Real Estate in Boise, Meridian, Nampa
& All of the Treasure Valley

Jennifer Louis
Residential Real Estate Expert
Welcome To Boise and Beyond Real Estate

Give us a call,
We’ll show you around!

(208) 509-9122
January 2023 Boise Market Trends

January 2023 Boise Market Trends

by | Jan 12, 2023 | Market Trends

It’s this time of year that most real estate professionals will put together their Boise market predictions for 2023.  Predictions are typically based on the trends from the previous year, current and predicted interest rates, and local and national trends that could potentially affect the housing market.  With that said 2023 is proving to be a difficult year for many to predict and hence the reason there are widely varying predictions out there.  Moody’s Analytics is quoted as stating that the Boise Metro real estate market could be expected to go down in value by 20%.  Other reliable sources say home values could decline by 30%.  Then Zillow and a few other sources predicted home prices in the Boise area will most likely increase by just under 5% this year.  The contrasting opinions are most likely due to the roller coaster year we experienced in real estate in 2022, coupled with the fact no one is sure where interest rates will end up this year which will greatly impact the future of real estate in the Treasure Valley.  So, before I throw my hat in the ring, let’s look back at 2022 and then take a look at the trends I’m seeing as a relocation specialist for the area to come up with reasonable predictions for this year.

Looking Back at 2022

As predicted at the start of 2022, home prices shot up from early on in 2022 through the Spring.  Low inventory and relatively low-interest rates still in place continued to drive the market and home prices upwards.  However, around this time there was a lot of apprehension in the air as the talk of rising interest rates made headlines.  By Spring those rates started to climb, and home values peaked in value in April, a bit earlier than predicted.  With higher rates, many buyers found themselves losing buying power and suddenly they were unable to afford what they were looking for.  Those that could still qualify for a loan seemed to feel apprehensive about buying, concerned that prices would go down and it would be better to wait.  Homes started to sit longer on the market.  No longer gone in a weekend, we saw multiple open houses and only a handful of showings in the first couple of weeks.  As the apprehension continued, motivated sellers started having to do the unheard-of, “price drop”.  Yet, many sellers weren’t prepared to do this and kept hoping the market would stabilize, but the longer the homes sat on the market, the more pressure there was to lower the price to meet market demand.  The median days on market went to over 30 days, and by the end of the year, it was about double that.

The other trend we saw in 2022 was many buyers struggling to afford a home with the interest rates and closing costs associated with a home purchase.  To help buyers and sellers alike many sellers started to offer or agree to offer concessions to the buyers.  Concessions could be cash towards the buyers closing costs, lowering the price of the house, or offering funds towards buying the buyers interest rate down a point or two.  What a change from 2021 when buyers were feeling the pressure to relinquish most of their contingencies just to get an offer accepted over other buyers’ offers, now by Summer 2022 the roles were quite reversed, with sellers willing in many cases to bend over backward to assist buyers to purchase their home.

Seller concessions, price drops, and longer days on the market remained the norm through the end of 2022, the only real change is we did see an increase in available inventory.  The increase in inventory allowed buyers more time to shop for the right home and did help curb pricing from not declining too fast.  Some of the larger builders in town found themselves with more inventory than expected and offered for several months incredible incentives to get buyers into homes.

Trends In 2023

Interest rates are still quite high from a year ago, and although they fluctuate some, they tend to hang out around 7%.  Many sellers from 2022 who weren’t able to sell their homes last year either opted to rent out their home or pull it off the market right before the holiday season to wait and see if prices rebound if/when interest rates go down.  This created another lull in inventory by the very end of the year and we are seeing that in effect as of January 2023.  We’ve also been experiencing a colder-than-normal Winter in the Treasure Valley and many homeowners prefer to get their home on the market when the grass is green, sun is shining and flowers are blooming, so we could see the seasonal uptick of homes arriving on the market in March/April this year.  With more homes on the market, the question will be how will buyers respond during the typically busy home-buying season of Spring through Fall.

Looking at markets that neighbor Idaho such as California, Colorado, Washington, Oregon, Utah, etc. we see a slowdown in home prices as well, meaning it’s taking longer for those looking to relocate to a State such as Idaho, longer than anticipated to sell their current home, however, those markets still have higher price values than the Treasure Valley and once their home sells, Boise is still a relatively affordable area to buy a home.  As a relocation specialist, I have been getting numerous calls from buyers considering a move to this area and eager to sell their homes where they are currently residing.  Boise still remains attractive for many reasons, even with a shifting market.  Homes are still less expensive than in neighboring markets, and although it has grown here in the past few years it is less crowded here than in most other major cities that are nearby.

