If you are thinking of buying or selling a home in the Boise, Idaho area, you need to start by looking at statistics of where the market is first! You need to drill down to the type of property specific to your situation.
This blog is designed to be a mile high overview of the market in Meridian (adjacent to Boise). I chose to report on Meridian instead of Boise since that is where a lot of the growth is and the homes are newer than Boise. I am also going to drill down to just resale homes, since new homes skew the data based on were they listed as plans and specs or when they were finished; did the sales price include upgrades like landscaping, fencing, better flooring, etc.!
In the table below, you can see we had an extremely strong market in 2018. Of the 1,596 resale homes that sold in Meridian in 2018 that were priced between $199,000 and $400,000; you can see the average sale to list price ratio was 99.81%! The average days on market was only 18 days (a standard balanced market is about 90 days).
The chart shows that only 90.73% sold but that is misleading since many of the listings were canceled and re-listed and sold. However, even in this strong of a market, 1.36% (24) of the listings expired without selling.
If you are planning on selling your home in 2019, make sure you list it with an agent that understands the strength of the market. I have seen many agents advertising and bragging that they sold their last listing for 110% of list price. I wonder, why in the world did you under price it so bad?!
I have seen other agents brag about selling a listing in just a few hours. I wonder why didn't they let the house get exposed to a few more buyers to see if you could get a better price?
Another key consideration in a strong seller's market is what are you going to do when your home sells? Does your agent have a transition strategy? Think about maybe having a home built for your family. Think about getting a cross collateralized loan and the benefits they offer. Think about maybe just using your home as a rental and let your future tenants pay it off for you to help build your personal wealth.
If you would like a free consultation with a Realtor (actually a Broker/Owner) with nearly 30 years of licensed local real estate experience who just happens to have an A+ accreditation with the Better Business Bureau, give Jim Paulson a call at 208-573-0471. He is a Certified Residential Specialist and has closed hundreds of new and existing homes in Meridian alone!