October 1, 2023

Illuzzi Letter

Envisioning And Creating Your Dream Home

Boise Real Estate – 5 Steps to Buying Smart

It is an awesome market…What are you talking about? Well, I guess it just depends which end of the stick you are going for. In the Boise Real Estate market, buyers are having a great time picking from homes that were once selling for $600,000 and now are selling for $400,000. That is a great market for at least one side of the transaction. This is the upside to a down market.

Sellers are taking a hit these days and not just the people that you think about when you think of the word “seller”. Builders are some of the hardest hit as they may have 4-8 homes that are built and ready to sell and they can ‘t get the money out of them that they have in them. Forget about any profit. Many Boise real estate builders are just trying to get rid of their lot inventory so that they can be freed up on their assets and move on.

Make sure that you do your homework on home prices based on homes that are actually “sold”. You can almost ignore completely the “asking” price because many sellers based their price on their neighbors asking price or for what they heard a house sold for. Your Boise area buyer’s agent should have access to this data and can interpret the numbers for you so that you know you are comparing apples to apples.

The Boise real estate market is also very dynamic. Some areas have jumped in average sales price while many have dropped. Most of the Treasure Valley’s subdivisions are struggling to get their inventory sold.

Foreclosures rose 121{bc1e42e53d8565163e9cec719c82f5e0892e054fb5d628f08363879e07731a2f} in Ada County in June of 2008 and 157{bc1e42e53d8565163e9cec719c82f5e0892e054fb5d628f08363879e07731a2f} in Canyon County when you compare them against last years numbers. That is a big reason that Boise buyers are able to get great deals today.

There is an increase in FHA loan numbers, and many more more first-time buyers looking to make a move, so I predict that they market will be rejuvenated by the second have of 2009 or early 2010. Boise does have one of the stronger markets in the US right now along with Seattle, Portland, and Salt Lake City.