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. 24, 2020

Real Estate Buyer Checklist

Real Estate Buyer Checklist

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.

home buyer checklist

Posted in Home Buying
Jan. 20, 2020

Buying a Home - Making a Dream of Homeownership a Reality

Buying a Home - Making a Dream of Homeownership a Reality

buying a home

A dream of homeownership is alive and well. For many Americans, one of the common goals is owning a home: a piece of land, a roof over our heads, and a place where our families can grow and flourish.

If you’re dreaming of buying a home this year, the best way to start the process is to connect with a local Boise Realtor to have a clear understanding on what goes into buying a home.

Your local Boise real estate professional will explain the home buying process, help with financing, will match your needs with a perfect home. Call us today at (208)918-5007.

Here are just some questions you'll need to answer before you start looking at Boise homes for sale:

1. How Much Can I Afford? Where do I start?  How long is the process?

The process of buying a home is not one to enter into lightly. You need to decide on key things like how long you plan on living in an area, school districts you prefer, what kind of commute works for you, and how much you can afford to spend.

Keep in mind, before you start the process to purchase a home, you’ll also need to apply for a mortgage. Lenders will evaluate several factors connected to your financial track record, one of which is your credit history. They’ll want to see how well you’ve been able to minimize past debts, so make sure you’ve been paying your student loans, credit cards, and car loans on time. Most agents have loan officers they trust that they can refer you to. According to ConsumerReports.org, “Financial planners recommend limiting the amount you spend on housing to 25 percent of your monthly budget.”

2. How Much Money Do I Need for a Down Payment?

In addition to knowing how much you can afford on a monthly mortgage payment, understanding how much you’ll need for a down payment is another critical step. Thankfully, there are many different options and resources in the market to potentially reduce the amount you may think you need to put down up front.

If you’re concerned about saving for a down payment, start small and be consistent. A little bit each month goes a long way. Jumpstart your savings by automatically adding a portion of your monthly paycheck into a separate savings account or house fund. AmericaSaves.org says, “Over time, these automatic deposits add up. For example, $50 a month accumulates to $600 a year and $3,000 after five years, plus interest that has compounded.”

Before you know it, you’ll have enough for a down payment if you’re disciplined and thoughtful about your process.

3. Financial Discipline and Planning: Practice Living on a Budget

As tempting as it is to settle in each morning with a fancy cup of coffee from your favorite local shop, putting that daily spend toward your down payment will help accelerate your path to homeownership. It’s the little things that count, so start trying to live on a slightly tighter budget if you aren’t doing so already. A budget will allow you to save more for your down payment and help you pay down other debts to improve your credit score. A survey of Millennial spending shows, “70 percent of would-be first-time homebuyers will cut spending on spa days, shopping and going to the movies in exchange for purchasing a home within the next year.”

While you don’t need to cut all of the fun out of your current lifestyle, making smarter choices and limiting your spending in areas where you can slim down will make a big difference.

If homeownership is on your dream list this year, take a good look at what you can prioritize to help you get there. To determine the steps you should take to start the process, meet with a local real estate professional today. Call Krystyna Ryan at (208) 918-5007 today!

Posted in Home Buying
Jan. 16, 2020

Disappearing Real Estate Inventory

Disappearing Real Estate Inventory

real estate inventory

The Boise real estate market, similar to other markets in the county, is expected to do very well this year as mortgage rates remain at historic lows and the "Boise secret is out". We've seen a record number of Californians as well as buyers from other states moving to Boise and surrounding areas in the last few years.  One of the main challenges to the real estate sales is the lack of available homes. This month, move.com published a report showing that 2020 is beginning with the lowest available real estate inventory in two years. According to this report: “Last month saw the largest year-over-year decline of housing inventory in almost three years with a dramatic 12 percent decline, pushing the number of homes for sale in the U.S. to the lowest level since January 2018.” Again, this is even more pronounced here in Boise and Treasure Valley.

The report showed the decline in inventory across all price points - see below:inventory of homes

George Ratiu, Senior Economist at realtor.com, explains how this drop in available homes for sale comes at a time when more buyers are expected to enter the market: “The market is struggling with a large housing undersupply just as 4.8 million millennials are reaching 30-years of age in 2020, a prime age for many to purchase their first home. The significant inventory drop…is a harbinger of the continuing imbalance expected to plague this year’s markets, as the number of homes for sale are poised to reach historically low levels.

What does this mean to you?

If You’re a Buyer…

Be patient during your home search. It may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be ready to make a competitive offer from the start, and understand that a shortage in inventory could lead to the resurgence of bidding wars. Calculate just how far you’re willing to go to secure a home, if you truly love it.

If You’re a Seller…

You are in the driver’s seat. We have a seller's market. When there is a shortage of an item at the same time there is a strong demand for that item, the seller of that item is in a good position to negotiate. Whether it is price, moving date, possible repairs, or anything else, you’ll be able to demand more from a potential purchaser at a time like this – especially if you have multiple interested buyers, resulting in multiple offers. Stay reasonable, but understand you probably have the upper hand.

