Tim Perry

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June 29 2023

Difference between Residential & Commercial Real Estate Agents

Tim Perry Uncategorized Blog Post, Boise, BoiseRealEstate, Home staging, Idaho, Real estate, Real estate agent, Skyline Realty

A residential real estate agent and a commercial real estate agent are both professionals in the real estate industry, but they specialize in different types of properties and clientele. Here are the key differences between the two:

Property Types: Residential real estate agents primarily deal with properties that are used for residential purposes, such as houses, apartments, townhouses, and condominiums. On the other hand, commercial real estate agents focus on properties that are used for commercial purposes, such as office buildings, retail spaces, industrial warehouses, and land for development.
Clients: Residential real estate agents work with individual buyers and sellers who are looking to purchase or sell residential properties for personal use. They may assist clients in finding their dream homes, negotiating deals, and navigating the home-buying process. Commercial real estate agents, on the other hand, work with businesses and investors who are interested in commercial properties for investment, leasing, or development purposes. Their clients may include corporations, entrepreneurs, investors, developers, and business owners.
Market Knowledge: Given the different property types, residential and commercial real estate agents have distinct knowledge and expertise about their respective markets. Residential agents have a deep understanding of residential neighborhoods, school districts, local amenities, and housing trends. They can provide insights into factors that affect residential property values and help clients find homes that meet their specific needs. Commercial agents, on the other hand, focus on commercial property market dynamics, such as vacancy rates, rental rates, zoning regulations, and economic factors that impact commercial real estate investments. They analyze market data and trends to advise clients on investment opportunities, leasing strategies, and property development potential.
Sales and Leasing Process: The process of buying or selling residential properties differs from that of commercial properties. Residential real estate agents assist clients in preparing and staging homes for sale, marketing properties, organizing open houses, and negotiating offers. They guide buyers through property viewings, offer submissions, inspections, and closing procedures. Commercial real estate agents handle complex transactions involving commercial properties, including sales, leasing, and development deals. They often work with legal and financial professionals to analyze property value, negotiate leases, draft contracts, and navigate zoning and permitting processes.
Income Structure: The income structure for residential and commercial real estate agents can vary. Residential agents usually earn a commission based on the final sale price of a property, typically paid by the seller. Commercial agents may earn commissions on lease transactions, which are often a percentage of the total lease value over the lease term. They may also earn fees or commissions from property sales and development projects.

It’s worth noting that while some real estate professionals specialize exclusively in residential or commercial properties, others may have expertise in both areas and work as dual agents, serving clients in both sectors.

May 9 2023

How Much Money Should I Have In Savings After Purchasing A Home?

Tim Perry Uncategorized Closing costs, Commission fees, Down payment assistance, First-time homebuyer, Foreclosure, Home, Home affordability, Home appraisal, Home improvement, Home inspection, Home staging, Home value, Homes for sale, House, House hunting, MLS (Multiple Listing Service), Mortgage pre-approval, Moving, Open house, Property, Property for sale, Real estate, Real estate agent, Real estate listings, Real estate market, Refinance, Short sale

The amount of money someone should have in savings after purchasing a home can vary depending on a number of factors, such as the size of the down payment, the cost of the home, and the individual’s financial situation.

Generally speaking, it’s a good idea to have an emergency fund of at least three to six months’ worth of living expenses saved up after purchasing a home. This can help cover unexpected expenses such as home repairs or job loss.

In addition to an emergency fund, it’s also a good idea to have some savings set aside for home maintenance and repairs. Experts recommend setting aside around 1% to 3% of the home’s value each year for maintenance and repairs.

Finally, it’s important to consider other financial goals, such as saving for retirement or paying off debt, when determining how much to save after purchasing a home. It’s important to strike a balance between saving for these goals and maintaining a comfortable level of financial security.

What is a good debt to income ratio when purchasing a home?

When owning a home, a good debt-to-loan percentage, also known as debt-to-income ratio (DTI), is generally considered to be 43% or lower.

