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Old 10-11-2017, 12:54 PM
 
2 posts, read 4,483 times
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How does the Treasure Valley benefit? People move here from other expensive areas aren't benefiting, they can't afford to live there any more. So then the same thing happens here. Who benefits besides a few who own the land and homes? People here will have to move somewhere else because they can no longer afford to live here. How is that a benefit?
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Old 10-11-2017, 01:17 PM
 
Location: Eagle, ID
355 posts, read 560,715 times
Reputation: 519
I think the way Idaho will benefit is by companies that relocate or start up here for the same reason that people do. They can lower their expenses and benefit financially.

For someone that moves here and works from home, you're right. They are putting their money into the local economy, which helps it. But, they may also be able to afford paying more for a home than people who have a job here that already can't. As companies move or start up here, more jobs are available here than they were before.

I wanted to move here in 2007, but the IT job market was really bad. I saw a recruiter when I came out back then, and asked him to send me everything that came open for the next few months. He sent me one job. Now, when I look online, there are dozens and dozens. The salaries for jobs in my area (IT) are lower than they are in CA, but high enough to afford a home.

So, I can see both sides but definitely relate and feel for those who may have a job and are struggling as it is, but see housing continue to appreciate out of reach.
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Old 10-11-2017, 01:44 PM
 
32 posts, read 49,759 times
Reputation: 64
Quote:
Originally Posted by FrankSimons View Post
We have to live in Nampa and commute in just so we can afford rent. We make about $15 per hour both of us, but between food, child care, and other expenses there isn't much left for rent. Certainly can't afford a 300,000 house or more. I remember just a few years ago houses we around 200,000 or less but even then it was going to be tight. Boise is going to be just like other places where the middle class gets pushed father away while investors and out of state people come in a buy everything up. But then when the economy falls they are the first to get bailed out!
Man, I feel ya. I too have noticed how when the market is hot, investors come in and start buying large groups of homes, driving up prices to a point where no one can afford them anymore. Then the investors rent to those who were able to buy a few years ago but can't now because they drove up the prices. Of course they will get bailed out first. Everyone knows that rich investors are waaay more important than the rest of us.
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Old 10-11-2017, 01:53 PM
 
32 posts, read 49,759 times
Reputation: 64
Quote:
Originally Posted by FrankSimons View Post
How does the Treasure Valley benefit? People move here from other expensive areas aren't benefiting, they can't afford to live there any more. So then the same thing happens here. Who benefits besides a few who own the land and homes? People here will have to move somewhere else because they can no longer afford to live here. How is that a benefit?
That is such an excellent question. Some will obviously benefit. But unfortunately, it's those who have the least that will be hurt the most.
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Old 10-11-2017, 02:01 PM
 
3,338 posts, read 6,849,315 times
Reputation: 2848
Quote:
Originally Posted by mustangjoey View Post
I think the way Idaho will benefit is by companies that relocate or start up here for the same reason that people do. They can lower their expenses and benefit financially.

For someone that moves here and works from home, you're right. They are putting their money into the local economy, which helps it. But, they may also be able to afford paying more for a home than people who have a job here that already can't. As companies move or start up here, more jobs are available here than they were before.

I wanted to move here in 2007, but the IT job market was really bad. I saw a recruiter when I came out back then, and asked him to send me everything that came open for the next few months. He sent me one job. Now, when I look online, there are dozens and dozens. The salaries for jobs in my area (IT) are lower than they are in CA, but high enough to afford a home.

So, I can see both sides but definitely relate and feel for those who may have a job and are struggling as it is, but see housing continue to appreciate out of reach.
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Old 10-11-2017, 02:05 PM
 
Location: 53179
14,418 posts, read 22,361,289 times
Reputation: 14461
Quote:
Originally Posted by Syringaloid View Post
Wow, you joined CD to ask this question.

These stores are mainly downtown, the mall and the new shopping center in Meridian and are various types of retail.
Yeah..im sure that's why...
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Old 10-11-2017, 02:06 PM
 
3,338 posts, read 6,849,315 times
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Originally Posted by glass_of_merlot View Post
Yeah..im sure that's why...
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Old 10-11-2017, 02:17 PM
 
Location: Boise, Idaho
813 posts, read 1,049,439 times
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Quote:
Originally Posted by mustangjoey View Post
I'd be curious to know if the Zillow price was fairly accurate on what the price was when you bought your home. I've seen Zillow $100k too high or two low, depending on the area. People say it should just be used as a ballpark, but it seems, at times, to be too inconsistent to be used for accurate pricing information.
Idaho is a non-disclosure state meaning that places like Zillow can not see access our tax assessor records to see what a person paid for their home. Zillow's own website admits for Idaho they use the tax assessor value or are unable to compute Zestimate accuracy. https://www.zillow.com/zestimate/#acc

There is a reason mortgage companies require licensed appraisers to establish value, not just looking online.

Moral of the story: Homes are unique and each needs to be valued independently, not like looking up a car on NADA or Kelly Blue Book. The condition of the neighbor's house has a value adjustment, view, condition, improvements, lot size, competition on the market, local market conditions, interest rates, all have an impact. Online valuations are as bad as using price per sq. ft. to establish value without adjustments!
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Old 10-11-2017, 02:27 PM
 
Location: Eagle, ID
355 posts, read 560,715 times
Reputation: 519
Quote:
Originally Posted by IdahoBroker View Post
Idaho is a non-disclosure state meaning that places like Zillow can not see access our tax assessor records to see what a person paid for their home. Zillow's own website admits for Idaho they use the tax assessor value or are unable to compute Zestimate accuracy. https://www.zillow.com/zestimate/#acc

There is a reason mortgage companies require licensed appraisers to establish value, not just looking online.

Moral of the story: Homes are unique and each needs to be valued independently, not like looking up a car on NADA or Kelly Blue Book. The condition of the neighbor's house has a value adjustment, view, condition, improvements, lot size, competition on the market, local market conditions, interest rates, all have an impact. Online valuations are as bad as using price per sq. ft. to establish value without adjustments!
Agreed. It's like using BMI to determine if someone is overweight.
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Old 10-11-2017, 02:31 PM
 
Location: Boise, Idaho
813 posts, read 1,049,439 times
Reputation: 913
I just sold my 21 year old son his first home. He was able to use a first time home buyer program and is buying out in Kuna so he was able to use $0 down as well. It is a modest 3 bedroom 2.5 bath home built in 1999 with a 2 car garage for $166k.
His monthly payment including principle, interest, taxes, insurance, & mortgage insurance are about $1,000. The home was previously a rental at $1,200 a month so he is able to buy for $200 a month less than renting the same home. He will be building equity instead of throwing money away in rent.

Playing devils advocate, even if the market value drops in half on the home, if he says there for 30 years, it will be totally paid for when he is 51 years old. If he rented, he would never have any equity at all.

I was at a meeting yesterday listening to an economist who admitted we need to track housing affordability. The problem is that the only affordable homes being built are built as apartments and 4 plex units. With local lot pricing nearing $90k a lot, it isn't economical to build a home under $300k. We are building 2000+ sq. ft. homes instead of 1,000 sq. ft. homes people can afford, but that is market driven. Cities want higher tax bases, so good luck getting a subdivision approved for 1,000 sq. ft. single family homes in Boise or Meridian. The first home I bought in Boise while attending Boise State University was a 1 bedroom one bath home with no garage and I survived.
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