Boise Area Real Estate News & Market Trends

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!

Jan. 7, 2022

Can We Expect Foreclosures in 2022?

Can We Expect Foreclosures in 2022?

Can we expect foreclosures in 2022? Many potentials buyers here in Boise have been asking this question. The home values and prices in Idaho have shot up so much that the "bubble" question pops up a lot. It does not look like we will have a foreclosure problem.  Here is why:

When mortgage forbearance plans were first announced and the pandemic surged through the country in early 2020, many homeowners were allowed to pause their mortgage payments. Some analysts were concerned that once the forbearance program ended, the housing market would experience a wave of foreclosures like what happened after the housing bubble 15 years ago.

Here’s a look at why that isn’t the case.

1. There Are Fewer Homeowners in Trouble This Time

After the last housing crash, over nine million households lost their homes to a foreclosure, short sale, or because they gave it back to the bank. Many believed millions of homeowners would face the same fate again this time.

However, today’s data shows that most homeowners exited their forbearance plan either fully caught up on payments or with a plan from the bank that restructured their loan in a way that allowed them to start making payments again. The latest data from the Mortgage Bankers Association (MBA) studies how people exited the forbearance program from June 2020 to November 2021.

Here are those findings:

38.6% left the program paid in full

19.9% made their monthly payments during the forbearance period

11.8% made up all past-due payments

6.9% paid off the loan in full

44% negotiated work-out repayment plans

 

29.1% received a loan deferral

14.1% received a loan modification

0.8% arranged a different repayment plan

0.6% sold as a short sale or did a deed-in-lieu

16.8% left the program still in trouble and without a loss mitigation plan in place

2. Those Left in the Program Can Still Negotiate a Repayment Plan

As of last Friday, the total number of mortgages still in forbearance stood at 890,000. Those who remain in forbearance still have the chance to work out a suitable plan with the servicing company that represents their lender. And the servicing companies are under pressure to do just that by both federal and state agencies.

Rick Sharga, Executive Vice President at RealtyTrac, says in a recent tweet:

“The [Consumer Financial Protection Bureau] and state [Attorneys General] look like they’re adopting a ‘zero tolerance’ approach to mortgage servicing enforcement. Likely that this will limit #foreclosure activity for a good part of 2022, while servicers explore all possible loss [mitigation] options.”

3. Most Homeowners Have More Than Enough Equity To Sell Their Homes

For those who can’t negotiate a solution and the 16.8% who left the forbearance program without a work-out, many will have enough equity to sell their homes and leave the closing with cash instead of facing foreclosures.

Due to rapidly rising home prices over the last two years, the average homeowner has gained record amounts of equity in their home. As Frank Martell, President & CEO of CoreLogic, explains:

“Not only have equity gains helped homeowners more seamlessly transition out of forbearance and avoid a distressed sale, but they’ve also enabled many to continue building their wealth.”

4. There Have Been Far Fewer Foreclosures Over the Last Two Years

One of the seldom-reported benefits of the forbearance program was that it allowed households experiencing financial difficulties prior to the pandemic to enter the program. It gave those homeowners an extra two years to get their finances in order and work out a plan with their lender. That prevented over 400,000 foreclosures that normally would have come to the market had the new forbearance program not been available. Otherwise, the real estate market would have had to absorb those foreclosures. Here’s a graph depicting this data:

foreclusure_data

5. The Current Market Can Easily Absorb Over a Million New Listings

When foreclosures hit the market in 2008, they added to the oversupply of houses that were already for sale. That resulted in over a nine-month supply of listings, and anything over a six-month supply can cause prices to depreciate.

It’s exactly the opposite today. The latest Existing Home Sales Report from the National Association of Realtors (NAR) reveals:

“Total housing inventory at the end of November amounted to 1.11 million units, down 9.8% from October and down 13.3% from one year ago (1.28 million). Unsold inventory sits at a 2.1-month supply at the current sales pace, a decline from both the prior month and from one year ago.”