To calculate your DTI, add up all of your monthly debt payments, including your mortgage payment, car payments, credit card payments, student loan payments, and any other debt payments. Then divide that total by your gross monthly income (your income before taxes and other deductions).

For example, if your monthly debt payments total $2,000 and your gross monthly income is $5,000, your DTI would be 40% ($2,000 / $5,000).

Lenders typically use your DTI as a way to determine whether you can afford to repay a loan. A DTI of 43% or lower is generally considered to be a good indication that you can manage your debt and repay your mortgage loan without undue financial strain.

However, keep in mind that your DTI is just one factor that lenders consider when evaluating your mortgage application. Other factors such as your credit score, employment history, and down payment amount may also come into play.

Contact Us Today!

Contact us today at 208-505-9000 or book an appointment HERE to learn more about buying or selling a home. We look forward to hearing from you!

May 1 2023

What Is A 1031 Exchange?

Tim Perry Uncategorized 1031Exchange, AIRBNB, Boise, BoiseHomes, BoiseRealEstate, Idaho, Idahohomes, Investing, RealEstateInvesting, REInvesting, Rentalinvesting, Rentals

What Is A 1031 Exchange?

What is a 1031 Exchange?

A 1031 exchange is a tax-deferred transaction in which an investor can sell an investment property and use the proceeds to purchase a like-kind property without having to pay capital gains taxes on the sale. The term “1031” refers to the section of the U.S. Internal Revenue Code that governs these types of exchanges.
To qualify for a 1031 exchange, both the property being sold and the property being purchased must be held for investment or business purposes. Additionally, the investor must adhere to a strict set of rules and timeframes, including identifying replacement properties within 45 days of the sale and completing the exchange within 180 days.
While a 1031 exchange can provide significant tax benefits, it is a complex process that requires careful planning and execution. Investors should consult with tax and legal professionals before engaging in a 1031 exchange.
What Qualifies as a 1031 Exchange?
To qualify for a 1031 exchange, investors must follow a set of strict rules and timeframes. Some of the key rules and timeframes include:
1. Like-kind property: The property being sold and the property being purchased must be considered “like-kind.” This means that the properties must be of the same nature or character, even if they differ in quality or grade.
2. Identification period: The investor must identify potential replacement properties within 45 calendar days of the sale of the original property. This period is known as the identification period.
3. Exchange period: The investor must complete the exchange and acquire the replacement property within 180 calendar days of the sale of the original property. This period is known as the exchange period.
4. Qualified intermediary: The investor must use a qualified intermediary to facilitate the exchange. The intermediary holds the proceeds from the sale of the original property and uses them to purchase the replacement property.
5. Reinvestment requirement: The investor must reinvest all of the proceeds from the sale of the original property into the replacement property. If the investor receives any cash or other non-like-kind property in the exchange, that amount will be subject to capital gains taxes.
These rules and timeframes are strict and inflexible, and failure to comply with them could result in the disqualification of the 1031 exchange and the assessment of capital gains taxes. Therefore, it is important for investors to work closely with qualified professionals to ensure that they adhere to all of the requirements of a 1031 exchange.
Would You Like To Learn More?

April 24 2023

Reasons Not to Sell For Sale By Owner

Tim Perry Uncategorized Boise, BoiseHomes, BoiseRealEstate, Idaho

The number one reason a home does not sell is because it is overpriced. Hiring a expert real estate agent, who has your best interest in mind will help you price it right, while there is the most amount of activity within the first few weeks is important to get top dollar. Over-pricing may make it difficult to get agents excited to show, hard to get good buyers to view the property, hard to get people to make an offer, and difficult to get financing.

Selling a home can be a daunting task, but it’s important to consider all options before making a decision. While selling a home by owner may seem like a good idea to save money on real estate agent fees, there are several reasons why it may not be the best choice.

As a homeowner, you may not have the experience or knowledge of the real estate market that a professional agent does. This can lead to mistakes in pricing, marketing, and negotiating, which can ultimately cost you time and money. It is also important to interview and research real estate agents before you list your home so you won’t waste time or money.

