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Thursday, January 26, 2023

We've been carefully monitoring the inventory levels of houses in the Treasure Valley. In both Ada County and Canyon County, the number of active listings on MLS have been falling since the peak 6 months ago. It's been a difficult six months to be a home builder, but the falling inventory levels give us a reason to be optimistic that the housing market is beginning to stabilize. 

Resale listings in particular have diminished. Part of this is seasonality, but the greater driver is almost certainly that most current homeowners have a very low fixed rate on their mortgage and do not want to trade that for a new home with a much higher interest rate.  As long as interest rates stay relatively high, resale listings seem likely to remain low.

Since resale listings are so scarce, new construction homes are selling at a disproportionately high rate. In recent history, new construction has comprised about 1/3 of the home sales in our market. But in December that number was 45% since there just wasn't much existing product on the market. We expect new construction to continue to represent a large share of home sales in the near term. At the same time, builders have cut way back on their production over the past six months because sales rates and prices have fallen. So the supply of listed new houses will surely continue to drop for a while. At some point soon, we think the level of available houses will get low enough that the housing market will see a shift. We are already below 3 months of housing supply, which is the lowest it's been since June 2022. 

In recent months buyers have understandably been cautious and selective. Housing affordability, interest rates, and inflation have been enourmous obstacles for all home buyers. But our feeling is the time to get a great deal on a discounted house is coming to a close. At Riverwood Homes, for example, we have cleared the majority of our available houses, and we feel the bottom of the housing market is in our rearview mirror. Our message to prospective buyers is to buy now, if you haven't already, and refinance your mortgage later. The good deals and deep price drops are going away!

Posted by riverwoodadmin at 1/27/2023 5:01:00 AM
Tuesday, December 20, 2022

When Mother Nature decides to drop the temperatures, it can be unpleasant for homeowners and our homes. Two common things you may notice are ice dams forming and condensation around some of your windows. If you have noticed one of these things going on at your home, you aren't the only one. Here are a few things to know, and a some tips on how to handle it. 

ICE DAMS:

An ice dam is a ridge of ice that forms at the edge of a roof and prevents melting snow (water) from draining off the roof. The water that backs up behind the dam can leak into a home and cause damage to walls, ceilings, insulation, and other areas.

1) Rake snow off off roof (first few feet)

2) Carefully break off Ice with rubber mallet

3) Use Ice Melt (do not use salt) 

4) Check problem areas after each snowfall 

WINDOW CONDENSATION: 

Homes these days are tightly sealed. When winter sets in, most people head indoors and avoid the cold air as much as possible. This can cause a build-up of moist air, causing your windows to "sweat" during the colder months.

Condensation occurs when warm air (hello vent under the window) hits cold surfaces. Breathing, Cooking, and drying clothes are all things that can contribute to the moisture in the air. The good news is you likely don't need new windows; the bad news is that condensation can cause mild and mildew. Here are a few tips:

1) Use your fans in the kitchen and bathrooms

2) Occassionally crack windows to allow air flow

3) Remove plants from windows

4) Lower your thermostate a couple of degrees

5) Do NOT lower your window coverings all the way down (this will trap the moisture)

6) Use your ceiling fans and make sure they are running in a clockwise direction this time of year 

 

Image result for Window Condensation Image Free

Posted by riverwoodadmin at 12/21/2022 1:02:00 AM
Wednesday, December 14, 2022

While the weather outside can be pretty frightful, we’ve got some freshly completed homes that are absolutely delightful! If you’re interested in seeing what Riverwood Homes has to offer, but don’t want to brave the cold and snow, follow the links below to take a virtual tour of 4 of our amazing homes in Meridian, Idaho.