A balanced market would have approximately a six-month supply of inventory. At 2.1 months, the market is severely understocked. Even if one million homes enter the market, there still won’t be enough inventory to meet the current demand.

Summary

The end of the forbearance plan will not cause any upheaval in the housing market. Sharga puts it best:

“The fact that foreclosure starts declined despite hundreds of thousands of borrowers exiting the CARES Act mortgage forbearance program over the last few months is very encouraging. It suggests that the ‘forbearance equals foreclosure’ narrative was incorrect. . . .”

Thinking about selling your Boise home?  Contact us today for a free home evaluation. Find out what your home is worth in today's market.

Dec. 18, 2021

2022 Market Forecast

What will the real estate market be like in 2022?

Home prices will continue to rise due to the low inventory of homes for sale and strong buyer demand.

Real estate experts are forecasting buyer demand will remain strong as people try to take advantage of low mortgage rates and prices before they climb, creating another strong year for home sales.

Real estate is local - every market is different.  Contact me at (208)918-5007 or via email Contact us for your Boise neighborhood market update and current situation.

real estate market forecast 2022

Nov. 11, 2021

Is It a Good Time To Sell a Home?

Is It a Good Time To Sell Your Boise Home?

Heading into the end of the year, you might wonder if it’s still a good time to sell your house. Here’s what the latest data from the National Association of Realtors (NAR) says.

Housing supply is lower nationwide but a bit better locally in Boise than last year, but home prices are up nationwide. Meanwhile, the average home is selling fast and receiving several offers. Listing now puts your house in the spotlight, meaning it could sell quickly – and for more than you’d expect.

Feeling motivated? If you’re ready to sell and capitalize on today’s market, partner with a local real estate professional.

Call your Boise real estate expert at (208)918-5007 for a Free consultation - You'll get your Free home evaluation and find out what your home is worth in today's market

 

selling a house

Sept. 10, 2021

55+ Property Spotlight - Heritage Grove

55+ Property Spotlight - Heritage Grove Meridian ID

Rare opportunity to own home in the premier Boise/Meridian area active senior community of Heritage Grove. These homes do not come on the market often and sell quickly.

Contact us at (208)918-5007 for a Free Tour of available homes for sale.

Heritage Grove 55+ Meridian Idaho

Beautiful home in Heritage Grove 55+ community! Ideal floor plan with an open living room centered around a gas fireplace and gourmet kitchen w/ granite counter tops. Spacious master suite features access to the relaxing covered patio. Premier location overlooks common area away from busy roads. HOA covers lawn care, clubhouse use, community parks, walking paths.

This single lever home was built in 2016. It has 3 bd 2 ba; 1,726 sq ft., attached 2 car garage.

Asking price - $499,000.

Heritage Grove Boise Meridian  Heritage Grove senior home for sale

Heritage Grove home - kitchen Heritage Grove Meridian homes for sale - Bathroom

 

Aug. 10, 2021

Boise Area Market Report - July 2021

Boise & Ada County Idaho Market Report for July '21

Inventory of homes for sale continues to grow and so do the selling prices in Boise real estate.

The median sales price for homes in Ada County reached $540,000 in July, up 2.9% from June.

While our region has faced insufficient supply compared to demand for years — the main driver of home prices — July marked five consecutive months of inventory growth. While still low compared to previous years, there were 1,055 homes available for sale at the end of the month, up 44.7% from June.

After home prices rose above the $500,000-mark in May, homeowners may have been encouraged to list, as existing inventory was higher than the previous month and year for the second month in a row, something not seen since March of 2020 just before the pandemic hit the market. At the end of June, there were 729 existing homes available for purchase, up 50.3% from June 2021 and up an astonishing 116.3% compared to July 2020.

Despite more inventory, the speed of the market continues to be fast. The number of days between when a home was listed for sale and an offer was accepted (also referred to as Days on Market) was at 13 days, on average, in July — 22 days faster than the same month last year.

While the uptick in the number of homes for sale is great news for buyers, they must still be prepared to act quickly. Buyers must also know that an offer acceptance is only the beginning of the work that a REALTOR® will complete throughout a transaction working on behalf of their clients.