So, we can expect that home prices will most likely stay where they are, if not slightly decrease through Spring of this year.  As more out-of-state buyers reach the area in late Spring/Summer and if interest rates take a slight dip we could start to see home prices trickle upwards again.  Don’t expect another jump up in prices of 20-30%, but a slight increase in 2023 of 5% is definitely plausible.

Ada Canyon Market Stats
Canyon County Market Trends

Here is a look at the Boise Regional Realtor’s statistics of Single-Family Homes in Ada County and Canyon County in 2022.  

Should I Sell/Buy Now or Wait?

If you are looking to sell your home, now is still a great time.  You may be thinking, but it’s Winter, it’s cold and gray and you just said home prices could go back up by the end of the year.  Yes, yes, and yes, however, in real estate it’s always better to sell when there is less competition.  Right now there are fewer homes on the market and homes that are priced right and marketed correctly are still selling quickly and for full price, in some cases over the asking price.  The main issue is that many sellers are overpricing their homes, and then using subpar real estate services.  What I mean by that is the home doesn’t have professional staging, photography, or improvements needed to make it shine.  These things matter tremendously in this market!  Buyers start their home search online and if the home is unattractive or looks cluttered or dark most buyers won’t consider it.  If the home is priced at the high end of the price value range and looks outdated or in disrepair it will sit on the market and eventually have to lower the price.  If homes are priced right from the start they sell quickly.  Most homeowners in the Treasure Valley are sitting on a ton of equity in their homes.  Homes prices in 2021 went up by over 20%, not to mention the tremendous increase in value over the past five years.  Yes, the peak home values of Spring 2022 have come and gone, but the prices are still high compared to the past.

Buyers should seize this shift in the market to snatch up good deals, get seller contributions to pay for closing costs, lower interest rates, etc.  There are currently 3 bedrooms, 2 bath homes on the market, move-in ready for under $300K.  This is something we have not seen in the past.  If you are considering buying let’s set up a consultation to see how to get you into a home and find a great deal.  There are builders out there looking to offload inventory and offering great incentives.  If you are a buyer and willing to do some repairs there have never been so many fixer-uppers on the market that are actually available and not being bought up by out-of-state investors.  This is a fantastic time to get into a home now without having to deal with bidding wars.  Interest rates are higher, but you can often negotiate with the seller to buy down your rate, or refinance down the line once interest rates come back down.

Schedule Your Consultation

Whether you are buying or selling consult first with a professional that understands this market and the best way to succeed.  Schedule a 30-minute no-obligation consultation with Jennifer Louis, Boise Metro Area Real Estate Expert at (208) 509-9122 or [email protected].

December 2022 Boise Market Trends

December 2022 Boise Market Trends

by | Dec 7, 2022 | Market Trends

As the chilly weather has settled in here in Boise so has a colder real estate market.  As the hot seller’s market fades away, Boise shifts into a Buyer’s Market, something the Treasure Valley hasn’t seen since 2008.

Yet, many Buyers are still on the fence about snatching up real estate at these new prices, mostly due to the higher interest rates, and uncertainty of where the market is heading.  There is a lot of headlines and news out there creating fear about real estate.  I’m typically skeptical when reading headlines, and I turn to the facts before making up my mind.  So…

Let’s Look At The Data

In Boise over the past three months, 77% of the homes sold UNDER the original asking price.  This could mean the seller dropped the price, or a buyer offered less than the asking price, either way, the homes tended to have large drops, and some homes dropped over $100,000 from where they originally started.

On top of that 18% of those homes also offered the buyer closing cost contributions.  Most of those contributions were quite substantial. Most were around $10-$15K but a few were over $30,000.  Those contributions were used towards buyer closing costs or buying down the buyer’s interest rate, or repairs on the home.

Canyon County saw a similar market in the past few months.  With 74% of the homes selling under the asking price and about 15% offering closing cost contributions on top of that.

Another interesting fact is that there were some homes in Boise and Nampa for example that sold at the original asking price and even over the asking price, but a percentage of those also offered closing cost contributions which brought the home price under the list price.

These percentages show just how much of a buyer’s market we have entered.  Many sellers are nervous and waiting for the market to shift back in their favor, but the data points to pricing staying in the buyers’ corner most likely through Summer 2023 as Boise continues to shift into a Buyer’s Market

These are the facts, yet buyers are still uncertain.  I’ve had multiple buyers tell me they are waiting to buy until rates come down.  Another told me recently they are waiting for better pricing.  Here is the problem with those two options:

1  The Fed has stated they are still combatting inflation and rates will most likely stay close to where they are if not creep higher over the next several months.  Once the rates do start to come down, buyers will be back in droves rushing to buy.  More buyers equal multiple offers and prices going up.

2.  Many sellers are frustrated with the current market after years of watching homes disappear off the market in days or hours in some cases at unbelievable prices.  As the new buyers market trend has sunk in as here to stay for a while many sellers are pulling their homes off the market.  Less inventory equals higher prices.

We see buyers trying to wait out the market, but the truth is right now is a great opportunity to buy.  Buyers can negotiate pricing, terms, closing costs, repairs, etc. without the stress of having to bid over another buyer, or buy anything with a for sale sign out of desperation that there would be nothing else.

Let’s talk About Interest Rates

At present interest rates are down a bit around 6.5%, but DID YOU KNOW that if the Seller is willing to offer a credit towards an interest rate buy down you can in many cases get that down to 5.5% possibly lower?  I just had two clients who received nearly 20K in closing cost contributions and used part of it towards the actual cost of closing, as well as buying down their interest rate.  Not to mention they bought the house at $20K under the asking price.

Here’s the breakdown:

A $500,000 purchase price with a 20% down payment at today’s interest rate of 6.5% would be roughly $2500/month with Principal & Interest, but if the Seller offered $17,500 towards a rate buy down this same loan would cost $2270/month for P&I.  Nearly a $300/month savings.

The other option is to use the $17,500 from the Seller towards closing costs which could be $7-10K and the remainder towards the price of the home.  Accept the higher interest rate and refinance once rates come down in the future.  Many lenders are offering to pay for some of the fees associated with refinancing if your original loan was through them during this time period.

These two graphics differ dramatically from last year, the past ten years actually.  This is the first time we have seen substantially more homes selling under the asking price since the economic crisis of 2007-2009.  Yes, some homes are getting full price or over asking price, but roughly 20-30% of those sales also had contributed cash towards the buyer’s interest rate buy down or closing costs.  The homes that did sell at full/over asking price were priced competitively from the start with the majority of them being turnkey or in highly desirable areas or subdivisions.  The Days on the Market have also increased.  In Boise from Sept-November, the average days on market were 36.  It has doubled if you compare it to the DOM at the same time in 2021.  Nampa was similar with 20 DOM in 2021 and 44 is the average from Sept-November this year.

What to Expect Moving Forward

As the holiday season ends, real estate will pick up again, especially since rates have dropped about a 1/2 point recently.  Prices will eventually stabilize this Spring into Summer, but homeowners looking to sell should not expect prices to go up in 2022 until at least the Fall, if then.  Buyers will continue to dominate the market and hold more negotiating power than in the past, so sellers need to up their game.  Prepare their home thoroughly to sell.  I can’t tell you how many homes I just saw listed on the MLS with camera phone pictures of the interior, and laundry on the floor with blurry images.  It will be hard to sell a home for a top price in what is currently a buyer’s market with subpar marketing and a home that doesn’t stand out from the competition.  I offer full-service real estate service for all of my listings at no charge to my clients.  That includes a staging consultation, home preparation, professional photography and high-traffic open houses, and marketing tactics.

Buyers should seize this shift in the market to snatch up good deals, get seller contributions to pay for closing costs, lower interest rates, etc.  There are currently 3 bedrooms, 2 bath homes on the market, move-in ready for under $300K.  This is something we have not seen in the past.  If you are considering buying let’s set up a consultation to see how to get you into a home and find a great deal.

Schedule Your Consultation

Whether you are buying or selling consult first with a professional that understands this market and the best way to succeed.  Schedule a 30-minute no-obligation consultation with Jennifer Louis, Boise Metro Area Real Estate Expert at (208) 509-9122 or [email protected].

Real Estate Pricing Psychology

Real Estate Pricing Psychology

by | Aug 24, 2022 | Boise Home Tips

THE PSYCHOLOGY BEHIND REAL ESTATE PRICING

Have you ever wondered why some homes’ list price is an unusual number?  Or why the price is listed as $100 less than a whole number, like $549,900 rather than $550,000?  It’s simple, it comes down to the subconscious psychological trends that can impact how a potential buyer views your home.  Your Realtor knows that using real estate pricing psychology in the list price can potentially bring more interest and ultimately buyers.  Here’s why.