 

The Olympia

2007 E. Phenomenal Street; Meridian, ID

2,181 sf

3 bedrooms, 2.5 bathrooms

1-story, tech room, butler pantry, 3-car garage, corner lot

 

The Richmond

6068 S. Ostrum Ave; Meridian, ID

2,036 sf

3 bedrooms, 2 bathrooms

1-story, den/office, walk-in pantry, corner lot

 

The Barcelona

6148 S. Ostrum Ave; Meridian, ID

1,807 sf

3 bedrooms, 2 bathrooms

1-story, tech room, butler pantry, corner lot

 

The Hudson

6140 S. Thumbelina Ave; Meridian, ID

2,473 sf

3 bedrooms, 2.5 bathrooms

2-story, den/office, walk-in pantry, bonus room, 3-car garage

 

If you want any more information on these homes, please contact a member of our sales team at the info below.

 

Ryan Kerfoot

RyanK@johnlscott.com

(208) 703-5446

 

Carlos Bendeck

CarlosB@johnlscott.com

(208) 867-7302

 

Craig Severson

CraigSeverson@johnlscott.com

(208) 949-7951

 

Posted by riverwoodadmin at 12/15/2022 5:06:00 AM
Wednesday, November 9, 2022

One of our construction lenders, Banner Bank has a special financing program call Community Heroes loans for front-line individuals who are serving our community and country. Eligible borrowers include educators, firefighters, police officers, nurses, EMTs, and any active duty or retired military personnel. This loan program allows for a low down payment (up to 99% loan to value) and below-market interest rates. With interest rates as high as they are today, this program may provide some much-needed relief. And the combination of a low down payment and a discounted borrowing rate can help someone get into a home for less than the cost of renting! If you think you may qualify, please call 866-722-5110.

https://www.bannerbank.com/personal/loans/home-loans/community-heroes

Posted by riverwoodadmin at 11/10/2022 1:46:00 AM
Wednesday, October 26, 2022

This beautiful house in the Patagonia subdivision sits on a half-acre lot tucked back from the street for optimal privacy.  The expansive east-facing back yard is shaded by mature trees and is shielded from the neighbors' view. The garage comfortably parks three vehicles plus an RV. Besides having a huge garage and a private, oversized lot, this house features four bedrooms, 3.5 bathrooms, and a den. This unique home is available for $899,900. Please contact our sales agent (208-703-5446) to discuss our attractive financing concession to lower your interest rate by two percentage points in year 1 and by one percentage point in year 2. This could save you nearly $17,000 in interest during your first two years of ownership!

Posted by riverwoodadmin at 10/27/2022 2:33:00 AM
Wednesday, October 19, 2022
Posted by riverwoodadmin at 10/20/2022 4:00:00 AM
Thursday, September 29, 2022

We have locked a 4.99% interest rate for any well qualified buyer who closes one of our move-in ready homes by November 25th! This 30-year fixed interest rate is far below prevailing market rates (7% at the time of this blog post). This low rate is available only through our preferred lender, Homebridge Financial, with loan officer Mark Onnen. Please visit one of our communities today to discuss this financing opportunity with one of our sales agents!

Posted by riverwoodadmin at 9/30/2022 3:34:00 AM

We had a great turnout for this year's Parade of Homes in the Tri Cities!

Thank you to all who visited our house and supported our local Parade of Homes.

Also, a big thank you to our employees, trade partners, vendors, sales team, and others who helped us participate in this year's Parade event.

If you missed the in-person Parade, you can still check out all of the houses on the Virtual Parade of Homes website: https://paradeofhomestricities.com/

Posted by riverwoodadmin at 9/30/2022 1:44:00 AM
Thursday, September 22, 2022
Posted by riverwoodadmin at 9/22/2022 10:26:00 PM
Wednesday, September 7, 2022

We hope that you'll be able to attend the Home Builders Association of Tri-Cities 2022 Parade of Homes, September 16 - 18!!!

Tickets are available for purchase at any Tri City Circle K

Riverwood Homes will be participating in this year's Parade, so we hope that you will come tour our house, along with the other houses in the Parade!!

The address for our Parade House is 2473 Maggio Loop in Richland, WA. If you type "Siena Hills Richland" into Google Maps, that will get you close! 

Posted by riverwoodadmin at 9/8/2022 5:48:00 AM
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