Source: Boise Regional Realtors

 

Posted in Market Updates
July 7, 2021

Boise Real Estate Market Update - 2nd Qtr 2021

Boise Real Estate Market - 2nd Qtr 2021

 

 

1187 single family homes sold in Boise in the last quarter.  

Average listing price was $552,545; median listing price was $474,900;

Average selling price was $568,762; median selling price was $490,000.

Average DOM (days on market) was 4.

This information is based on IMLS and it's for single family homes only.

Boise Idaho real estate market remains one of the hottest markets in the country.  Home buyer demand vastly exceeds the supply of homes in our market.  This situation has been creating bidding wars thus pushing real estate prices up.

Homebuilders have been trying to fill the supply gap but new homes are mostly priced higher.  Subsequently, average home prices in Boise and surrounding areas have been recording new highs almost every month.

Real estate is local.  If you're planning to sell your house or condo, Contact us for your Free home evaluation.  Call (208)928-5007 today!

June 2, 2021

How to Downsize to a Worry_Free Home

How to Downsize to a Worry-Free Home

If your lifestyle has changed with time and you’re ready to leave the big house for a smaller, more manageable home, it might be time to downsize. Deciding to shift to a more worry free home is easy – determining where to begin is much harder.

The accumulation of decades of living can be overwhelming; taking the move step by step will help you break it down into manageable stages.

Before you do anything else, do your research and find the right location for your new home. Explore different communities and learn the pros and cons of each. While seniors often move to 55+ developments, there are also many other choices for low or maintenance properties. In many cases the HOA takes care of all outside maintenance, including snow removal or your lawn maintenance. Boise offers worry free community choices, including 55+ senior communities. 

Boise Idaho 55+ Communities

You may condominiums, townhouses, and patio homes as part of your research; many of these home styles can be found in areas that are not part of a 55+ community and often offer walking trails, fitness and aquatic facilities, and other active lifestyle amenities. In many areas, luxury high-rise buildings have become popular; many seniors enjoy living close to the amenities of a city, in a secure environment with a doorman.

Once you determine the new location or community you like, it’s time to sell your current home. Don’t let your accumulated “stuff” deter you. Clean out and utilize storage facilities for precious items you need to keep. Hire a professional moving company to pack up and move you to the new home. The moving company will store your belongings if needed till you're ready to move into your new home.

Moving out of a cherished family home can be an emotional decision, but the benefits of a low- or no-maintenance lifestyle can free up your time and energy so you have time to travel or just enjoy each day without the stress of managing a big home and yard. Make it easier by just taking it one step at a time.

Contact your local Boise expert - Krystyna Ryan - for assistance and free tour of available homes.  Call (208)918-5007. I'll be happy to help!

 

May 24, 2021

Selling a Home

Key Points to Remember When You're Selling Your Home

Selling a home or condo

Boise real estate market right now is full of unprecedented opportunities for home sellers. High home buyer demand combined with record-low housing inventory is creating the ultimate sellers’ market, which means it’s a great time to sell your house or condo. However, there are still some key things to know so you can avoid costly mistakes and win big when you make a move and sell your Boise Idaho real estate. Click below if you're considering selling and wonder what you're home is worth in today's market:

free home evaluation Boise Idaho

Today’s sellers’ market might be your best time to sell your property. If you’re considering selling your Boise house or condo, Contact us today. Let us help you navigate through the process and prioritize these key elements:

1. Price Your Property Right

When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask when setting a listing price. Believe it or not, that’s not always true. Even in a sellers’ market, listing your house for the right price will maximize the number of buyers that see your house. This creates the best environment for bidding wars, which in turn are more likely to increase the final sale price. A real estate professional is the best person to help you set the best price for your house so you can achieve your financial goals.

2. Keep Your Emotions in Check

Currently, homeowners are living in their houses for a longer period of time. Since 1985, the average time a homeowner owned their home, or their tenure, has increased from 5 to 10 years (See graph below):

This is several years longer than what used to be the historical norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you purchased or the house where your children grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from that sentimental value.

