Teton Realty Blog

Teton Region Real Estate Market Stats, Articles & News

  • Home
  • Listings ‘N Stuff
    • Property Search
    • Search Account
  • The Blog
    • Buyers
    • Sellers
    • Local Info
    • Market Reports
    • Know Your Home
    • 2022 Teton County, ID Code
    • Pages & Categories
  • About/Contact Me
    • Contact Me
    • About Me
    • Testimonials
  • Log In/Subscribe
    • Account Set-Up/Log-In
    • Weekly Newsletter
  • Facebook
  • LinkedIn
  • YouTube

Settlement statement breakdown, what is a flood certification?

December 15, 2016 By Tayson Rockefeller Leave a Comment

If you have ever obtained a loan on a property, and reviewed your settlement statement break down prior to closing, you’ve probably noticed a breakdown of fees associated with your loan. We don’t normally see some these things when it comes to cash transactions. One of those fees required by most lenders is the flood certification fee. It can sometimes be overlooked, typically the cost is less than $100. So what is it?

Basically, it’s a real estate-related document that outlines the flood zone status of the property. If the lender determines the property is in a flood zone, They will require an additional flood insurance policy (in most cases). The status of the property is subject to re-evaluation. If it is later determined that the flood maps changed, the lender can usually come back at any time and require the additional insurance.
So, if you are obtaining a loan, in most cases you can rest assured that someone will help you with this process. But what if you are paying cash?
There are a number of resources available to help research flood zones. The first place to start, in my opinion, would be the FEMA flood maps service center. There is Interactive map with address search capability to help pinpoint the property in relation to the latest FEMA map that is available. These maps can be amended overtime as topography changes either naturally or as a result of excavation or man-made structures.
Second, most counties have an available map layer that provides some of the same information, or similar information. This can also be a starting point when researching properties in or close to a flood zone.
Third, the US Fish and Wildlife service has a wetland map that was compiled over the past three decades using old infrared satellite technology, and other technologies as they came available. These maps are mostly related to Wetland habitat, though they do depict Wetland areas, and should be considered for development projects, but can also be a good resource for someone doing their own homework.
Finally, what if you want to skip the hard part and simply pay for a flood certification through a third party such as what a lender might do on your behalf? Not a bad idea. Online resources such as CoreLogic offer these services at a minimal cost.
Tayson is happy to provide sources for this information upon request.

Deal of the Week

November 28, 2016 By Tayson Rockefeller Leave a Comment

“The Spud” Drive-In Driggs, Idaho

When it comes to commercial sales, it’s all about the investment opportunity. However, some are just out looking for a “job” in one of the best places to live in America. Built -n 1953, it’s one of the oldest attractions in Teton Valley, still operating today. Besides, working the summer evenings in Teton Valley & snow-birding South for the winter doesn’t sound too bad.

Why it’s a good deal:

I’m not claiming good deal on this as I haven’t ran the numbers, but it’s still a lot of fun.

How much?

Just reduced, $675,000.

How quick will it sell?

I’m not sure on this one. It’s going to take the right business operator for reasons above, or someone that can capitalize on Winter revenue.

MLS info below. Log in to save this property.

What does the election mean for my Real Estate investment?

November 16, 2016 By Tayson Rockefeller Leave a Comment

house-marketI am going to do my best to tie this article to National trends, events that have an affect on Real Estate (such as elections), and the seemingly cyclical Real Estate pattern that applies in almost all cases, barring any outside catastrophe.

Hours after our recent election, it seemed as if the National election result(s) were catastrophic, though that subsided quickly, and the markets rallied. Yes, there are talks of rising interest rates which can also have an affect, but things seem to be settling back into place. In my opinion (as far as Real Estate goes) things settled right back in their respective place with regards to the Real Estate cycle, more on these economic cycles below.

The question is, will that last? Will the transition into the next President’s era once again upset the current cycle? I don’t think so. An a associate of mine sent an article from Harvard University (source below) that also seems to back that prediction.

The article talks about economic cycles with regards to Real Estate, and the phases of the cycles after recession. The cycle ultimately leads to another recession, due to oversupply (history shows us we never learn) Our last recession was 2008.

