2020 BOISE IDAHO REAL ESTATE BLOG
How will Boise Real Estate Change with the Corona Virus? Main Idaho Real Estate Insights

I am not an economist and I don't predict the future but I do have some thoughts to share!

The Boise market has definitely slown down-

  • the overall number of homes selling is decreasing, sales are down
  • the number of homes being listing for sale is on the rise, listings are increasing
  • builders are scaling back the number of new homes they are building.

If we are experiencing a market correction in Boise Idaho, what changes can we see happening? The Laws of Economics-

  • The number of buyers is going to decrease. The number of people unemployed and making less money will affect how many people can now buy a home. The unemployemnt crisis may also drive down wages for construction workers with a flood of people looking for work. This will inevitably drive home prices down.
  • As DOM (Days on Market) starts to increase, inventory will also increase. As inventory increase, and demand decreases, home values will drop.

The economists have been predicting a market correction for several years now, though no one predicted a pandemic would initiate the change. Boise has seen market appreciation that many thought was unrealistic and that a correction was needed. The affordability index was out of alignment with local income for most people.

The good news is that life continues for many. People are finding new jobs and opportunities. Someone is going to start a family, someone is going to be able to retire and others are experiencing other big life changes and looking to move. Still others are looking at Boise & thinking that our situation  looks more appealing then theirs and are considering a move here, if they can sell their house.

Real Estate has lots of moving parts and while economics play a big role in the local market, people are still living their life. Today someone may decide to move. If you are looking at Boise, ID, we would be glad to answer questions and discuss your real estate situation.

See also: What's Your Home Worth?

 

 
Posted by tlangford at 5/5/2020 12:13:00 AM
Comments (0)
No comments yet, login to post a comment.

 

★★★★★ 5 stars - "Our experience with Full Sail/ Build Idaho was great from start to finish! "