The Lochsa misprediction, how Zillow plans to use its money, and the rise of home prices in Meridian

Hello Lochsanians!

Here is your April News. Information that I didn’t just make up (at least most of it)
 
In this month’s newsletter:
  • My mistake!
  • Meridian sales prices continue to rise
  • Rentals
  • Open Houses
  • What is a CMA and why do I need one?
  • Water, Disc Golf, Easter Eggs and our Yard Sale
  • Zillow money
  • Meridian’s Discovery Park
  • A retirement plan
  • The value of a PSA

Whoops, I was wrong. Maybe.

Last month, I predicted we might see 15-20 new homes hit the market in March and April. March only put two new homes on the market. With an early add this week, there have been three new homes total, well short of my prediction. As you can see from the chart of new listings (below) this is well under our historical average.
 
So the battle buyers are facing continues in our neighborhood, as inventory remains low. At the end of March, there were 0.6 months of inventory, well below a balanced market. A balanced market has about 4 months of inventory available.
 
However, if you are a seller, this means that the market is on your side. People want to buy in Meridian and there are not a lot of options. Home sales in Meridian saw a bump in sales price in March of 4%-7% from February, depending on which numbers you look at. At the same time, the days on market dropped from 58 days to 55 days.
 
[[ Click here to view active homes in Lochsa Falls ]]

What does this mean?

Despite a lack of new inventory last month, new homes hitting the market are coming. There is still a high demand to live in the Meridian area. So while we may not get to the number of newly listed homes that we saw over the last few years, I still expect to see activity jump this month. 

Rentals available

If you are looking for more details on these, just let me know (vince@ amherstlegacy.com or 208-830-7115)
  • 2365 W Grand Teton Dr: They are asking $2,700 for the 3,545 sf home with 4 beds and 3.5 baths.

Rentals just outside Lochsa Falls

  • 2080 W Sage Springs Ct (Kelly Creek): They are asking $1,795 for the 1,934 sf home with 3 beds and 2 baths.
  • 5308 N Toscana Ave (Verona): They are asking $2,150 for the 2,194 sf home with 4 beds and 2.5 baths.
  • 6059 N Silver Spruce (Irvine Meadows): They are asking $2,200 for the 2,775 sf with 5 beds and 3 baths.
If you have a rental property that you would like to share, let me know. I’m happy to spread the word!
 
If you would like to read last month’s Neighborhood News, click here.

Open Houses

Even though there are two active homes in the neighborhood (Puzzle Creek is expected to go under contract in the next day or so), there are no homes currently scheduled for an open house in Lochsa Falls.
 
But don’t worry! If you would like a tour, just let me know. You can view them all by clicking here

Definitions

Bringing some clarity to the terms real estate agents toss around like confetti.
 
“CMA” or “Comparative Market Analysis” – This is the foundational report that agents build in order to get accurate pricing and build a marketing plan. There is too much to go over here so I wrote an article with an example that you can read by clicking here. Having a great one built is critical to selling your home.

What Else is Going On?

Water turning on soon – Red Door hasn’t officially announced it, but if you look at the Settlers Irrigation website (click here) you can see that they are tentatively going to turn-in water from the main canal on April 8 and then start delivering water to the laterals around the end of that week
Lochsa Falls Easter Egg Hunt – On Saturday, April 13, the neighborhood Easter Egg Hunt will be at the park at 10:00 AM. There are age groups from 0-2, 3-5, 6-8, 9-11, and 12+ years. Additionally, volunteers are stuffing eggs on Wednesday, April 10 around 9:30 AM / 10:00 AM. Contact Carma Wallace for more details on how you can help!
Disc Golf Course Improvements – Thanks to the efforts of several people, including a soon to be Eagle Scout, the disc golf course is getting some needed maintenance! On Saturday, April 13 from 1:00-3:00 PM, a crew of neighborhood volunteers will be replacing the posts, renumbering, and building out a course map. To help out, contact Roland Rocha at (208) 284-4122.
Trash or Treasure – You know how the saying goes. May 4 and 5 it is literally happening. Check out this post from the City of Meridian on how to make your throw away someone’s day! Click here for details.
Trash or Treasure #Fail – OK, so maybe your trash was simply someone else’s trash and didn’t get taken. Not to fear. Unlimited trash days are here May 6-11 as Republic Services Spring Clean-Up will take anything you can throw at them (please don’t actually throw anything at them) – Click here for details.
Neighborhood Yard Sale – Be ready for our neighborhood yard sale on Saturday, June 1.
Lochsa Falls Anual HOA meeting raises questions and gave us answers – As expected, the HOA covered our budget and expenses. And also, as expected, the debate on whether to build a new pool or clubhouse was a major topic of discussion. But there was also discussion on safety, CC&R enforcement and more. Check out a complete recap by clicking here

5 More Articles Worth Reading

Meridian’s Discovery Park will have people talking – click here
Zillow Group launches Home Loans business, tweaks website as pivot to home sales continues – click here
 
The Surprisingly Effective Retirement Plan You’re Probably Overlooking – click here
 
Boise apartment rents are spiking, occupancy high – click here
Give yourself an edge when you list with these 6 home preparation tips – click here

Becoming a PSA

As you know, I am a Realtor and Real Estate Agent here in Lochsa Falls. And I’m excited to announce that I recently earned the certification of Pricing Strategy Advisor (PSA) from the National Association of Realtors! I have always felt like the best way to serve my clients is to be an expert in Marketing and Pricing. Obtaining this certification is another way that helps me be an expert in my field. If I can help you in your real estate needs, I’m always here for you.
I hope this newsletter provided you with some great information. If you have suggestions on what to include next month, the best way to contact me is either through email at vince @amherstlegacy.com or via text or phone calls at 208-830-7115.
 
I look forward to hearing from you!

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