While reviewing the cyclical pattern ternds (the article refers to them as Market Cycle Quadrants) in the article, my small market mind’s gears were turning – “Where are WE now in the current cycle?” My answer was somewhere right above Long Term Occupancy average, during a period while vacancy is declining, and new construction is just now staring to occur. For those of you not referencing the article, The quadrants are broken into 4 phases of the cycle;

Phase I – Recovery
Phase II – Expansion
Phase III – Hypersupply
Phase IIII – Recession

I later discovered that the article also answers my question above, and we’re on the same page in terms of where we are in the current cycle, in the beginning stage of the expansion phase. All of that aside, I need to get back on track with regards to the election, how it may affect our market, and tie all of this together.

The great thing about this article is that it provides for a timeline, and even shows a nifty graph depicting these market cycles. It is actually quite remarkable. The findings go back to 1819 to gather data, and locate the peaks in Land Values, Construction, and Business. The average interval is approximately 18 years with one exception, WWII. The good news? I don’t see any clear pattern with regards to election cycles years, and these respective market swings.

For those of you refusing to open this fascinating article, and the contributors to the information in the article are correct, the next housing market recession will be in 2024.

Does that mean our local community is immune to a localized bubble filled with our own “hypersupply” will not affect us? Nope. Check out next week’s article.

Source: https://extension.harvard.edu/blog/how-to-use-real-estate-trends-to-predict-the-next-housing-bubble/

Psychology and your Agent

November 10, 2016 By Tayson Rockefeller 1 Comment

Idaho RealtorAs a preface to this article, I must say that I am a very straightforward real estate agent. If you are looking for someone to tell you that you can get a bargain on a piece of property that you likely cannot, I’m probably not your agent. I am also not going to tell someone they can obtain a certain price for their property in an effort to obtain a listing, or to appear optimistic. I provide values based on market statistics, and that’s usually the end of the story.

However, I will say that there are instances where real estate agents, including myself, will conform to the thought process of their customers. I’m not saying that real estate agents make special efforts to act differently in different scenarios like some of our politicians do, but in some regards, this is how people are. We try to relate to our customers to form a friendship, and gain trust.

When it comes to your attitude, or thought process when establishing a relationship with a real estate agent, it’s important to keep this in mind. For instance, if you are the type of person that uses brute sales tactic in order to make a clear indication that you only purchase bargain properties, and you make that clear to your agent right off the bat, your agent might bend his or her regular thought process or way of doing business in order to conform to your thought process and strategy. In markets where properties are selling quickly and prices are on the rise, it might be in your best interest to let your agent take the lead in terms of how to act in certain scenarios, especially if you’re looking at property you actually want to purchase, not just looking for the best bang for the buck or an investment property.

Recently I was working with a customer looking at luxury properties, which don’t seem to absorb into the marketplace nearly as quickly – as say a 3-bedroom 2-bathroom starter home. While viewing these properties, the quintessential salesman type listing agent we met at the property told us the home was receiving multiple showings per week, and they didn’t anticipate it would last very long. My customer kept saying over and over how much that particular agent reminded him of that typical sales person, and he “could see right through it”. Me, trying to establish a relationship, (and while trying be as transparent as possible), agreed with him. At the end of our day, I asked him to keep in mind what the agent said regardless of how we both felt about the situation. 2 months later, every property this particular person was looking at was later withdrawn from the market or sold, and it was my fault for not properly explaining how urgent the situation was. On a side note, it’s important to understand that waiting for the price to reduce doesn’t mean that is what is going to happen. People do remove properties from the market as situations change, which has the same affect. In some cases, some increase the price.

As always, this type of scenario can work both ways in different markets. If you are in a hurry to sell, remember that your listing agent has a fiduciary duty to keep that information confidential. If you don’t properly explain your situation to your listing agent, and tell that agent that you are a firm negotiator who only accepts top dollar, your agent is likely going to conform to what he or she thinks your needs are. If you tell your agent you will only look at homes with hardwood floors, guess what…

At the end of the day, transparency is best. The point of my article is to allow your relationship with your agent to grow naturally. Be yourself, and unless you are an expert in that local market, listen to what your agent has to say. If you don’t agree with your agent, or you don’t particularly like them based on the way they naturally introduce themselves to you, move on. There are plenty of fish in the sea – as they say.

  • « Previous Page
  • 1
  • …
  • 21
  • 22
  • 23
  • 24
  • 25
  • …
  • 29
  • Next Page »

Recent Testimonials

  • Douglas V.
  • Chuck M.
  • Terry & Joy K.
Teton Valley Realty
Copyright Teton Realty Blog© 2025 - Tayson Rockefeller - [email protected] - 208-709-1333 - sitemap | Privacy Policy, Copyright & Terms of Use