Jim Paulson

All the homes in Meridian that have closed since 6/1/10 that were listed as To Be Built, Under Construction, or New-Never Occupied. 

If you include ALL the solds including the Zero Sold Price and Unpublished Sold, here are the hard numbers

NEW CONSTRUCTION

List Price Total: $19,421,853 (Same period ‘09 $17,076,166)

Sold Price Total: $18,786,070 (Same period ‘09 $15,943,369)

Difference: -$635,783 (96.7% of asking price or 3.27% discount) (Same period ’09 -$1,132,797 or 93.4% of asking or 6.6% discount. An improvement of 3.33% over last year)

When you REMOVE all the listings that skew the total because they are $0 sold price or Unpublished Sold, here are the hard numbers

List Price Total: $15,423,029 (Same period ‘09 $15,741,338)

Sold Price Total: $15,425,046 (Same period ‘09 $15,305,241)

Difference: +$2,017 (100% of asking price or 0% discount) (Same period ’09 -$436,097 or 97.3% of asking or 2.7% discount. An improvement of 2.7% over last year)

TOTAL MARKET (New and re-sale)

277 homes sold

List Price Total: 53,008,201 (Same period ‘09 $52,410,597)

Sold Price Total: 51,657,956 (Same period ‘09 $50,307,836)

Difference -1,350,245=97.5% of asking price or 2.5% discount (Same period ’09 -$2,102,761 or 96% of asking or 4% discount. An improvement of 1.5% over last year)

Without $0 Sold Price or Unpublished Sold

List Price Total: $49,009,377 (Same period ’09 $50,785,869)

Sold Price Total: $48,296,932 (Same period ’09 $49,429,708)

Difference: -712,445=98.5% of asking price or 1.5% discount (same period ’09 -$1,356,161 or 97.4% of asking or 2.6% discount. An improvement of 1.1% over last year)

I learned some great things from my son this week that really apply to the real estate industry!

1. Build your database. I thought I had a pretty good database until I realized my 14 year old already had over 250 contacts in his cell phone!
2. Back up your data.  (I have known this one for years but here is his reminder.)

I just posted an article on this and now it is time to dig even deeper into the differences of some of the online consumer portals.

When I went to Cyberhomes, they had a link called "About our data".  When I clicked it, I got this message:

I was not able to do a specific valuation on the home but they did use "heat maps" and ranges of data.

On Homes.com, their disclaimer says it all:

"The home values presented above are based on public record sources where available, or �calculated estimates� based on available information for non-disclosure states, and do not comprise an appraisal or Competitive Market Analysis (CMA). The data presented above may be more than six months old and may not include all properties sold in the area. This information should not be used in whole or part to replace real estate professionals who are skilled in determining the price of a property."

The MLS in our area is the most comprehensive source of data since it has all the properties listed for sale, data on properties through the MLS, and tax data.  However, you need to work with a Realtor that is a member of the local MLS to have access to the data.

Realtor.com does not provide any type of AVM's in Idaho at this time.  However, they will be providing range values in the near future via their new partnership with the IMLS.

Trulia was the worst of the portals because of their statement "The median sales price for homes in Kuna ID for Feb 10 to Apr 10 was $231,330. This represents an increase of 79.7%, or $102,630, compared to the prior quarter and an increase of 73% compared to the prior year. Sales prices have appreciated 170.6% over the last 5 years in Kuna."  If you looked at the sales in the Intermountain MLS for Kuna during the same period (Feb 10 - Apr 10, 2010) there were actually at a median of $117,250 or almost half what that site said!

Zillow at least appears to have recognized that they don't have enough data to provide a Zestimate.  Their median list price is right on with the MLS at $131,000.

The moral to this story is to know what your consumers are looking at so that you know how to deal with their mind set.  Since NAR says 93% of buyers and sellers are going on line to get real estate information, you had better go their first to know what they "think" they are learning!

In researching my local market in Boise, Idaho; I was curious about the accuracy of various consumer website portals.  I decided to drill down to a small city in our area to make the data more manageable so I selected Kuna, Idaho.

