How are the home prices holding in the RE slump? (Boise: foreclosure, for rent) - Idaho (ID) - Page 6 - City-Data Forum

izzy · 12-20-2006, 03:04 PM

I have a friend who stays on top of all the market info. and latest info. from the experts. He has been pretty good about predicting the market in the past. He says the Real Estate slump will turn around in the last quarter of 2007. That the feds have made a mistake in raising the rates and they know it. Any one else out there have a "best guess" of when it will turn around?

Izzy

izzy · 01-04-2007, 02:15 PM

How is the winter affecting the real estate sales in Idaho?

Izzy

micrguy · 01-04-2007, 03:01 PM

This is just based on what I have been watching, but it seems like houses in Boise are starting to either sell or are being pulled off the market. I can't buy a house until my house in Phoenix sells, but I have been keeping a short list of houses that I want to move on as soon as I can. Just within the past two weeks, half of the houses on my list have sold. But I am confining my search primarily to houses that need a little work and are located on the Boise Bench, so I can't comment on what is happening in the rest of the Boise area.

California Carl · 01-18-2007, 07:03 PM

Somebody please buy my house! I want outta here! I swear, if I had magic slippers I'd click them together and be in Boise!
(This does'nt look like California anymore Toto)

Jten · 01-19-2007, 10:16 PM

Boise has a 5.41 month supply of single family homes. Much better than Meridian's 7.2.

-J

DeeCA · 01-21-2007, 12:06 AM

For the people that know Boise, where would be a good place to advertise a lease to own property in Boise. I know of the Thrifty Nickel and The Idaho Press Tribune. Any other places to advertise that would be read by this type of buyer.

Dee

California Carl · 10-10-2007, 04:25 PM

I thought some of you may enjoy looking at this thread, so I made a post, it is interesting to look back and see...

AlleyTD · 10-10-2007, 08:41 PM

Thanks for bumping the thread Carl ... it was great to read your journey and perspectives from last year. It's interesting to note that the RE inventory is up even more in 2007.

It will be interesting to see where it all lands in the next 12 months.

California Carl · 10-12-2007, 07:20 AM

Hi Alley, yeah, this old thread is pretty interesting, it has a little history... Lots of predictions and outlooks.
We have been here for a couple of months now and like it so far. The home prices back in CA keep falling and falling. I don't think the people that bought our old house could sell it for what they paid for it just five months ago. I'm glad we were able to sell. It took over seven months and several price drops.
Two of my old neighbors put their homes on the market two weeks after we left and I heard they have only had one or two people even look at them, not to mention, they are asking less than we sold ours for.
I think we got a good deal on ours up here, the builder took 15K off the price (10K in cash, and 5K toward closing costs.) but I doubt if I could sell it for what we just paid... The good thing is, we don't plan to move so we should be O.K. We'll see.
Here is an interesting article that was in the paper today about a "Big Sale, One Week Only!" CBH is running. