We are half way through 2011 and the shape of the Boise Real Estate Market seems to be taking shape. Sometimes we don’t know what to make of market statistics, but two things seem to be clear: 1) listings are down 30% year over year and 2) home prices are starting to stabilize (but are still sliding a bit).
For Buyers. Prices are lower than they were last year. The threat is they will be lower next year as they are this year. However, with prices beginning to stabilize and mortgage interest rates so low this threat seems to be mitigated a bit. Buying today definitely makes sense if you are in a position to do so. Its hard to foresee aÂ scenarioÂ where you won’t be in an equity position in 5 years from now buying today. However, having said that, I’m much better looking at what has happened than trying to forecast what will happen!
For Sellers. Your home’s value isn’t going to return to 2006 levels for a long time. That’s the bad news. The good news is, if you are in an equity position now is a really great time to be selling your home. Homes that are in good condition and priced right are moving very fast off the market as there aren’t as many homes that fit that bill.