I was just reading the June 2018 residential house market report for Ada County (Boise, Idaho) and saw some interesting statistics. Here are a few sound bites:
- "lack of inventory"
- "existing homes fell to . . . "
- "down 27.3% from the same month last year"
However, upon reading the entire article (and the rest of each sentence) you get a much different perspective of the real estate marketing in the Boise area.
"Lack of Inventory": With the growth of Boise, low interest rates, and challenges finding skilled labor to ramp up building to meet demand, this is true. However, . . .
"Existing homes fell to . . ." and "down 27.3% from the same month last year": Sounds horrible as a sound bite; however, the full sentence read: "Further reflecting the competitive nature of the market, due to the lack of inventory, the market time for existing homes fell to just 16 days in June — the fastest reported based on data going back to 2004 — down 27.3% from the same month last year."
They say "bad news sells" which might explain why I am so busy selling homes and having custom homes built for my clients throughout the Treaure Valley.
The median sales price was up to $324,674 In June 2018 which is a record high. That might sound like a lot of money (almost 1/3 of a million dollars), based on current interest rates and loan programs, it is still extremely affordable. For example, with a 100% loan (no down payment) at 4.5% interest, that makes your Principle and Interest only $1,645 a month. If you estimate $50 a month for insurance and another $200 for taxes (with a home owner's exemption) your total PITI would still be about $1895 a month. Did you know that you can even negotiate to have the seller pay your closing costs as a buyer? There are a lot of different lenders and loan programs so make sure you team up with people that understand your options.
If you would like to receive any market statistical updates, feel free to contact me with the data you want and the interval of how you want to receive it. (i.e. What is happening in Zip Code 83616 (Eagle); in a census tract; in a school district, in a subdivision, etc.)
If you don't care as much about the statistics and just want to buy or sell a house with an agent representing your best interestest in mind, call Jim Paulson Owner/Broker- Progressive Realty Corporation at 208-573-0471.