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Thursday, October 14, 2021

Slightly higher inflation looks like it’s here for a while. So, what does this mean for homeowners and homebuyers?

 

First, per John Burns Real Estate Consulting, inflation is great for homeowners. Long-term, it creates upward pressure on the value of your home since the costs to build a comparable home are increasing. It also creates upward pressure on incomes. So your monthly mortgage will eventually take a smaller portion of your salary.

 

 

But what about buying a home? Now we need to consider timing. If inflation is consistent, that means that costs are continuing to rise. So the costs to build (and therefore buy) a home today will be less than the costs to build (and buy) that exact same home a year from now.

 

But the biggest factor right now is the mortgage rate. Inflation will eventually impact the interest rates we pay on our home loans. Today, lending rates are still near historic lows.

 

So, since construction costs are increasing and borrowing costs will be increasing, that makes today the best time in the near-future to consider purchasing a home.

Posted by riverwoodadmin at 10/14/2021 11:48:00 PM
Monday, October 11, 2021

What does a hot housing market, low unemployment rate, and recreational and economic opportunities make you? 

It makes you the 13th best place to live, according to money.com! We are not sure hearing how great the Treasure Valley

is to live will ever get old! We may be a little biased, but we couldn't agree more!

With Idaho being such a highly desired place to live, it also makes us the second-fastest growing state. 

If you are looking to join the great people moving to Idaho, or just need a new space to call home, be sure to check out our 

available homes. Riverwood is building in some FANTASTIC areas. 

https://idahonews.com/news/local/boise-is-the-13th-best-place-to-live-in-2021-new-ranking-says

Posted by riverwoodadmin at 10/12/2021 1:34:00 AM
Friday, September 24, 2021

The 2021 Virtual Parade of Homes in Tri Cities, Washington is available now until October 31st, 2021. Please visit the official website to see pictures and 3-D tours of the four houses that participated in this year's Virtual Parade. We are grateful to our employees, suppliers, trade partners, HBA of Tri Cities, and others who helped us participate in this wonderful event.  

https://my.matterport.com/show/?m=wE8DT3rVKYs

Posted by riverwoodadmin at 9/25/2021 2:50:00 AM
Wednesday, September 22, 2021

We'd like to spotlight one of our excellent trade partners, Northwest Heating and Air Conditioning, Inc. We've had all kinds of supply-chain challenges we've been facing this year (shipping/trucking delays, long lead times, uncertain delivery dates, closed or partial-capacity factories, extreme weather, supply-demand imbalance...), and HVAC components have been affected as adversely as anything. We've been fortunate to work with Northwest Heating and Air Conditioning to help us navigate these challenges. They do an excellent job foreseeing upcoming challenges and acting swiftly to mitigate them. They use the best equipment, have excellent installers, and they follow up to keep the equipment running smoothly. 

It is recommended that we tune up our furnace and air conditioning units once per year. Please feel free to reach out to Northwest Heating and Air Conditioning to service your HVAC equipment in your home!

208-342-4741

https://www.northwestheating.biz/

Posted by riverwoodadmin at 9/23/2021 4:34:00 AM
Friday, September 17, 2021

 

 

Posted by riverwoodadmin at 9/17/2021 10:26:00 PM
Friday, September 10, 2021

Fortune.com published an article on August 26 showing a list of “overvalued” home markets. Right at the top of the list is Boise, Idaho selling at an 80.64% premium. What does this mean?

 

First of all, using the term “overvalued” makes it sound like the value isn’t really there. That a Boise homebuyer isn’t getting what they’re paying for, and that 80% of the investment they’re making in their home can simply disappear. Let’s dig a little deeper.

 

The Florida Atlantic University study the article was based upon used the Zillow Home Value Index over the past 25 years as a base point. Meaning that we’re comparing today’s home prices to home prices as far back as 1996. The graph below from the St. Louis Fed shows what’s been happening to Boise area home prices over time. This is what we’ve all seen over time, the home prices in Boise have gone up dramatically.

 

 

So home prices have gone up, but are they “overvalued”? This is a supply/demand issue. We’ve all seen those “greatest places to live” articles over the past 20 years that show Boise near the top of every list. That creates interest in the area and people wind up moving here. If the supply of homes can’t keep up with new demand (new local households being formed and looking for homes along with people relocating from other places) then prices increase.

 

The associate dean at FAU’s College of Business makes this statement:

“In the Top 10 markets, potential buyers might want to consider renting and reinvesting money that they otherwise would have put into homeownership.

That actually proves that Boise’s home market isn’t overvalued but is actually responding to market demand. If home prices were truly higher than they were actually worth, then renting would be a viable option. This article by local news site boisedev.com shows how rent prices in Boise are increasing at the fastest rate in the country. Whether people are planning on renting or buying, there’s more demand than the market can currently meet.

