 2016 Market Report:  Residential Volume is up from 2015. We had a total volume of 18 units sold in 2015 for a sales volume of $3,404,103 and a total of 20 units sold in 2016 with a sales volume of $4,227,522. That is an increase of total volume by $823,419.

Of those 2015 sales  9 single family homes 3 of which were new construction. 3 condos 1 being new construction and 2 selling as senior housing in Golden Spike Estates. 1 of those was also was new construction.
New construction is way up on single family homes for 2016. 14 single family homes in February of 2016 7 of those are new construction. 2 homes selling in Golden Spike Estates and no condos selling this year in the month of February.

Rathdrum Idaho Home Sales

Home sales are up $823,419 in volume for 2016

2015 Did see a couple of oddities. A foreclosure that was in dis-repair that sold for $35,200 it was a 700 sq. ft. home that needed a total make over. To not skew our numbers it has been left out of the following analysis on price per square footage. It is accounted for in the total number of properties.

2016 sees a water front cabin that we will not be including also It was on Twin Lakes with a dock 333 sq. ft. selling for a price of $105,000. We also had a manufactured home that we are not going to add to our statistics that was 1323 sq. ft. in a Mobile home park that went for $31,500.

2015 Condos averaged a price of $106,133 with an average square footage of 1150 sq ft breaking down to $92.28 per square foot.

2015 New construction averaged a price of $217,903 with an average square footage of 1663 sq ft breaking down to an average of $131.03 per square foot.

2015 existing homes averaged a price of $175,262 with an average square footage of 1656 sq ft breaking down to an average of $105.83 per squaare foot.

2015 Golden Spike Estates 55 and over housing saw 2 houses sell for the average price of $195,158 with an average square footage of 1614 breaking down to $120.91 per sq. foot.

2015 Homes on acreage we sold 3 in the month of February a Huge one that was 5030 sq ft that went for $369,900 it was sitting on 4.5 acres. The second one was a 1600 sq ft home on 8.9 acres that went for $290k and the third one was a 2440 sq ft home that I sold personally it was a little dated went for $295,000 and sits on 3.57 acres. That last one did have a very large shop but fronted Hwy 53.

2016 Month of February saw no condo sales.

2016 New Construction saw an average price of $242,679 with an average square footage of 1982 sq ft.  Breaking down to an average of $122.44 per square feet. There is a couple of large homes that sold this month that have changed our average a little if you kick out the 3 homes that are over 2000 sq ft it leaves the other 4 averaging $215,238 with an average square footage of 1530 sq ft and an average price per square foot of $140.67. Unfinished basements always mess up our numbers.

2016 Existing home sales for February saw 7 homes averaging $160,585.71 with an average square footage of 1735 breaking down to $92.55 per square foot. I do not believe that we are seeing a price reducition on existing homes per square foot. We had several in that mix this month that were in poor repair, short sales or other semi distressed properties.

2016 golden Spike Estates 55 and over community saw 2 sales one being a manufactured home that was 1242 sq ft selling for $81,250 and the other being a stick built home 1730 sq ft and selling for $186,000.

2016 Homes on Acreage. We only had 2 homes close this month for homes on land. First one being a 3974 new construction home built by Avondale Construction. Gorgeous home yes I sold it.   That home went for $502,017 and sits on 4.80 acres. Did have a shop also. Other home was a 2075 sq ft home that sits on 5.5 acres that went for $299,900

Rathdrum Vacant Land Sales Market Report:

2015 city lots saw a lot of sales as we are finishing up Radiant lake lots and some of the other little spots that are left for new construction. We sold 6 city lots in the month of Feburary in 2015 One of them I am leaving out of the statistics on this as it was a 1.5 acre lot that a builder picked up for $190,000. The other 5 lots averaged a sales price of $53,100 with an average size of .42 acres.

2015 Rural land saw 2 sales with an average price of $112,500 and an average lot size of 4.9 acres.

2016 city lots as you can see we are starting to run out. We had 2 lots sell for an average of $42,500 and an average lot size of .35 acres.

2016 Rural property we had 2 sales. One is a 1.55 acre lot that went for $106,000 and the other is a 46.73 acre lot that went for $320,000. Guessing we are going to see that 46 acre lot broke up into a subdivision at some point.

Overall our market is very strong – right now and it is a sellers market. Multiple offers are still common.  Days on market are running about 102 days for an average. Which as you figure that sounds high but the loan process is taking a good 60 days lately as our lenders are complying with more federal red tape.  You back 60 days of loan time off that number and you are really only averaging about 40 days before the home is under contract.

Inventory is low! As of today there are 96 properties on the market in Rathdrum of which 32 of them are pending. If you are considering selling your Rathdrum property please give me a call for your own detailed valuation.  Or you can request your free market analysis Here:  Free Market Analysis Request