Boise Housing Market Slowly Moving Into The Doldrums
The once invulnerable Boise housing market is slowing down. We've heard from several experts about developments within the housing market. Several builders have stopped building on new construction. Here are the following facts that have been told to us concerning the Boise market.
"Demand is way off, and there has been a 100% increase in inventory in the last 60 days," Greg Ferrera of Real Estate Rescue Idaho. He continued by sharing that mortgage applications are off by 50%.
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Last year, our real estate market was like the wild, wild west. Buyers were so desperate to buy a home in the Boise area that it was not unusual for homes to garner multiple offers, with some houses being sold for as much as one hundred thousand dollars over the asking price. The summer of 2022 appears to be very different from last summer.
The Idaho Stateman details that homes now are being discounted by as much as one hundred thousand dollars. The Boise area housing market has gained national attention for being the most overvalued housing market in the country. It looks like the rising interest rates are impacting the buying power of would-be Idaho homeowners.
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Other factors that have will continue to erode the Boise market is the rise of home prices without the ability of workers to afford to buy them. In other words, Idaho wages haven't kept up with the escalation of home prices. Local law enforcement officials have told us that they cannot hire folks to work in our area because of the home prices.
The days of pending after a day on the market appear to be over at least during the first few weeks of June. Experts tell us now that reduced signs are appearing after a few weeks on the market.