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The Boise, Idaho, and Treasure Valley real estate market is sizzling hot and moving fast. Homes are selling quickly and for top dollar. Low-interest rates are still keeping house payments low. In short, both buyers and sellers can benefit from the current market.
In today's market, both those selling a home and buying a home, both have benefits to making a move.
A major factor driving our market is supply vs demand. The continued shortage of inventory (homes for sale) vs the strong amount of buyer demand has pushed the average sale price of existing homes up near record highs in Ada County, even setting a brand new record in Canyon County.
As of March 2017, the average sale price in Ada County is up 8.4% from last year. Currently, the median sale price of a home in Ada County is $233,000. In Canyon County, the median sale price is up 10.2% over last year and sits at an all-time high of $164,700.
While more homes for sale are being listed each month, it’s really still not enough to keep up with the current demand from buyers in our area searching for a home for sale.
The key to fixing our inventory crunch lies with home builders. They must continue to increase the inventory at all price points to not only help our current buyers but existing homeowners who don’t know where they’ll move when they sell.
Builders know there is demand for new homes at all price points and they are eager to meet it. However, in order to be profitable, they are often building homes in higher price points because of the material costs, land prices, and a shortage of labor.
Curious what brand new homes are for sale today? Click here to view all new homes for sale!
As more homes become available for purchase, existing homeowners could move up and free up those properties in the low to middle price points which would greatly help stabilize our current market.
What does all this information mean for you?
Well, if you’re thinking about selling your home in 2017, it’s an ideal time to sell as there is low competition and high demand for houses causing many sellers to net top dollar in most cases.
If you’re thinking about buying a house, the low-interest rates can keep your monthly payment low, especially when compared with high monthly rental costs in our area. However, the interest rates have begun to rise and are projected to go up even more throughout the year.
Click here to learn more about how mortgage guidelines have changed allowing more buyers to qualify for homes loans!
If you are not thinking of selling or buying a home but own a house in our area, the value of your home has likely improved since you purchased it and is predicted to continue to see improvement which is great news. You can always use our INSTANT value check tool to see what your home is worth in today's market by clicking here:
What is my home worth in today's market?
Call our team today at 208-501-8200 to get answers to your questions.
You can also start browsing for all brand new homes in Boise, Idaho and the surrounding areas by clicking here: Yes, show me new homes for sale!