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For a quick overview of what has been going on in our local real estate market- here are some facts and figures from our local Ada County Association of Realtors:
We sold more homes in Ada County in June of 2015 than we have sold in any other single month since 2006. "While there have been steady increases month-over-month (looking at the numbers over the past four years, based on records available), June 2015 topped them all with 1,028 single family home sales throughout Ada County. That was a year-over-year increase of 26.1%, and year-to-date, sales were up 18.6%. The total volume of single-family home sales in June 2015 was $279.5 million, which was a whopping 36.1% increase over June 2014, and a healthy 17.9% increase over May 2015". -Ada County Association of Realtor.
We commonly see an increase in homes sales from April June, and then once families take their final summer vacations, and prepare to go back to school we see the market slow down slightly, but we expect to see another pop of activity in the fall months.
So what do these numbers mean? Is now a good time to buy or sell? I'm glad you asked. One of the most common questions I'm asked as a Realtor in Boise is, "Are the increase in prices going to cause another "bubble"?" People are understandably hesitant to move forward with a sale and purchase of a new home in a somewhat volatile market. While no one can predict the future, here is my opinion of our current market. With inventory still much lower than consumer demand (currently we have about 2 months of inventory in Ada County- where a healthy market supports 4-6 months of inventory which means we are down by about half), this means it will take some time before our market is saturated- bringing prices back down. For those that want to wait until the market "slows down"- you could be a waiting a while. Based on NAR's (National Association of Realtor's) research on economic trends, the likelihood that our market will "bottom out" again soon is slim. Now let's put this in terms of what this means to you as a buyer and seller.
If you are considering selling your home to buy a new one right now, but are afraid of inflated home prices- my suggestion to you would be to "strike while the iron is hot". If you can sell while the market is high- you will be in a better position to net a higher amount on your current home, and carry those proceeds forward to your next purchase. If you wait until the market settles down- you could risk netting a lower amount, and also more than likely risk a higher interest rate. This is a very important factor to consider. If you decide to wait a year or two to sell your home and buy a new one, so as to avoid paying an inflated price on your home, what you will more than likely encounter is an interest rate that is 1 or 2% points higher than they are now. We are still experiencing record lows on home loan interest rates, which makes now a very favorable time to buy. Increased interest rates mean less buying power for you as the consumer. If you can lock at a 4% interest rate now, but choose to wait until the interest rates are up at 5 or 6% as they are projected to do, you may reduce your buying power by as much as $50-$100k.
To wrap all these stats up in a pretty ribbon- what this means is now is a very unique time in our market. We have low inventory, which works to the seller's advantage, but we are also experiencing record low interest rates, which works to the buyer's advantage. This combination makes it a great time to sell and buy.
Hope you found this information helpful! Please use our website to search what is currently available on the market and feel free to reach out with any questions! We want to be your local industry expert!
*Many of these statements are opinions and should not be taken as fact.
Author:Rachel Glick Phone: 208-859-2155 Dated: September 14th 2015 Views: 2,641 About Rachel: ...
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