I would like to welcome Marc Whitmore to Progressive Realty Corporation!  Marc is a Realtor in Boise, Idaho and was previously licensed with another brokerage here in Boise.

He brings his internet based marketing plans to help him market toward apartment complexes, multifamily units, and investment properties in the Boise area.

He will primarily be focusing on these types of income properties as well as helping the tenants become property owners since he is also familiar with first time home buyer programs in the Boise area including 100% financing options that still exist today.

I have always been intrigued by the creation vs. evolution theories that are out there.  It doesn't matter at this point how we got here, but if we don't want to go the way of the dinosaurs, we better think about how we might want to "evolve" our business models.  

For example, when I attended Boise State University in the early 1980's to get a degree in Marketing, Google didn't even exist.  The God(s) had not yet created it.  Google evolved from a Larry Page and Sergey Brin's "Digital Library Project" when they were Stanford University graduate students.  Back then I probably had a 40 meg hard drive.  They needed lots of storage and the largest hard disk available at the time was 4 gigabytes.  That wasn't enough, so they connected ten of them together and built their own 40GB drive in a case made of Lego's!

Had Google been around in my college days, I would have probably done much better in school since answers are so much easier to find now.  Other than in the Smithsonian Institution of American History, I don't know where to find a set of Encyclopedia's any more (although they may be in the local library still).  For the price of a set, you can now just use your "EVO (lution?) smart phone" to Google what ever you need to know. Maybe that is why they have this dinosaur on Google's Corporate Campus?

So if you are not working to increase your exposure in this digital age, will you go the way of the dinosaur?  Will you be a skeleton somewhere or will you still be found in todays world?  Take the challenge and "Google" yourself today to see what comes up!  If you can't find yourself very effectively, will your clients find you?

If you wanted to find me, I try to leave a trail so people can!  I am not the only Jim Paulson in the world or even in real estate.  There are several Jim Paulson's in Boise, Idaho.  However, if you Google me this is what you will find:  http://lmgtfy.com/?q=Jim+Paulson+Boise

Have you evolved to the digital age of real estate yet?  If not, and need to, you might consider getting your EPRO designation from NAR.  I am a certified instructor for them (even though you do all the work online at your own speed).  I would be glad to get you signed up and will give you a $25 discount for reading my blog!

I am just amazed at how some of the big banks are still making up their own rules after having to to paying and settling huge lawsuits!

Here are just a few things that come to mind:

• Requiring buyers to get "pre-qualified" with them Prior to ever even being able to upload an offer on one of their listings even if they are pre-approved with another lender.  (My solution would be to require a larger earnest money that is non refundable based on financing if they don't at least prequal with the selling lender);
• Requiring buyers to provide their address, birthday and first 5 digits of their social security numbers with an offer in order to be able to "upload" it into the system since these are required fields without ever having the buyers sign any type of disclosure of why this data is requested or how it will be used.  I am confident it is so the selling lender can do a credit report on the buyer without their consent! (I just instructed one listing agent to insert "000-00" as the social and the offer date as the birth date until we get a copy of the banks disclosures).
• Requiring certain title companies be used in the transaction (as a listing broker, you probably are not allowed to sole source your favorite lender or title company yet they can?)
• Requiring buyers to put everything in writing, while simultaneously refusing to commit their statements to writing! (In Idaho we have the Statute of Frauds which means it all has to be in writing yet they ignore that too).
• Requiring "wet signatures" still even though it has been over a decade since "electronic signatures" were approved by the FTC.

I am not much for reblogging, but this one deserves it.  A truly unique new way at looking at the walls that encompass us daily.  If nothing else, just go to an ocean scene at www.theskyfactory.com and enjoy the ocean sounds or the rivers, etc.

Thanks to Gabe Sanders for "enlightening" me.

So far in 2010, there have been 616 new homes closed in Ada County according to the Intermountain MLS.  These included "To Be Built", "Under Construction" and "New Never Occupied" homes.

