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I am hoping more houses will come on the market and between the increased inventory and the higher interest rates the prices will stabilize. If not, we may just get outpriced from Ada County. Not sure where we will go then....
Last May 2016 I signed an early retirement contract with my employer for this July. At the time, nice 2/3 homes in Meridian were going for $150,000 to $170,000. Now that we are approaching the time to make the move, good luck finding a 3/2 anywhere in Boise or Meridian for $175,000! Even Star and Kuna are difficult markets.
School is out in June, and the mortgage rates have increased a little, so I am hoping more houses will come on the market and between the increased inventory and the higher interest rates the prices will stabilize. If not, we may just get outpriced from Ada County. Not sure where we will go then....
I guess what people consider expensive is all relative to how much money you have to spend. I say this because I'm curious what market everyone is referring to when they say inventory is low? When I look on Zillow, I seen hundreds of houses for sale in the Treasure Valley. The low end market (again, its subjective) to me is under 300k. Looking through various sites online I saw lots of nice houses in the 200k to 300k range in Boise and Meridian. There are a few houses between 300k and 400k in Eagle.
Above the 400k price range, there are dozens of new builders that are selling lots of homes. And I think these new builders are doing everyone that is willing to buy an older house a favor by keeping the prices of older homes lower. Of course the opposite is true for sellers, because of the new builders, you may not be getting as much for your house.
So hearing some of you say, its hard to find a home or that there is heavy competition for them, doesnt match up with what I am seeing online. But of course online and actually being there in the market are two different things, so it makes me curious whats really going on. Are some of you saying that the under 200k market has dried up and is difficult to get into? Because that I can agree with, I did not find many under 200k "nice" homes anywhere around the aforementioned cities.
I searched all of treasure valley, under 200k, houses only, 30 days or more on zillow and it came up with 131 matches. Not sure if it showing us different things or not.
It may be us coming form California that drives up the prices, to us it seems really cheap even now. You get a piece of junk the suburbs of Los Angeles for $600,000 with a body chalk mark from the last murder in on the sidewalk, just step over the police crime scene yellow tape and its all yours for only $680,000.
I see new gorgeous new homes under $300K as one poster said that is the lower end. Its all relative to where you are moving from. I don't see it as a bubble of overpriced if Ada county keeps getting California refugees fleeing the state. I can see under $200K being competitive, that would make mortgage payments about the same as rent, or even less. Why would anyone rent if they can get a home the same monthly outlay..
I searched all of treasure valley, under 200k, houses only, 30 days or more on zillow and it came up with 131 matches. Not sure if it showing us different things or not.
I should have been more specific. $150k-$200k, 3 bed. I get 23 results on zillow with a chunk of those being "auction" listings and a chunk being bogus listings for rentals.
Just under $200k with no bottom pulls up a lot of property and trailers. Anything remotely decent is gone in less than a week.
For example. A friend of ours owns a few houses they bout 6-8 years ago and use as rentals. They bought them around $130-$150k and they have appreciated at least $60-$80k in todays market.
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