Boise Idaho real estate market trends, important information, covering everything from local market data and home values to community events and featured Boise areas. We care about the Boise community and want to help you find your place in it. We'd love to talk to you about your real estate needs!
Interest rates have been historically low. Below we'll analyze and show how low interest rates can dramatically lower your monthly mortgage payments and help you achieve the goal of home ownership. Spring home buying season is approaching our Boise real estate market. Many potential homebuyers are getting ready to enter the real estate market. If you’re thinking of buying a home or an investment property. The chart below shows how average mortgage rates by decade have impacted the approximate monthly payment of a $200,000 home over time:
Over the last 45 years, mortgage rates have ranged from a high of 18.63% (1981) to a low of 3.31% (2012). While it’s not likely that the average 30-year fixed mortgage rate will return to its record low, the current average rate of 3.45% is pretty close — all to your advantage.”
Low mortgage rates – like they are right now – benefit qualified buyers, saving them a lot of money over time.
It's important to remember, if interest rates go up, this can push many potential homebuyers out of the market. The National Association of Home Builders (NAHB) notes: “Prospective home buyers are also adversely affected when interest rates rise. NAHB’s priced-out estimates show that, depending on the starting rate, a quarter-point increase in the rate of 3.75% on a 30-year fixed rate mortgage can price over 1.3 million U.S. households out of the market for the median-priced new home.”
You certainly don’t want to be priced out of the market this year, and waiting may mean a significant change in your potential mortgage payment should rates start to rise. If your financial situation allows, now may be a great time to lock in at a low mortgage rate to benefit greatly over the lifetime of your loan.
Contact us anytime for more information and free buyer consultation.
Many boomers are moving into active senior 55+ communities. We see this trend here in Boise as well. 55+ homes are in demand and have been selling quickly. Below is the info on Boise area 55+ communities and current listings:
Seniors want to be around people who share common interests, goals, and challenges. That comfort in a community doesn’t wane with age – it actually deepens. Whether it’s proudly talking about grandchildren or lamenting the fact that our eyes aren’t as good as they used to be, it's nice to be surrounded by people who feel the same joys and concerns.
These are the reasons why so many boomers are deciding to move into an active adult 55+ community. Baby boomers are now reaching the age when moving to an active adult 55+ community is the right choice for them. Many boomers now want to downsize, experience a maintenance and worry-free lifestyle, and take advantage of more social opportunities. 55+ communities offer this kind of opportunity.
At the same time, there’s still a desire, however, among many seniors to “age-in-place.” According to the Senior Resource Guide, aging-in-place means: “…that you will be remaining in your own home for the later years of your life; not moving into a smaller home, assisted living, or a retirement community etcetera.”
The challenge is, many seniors live in suburban or rural areas, and that often necessitates driving significant distances to see friends or attend other social engagements. The Joint Center for Housing Studies of Harvard University (JCHS) titled Housing America’s Older Adults report addressed these concerns: “The growing concentration of older households in outlying communities presents major challenges for residents and service providers alike. Single-family homes make up most of the housing stock in low-density areas, and residents typically need to be able to drive to do errands, see doctors, and socialize.”
The Kiplinger also analized the subject: “While most seniors say they want to age in place, a much smaller percentage of them actually manage to accomplish it, studies show. Transportation is often a problem; when you can no longer drive, you can’t get to medical appointments or to other outings.”
Driving may not be a challenge right now, but think about what it may be like to drive 10, 20, or 30 years down the road.
There are also health challenges brought on by a possible lack of socialization when living at home versus a community of seniors. Sarah J. Stevenson is an author who writes about seniors. In a recent blog post for A Place for Mom, she explains: “Social contacts tend to decrease as we age for reasons such as retirement, the death of friends and family, or lack of mobility.” The research from the same source suggests if you’re spending time with others in a community, thus reducing or eliminating the impact of loneliness and isolation, there’s less of a risk of developing high blood pressure, obesity, heart disease, a weakened immune system, depression, anxiety, cognitive decline, Alzheimer’s disease.
Though the familiarity of our current home may bring a feeling of warmth, comfort, and convenience, it’s important to understand that staying there may mean missing out on crucial socialization opportunities. Living with adult children, joining a retirement community, or moving to an assisted living facility can help us continue to be with people we enjoy every day.