Builder ranking

1.       CBH  (Corey Barton Homes) @ 170

2.       HFS (Hopkins Financial Services) @ 59

3.       Aspen Homes (Michael Riggs) @ 39

4.       Hubble Homes @ 32

5.       Boise Hunter Homes @ 23

6.       Coleman Homes @ 22

7.       D.R. Horton @ 12

8.       Ted Mason Signature @ 12

9.       Brighton Homes @ 12

10.   Paradigm Construction  @ 11

11.   Syringa @ 11

12.   Tahoe Homes (Jake Centers) @ 9

13.   Ninety Degrees @ 9

14.   James Clyde Custom @ 8

I am proud of the fact that my company represents Coleman Homes in Ada County in two great communities (Bridgetower Crossing and Cabella Creek).   We have helped them achieve 3.5% market share in less than 2 years!

Progressive Realty Corporation is also a preferred "sell to buy" partner of CBH homes (if you need to sell an existing home before buying one of theirs).

Already this year, my company has closed new homes with many of these builders including:  CBH, Boise Hunter Homes, and Coleman Homes.  I also represent Hubble Homes in some of their listings!

I have personally closed new homes with over 50 separate builders in the Treasure Valley and would be glad to assist with any of your new construction needs!  If you can't find what you are looking for in an existing home in the Boise Idaho area, let's have it built.  

With current lot pricing, we can typically beat short sale and REO pricing!  I know for a fact, I could have had a new home built from ground up faster than any short sale I have closed in the past two years!

The City of Meridian and Meridian Speedway are partnering once again to provide the community with a full day of 4^th of July activities.  The event will be held in Storey Park on Sunday, July 4^th starting at 1:00 pm with bounce houses, a climbing wall and an obstacle course available for kids. 

Live local bands including Apple Thief, Craving Dawn, and Big Wow will start performing in the park at 3:00 pm and will continue through the evening.  The Meridian Speedway races begin at 6:30 pm and the evening culminates with a spectacular fireworks show at dusk.

Concessions will be available in Storey Park throughout the day including hot dogs, hamburgers, snow cones, funnel cakes, corn dogs, cotton candy, ice cream, and smoothies.

Free event parking and shuttle service to and from the park will be available from the lot on the SE corner of Watertower Ln. and Stratford Dr.  Shuttles will be running from 1:00 pm until 11:30 pm. 

For more information about the 4^th of July Festival, visit the Meridian Parks and Recreation website www.meridiancity.org/parks_rec or contact the Meridian Parks and Recreation Department at 888-3579 orrecreation@meridiancity.org.

A quick look at the residential real estate market in the greater Boise, Idaho area shows in fact that we have a pretty solid market for affordable homes.  The graph also illustrates the time tested saying in real estate of “Location, Location, Location” since two areas in Ada County have four month inventory levels or less and yet South East Meridian currently has 8.3 months of inventory in this price range!

I will wait a few more days to post the June numbers since some offices are still inputting their sales from the end of the month.

If you would like an individual analysis of your home or your market area here in the Treasure Valley, I would be honored to assist!

Breaking news:

I just received this in an email from NAR!

Several members of the House introduced a bill this morning to extend the tax credit deadline to Sept. 30. Bill is H.R. 5623. NAR is supporting the bill. We're hoping for action today.

I will keep you posted!

Thanks to everyone who helped with this massive effort.  Proceeds raised will benefit St. Jude's Research Hospital.  Tickets are $100 each for a chance to win this home valued at $440,000.

This is Idaho's first certified Net Zero Home!  When I first heard that term, I thought they were advertising for the dial up internet company "Net Zero" but it is much better.  This is a home designed to produce more energy than it consumes for a Net Zero impact!  

This is being done via triple pane windows, photo voltaic (solar panels), super insulation packages, and more!

Thanks to these great sponsors:

• Scott Flynner of Flynner Homes;
• Pioneer Title Company;
• Idaho Power;
• Northwest Energy Star;
• Lowes;
• Zamzows;
• Internet Auto Sales;
• and many more!

Many buyers are finding great values in todays housing market but others are still on the fence waiting for prices to prove they have bottomed out.  Real estate prices are very localized and you should always look at supply/demand in addition to absorption rates to see where the trend might be heading next.