A Good Deal

With prices all around us going up, who isn’t looking for a bargain or good deal these days?  The same is true in real estate.  There is a concept called the “Left Digit Effect” that can trick your brain into thinking one price, that is pretty much the same amount as another price is a better “deal”.  For example, let’s take a common item at the grocery store, eggs.  If you think about it have you ever seen a carton of eggs for sale at $5.00?  More likely you will see the price, $4.99 or $4.79.  This is quite common in most grocery store items as well.  The $4.99 convinces your brain that it’s a better deal than if it was priced at $5.00.  The same goes for pricing a home.

After researching recent comparable sales, you and your real estate professional decide on a list price.  You would like to price at $400,000, but your Realtor recommends $399,900.  It’s only $100, but all those nines change how potential buyers view your list price.  It can assist buyers in thinking they are getting a deal and they will be more likely to want to visit your home. As we read from left to right, the brain places more value on the left digit because it was read first.

$400,000
$399,900
It’s only a $100 difference, but all those nines change how buyers view the price.

With that said, people aren’t that naïve and most people know that there is no real significant difference between the two prices mentioned above, yet psychology plays out in your favor and can help you build more interest in your property.

Memorable Pricing

You may have heard your Realtor talk about a buyer’s price range when selling your home.  Buyers typically look for even numbers that fall within their set range.  For example, a buyer wants to purchase a home for around $500,000, but they will look at homes between the range of $475,000 and $525,000.  Why $525,000 and not $519,000?  That’s because naturally, our brains prefer whole, even numbers in consecutive order.  Such as 100s, 200s, 300s, etc.  The same goes for $25, $50, $75, etc. However, your real estate professional may want to get your home noticed and may try to break this pattern.

So instead of listing your home at $500,000, they may suggest a listing for $497,000.  This is a less common number to see on a list price and your brain knows it.  The unusual number may make your home’s price stand out more to a buyer than an even number.

An odd number such as $497,000 in a competitive market may make a home’s price stand out to a buyer.

Another factor that makes your home price memorable is that the brain has to work harder mentally to process that price.  Simple math such as finding the number in the middle of a budget range such as $475,000 to $525,000 is easy when it’s an even number, like $500,000, but $497,000 can be a brain scratcher and our brain has to think harder, or in some cases pull out a calculator.

The goal is to stand out, but not in a negative way.  Too unusual of a price such as $497,235 could raise red flags to potential buyers and they may wonder if something is off with the seller and avoid the property.

Herd Mentality

After your Realtor presents your home’s value range, based on how comparable homes have been selling, market trends, and time of year they may suggest listing on the low end of the value range.  That may seem counterintuitive since as the seller you are hoping to get the higher price in that range.  However, by pricing your home on the lower end of the range, you can potentially attract more interest in your property and possibly more than one buyer.

Buyer psychology or behavior shows that buyers typically don’t want to be the only ones interested in a house.  When a buyer knows other potential buyers are interested in the same house this makes the home more appealing and buyers are often willing to pay higher when this occurs.

More than one buyer interested in the same house eases a buyers mind and can drive them to offer a higher price.

Everyone’s Best Interest

It’s important to keep in mind that your Realtor’s goal is to get you the most money for your home and keep the process as smooth as possible.  Even with all the psychological tricks mentioned your Agent will ultimately price the home in a way that will accomplish their goal of selling your home for the maximum price.  In some cases, a unique number, or a few “9s” may not make a difference.  If your house is the best home compared to others that have recently sold or that are for sale they may opt to list your home on the higher end of the value range.

It all starts with a Realtor evaluating a home and agreeing to a price with the seller. Then, based on market trends, they might set a listing price that engages potential buyers. This number may change as the list date approaches, but generally, it will be within the range you and your Realtor have agreed on.

If the seller is looking to sell the house quickly, they will likely agree to a lower listing price. If a Realtor thinks they can get above-listing bids, they might also push the seller for a unique number. This is all part of real estate pricing psychology.  Each property has its own psychology based on the neighborhood, trends, and time of year.

Hire the Right Realtor

The real estate professional you choose should be an expert in their field, your area, and market, but having a proven record of psychology pricing up their sleeve is also important.  Realtors in general aren’t psychologists, but they are in the business of understanding buying behavior.  Having years of experience working with both buyers and sellers your Realtor can guide you on the best way to price your home based on knowing what affects each party’s behavior in a real estate transaction.