To summarize:

The real estate market will remain strong throughout 2020. Understand what that means to you, whether you’re buying, selling, or doing both.

 

Jan. 14, 2020

Boise Luxury Market 2020

Boise Luxury Market 2020

Many homeowners in Boise found themselves with more home equity than they realized. At the same time their wages were increasing last year. These two factors combined can act as a trigger for the homeowners to think about making a move to a larger or more expensive home in the luxury market. Let's take a look at the forecast for the Boise luxury real estate market in 2020:

Three Factors to Take Into Account in the 2020 Boise Luxury Housing Market

Prices

The U.S. economy, as well our local Boise economy, is strong right now and, there are many buying opportunities in the luxury end of the market. Thomas Veraguth, Strategist at UBS Global Wealth Management, says in Barrons.com, “There’s a good link between luxury real estate prices and [economic] growth.”

Available inventory is a one of the key factors effecting home prices. At the higher price range, the inventory is greater when compared to the entry-level Boise market, making moving up to a luxury home a growing reality for many buyers right now.

Market Activity

With more buying opportunities at the higher end, luxury home buying activity increases. The above mentioned article states, “Affluent homebuyers will start to come out of the woodwork as they find rising luxury rents less appealing and sellers get even more negotiable on price.”

Buyers looking in the luxury market are taking the opportunity to negotiate on price in a segment where there are more choices, too. Higher price range homes sold for an average of 96.94% of the list price in December '19.

Another important thing to remember: Current low interest rates increase buyers' purchasing power.

Buyers Are Coming Back

As we know, buyers are often sellers too, especially those looking to move up. Homeowners with an entry-level home can take advantage of the inventory shortage at the lower end of the market, thus driving higher sales prices for their current homes. This combined with growing equity in their current homes, creates a perfect opportunity for them to enter the Boise luxury real estate market this year.

If you’re considering entering the luxury market, 2020 is shaping up to be a great year for those who are ready to make that move. Contact us - your local real estate professional to set your real estate plan for the year.

 

Jan. 13, 2020

Advantages of Purchasing a Home Early

Advantages of Purchasing a Home Early

Buying a Home

Buying a home early, in your 30s helps to prepare for a retirement, according to the Urban Institute study.

The good news is, our younger generations do believe homeownership. Both, the millennial and Get Z, plan to buy a home before age of 35.

Millenials and home buying

Purchasing a home early, has a profound impact on retirement.

Currently there are homes and condos for sale in Boise and Treasure Valley that fit every budget. Let us help you find the right starter home and get you on the path of home ownership.  Contact us today!

Based on this data, those who purchased their first homes when they were younger than 25 had an average of $10,000 left on their mortgage at age 60. The 50% of buyers who purchased in their mid-20s and early-30s had close to $50,000 left, but traditionally purchased more expensive homes.

home equity

Although the vast majority of Gen Zers want to own a home and are somewhat confident in their future, “In terms of financial awareness, 65% of Gen Z respondents report that they are not confident in their knowledge of the mortgage process.”

Contact your local Boise real estate professional - Krystyna Ryan - (208)918-5007 - to get detailed information on buying a home, getting a mortgage, timelines etc.

 

 

Posted in Home Buying
Jan. 8, 2020

Spring Home Buying Season Is Here

Spring Home Buying Season Is Here

springHistoricall, most home buyers enter the real estate market in spring, around April. Well, not anymore... According to new research, January 2019 was only 1% behind February for the most monthly views per listing on major real estate websites. Thus, the busiest season in real estate, including Boise real estate, has just begun.

With the reality of fewer homes on the market in the winter, and that supply naturally increases as we head to the spring market, waiting for more competition to list in your neighborhood this year might put you behind the curve. Now may be the best time to jump into the market and be ahead of the competition. 

George Ratiu, Senior Economist at realtor.com says, “As shoppers modify their strategies for navigating a housing market that has become more competitive due to rising prices and low inventory, the search for a home is beginning earlier and earlier.”

There is a lot of speculation in the market about why the search for a home is shifting to an earlier start. The one thing we do know is if you’re thinking about buying or selling a home this year, the earlier you get started, the better.

Sellers tend to be more reluctant to list during the colder time of year when the market typically makes a seasonal slowdown. However, according to a new report by ShowingTime shows how this year is different. Buyer activity is way up compared to the same time last year. 

“The nation’s 12.6% growth in home showings compared to 2018 was the most significant jump in buyer traffic during the current four-month streak of year-over-year increases. The West Region saw the greatest growth in activity, with a 23.1% jump – the region’s greatest in the history of the Showing Index.”

The increase has spread across all four regions of the country, as the graph below illustrates:

home buyer traffic

Are you thinking about selling your Boise Idaho home? When should you sell? When there is less of that item for sale and the greatest number of buyers are in the market. That’s exactly what is happening in real estate right now. Contact us for your Free Boise home evaluation. 

The new spring market for real estate is underway. If you’re considering buying or selling your Boise home, contact us so you have the advantage in this competitive market.

