I have been a Realtor in Boise, Idaho for nearly 19 years and have never seen such a great time to build a new home! It will NEVER be this affordable again for the following reasons:
- Some lots are being sold at less than the cost to develop them (replacement cost are higher after these are gone)!
- Tax Credits. If you wait till May to write an offer, you will loose the tax credits! You can still write a contract by April 30th to build a home but it has to be completed and closed by June!
- Subcontractors are hungry so prices are low!
- Rates are still in the low 5% range and projected to go toward 6% by year end.
- Available Grant money and assistance funding is available for qualified individuals.
- Lots of inventory and choices.
- Many communities are finally open to bring your own builder instead of a single builder or builder team.
A great example is a subdivision off of Five Mile and I-84 in which originally the developer was trying to sell lots for $100K - $125K. After the lender took the project back in foreclosure, they are now building brand new 3 bedroom 2 bath homes with 2 car garages starting at $104,900!
At todays interest rates, the Principle and Interest would only be about $550 a month so by the time you add in the taxes and insurance you are still only around $700 a month and it would cost you about $900 a month to rent it!
If you bought it for $104,900 and got $8,000 back in tax credit your acquisition cost is under $100K! That is less than the first lot sold for in the subdivision! The more grants and programs you can stack on top of that, the better off you are!
I have closed over 50 brand new homes in the Treasure Valley (Boise, Kuna, Meridian, Eagle, Nampa, Caldwell) and would be glad to help you pick the right builder and the right location to keep you in budget!
Jim Paulson
Owner/Broker - Progressive Reatly Corporation
www.Progressive-Realty.info
GoOwnIt@gmail.com
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