Selling a home by owner may limit your potential buyer pool. Real estate agents have access to a wider network of buyers, including those who may be relocating from out of state or even internationally. By not working with an agent, you may miss out on potential buyers who are not actively searching for homes on their own.

Without the guidance of a professional, you may be vulnerable to legal issues and potential scams. Real estate agents are trained to navigate the legal aspects of selling a home and can help protect you from fraudulent activity.

It’s important to consider the potential risks and drawbacks. Working with a professional real estate agent can save you time, money, and stress in the long run.

March 31 2023

What Happens In A Short Sale?

Tim Perry Uncategorized

What Happens In A Short Sale?

A short sale is a real estate transaction where the seller owes more on their mortgage than the property is worth. In order to avoid foreclosure, the seller negotiates with the lender to accept a lower sale price. This allows the seller to sell the property and pay off as much of the mortgage as possible, while the lender agrees to forgive the remaining debt. Short sales can be a complex process and typically require the assistance of a real estate agent or attorney.

Short Sale

Home prices in Boise, Idaho and the Treasure valley skyrocketed between 2020-2022. If you’re a homeowner who bought during that time you may be wondering what happens if the housing market drastically drops in price and you need to sell your home. Many Boise homeowners may be put in this situation. During a short sale the homeowner sells their property for less than what they owe on their mortgage. This is typically done as a last resort when the homeowner is unable to keep up with their mortgage payments and is facing foreclosure. The lender must approve the sale and may agree to forgive the remaining balance on the mortgage. Short sales can take several months to complete and require extensive documentation from the homeowner. The homeowner must provide the lender with a hardship letter explaining their financial situation and why they are unable to continue making mortgage payments. The lender will also require documentation of the homeowner’s income, expenses, and assets. Once the lender approves the short sale, the homeowner can list their property for sale and accept offers from potential buyers. If a buyer makes an offer on the property, the lender will review the offer and may negotiate with the buyer to get the best possible price. If the sale is successful, the lender will receive the proceeds from the sale and forgive the remaining balance on the mortgage. While a short sale can be a difficult and time-consuming process, it can be a better option for homeowners facing foreclosure than having their home seized by the lender.

Who Benefits In A Short Sale?

Short sales benefit both the seller and the buyer. The seller can avoid foreclosure and the negative impact it has on their credit score. The buyer can purchase the property at a discounted price. Additionally, short sales can benefit the lender by avoiding the costly and time-consuming foreclosure process.

Steps To Take In Short Sale

To buy a short home sale, start by finding a reputable real estate agent who specializes in short sales. They can guide you through the process and help you find suitable properties. Next, get pre-approved for a mortgage to determine your budget. Once you find a property you’re interested in, make an offer and negotiate with the seller’s bank. Be prepared to provide documentation and respond promptly to any requests. Finally, hire a home inspector and review all paperwork before closing the sale.

How Long Does A Short Sale Take?

A short sale typically takes around three to four months to complete. However, the timeline can vary depending on the complexity of the transaction and the lender’s responsiveness. It’s important to work with an experienced real estate agent and a knowledgeable attorney to ensure a smooth and timely process.

Mistakes During A Short Sale

When buying a short sale home, it is important to be aware of potential mistakes that can occur. One mistake is not doing enough research on the property and its history. Another mistake is not having a clear understanding of the short sale process and the timeline involved. Additionally, it is important to have a thorough inspection of the property to avoid any unexpected repairs or issues. By being informed and diligent throughout the process, buyers can avoid common mistakes and successfully purchase a short sale home.

Questions About Short Sales

If you live in Boise, Meridian, Nampa, or the surrounding areas and have more questions about short sales contact us today and we will be able to advise you and give you support in any home selling situation.

