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2019 Boise Idaho Real Estate Blog

Is now the time to buy a home for sale in Boise? Main Idaho Real Estate Insights

If you ask a Realtor there is always opportunity in the market and for each individual, the situation is different. Recently, a friend of mine, who is just starting a family was excited to see home values rising and was looking forward to selling his. He wanted to take the equity and move-up.

Idaho Home BuildersI was a little shocked that he did not understand that if his home was up $50k that his 'move-up' home was up at least $50k. BUt that is not the point of today's discussion- should you buy now.

First, let's make the point that I am not a Realtor not a financial advisor, just a guy with his finger on the pulse of the makret. Secondly, hopefully by now everyone realizes that buying a home is a long term investment and even more importantly is an investment in your quality of life and family. "Home' is more than just a place for shelter. It is safety, family memories and where we all get together at the end of each day.

Idaho Homes for SaleShould you buy now? If you are in the real estate market for a house and have the capability to buy, I say yes. IF you are looking at new construction, the builders are at the end of cheap lots. About 2½ years ago opportunity arose for builders to buy lots on foreclosed developments. Over the last 1½ years demadn for housing has increased dramatically. Sales have been on the incline with prospective buyers bidding on houses for sale. Much of this is driven by in-migration, meaning people re-locating to Boise, Idaho. Today we are starting to see interest rates in home loans on the rise as well. Over the past several months and in the coming months builders will experience increased costs in land, lots, labor costs, increase in material costs and they are forecasting increase in regualtion fees, ie pemit fees.

All of this is comig. Some of it is market driven, some of it is government and honestly some of it is going to be greed from opportunists. Either way, the world is getting more expensive and housing is following. Interest rates in the last 3 weeks have been going upward and are expected to continue for the next months.

Trey Langford

 
Posted by tlangford at 6/15/2013 4:42:00 PM
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Michelle Penick, Build Idaho Client Real Estate Services

Michelle Penick

Client Care Team
208.629.0217 | [email protected]

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