Boisedev.com also refutes use of the word “overvalued” by the Fortune.com article and FAU study in an interview with a local real estate broker here.

 

This may sound a little nitpicky. We all agree that Boise home prices and rent costs have increased dramatically. But we shouldn’t be afraid that we’ll suddenly lose 80% of the value in our homes. Those prices are supported by market demand and people wanting to live in a highly desirable area.

 

Posted by riverwoodadmin at 9/10/2021 11:26:00 PM
Wednesday, September 8, 2021

We are pleased to present our Odessa floor plan as a participant in the Tri-Cities 2021 Virtual Parade of Homes. The Odessa is one of our most popular models, and this one sold quickly. The house features four bedrooms (including a master suite and a guest suite), a den, walk-in pantry, covered patio, 3-car garage, and an open layout for entertaining. The Odessa is a great house for multi-generation families or for children or guests who need their own space!

The Virtual Parade will launch September 20, and homes will be available for only only tours. 

https://vimeo.com/user61612495/review/597521877/7360b829f8

https://my.matterport.com/show/?m=wE8DT3rVKYs

      

Posted by riverwoodadmin at 9/9/2021 2:40:00 AM
Wednesday, August 25, 2021

As fall approaches, we wanted to post a few maintenance reminders for the change in seasons.

As the hot weather begins to subside, you'll want to reduce the time on your sprinkler clock. You can easily adjust all programs and all zones by using the "seasonal adjust" or the "budget" feature on your clock. Now might also be a good time to clean your irrigation filters. You'll see one by the drip system valve and another by the main irrigation cutoff. Simply turn the cutoff valve 90 degrees and then turn on the hose bib to bleed out the pressure. Both filters unscrew and can be rinsed out in a bucket. Be careful not to dump all the weed seeds in your yard.

This year the irrigation water will be shut off earlier than normal. This will give you more time to schedule your sprinklers to be winterized. You'll want to have this done after the irrigation is turned off but before the freezing overnight temperatures set in. Also remember to keep your hoses disconnected from the spigot once temperatures begin to drop below freezing. 

Fall is a good time to flush your hot water heater. We recommend doing this once per year. Simply connect a hose to the unit and follow the instructions on the hot water tank. Regularly flushing your water heater will help it last longer and operate more efficiently.

You should be changing your HVAC filter every three months. Additionally, we recommend having your furnace professionally serviced annually. Doing this in the fall will ensure that you have efficient and reliable heating through the winter. Northwest Heating and Air Conditioning does a great job in the Boise area, and Apollo Heating and Air Conditioning can take care of our Tri-Cities customers.

 

 

 

Posted by riverwoodadmin at 8/26/2021 1:43:00 AM
Monday, August 23, 2021

Another phase in the beautiful Patagonia subdivision in Kuna is SOLD OUT!  Patagoina has been a highly desired location to buy and build a home. Driving through the area, it is easy to see why; wide open common areas, great neighbors, activities throughout the summer, community pools, and beautifuly built homes. We are grateful for our wonderful trades and homeowners for getting us through another successful phase. Phase 7 may be sold out, but we have started moving dirt in the next phase. We can't wait to show off our newest phase and homes in this wonderful community. Visit the link below to find out more about this community. 

Posted by riverwoodadmin at 8/23/2021 11:47:00 PM
Thursday, August 5, 2021

The air quality has been terrible this summer, and it seems we have periods of smoky air every summer during fire season and smoggy air every winter during weather inversions. We have two suggestions for you to keep your house clean, and we have one way we're helping you to do the same.

As a homeowner, you should be changing your air filter once every three months, but during conditions of poor air quality you need to change our filters more frequently. You may want to consider using a filter with a higher MERV rating (above 10) during periods of poor outdoor air quality. Using a thicker air filter (2" or 3") may also help to last longer and capture more particulates since there is more surface area on a thicker filter.

Each of our houses is equiped with a whole-house fan in the laundry room. This fan not only pulls air out of the laundry room, but it simultaneously lets outside air into the home through the air handler. In times of poor outdoor air quality, please adjust the timer of your whole house fan (or turn it off) so it is not pulling the smoky or smoggy air into your home several times per day. Also, keep your windows closed to keep the bad air out.

As part of our effort to make our houses more energy efficient, we are building our houses tighter. In Idaho, our houses will now have fewer than 4 air changes per hour (as measured by a blower door test), and in Washington they will have only 3 air changes per hour. We accomplish this by having fewer duct leaks, sealing any gaps or penetrations with spray foam, and (in Washington) air sealing the drywall. The end result is less air that can pass in our out through the walls and ceiling, and a more efficient and clean house.

Posted by riverwoodadmin at 8/5/2021 11:07:00 PM
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