February 3 2023

Val Kellogg

Tim Perry Our Agents

Val Kellogg Skyline Realty Agent

Hi Thank You for taking the time to read a little bit more about who I am. My name is Valinda although since middle school I’ve been ‘Val’, feel free to call me that. After years (literally) of it being suggested I become a Real Estate Agent, I’ve taken the plunge. I began in 2019 as a Transaction Coordinator, behind the scenes doing the paperwork and keeping transactions on track for closing. For as long as I can remember I seeked out homes for sale, attended open houses, and I truly love scouring the many real estate sites. I’m a huge advocate for home ownership believing everyone should enjoy that portion of the American Dream. When I’m not in the office or spending time in our local community, I’m honored to be on the board for our local Lions Club, I enjoy exploring all Idaho has to offer with my biggest supporter, my husband, we are near empty nesters with our youngest getting ready to leave the nest soon. My husband says, and I couldn’t agree more, “Bring on this next adventure and taking your love of all things real estate to the next level.” I’m beyond excited to learn more about you and your real estate needs. Please, If you have any questions about buying, selling or investing, reach out to me anytime.

(541) 915-5532

February 3 2023

James Herron

Tim Perry Our Agents

James Herron Skyline Realty Agent

Welcome to Idaho, one of the nation’s fastest growing real estate markets! The Idaho housing market continues to be one of the strongest in the nation. In this rapid changing market new properties are available daily. This is where I come into the picture. From land to luxury homes, I’m here to assist you in finding the right property that fits your needs. Working full time in the real estate industry helps build a business and a future for my family. As a seasoned real estate professional with twelve years experience, I recognize and value the trust my clients place in me. Listening to my clients needs and wants helps me achieve the best outcome in every transaction. I’m continually striving to ensure that your home buying process is fun, easy, and as stress free as possible. Clients can count on me any time of the day when they have a question or concern. My wife and I relocated here from Northern California in 2017 to be closer to family and enjoy all the great state of Idaho has to offer. My free time is spent exploring the Idaho outdoors with my family by camping, fishing, and hiking. Being an automotive enthusiast, you can usually find an old truck in my garage being customized, restored or both. We really enjoy traveling. We’ve ventured through many states in the U.S., backpacked Europe, and love to cruise the Caribbean. When you’re ready to make the move, I’m here to assist you with your real estate needs in the greater Treasure Valley with a focus on Ada and Canyon County. Together we can find your dream home in Idaho.

February 3 2023

John Buchanok

Tim Perry Our Agents

John Buchanok Skyline Realty Agent

John is a Retired Police Officer and served his community for 20+ years. John retired from police work due to a work-related injury and became a REALTOR®. John has a passion to help people and provides exceptional service to his Real Estate Clients. John enjoys volunteering in his community and is a Coach for youth lacrosse.

208-800-8964

February 3 2023

Jenny Aubel

Tim Perry Our Agents

Jenny Aubel Skyline Realty Agent

Jenny Aubel was awarded Skyline Realty Top Producer 2020, Most Valuable Realtor® May 2020 for the Treasure Valley’s #1 Ranked New Build Company, as well as earned the BBR Bronze Level Production Award. Along with these accomplishments Jenny is a Military Spouse who was nominated as Wing Spouse Volunteer of the year 2019 for Mountain Home Air Force Base. Jennifer earned her Bachelors of Science in Business Management with a Concentration in Marketing from California State University, Monterey Bay and spent her previous years working as a Regional Marketing Manager in the University System for the Pacific South West. Jenny is known for her kind heart, business skills, professionalism and eagerness to help. If you’re looking to List or Search for a home in Mountain Home, Boise, Kuna or Meridian give Jen a call or text at 208-550-8088.

(208) 550-8088

February 3 2023

Bruce Hadley

Tim Perry Our Agents

Bruce Hadley Associate Broker / Agent

Bruce is an expert real estate agent with Skyline Realty in Meridian, ID and the nearby area, providing home-buyers and sellers with professional, responsive and attentive real estate services. Want an agent who’ll really listen to what you want in a home? Need an agent who knows how to effectively market your home so it sells? Give him a call! He’s eager to help and would love to talk to you!

(208) 912-5926