“Aging-in-place” definitely has its advantages, but it could mean getting “stuck-in-place” too. There are many health benefits derived from socializing with a community of people that shares common interests. It’s important to take the need for human interaction into consideration when making a decision about where to spend the later years in life.
Boise luxury real estate market is starting a shift, showing increasing buyer activity in that market segment. In the beginning of last year, many of the more expensive homes listed for sale hadn’t seen as much interest, since much of the demand for housing over the past few years has come from first-time buyers looking for starter homes.
According to the January Luxury Report from the Institute for Luxury Home Marketing (ILHM): “In a snapshot of 2019, despite pessimism at the start of the year, the last quarter showcased a strengthening, with an upswing in the luxury market for sales in both the single family and condo markets.”
Boise luxury real estate momentum is growing, and those looking to enter the luxury market are poised for success in 2020 as well. With more inventory available at the upper-end, historically low interest rates, and increasing average wages, the stage is set for buyers with an interest in this tier to embrace the perfect move-up opportunity.
The report highlights the increase in buyer activity in this segment, resulting in growing sales toward the end of 2019:“According to reports from many luxury real estate professionals, the significant increase in number of properties bought at the end of 2019 versus 2018 is reflective of an early 2019 holding pattern.
Many of early last year’s prospective luxury buyers held off while waiting to see how prices would react to new tax regulations and other policy changes. Buyer confidence returned in late spring and compared to 2018, above average sales were reported in the final quarter of 2019.”
With evidence of strong buyer confidence, this is great news, as more homeowners are building equity and growing their net worth throughout the country, including Boise Metro area:
“Many homeowners are now diversifying their wealth, owning several properties rather than a single mega mansion. In addition, there have been an increase number of home purchases taking place in smaller cities, reflecting the rising number of people relocating from major metropolises. Their property equity wealth or ability to pay high rental costs have afforded them the opportunity to purchase luxury properties in…secondary cities throughout North America.”
With a strong economy and a backdrop set for moving up this year, it’s a great time to explore the luxury market. Keep in mind, luxury can mean different things to different people, too. To one person, luxury is a secluded home with plenty of property and privacy. To another, it is a penthouse at the center of a bustling city. Knowing what characteristics mean luxury to you will help your agent understand what you’re after as you define the scope and location for the home of your dreams.
If you’re thinking about upgrading your current house to a luxury home, or adding an additional property to your portfolio, contact your local Realtor - Krystyna Ryan - at (208)918-5007 or click "Contact Us" button.
Boise real estate market is the sellers' market where buyer demand far exceeds the supply. It doesn’t mean though that you should price your home as high as the sky when you’re ready to sell. Here’s why making sure you price it right is key to driving the best price for the sale.
When it comes to pricing your home, setting it at or slightly below market value will increase the visibility of your listing and drive more buyers your way. This strategy actually increases the number of buyers who will see your home in their search process. Why? When potential buyers look at your listing and see a great price for a fantastic home, they’re probably going to want to take a closer look. This means more buyers are going to be excited about your house and more apt to make an offer.
In that situation, you are more likely to set up a scenario with multiple offers, potential bidding wars, and the ability to drive a higher final sale price. Thus, even when inventory is tight, pricing it right – or pricing it to sell immediately – makes a big difference.
Here’s the other thing: homeowners who make the mistake of overpricing their homes will eventually have to lower the prices anyway after they sit on the market for an extended period of time. This leaves buyers wondering if the price drops were caused by something wrong with these homes when in reality, nothing was wrong, the initial prices were just too high.
If you’re thinking about selling your Boise home, make sure you have a real estate professional on your side to help you properly price your home and maximize demand from the start. Call Krystyna Ryan (208)918-507 today to maximize your profit in the shortest possible time!
Retire and downsize or "age" in place? Or, perhaps move to a 55+ community?
Many seniors hope to “age in place" versus downsize and move to a new home. They would rather remain in their own home for the later years of your life; not moving into a smaller home, assisted living, or a retirement community.
There is no doubt about it – there’s a comfort in staying in a home you have lived in for many years instead of moving to a totally new or unfamiliar environment. There is, however, new information that suggests this might not be the best option for everyone. The familiarity of your current home is the pro of aging in place, but the potential financial drawbacks to remodeling or renovating might actually be more costly than the long-term benefits.
