Boise-Metro Housing Market

[boiseguy]

I think the only thing that has kept boise market from going bust is the fact that many people are still moving here and buying which is keeping the market in play. While Idaho hasn't seen prices inflate to ridiculous levels, nonetheless prices are above what the average wage should be able to qualify for.. I think lenders are learning their lesson on this... and that is why prices are coming down.. because people aren't able to qualify anymore for that 340,000 dollar house in tuscany village on their 60,000K salary. The buyers are out there though... they're cherry picking the deals... so with that said it isn't a doom and gloom market.. its just in the process of adjusting.. and unfortunately people who purchased in the last 2 years the adjustment is going to put them upside down in their mortgage. I've spoken with a few people who are looking to buy a house, and they really feel bad for many sellers because they are still listing their houses at what they feel it is "worth" and trying to stick to their guns, which is understandable.. but for many of those sellers the buyers aren't interested in taking over their situation... denial is a long road for some people...
I've known of some screaming deals though that have only been on the market for 5 days and were sold..
sellers need to know their market and re-evaluate thier situations better to make it sell.
slapping cheap new carpet, paint, and fixtures on a 1984 special and calling it a remodel doesn't fetch you 15,000k more anymore....

just my two cents..

[Torrie]

This came out a couple of weeks ago. Part of the article doesn't show up online that might be of interest to some, so I scanned it and attached to this post. Most of Boise had an increase in their property values. For those not familiar to the area, the "three high-priced neighborhoods" are located in Boise.


Some Ada tax bills may drop | News Updates | Idaho Statesman

[YanquiUXO]

Originally Posted by Torrie

This came out a couple of weeks ago. Part of the article doesn't show up online that might be of interest to some, so I scanned it and attached to this post. Most of Boise had an increase in their property values. For those not familiar to the area, the "three high-priced neighborhoods" are located in Boise.


Some Ada tax bills may drop | News Updates | Idaho Statesman

It looks as if all of Boise went up. West Boise/Garden City went down, but at -.17% that's closer to holding steady than going down, really.

What that list tells me that the areas with the most new development in the past 10 years (Eagle, Meridian, Star, etc.) are the ones that lost value. The market is correcting their inflated prices. Whereas Boise (much more established and with less large scale development) has either held value or increased.

It's interesting if you compare this to the development charts that are found on the COMPASS website, and examine where and how much more new planned development is - Eagle, Star, Kuna, West Boise, Meridian, and on out to Canyon County.

By adding that much supply to the market, does that not suggest that property values will more than likely continue to plummet in these areas, for at least the next few years?

[YanquiUXO]

I wish I could figure out how to pull the map from this document, but take a look at page 27 and you'll see what I'm talking about:

http://www.compassidaho.org/document...2007%20DMR.pdf

[Syringaloid]

Originally Posted by boiseguy

I think the only thing that has kept boise market from going bust is the fact that many people are still moving here and buying which is keeping the market in play. While Idaho hasn't seen prices inflate to ridiculous levels, nonetheless prices are above what the average wage should be able to qualify for.. I think lenders are learning their lesson on this... and that is why prices are coming down.. because people aren't able to qualify anymore for that 340,000 dollar house in tuscany village on their 60,000K salary. The buyers are out there though... they're cherry picking the deals... so with that said it isn't a doom and gloom market.. its just in the process of adjusting.. and unfortunately people who purchased in the last 2 years the adjustment is going to put them upside down in their mortgage. I've spoken with a few people who are looking to buy a house, and they really feel bad for many sellers because they are still listing their houses at what they feel it is "worth" and trying to stick to their guns, which is understandable.. but for many of those sellers the buyers aren't interested in taking over their situation... denial is a long road for some people...
I've known of some screaming deals though that have only been on the market for 5 days and were sold..
sellers need to know their market and re-evaluate thier situations better to make it sell.
slapping cheap new carpet, paint, and fixtures on a 1984 special and calling it a remodel doesn't fetch you 15,000k more anymore....

just my two cents..

Originally Posted by Torrie

This came out a couple of weeks ago. Part of the article doesn't show up online that might be of interest to some, so I scanned it and attached to this post. Most of Boise had an increase in their property values. For those not familiar to the area, the "three high-priced neighborhoods" are located in Boise.


Some Ada tax bills may drop | News Updates | Idaho Statesman

My property value increased as did my mortgage payment, but it is all good.
I have noticed that homes in my neighborhood near downtown are selling pretty fast once put on the market. I have also noticed many autos with out of state plates driving around my neighborhood looking at homes for sale.
Boise will always be an attractive city to relocate to.
I relocated here and it has been the best city I have lived in.

[Torrie]

Boise: Correction 'relatively mild,' but sales hit a rough spot - USATODAY.com

[Torrie]

Just had our annual Economic Outlook Forum; here's some of what they said:


Real estate market outlook good for state