Dave Shares the Market Update for Boise and Nampa Idaho
Let’s talk about the market! I was just looking through the market summary that you publish every month with the most current data and I’m seeing some pretty interesting things.
The first thing that jumped out was that the median home price for October went up in both Ada County and Canyon County. Everybody was expecting it to go down, but it actually came up! People were saying they thought there might be a crash, but we saw prices come up.
So, prices came up, what about sales? Would you say that homes are still selling?
I checked this morning what was going on in just this month and we had 500 new homes come on the market. We sold 600. So we are still selling! And we still see multiple offers. We had multiple offers twice this last week, which sounds suspiciously like what we saw, about six to eight months ago. I spoke to another agent, and for homes that are under 400k, you will for sure see multiple offers. I saw one that had 14 offers. You know if you guys want a copy of this Market Update for Free, just go to our website you can have your own version of it. If you can’t figure that out let us know we’ll be glad to email it over to you!
Median Home Prices
In Nampa, you can still get homes at the median price of under 400k. You can still get homes in Canyon County under the national average which is fantastic. It’s the good news that we’ve all been waiting for but we have multiple offers especially at this price point, so if you guys are coming up here to put in an offer you want to basically make sure that you can put in a strong offer.
Get pre-approved. Have some money for down payments. Be flexible on what it is that you want. Because you may or may not get it.
Housing Market Predictions for 2023 and 2024
The National Association of Realtors talked about what was going on and what they see coming for 2023 and then even as far out as 2024. They see that unit sales are down 15% this year for 2023. They’re saying it’s going to only be down seven percent in 2024, then it’s going to be up 10 percent so we’re seeing an almost similar situation over here on the home prices.
We’re seeing them down from what they were last year and just a tiny rise of one percent for 2023. But then in 2024 Nationwide again, they’re seeing a 5% increase in home prices. So I think what we’re going through right now is probably the worst. Real estate is always a good investment. It’s your house. It’s your roof. It’s something you own. When you buy your house, don’t buy the most expensive thing that you can buy because the banker says so. Buy something that’s comfortable, that you can own, you can sleep comfortably at night with.
Interest rates are down again but there is always the option to refinance. Buy something you’ll be happy with 10 years from now.
In Closing
If you’re thinking about Idaho, maybe it’s a place that you want to check out because you’ve heard a lot of good things about it give me a call or send a text to 208-860-2004 or email our team at info@tresurevalleydave.com we’ve all moved here from someplace else and we’re all so absolutely glad that we did.
