NONE of the homes sold in Boise priced < $250,000 this year were CASH

By
Real Estate Agent with Progressive Realty (Boise Idaho) www.Progressive-Realty.info DB-17066

Of the ALL the homes priced up to $250,000 NONE of them sold for CASH!  As a matter of fact, the average seller even paid $5,000 toward the buyer's costs.

That is the problem with just reading the headlines and not looking deeper at the data.  How many homes created this statistic . . . only 1.

That's right, we have only had one single family home close in Boise so far in 2021 priced under $250,000.  That property was only 624 square feet and was built in 1954!

If you are looking for a home in Boise, Idaho the competition is fierce right now.  I tell my buyer's that if they submit an offer on a home the day it is listed, they will probably be competing with 6-15 offers.  If there are 10 offers that the seller reviews, obviously only one buyer will be successful.  That means, the next similar home will have at least 9 offers if no additional listings come on the market and assuming no new buyers come into the market.

However, at the rate that people are moving to Boise, Idaho; there will continue to be more buyers than sellers since more people are moving here than there are leaving!  Builder's keep raising their prices and still can't keep up with demand.

There are strategies to use to make your offer stand out in this competitive market.  Make sure the agent you choose knows how to play the game to help you win!

If you are in the market to buy a home in Boise or want to work up to multiple houses and hotels, call me.  I am friends with the banker(s) too.

Call Jim Paulson, Owner/Broker of Progressive Realty Corporation at 208-573-0471 or email me at GoOwnIt@gmail.com

 

Comments (6)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning James. Sounds like your market is doing great but the unprepared buyer does not stand a chance. Enjoy your day.

Feb 18, 2021 05:14 AM
Jim Paulson

I started a different article trying to dispell the rumor that almost all the homes we being sold for cash.  We have already closed 903 homes in Ada County (Boise) this year and 22% were in fact cash sales, but was shocked only 1 sold priced under $250k.

Feb 18, 2021 05:34 AM
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Wow, that is astonishing.  I haven't looked, but I am pretty sure that in that price range here, there are more cash offers being accepted than financed.

Feb 18, 2021 05:37 AM
Jim Paulson

Brian England I am in the process of breaking it down by price range. Over half of the homes that have closed this year over $1 million sold for cash.

Feb 18, 2021 06:18 AM
Raymond Henson, eXp Realty
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

It is always good to look at the sample size.  In the Sacramento region, most offers being accepted are using conventional financing.  Many of those selling and that are considering selling, dream of owning a home in Idaho.  I think demand will be high in your area for a long time and anyone buying there better get in touch with a knowledgeable agent like you.  Thank you for keeping us up to date in your area.  Btw-my sister has lived in Idaho for years.  It is a wonderful state.

Feb 18, 2021 05:46 AM
Jim Paulson

Raymond Henson, SRES, GRI you are spot on accurate about the sample size!  I prove almost anything if I am allowed to choose the sample and if no one bothers to see if I followed statistical sampling protocols or not.


I am helping yet another family selling in California and doing a 1031 Exchange into property here. I am having to read up on California's IRS Form 3840.  They will be able to buy a few properties here for every one they sell in southern California.


 

Feb 18, 2021 06:28 AM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Good morning Jim Paulson man, when you have been in the business a while, you do see the pendulum swing wildly in the marketplace, don't you?

Feb 18, 2021 06:12 AM
Jim Paulson

Good morning Rocky Dickerson I look back 25 years ago, when it took me 64 closings to hit $7 million in sales volume for the year (average price at $110,000).  I was in the top 2% nationwide for Coldwell Banker back then based on transactions but nowhere in sight for dollar volume due to our prices here in Boise at the time.


Back then, lots were only $25k and we could build a 1400 sq. ft. home for about $125,000.  Now the average size of a new home is over 2,300 sq. ft., granite and quartz counter tops are standard features, we have more 3+ garage homes than ever before.  

Feb 18, 2021 07:58 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

That’s a weird weird thing that I didn’t happen to pick up! Really pretty interesting!

Feb 26, 2021 09:47 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Rocky Dickerson you have a distance perspective. I like that you can the wider angle view like that.

Feb 26, 2021 09:50 PM