For some homeowners, that connection makes it even harder to separate the emotional value of the house from the fair market price. That’s why you need a real estate professional to help you with the negotiations along the way.

3. Stage Your House or Condo the Right Way

We’re generally quite proud of our décor and how we’ve customized our houses to make them our own unique homes. However, not all buyers will feel the same way about your design and personal touches. That’s why it’s so important to make sure you stage your house with the buyer in mind.

Buyers want to envision themselves in the space so it truly feels like it could be their own. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. Stage, clean, and declutter so they can visualize their own dreams as they walk through each room. A real estate professional can help you with tips to get your home ready to stage and sell.

Posted in Home Selling
April 22, 2021

Multigenerational Housing

Idaho Multigenerational Housing Popularity Soaring

Idaho multigenerational homes are gaining popularity.  This is actually a nationwide trend but quite evident here in the Boise area, especially in the Boise surrounding cities, such as Nampa, Kuna, Caldwell.

If your house is feeling a little cramped with the addition of adult children or aging parents, it might be time to consider a move-up into a multigenerational home that better suits your changing needs.

With benefits that include a combined homebuying budget and shared caregiving duties, an increasing number of households are discovering the value of a multigenerational home.

With such high demand for houses today, now is a great time to sell so you can upgrade to a multigenerational home that may better suit your evolving needs.

Search Boise & Treasure Valley Homes For Sale

 

Idaho multigenerational housing homes

March 24, 2021

Is It a Good Time To Sell My Boise Home?

IS IT A GOOD TIME TO SELL MY BOISE HOME?

If you pressed pause on selling your house last year, now may be the best time to put your plans back into motion while inventory is so low. Contact us or call (208)918-5007 today to get the process started.

In the sellers’ market, which we are in Boise real estate right now, you have a huge advantage in the process. And here’s another win – you can also use your equity toward a down payment on a new home when you move.

Wondering where you’ll go if you try to move while it’s so challenging to find a home to buy? Well, in many areas, including Boise Metro, there are more homes available at the higher end of the market, so finding a move-up home may be less of an issue if you’re ready to search for your dream home this spring or summer. One option would be a new home offered by many developers in the Boise area:

Search All Boise Metro Homes For Sale

View New Construction Homes For Sale

Last year, many homeowners thought twice about selling their houses due to the onset of the health crisis. This year, however, homeowners are beginning to regain their confidence when it comes to selling safely. The latest Home Purchase Sentiment Index (HPSI) by Fannie Mae shows that 57% of consumers believe now is a good time to sell.

Doug Duncan, Vice President and Chief Economist at Fannie Mae, explains:

“Overall, the index’s monthly increase was driven largely by a substantial jump in the share of consumers reporting that it’s a good time to sell a home, with many citing favorable mortgage rates, high home prices, and low housing inventory as their primary rationale.”

Normally, spring is the busiest season in the housing market – the time when many homeowners decide to list their houses. While this is obviously not a normal year since the pandemic is still very much upon us, experts are optimistic that consumer positivity around selling will lead to more homeowners making moves this year. Duncan continues to say:

“We will pay close attention to see if this newfound optimism develops into a trend.”

What does this mean if you’re thinking of selling your house?

The fact that there are so few houses available for sale today is one driver that’s encouraging consumers to think more positively about selling. The National Association of Realtors (NAR) states:

“Total housing inventory at the end of January amounted to 1.04 million units, down 1.9% from December and down 25.7% from one year ago (1.40 million).”

With so few homes available to buy, your house will be more likely to rise to the top of an eager purchaser’s wish list in this competitive market. Today’s high buyer activity is creating upward pressure on home prices and more multiple-offer scenarios. According to the Realtors Confidence Index Survey from NAR, the average home for sale is receiving 3.7 offers today, up from 2.3 offers just one year ago. This makes selling even more enticing.

Contact us today for a Free Home Evaluation and find out what your Boise home is worth in this market.