A recent report from the Joint Center for Housing Studies of Harvard University (JCHS) titled Housing America’s Older Adults explained, “Given their high homeownership rates, most older adults live in single-family homes. Of the 24 million homeowners age 65 and over, fully 80 percent lived in detached single-family units…The majority of these homes are now at least 40 years old and therefore may present maintenance challenges for their owners.”
If you’re in that situation, 35 or so years ago you may have had a growing family. For that reason, you probably purchased a 4-bedroom house on a large lot with good schools and safe neighborhood. It was a great choice for your growing family, and you still love that home.
Today, your kids are likely grown and moved out, so you don’t need all of those bedrooms. Yard upkeep is probably very time consuming, too. You might be thinking about taking some equity out of your house and converting one of your bedrooms into a massive master bathroom, and maybe another room into an open-space reading nook. You might also be thinking about cutting back on lawn maintenance by installing a pool surrounded by beautiful paving stones.
It all sounds wonderful, doesn’t it? For the short term, you may really enjoy the new upgrades, but you’ll still have to climb those stairs, pay to heat and cool a home that’s larger than what you need, and continue fixing all the things that start to go wrong with a 40-year-old home.
However, renovations are just a part of what you need to make aging in place work for you. While it’s typically less expensive to remain in your home than to pay for assisted living, that doesn’t mean it’s a slam dunk to stay put. You’ll still have a long to-do list. Just one example: You need to plan ahead for how you will manage maintenance and care—for your home, and for yourself.
So, at some point, the time may come when you decide to sell this house anyway. That can pose a big challenge if you’ve already taken cash value out of your home and used it to do the type of remodeling we mentioned above. Realistically, you may have inadvertently lowered the value of your home by doing things like reducing the number of bedrooms. The family moving into your neighborhood is probably similar to what your family was 40 years ago. They probably have young children, need the extra bedrooms, and may be nervous about the pool.
If you're thinking about selling click below to find out:
In summary - Before you spend the money to remodel or renovate your current house so you can age in place, reach out to a local real estate professional to determine if it is truly your best option. Making a move to a smaller home in the neighborhood might make the most sense.
Boise is very popular among seniors and 55+ active adults. 55+ homes are selling quickly due to the enormous demand from both the locals and seniors relocating from out of state. Check out our 55+ communities, currents listings. Call Krystyna Ryan at (208)918-5007 for expert advise. I'll be happy to help!
Boise Idaho Real Estate Market Report for 2019
Boise Idaho real estate home sales and prices beat more records last year. The demand for Boise real estate exceeded the supply of homes, especially in the "first time buyer" entry level category. The new constructed homes have mostly been in "luxury" market or over the median level. New developments have not helped the first time homebuyers in Boise and Treasure Valley. Boise home prices rose by 13% on average in 2020 when compared to last year. The median sold price was $330,000 compared to $290,000 in the previous year, which translates into a 14 percent increase. The average sold price was $378,291 compared to $333m494 a year ago, 13% jump. The number of home sales decreased by by 4 percent - the result of limited inventory. Homes were selling quickly, many of them attracting multiple offers. See below data for details:
|Number of sales||4,982||5,174||- 4|
|Avg sold price||$378,291||$333m494||+13%|
|Avg DOM (days on market)||25||23||+ 2 days|
Data is based on IMLS records for single family homes only.
Lowest sold single family home sold for $149,000 and the highest at $2.1M.
Currently there are 310 single family homes listed for sale in Boise. The lowest listed price is $112,500 for a tear down house on 3302 W Rose Hill and the highest is $2.4M for a luxury home located at 140 W Skylark Dr in North Boise. Average listed price is $542,463, median $437,995. Click on the link below to search all Boise homes for sale - you can search by property type (single family homes, condos, townhomes, ranches, land) in Boise and all surrounding areas
Now is the best time to sell your Boise home. Call us at (208)918-5007 or click below for a free home evaluation and find out what your home is worth in this market. Visit BoiseHomeValuesOnline.com today!
If you’re thinking of buying a home, plan ahead and stay on the right track, starting with mortgage pre-approval.
Planning your home purchase will ensure easy process, less frustration and time spending chasing homes your budget does not cover.
Contact your local Boise Realtor - Krystyna Ryan (208)918-5007 - for a free buyer consultation.