However, it is hard to deny that the interest rates right now are incredibly low.  Some programs are at 40 year lows for interest rates.  

The two key elements of Economic Modelling are:

1. Barring government intervention (not likely);
2. Basesd on a stable economy (we are not, nor is the global economy)

Since Sprint is about to release the EVO phone by HTC on Friday, June 4th, I figured we should jump the gun a bit and start preparing a list of the top real estate Android applications.

For any Realtors or Lenders that are currently using the Android operating system, please provide feedback on your favorite real estate applications.

This way, when Realtors first start converting over (like I will be on Friday), we can hit the ground running!

My understanding is that Supra (GE) is still months out on being able to use this for their IBOX lock boxes.

I am thinking we need:

• calculators
• mapping programs
• GPS modules
• news readers

Three years ago, I was in New Orleans for the NAR REALTORS® Conference and Expo after the levies broke flooding parts of New Orleans.  We had teams of Realtors that volunteered their time and skills rebuilding the area from Habitat For Humanity efforts to moving books back to restock libraries or to helping restore computers at schools like I did.

Maybe this year, we can figure out ways to help the clean up efforts of the BP oil spill?

Unfortunately, I don't have much confidence the need will be gone in the next five months.  I think it will be an even greater need!

I am a certified scuba diver and would be willing to do my part under water and let others do theirs that are not certified to work above.

This great 2966 sq. ft. home is going to be built on a 93x100 foot lot in Kuna Idaho.  Energy Star Home. 

Take a virtual tour at:  http://www.visualtour.com/show.asp?t=2208415&prt=10003

There is time to decide the exterior elevation, if you want a huge living room or a smaller one with a den up front.  You can enjoy a massive super loft upstairs or enclose it into one or two additional bedrooms.  This plan can be laid out to include up to five bedrooms plus a den!

I have closed homes with over 50 separate builders in the Boise area, so I would love to help you get into your next home.  We have 15 lots here in this community but will be glad to find lots in other areas too.  This builder has plans from 1400 - 3500+ sq. ft. that can be built in this community.

They have indeed already done great things at Apple in the the way of innovation.

First it was the Mac!

Then came the IPods!

People stood in line to buy their IPhone!

Now the rage is their new IPhone on Steroids without the phone called the IPad

Now, Apple is deciding to expand into the medical field.  The have successfully combined the Foley Catheter with Apples Technology to come up with the revolutionary new . . .

IPeed

I don't look forward to the product they are testing next . . . the IPood!

Make it a wonderful day! 

Sorry my friends, I couldn't refuse!  I usually don't post political or religious statements on this website, but when this visual "popped" into my head, I just had to create it and share it with my friends and co-workers.

I am a religious man, however I don't mind "poking" a bit of fun with it along the way.

I just ran across a pretty good video produced by NAR that mentions some of the changes that will be occurring.  It sounds pretty good and should definitely help.

http://link.brightcove.com/services/player/bcpid1785312249?bclid=1740033302&bctid=75779465001

It is about a 15 minute video but well worth listening too.

I am only familiar with two digital signature companies that are familiar with the real estate industry.  I have talked to both companies but have only personally used Authentidate's Inscribe Office.

I would appreciate feedback from anyone that has used both systems as to which one they prefer and why.  I will activate a 30 day trial on Docusign today and then post my comments as I compare as well.

One is Docusign. https://www.docusign.com/real_estate/  They are a Realtor Benefit Partner so if you are a member of NAR you can get a discount.  They have a 30 day free trial as well.

The other is Inscrybe Office from Authentidate.  They also offer a 30 day free trial.

 http://www.authentidate.com/index.php/content/view/430/781/

Take these for a test drive and let me know your thoughts!

Thanks!

Jim Paulson - Broker /Owner - Progressive Realty Corporation - Boise, Idaho

Here is a great opportunity to take advantage of the $8,000 tax credit instead of paying first and last months rent!  Payments would be comparable to paying rent but you get pride of ownership and future appreciation not to mention the tax incentives!