Considering buying or selling a home in the Boise Metro Area?  Set up a free consultation to learn the most effective way to buy or sell real estate in today’s market with real estate expert, Jennifer Louis. (208) 509-9122 or [email protected]Jennifer Louis Boise Real Estate

Escape Boise’s Heat at Bogus Basin

Escape Boise’s Heat at Bogus Basin

by | Aug 23, 2022 | Discover Boise

ESCAPE THE HEAT IN BOISE

Summer in Boise brings lots of sunshine and at times a lot of heat.  One of the local’s favorite ways to escape Boise’s heat to cool off is to head to Bogus Basin, a Mountain Resort and Ski Area just 16 miles NE of the city. During the warmer months, visitors will find the snow-filled mountain landscape converted into a paradise of summer activities for nature lovers.  Here are a few of the activities you can find at Bogus Basin for the very adventurous and those who just want to cool down and relax.

ADVENTURE AT BOGUS BASIN

The Basin Gravity Park includes over 20 miles of cross-country mountain bike terrain.  Here is where you can find flow trails and some fantastic jumps.  The 14 trails all varying in style and difficult are designed for all levels, beginner or expert and you can take it slow or get some serious speed (and air).  Take a tour around the well-known Around the Mountain Loop then jet down through tree-lined paths leading back to the mountain base.

Photo Credit: Bogusbasin.org

If after making it back to the mountain base and you are still in need of some speed a must is the Glade Runner Mountain Coaster.  Over 4,000 feet of a wild outdoor ride through the mountain with enough twists, turns, and thrills to fulfill any adrenaline seeker’s dreams.

Still looking for fun?  There’s more.  Don’t forget the various other thrill-seeking activities located at the Base Area including Summer Tubing down a 300′ slide, Bungee Trampoline, Rock Wall, and more.

CHILL OUT ON THE MOUNTAIN

For those who prefer a more relaxing experience and want to escape Boise’s heat Bogus Basin has you covered.  One of the best ways is to catch a ride up the mountain on one of their scenic chair lifts.  Ride up, enjoy the view and head back down just as you came, or take a hike on one of the many trails, and stroll back to Base.

After a beautiful hike is sure to stay for Music on the Mountain.  A free, full-production concert with some of the best views in the area.  Check out the event calendar to find the next concert.  If you enjoy music from local artists Music on the Patio is also a great way to relax.   Local musicians perform all summer long on Saturday and Sunday from 2-5 PM.  A great way to support local musicians, and relax, and the best part is it’s FREE.

There’s still more.  Yoga at Bogus Basin takes place Thursday Evenings, Saturdays, and Sunday mornings for one-hour sessions. All levels are welcome and you don’t need to be a Yoga Guru to attend.  They just ask that you meet on the lawn in front of the main lodge at the mountain base and bring your own towel or mat.  Oh, and by the way, it’s free as well.

Photo Credit: Bogusbasin.org

You can purchase a season pass or pay for a day’s adventure if you will be using the chair lifts or any of the thrill rides at the mountain base.  So, if you need to cool off and get a different perspective head to Bogus Basin while it’s still hot.

Considering a move to Boise, Idaho?  Discover this great city, the most sought-after neighborhoods, and hidden gems only the locals know about and take a tour with relocation and real estate expert, Jennifer Louis. (208) 509-9122 or [email protected]

August 2022 Boise Market Trends

August 2022 Boise Market Trends

by | Aug 22, 2022 | Market Trends

It’s feeling cold out there lately, and it’s not due to the weather.  Boise Metro Real Estate has really cooled and everyone is feeling the chill.  Boise’s real estate market has really shifted from the hyper-inflated, red hot market we’ve all become accustomed to and has quickly moved to a more volatile market where both buyers and sellers seem lost on how to best move forward.

Let’s Look At The Data

Year to Date Ada County has seen over an 11% increase in single-family home values from one year ago. Yet, Days on the Market have increased.  Homes in Ada County are staying on the market roughly 21 days before going pending, compared to just 13 this time last year.  Additionally, in July 2021 there were approximately 2000 single-family homes for sale and if we look at this year in July there were 3,200 homes for sale.  A big jump in inventory.

Canyon County has experienced similar data.  A nearly 7% increase in sold prices since last year. Days on Market increased from 10 in July 2021 to 25 days on average before going pending last month. Canyon County had a 43% increase in the number of homes for sale in July of this year compared to one year ago.

