Boise-Metro Housing Market (Eagle: real estate, rent, news)

[Torrie]

Originally Posted by Twinkle

If things were moving as briskly as some say and things are as great as some say, then I highly doubt that my price range would be seeing the improvements it is.

Interesting choice of words, where have you heard that? I haven't heard anyone claiming that things are moving "briskly". What's been said is that the inventory has been slowly depleting, but to say it's moving "briskly", doesn't sound right to me.

[Anchorless]

Obviously there's a few ways to look at this, and luckily for some it seems to always be positive.

Right now it's a buyers market, and it will probably remain so for at least the next year. Like my realtor friend pointed out, right now it's all about price, and so you'll find more home for less, often tens of thousands below appraisal, as you pointed out.

It goes without saying that the current real estate / lending crisis has hit a great many very, very hard, and has created an extremely desperate situation for many investors and/or sellers.

Factor into this the federal investigations into banks, lenders, and developers.

However, I still maintain that Boise has been somewhat insulated from this simply because our housing prices are still very attractive, and mortgages/lending hasn't been quite so upside down as you find on the coasts, in AZ, FL, or CO.

What this suggests to me is that Boise will still be a destination for those able to relocate, and further, there are great deals to be had. This is what Torrie seems to be getting at.

The good news, at least to me, is that I would also expect speculation and property/land investing to slow down, and for there to be a movement of primary resident sales, which is probably a healthy and necessary thing.

Unfortunately that still doesn't address the many problems our Valley faces, especially in regards to infrastructure. Note the absurd amount of fatal accidents this winter.

[Torrie]

Originally Posted by Anchorless

Obviously there's a few ways to look at this, and luckily for some it seems to always be positive.

Right now it's a buyers market, and it will probably remain so for at least the next year. Like my realtor friend pointed out, right now it's all about price, and so you'll find more home for less, often tens of thousands below appraisal, as you pointed out.

It goes without saying that the current real estate / lending crisis has hit a great many very, very hard, and has created an extremely desperate situation for many investors and/or sellers.

Factor into this the federal investigations into banks, lenders, and developers.

However, I still maintain that Boise has been somewhat insulated from this simply because our housing prices are still very attractive, and mortgages/lending hasn't been quite so upside down as you find on the coasts, in AZ, FL, or CO.

What this suggests to me is that Boise will still be a destination for those able to relocate, and further, there are great deals to be had. This is what Torrie seems to be getting at.

The good news, at least to me, is that I would also expect speculation and property/land investing to slow down, and for there to be a movement of primary resident sales, which is probably a healthy and necessary thing.

Unfortunately that still doesn't address the many problems our Valley faces, especially in regards to infrastructure. Note the absurd amount of fatal accidents this winter.

Twinkle is a great example of what I was trying to get across- it's people like her that are coming over here, buying property and helping to further the decline of our inventory. This is the "signs of recovery" I'm seeing in the tracking of MLS stats. It's the perfect case in point. She's not alone, there are many others like her that are choosing Boise as their new home.

Yes, I can agree with you Anchorless this is "healthy and a necessary thing". Ya, I know shocking isn't it that we can actually agree on something!

[AlleyTD]

Originally Posted by Twinkle

... On the other hand, I don't think things are as great as some keep shouting from the rooftops. It's only my opinion, but I still believe that there are a lot of people in denial (even in Boise) about the reality of what is happening in this country right now ...

Twinkle,
In another real estate thread someone posted a great quote which likely applies to many RE Brokers during these changing times ...

"It's impossible to make a man understand something when his livelihood depends on him not understanding it." -Upton Sinclair

[Anchorless]

Originally Posted by Torrie

Twinkle is a great example of what I was trying to get across- it's people like her that are coming over here, buying property and helping to further the decline of our inventory. This is the "signs of recovery" I'm seeing in the tracking of MLS stats. It's the perfect case in point. She's not alone, there are many others like her that are choosing Boise as their new home.

Yes, I can agree with you Anchorless this is "healthy and a necessary thing". Ya, I know shocking isn't it that we can actually agree on something!

I know. I'm picking my jaw up from the floor as I'm typing.

My disagreement probably stems from what I consider a misrepresentation of the situation from you, though it's more a matter of looking at this issue from a different lens, and constructing a completely different narrative from it. Or rather, we're just talking past each other, and are coming from a different set of experiences and objectives. And that's fine - such matters can usually be clarified the more nuanced the discussion becomes.

Another problem is simply that there are so many different ways to respond to the current condition of the market - it's good for some, bad for others - and thus disagreements come from what you choose to focus the discussion on.

[HDL]

I am sharing this information with you all, as I follow the RE market very closely (what with wanting to downsize myself ) and I find the information to be a pretty accurate picture of what is going on here . (Mind you, I did not say "completely accurate" - LOL ). Enjoy !

TODAY's article from the Idaho Statesman :

February 12, 2008

Canyon County home prices drop

But Ada prices remain nearly unchanged from a year ago, and the market remains in a funk.

Want to buy a house cheap? Try Canyon County.

The median price of a home in Canyon County has fallen 12 percent over the past year, from $170,000 in January 2007 to $148,900 a year later, according to Multiple Listing Service statistics released Monday.
That's the lowest the median has been since February 2006, when the median - the point at which half the houses cost more and half less - was $145,000, according to Shaun Tracy an associate broker with Re/Max Capital City who tracks residential real estate.
The median price for an Ada County home was $219,000, about the same as it was a year earlier.
But Tracy isn't sure buyers will flood into Canyon County. The reason: Home values might continue to erode.
"The farther you get away from the job base, the faster values are going to fall when the market turns," Tracy said.
The latest MLS data shows little evidence of the market emerging from its doldrums anytime soon. Indeed, the inventory of unsold single-family homes will likely rise as spring approaches, experts said Monday.

**For the rest of the article, click on this link**
Canyon County home prices drop | Business | Idaho Statesman

[Grumbler]

Those with jobs in Ada County will definately have to balance the lower cost of housing in Canyon County with higher prices at the pump as well as quantity of time stuck in an I-84 gridlock. Road construction on I-84 isn't going to alleviate the situation for a couple of years.

There's quite a few people here in Boise commuting to the AFB in Mountain Home.

Incidently, a friend of mine was going to buy something like a Mini-Cooper for his commute only to realize that the OTD price and gas mileage savings would still cost
more over 4 or 5 years than the discounted 4x4 Dodge Ram truck he got. Weird.

[Torrie]

Here's a couple of articles on the housing market from Sunday's paper. Both articles talk about the Boise-Metro market for 2008 and where some professionals think it's heading. The first article talks about what happened to the market and where we are now.


Dan Hernandez: The market supply and price make this a good time to buy or sell a home | Sunday's Stories | Idaho Statesman


The second article talks about the likelihood of our market getting back to a proper balance and why.


Shawn Tracy: Four economic conditions align for a revitalized market in 2008 | Sunday's Stories | Idaho Statesman

[Syringaloid]

More upbeat news regarding the housing market in our beautiful valley.



Wells Fargo economist likes housing in Boise area

[Syringaloid]

It isn't all that bad, maybe some home values need to fall in areas of Canyon County so more families can afford a home and not have to rent anymore.
The higher values in Boise and Ada make sense, the lower values in Canyon make sense.


Wells Fargo economist likes housing in Boise area