Build Idaho | 2020 BOISE IDAHO REAL ESTATE BLOG
Boise Homeowners Have More Selling Power Than Ever Main Treasure Valley Life

Homeowners who are on the fence about selling their home, this article is for you. The most important takeaway is: now is the perfect time to sell your home, because sellers have the power in the current market. Here’s why:

First, homeowner equity is at an all-time high, especially here in Idaho. Coming out of the 2008 Great Recession, the home prices have risen an average of $5,300 nationally, and $26,000 in Idaho. Simply by living in your home longer, you are getting more purchasing power. If you are one of the 38% of homeowners nationally, that is mortgage-free, you’re earning tons of free money on your home!

According to the ATTOM Data Solutions Q2 2020 US Home Sales Report: “Home sellers nationwide realized a gain of $75,971 on the typical sale, up from the $66,500 in the first quarter of 2020 and from $65,250 in the second quarter of last year.”

That’s what things look like nationally. Here in Boise and the surrounding metro area, things are looking the same. A shortage of housing (due only in part to the Coronavirus pandemic slowing down construction), an influx of buyers from out of state, and overall rising home prices have created a hot and competitive seller’s market. As of publishing this article (8/19/2020), here is the Boise, Idaho real estate market snapshot:

  • Median home price: $345,000
  • 7-year home value appreciation: $202,503 ($28,929 per year)
  • Days on market: 72
  • Home Price increase: 16%
  • Home listing inventory: 251 (down 74% year-over-year)

(source) This market snapshot source is automatically updated every week on the Build Idaho website.

As you know, a seller’s market gives sellers more leverage over buyers, simply because buyers have fewer for-sale homes to choose from. In addition, thanks to COVID-19, buyers are incredibly motivated to buy, so you will be hard-pressed to find someone who won't buy your house.

If you are ready to pull the trigger and sell your house, call the real estate agents at Build Idaho at 208.219.7683. Our team of expert realtors will help you sell your current home as well as buy/build your new one.

 

Related: Idaho Real Estate Markets are Among the Hottest in the Nation

 
Posted by AndrewS at 8/20/2020 1:10:00 AM
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Michelle Penick, Boise Idaho Real Estate Agent

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Michelle Penick

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