With a significant increase in inventory, buyers are taking their time, and homes are staying on the market much longer than in past months and years. With buyers pulling back, due to higher interest rates as well as apprehension, coupled with an increase in the number of homes for sale the market has started to really shift.

Unfortunately, headlines are feeding into buyer apprehension.  Yes, the market has shifted, but some buyers in need of a home are holding out, expecting the bottom of the market to drop out due to negative articles featuring Boise as one of the most overpriced markets in the US.  It appears that some buyers are expecting home prices to come down dramatically. However, the data is showing a correction, not a crash.

With the buying frenzy we’ve witnessed over the past nearly 10 years sellers are struggling to understand that they need to price their homes in line with the market.  A recent article by Fortune Magazine said that “Historically speaking, home prices remain sticky until economics forces sellers’ hand.”  As the end of the rise in interest rates remains elusive, where prices will ultimately end up over the next months remains “sticky”.  Corelogic predicts that Boise is one of the markets due for a pricing correction, but many Sellers’ are struggling to follow suit. As sellers’ have continued to push the prices higher and interest rates continued to rise, sellers have been forced to drop prices back to fair market value.  In past years each month home prices continued to increase, as that has not been the case the past few months, sellers who aggressively priced high have also had to aggressively price drop to find the market where the buyers are purchasing.  

With that said it’s important to note that there is still a supply issue in the Boise Metro Area.  As of July 2022, we have roughly a three-month supply of homes for sale.  Sounds great, but a balanced market, in favor of neither the buyer nor seller is six months of inventory.  We’re not quite there yet and most likely won’t get there for some time.  Home prices most likely won’t go up like in past years, but they won’t be coming down much on price either.  Simple economics of supply and demand will continue to push Boise’s market upwards.

In Ada County in July, 671 single-family homes were sold, and this includes new construction and existing homes.  More than half sold under the asking price. In Canyon County 389 single-family new construction and existing homes were sold.  More homes sold under and at the asking price than over.  This is a big change from one year ago.  Additionally, the days on the market have increased in both Ada and Canyon County compared to the same time last year.

What to Expect Moving Forward

Boise Metro home prices have really shifted due to an increase in inventory, higher interest rates, and nervous buyers.  So we can expect homes to stay longer on the market through 2022 and home prices to remain flat or continue to decrease.  In 2023 as interest rates go back down more buyers will most likely enter the scene and home prices may start to trickle upwards.

Is it a good time to buy a home in Boise?

This is the first time in years that buyers are having the ability to negotiate with sellers as well as take a little more time in viewing homes, sometimes even two or three times before putting in an offer.  Interest rates are higher if a buyer is financing their purchase, however, many sellers are offering or may be willing to offer cash to buy down mortgage points to allow buyers to lock in a lower interest rate.  The interest rates will most likely go down in 2023 and home prices will start to trickle upwards, making purchasing a home more competitive.  Now, buyers have more purchase power, and is a great time to get into a home and start building equity.

It is also important to remember Idaho is a non-disclosure state, meaning sold prices are not published to the public, so Zillow and other online resources that provide Zestimates or home value estimates are inaccurate and in this volatile market, this is true more than ever.  Hiring a real estate agent that understands the market is imperative to understanding a home’s current value and making the right offer.

When should I sell my home?

It may not seem like it, but we are still technically in a Seller’s Market.  There are just three months of inventory meaning we have more buyers than homes for sale.  If selling during 2022 it is imperative to price the home correctly.  Over asking price offers and multiple offers have become less frequent, so understanding what buyers are willing to pay right now is key.  Also, sellers should expect their homes to stay on the market longer than in past months.

Having a turn-key ready home tends to attract more buyers, so if considering selling, now is the time to get the home market ready.  2023 should start to level out for sellers and things may pick up.  If you are considering selling now or even next year, start working with your real estate professional sooner than later.  They can help you to know what improvements to make to your home and how to get it market-ready.  Hire a real estate agent that knows your market.

 

Here’s the snapshot of Median Home prices as of July 2022

Median Sold Price July (includes new and existing homes)

Boise: 294 home sales – $525,000

Meridian: 189 home sales  $597,000

Kuna: 63 home sales –  $471,000

Eagle: 71 home sales –   $860,000

Star: 41 home sales –       $605,000

 

Median Sold Price July (includes new and existing homes)

Nampa: 193 home sales $438,000

Middleton: 28 home sales $507,000

Caldwell: 96home sales $425,000

If you are considering buying or selling a home in the Boise Metro Area please contact Real Estate Expert, Jennifer Louis at (208) 509-9122 or [email protected]