Here’s How It Works

• Before Closing: The contract spells out everything—price, repairs, contingencies, etc.
• At Closing: The deed (the official document transferring ownership) takes over.
• After Closing: The deed rules, and most contract terms are no longer enforceable.

But there are exceptions! If something in the contract was meant to stick around—like a promise to repair the roof or fix a fence—it needs to be written clearly as surviving the closing.

Why It Matters

For buyers, make sure the deed says what you expect. If there’s something in the contract you still need after the sale (like a repair agreement), confirm it’s spelled out.
For sellers, be upfront and double-check that all promises are wrapped up before delivering the deed.

What About Problems?

Things like fraud, misrepresentation, or hidden defects can still lead to disputes—even after the deed is signed. And if Idaho law requires certain disclosures (like about water rights), those obligations might not just disappear.

Need More Help?

The doctrine of merger can get tricky, especially if you’re dealing with warranties or special conditions. Always double-check your paperwork and, if in doubt, consult a real estate attorney. They can help ensure you’re covered before and after closing.

Got questions? Don’t leave it to chance—reach out to a legal expert for peace of mind. 🏡

The post What’s the Doctrine of Merger in Real Estate? appeared first on TJ Eardley - Today.

Each month, I provide a real estate market report featuring key numbers, including average home prices, year-over-year price changes, total number of homes sold, average days on market, and the change in days on market compared to the previous year.

Understanding these numbers will give you a clear view of what’s happening in the Ada and Canyon County markets, and help you make informed decisions, whether you’re buying or selling.

Average Prices

Average home prices show us the current value of homes in the area. If prices are rising, it’s a sign of strong demand, meaning sellers have an advantage. If prices are stable or falling, buyers may have more room to negotiate.

The year-over-year percentage change in average price helps you see whether homes are gaining or losing value compared to the previous year. A positive percentage indicates homes are appreciating and that demand is strong. A negative percentage suggests the market might be cooling, giving buyers more opportunities.

Total Sales

The total number of sales each month indicates market activity. More sales typically mean there’s strong demand, while fewer sales could mean buyers are cautious or there’s limited inventory available.

Average Days on Market

The average days on market measures how long homes take to sell. Lower days on market show homes are selling quickly and the market favors sellers. Higher days on market means homes are taking longer to sell, giving buyers more choices and leverage.

Finally, the year-over-year change in average days on market shows if the market is speeding up or slowing down compared to last year. Faster sales indicate a competitive market, while slower sales point toward a more balanced or buyer-friendly environment.

Use this information to help guide your real estate decisions and better understand current market trends.

The post Real Estate Market Report – December 2024 appeared first on TJ Eardley - Today.

The post November 2024 Canyon Market Snapshot appeared first on TJ Eardley - Today.

In October, the median sales price experienced a slight decline, affecting both new and existing (resale) homes. On average, homes sold for $31,000 less than their original listing price. This suggests that buyers currently have greater leverage in negotiating final sales prices. While this trend impacted both market segments, it was more pronounced for new homes.

Home Sales Volume

The number of homes sold increased for the second consecutive month in October. Although both new and resale homes saw a rise in sales, the percentage increase was notably higher for new homes. Interestingly, many new builds sold in October were priced lower than comparable properties in September. This pricing flexibility likely contributed to the uptick in new home sales.

Pending Sales

Pending sales declined in October for new construction and resale homes. Notably, the median price of pending sales was nearly $100,000 higher than that of closed sales during the same period. The sales figures for November will reveal whether this represents a meaningful price shift or if final sale prices will be negotiated down, potentially bringing the November median sales price closer to October levels.

Inventory Trends

Inventory levels for both new and resale homes decreased in October but remained higher than at the same time last year. The drop in inventory was influenced by a second consecutive month of decline in resale homes. Factors such as persistently high interest rates and the upcoming November election may have prompted some sellers to delay listing their properties, while buyers hesitated to enter the market due to current mortgage rates.

Days on Market

The average days on market held steady in October. However, there were contrasting trends within the two segments:

• New Homes: Over 30% of new homes remained on the market for more than 90 days, increasing the average time to sell.
• Resale Homes: A significant portion of resale properties sold within the first 30 days, reflecting strong demand in this segment.

The post October 2024 Canyon Market Snapshot appeared first on TJ Eardley - Today.