 

Jan. 6, 2020

Why Work With a Local Boise Realtor?

Why work with a local Boise real estate professional?

local boise realtor

Choosing the right experienced real estate professional is one of the most important decisions you can make when you decide to buy or sell a home or an investment property.

A local real estate professional knows current Boise market conditions and can explain how they relate to you and your family.

If you’re thinking about buying or selling a home in 2020, make sure to work with someone who has the experience to answer all of your questions about pricing, contracts, and negotiations and who knows the current real estate market.

Dec. 21, 2019

Boise Real Estate - Next Decade's Top Market

Boise real estate is projected to be one of the hottest markets in the next decade, according to realtor.com.  Current market data for Boise is as follows:

Median home price: $295,000

Home price change: +8.1%

Sales change: +0.3%

Combined sales and price growth: +8.4%

Boise has a strong, diverse economy with one of the fastest growing job markets. Buyers also like the walkable, vibrant Boise downtown, universities, close proximity to skiing, hiking, fishing and other outdoor recreation and sports opportunities.  This combined with high affordability attract both first time buyers and retirees. Boise metro has been attracting many home buyers from high priced coastal areas such as California.  Out of state homebuyers account for about 50 percent of current real estate transactions.  While sales in a lot of areas, espacially costal areas, are stabillizing and losing steam, Boise home sales are projected to increase by 2.4% compared to 1.8% nationwide, per realtor.com.

Boise and surrounding communities - Meridian, Eagle, Nampa, Star - offer a wide variety of real estate options, from Boise historic downtown homes, condos and lofts to newly constructed communities with state of the art amenities, such as pools, spas, tennis courts, fitness centers.

Whether you're a first time buyer, want to downsize or looking for a dream home, we have a perfect home for you in Boise Idaho.  We also provide Relocation Services,  Boise relocation guide and much more.  Contact us at (208)918-507 and let us help!

Search Boise Homes For Sale by Price

Under $200,000 $200,000-$300,000 $300,000-$400,000
$400,000-$500,000 $500,000-$600,000 $600,000-$700,000
$700,000-$800,000 $800,000-$900,000 $900,000-$1,000,000
Over $1M

Search Meridian Homes and Condos by Price

$200,000-$300,000 $300,000-$400,000 $400,000-$500,000
$500,000-$600,000 $600,000-$700,000 $700,000-$800,000
$800,000-$900,000 $900,0000-$1,000,000 Over $1M

 Search Eagle Homes by Price

$200,000-$300,000 $300,000-$400,000 $400,000-$500,000
$500,000-$600,000 $600,000-$700,000 $700,000-$800,000
$800,000-$900,000 $900,000-$1,000,000 Over $1,000,000
Dec. 10, 2019

Boise Real Estate Update - November 2019

Boise Real Estate Market Report - November 2019

Boise Idaho real estate home prices continued to rise last month. The buyer demand for Boise homes for sale exceeded the available home supply, especially in the "first time buyer" category in lower price ranges. The new construction homes are mostly offered in "luxury" market thus not helping the affordability in Boise and Treasure Valley. Boise home prices rose by 13% on average last month when compared to the same period last year. The median sold price was $335,000 compared to $300,000 in November 2018 - 13 percent increase. The average sold price was $379.815 compared to $335,375 a year ago, 13 percent increase. The number of homes sales decreased by from 421 to 409.  Homes stayed on the market a bit longer by.  See below data for details:

  November 2019 November 2018 Difference
Number of sales 428 407  +5%
Avg sold price $380,550 $336,072 +13%
Avg DOM (days on market) 27 25 +2 days

Data is based on IMLS records for single family homes only.

Lowest sold single family home closed at $183,900 and the highest at $2.25M.

Currently we have 423 houses listed for sale in Boise.  The lowest listed price is $179,800 and the highest is $2.365M.  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

Search All Boise Homes For Sale 

Search Boise Homes For Sale by Price

 
Under $200,000 $200,000-$300,000 $300,000-$400,000
$400,000-$500,000 $500,000-$600,000 $600,000-$700,000
$700,000-$800,000 $800,000-$900,000 $900,000-$1,000,000
Over $1M
Nov. 25, 2019

Village Bungalows Meridian 55+ Community

Village Bungalows Meridian 55+ Community

Village Bungalows is our newest addition to the wonderful collection of Boise 55+ communities.  Village Bungalows is located in Meridian, close to The Village at Meridian shopping mall, Traders Joe, new Albertsons Market Street, many restaurants.  It's also a short drive to Boise Downtown as well as Eagle Downtown. 

Amenities will include the Community Center w/Pool where you can make new friends.

The Village Bungalows is still under construction but several homes are completed.  Click below for current listings and information on all of our 55+ communities and listings:

Village Bungalows Homes For Sale

Boise 55+ Communities

 

Village Bungalows Photo Gallery:

village bungalows meridian idaho village bungalows idaho

village bungalows home new 55+ homes Village Bungalows

new 55+ home at Village Bungalows 

Photos source: IMLS