Boise-Metro Housing Market (Nampa, Meridian, Eagle: renting, house prices, buying)

[Anchorless]

I thought we were doing just fine...

[Niners fan]

Builders are not going to keep building homes that they have little chance of selling in the near future. Moriatorium or not the market will cause construction to slow down.

[Anchorless]

Originally Posted by Niners fan

Builders are not going to keep building homes that they have little chance of selling in the near future. Moriatorium or not the market will cause construction to slow down.

That depends.

Often you will find those who do want a new home, and prefer not to buy a used (and very dubious quality) cookie-cutter CBH or Hubble home.

There is a market for new homes, but the irony is that these homes are generally just as shoddy as the newer (empty) homes that sit on the market. So construction may not slow down at all if these homes are already sold.

I am unsure if that is the case here in Boise, though. You'd have to speak with someone in the business to get a sense if that's what is happening here.

[Torrie]

Here's some recent news:

Canyon home prices make small gains | News Updates | Idaho Statesman

[Anchorless]

Lol.

You neglected to post the article two days earlier that talked about how much prices have decreased in Ada and Canyon County since last year.

Let me see if I can find it.

[Syringaloid]

My value is still going up even though I live in Ada County. It depends on which area of the city the house is in if the value is up or down.
Those Statesman stories are just general blanket articles which don't go into very much detail about areas of the county or city.
If values in certain areas of the metro are down and some up who cares?!?!?!?
We still live in Boise so we should be happy!

[Niners fan]

Originally Posted by Torrie

Here's some recent news:

Canyon home prices make small gains | News Updates | Idaho Statesman

According to this article building has slowed down. But it also looks like the new homes aren't selling has well as used homes.

The market is working as it should, but there is a reason why so many new homes are sitting empty. The article didn't mention the quality questions of Hubble and CBH but I suspect Anchorless is on to something there.

[Anchorless]

As it goes I can't find an online link for that article, but I know it was posted in the past few days. I'll see if I can't dredge up a physical copy, as the Statesman Online searches are all but worthless.

Originally Posted by Syringaloid

My value is still going up even though I live in Ada County. It depends on which area of the city the house is in if the value is up or down.
Those Statesman stories are just general blanket articles which don't go into very much detail about areas of the county or city.
If values in certain areas of the metro are down and some up who cares?!?!?!?
We still live in Boise so we should be happy!

Certainly it depends on neighborhood, and you happen to live in a neighborhood that will most likely always be the most desirable in the Valley.

Also, I don't necessarily see this as bad news. I know I get the stigma for being a "negative Nancy" because of the links I cite, but in this particular situation there are winners and losers.

The winners are those looking to buy, as the selection, pricing, and negotiation leverage are looking great. The losers are speculators, (some) investors, banks, mortgage companies, real estate agents and brokerages, and (some) sellers. And quite frankly I could care less that these are those being hit the hardest, because it's a corrective process that the market is undergoing as a direct result of some of the extremely dubious practices that some (or all) of the above are guilty of. In other words, I see this as a good thing.

If you bought a house a few years ago you might be bummed that the housing values are stagnating, but if you're in it for a long term it's nothing you can't ride out. If you happen to be someone that bought more home than you were rightly able to afford, and you're suffering the effects of the subprime crisis, live and learn, I suppose.

But yeah, now is a great time to buy, especially in Boise.

[Niners fan]

Was this the article, Anchorless?

Shoppers tour Valley foreclosure bargains | News Updates | Idaho Statesman

It has got to warm your heart to see investors taking advantage of the decline that was brought on, in part, by other investors...

[Torrie]

Originally Posted by Niners fan

According to this article building has slowed down. But it also looks like the new homes aren't selling has well as used homes.

The market is working as it should, but there is a reason why so many new homes are sitting empty. The article didn't mention the quality questions of Hubble and CBH but I suspect Anchorless is on to something there.

Not sure what you're asking here or if you're just making a statement... but I'll try and answer.

Building has been slowed down since last year, so this isn't new information. The advantage that owner occupied homes have over new construction is equity! Of course that depends on the age of the home and how long someone has owned it. New construction doesn't always have room to budge in the pricing because most likely they bought and possibly built while materials and land prices were high, so they're trying to recoup that cost.