Area Real Estate News & Market Trends

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Feb. 4, 2020

Interests Rates. Refinancing & Buying power

It's no surprise that interest rates have been at an all-time low for the last several years. Amazingly low in fact. But often I find that many consumers don't realize how powerful interest rates are to their buying power, let alone the long-term money savings they get from such historically low rates.

For example, I recently did a cash-out refinance to remodel portions of my property and to consolidate some higher interest debt. I got a $300,000 30-year fixed-rate loan at a 4.12% interest rate. Pretty good right? After six months went by the interest rates dropped to 3.25%.

My first thought was why in the world would I refi again so soon? Then I did the math.

By taking advantage of the 3.25% interest, I saved $46,000 in interest over the next 30 years and saved $100 a month on my monthly mortgage payment. The $100 monthly savings didn't have that much an impact on me, but the $46,000 in interest savings did!

As a professional real estate agent and property owner, I believe that there are very few reasons for refinancing your home or investment property. Improving the property via updates or remodeling is at the top of the list for me, but saving a ton of money is the other one.

Buying is the same way. For example:

Below are payments of principal and interest for a $250,000 Purchase with a 30-year Mortgage along with how much interest it would be:

3.5% Interest = $1,122 monthly = $154,140.22 interest = $404,140 total paid after 30 years

4.5% Interest = $1,267 monthly = $206,016.78  interest = $456,016 total paid after 30 years

5.5% Interest = $1,419 monthly = $ 261,010.10 interest = $511,010 total paid after 30 years

6.5% Interest = $1,580 monthly = $ 318,861.22 interest = $568,861 total paid after 30 years

The payment isn't the only thing that changes, the real savings is in the long term interest that is paid to the bank over that 30 year period.

But oftentimes, these payment differences can make or break a  buyer's ability to qualify for the loan in the first place. 

Low-interest rates. Use them wisely. Get them while they're Hot and save yourself some serious money in long term interest!

However, If you get cash out, put that money to good use. Improving the property in a way that increases its functionality and desirability. Kitchens and Bathroom remodels have proven to obtain the highest rate of return.

I turned my 1965 tiny kitchen into a functional kitchen designed for small spaces. Here is my kitchen before and after:

Original Kitchen

New Kitchen

Written by Dave Ferguson

Dec. 31, 2019

Boise's Four Seasons

Here in the Boise Valley, we get to experience all four seasons. The nice thing about Boise is where we are positioned in the treasure valley. Most of our weather comes in from the southwest and tends to put us in a nice little patch of true seasonal experiences without the heavy snowfall the rest of Idaho receives.

Our summers are wonderful, while they can get hot at times, it makes for outdoor activities like being on or near the water a nice little getaway. Fall walks through the hills (shown below) show you how truly incredible nature can be while going through the changes. While there are some instances of extreme weather and snow in the winter we tend to only get a few inches a year, however, our proximity to the mountains provides us with close access to skiing, snowboard, snowshoeing and other winter adventures.

Springtime (which happens to be my favorite) turns our foothills a beautiful green. Take in the budding flowers and watch an amazing thunderstorm from the comfort of your new home while planning your next summer camping trip. Stay tuned for adventure ideas for each season as we show you why we love our beloved city. 

The following photos were taken the week of December 15th, 2019.

View of the west side of the valley from the top of Camels Back Park, in the Northend of Boise

View of Boise Valley

 

Downtown Boise from top of Camels Back Park, in the Northend of Boise

Downtown Boise

 

Staircase leading to the top of Camels Back Park, Northend of Boise

Camels Back Park Staircase

 

Ridge to Rivers Trail system behind Camels Back Park, in the Northend of Boise

Ridge to Rivers trail system

 

Trails on the top ridge of Camels Back Park, in the Northend of Boise 

Top of Camels Back

 

 

Posted in About Boise Valley
July 31, 2017

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Posted in Market Updates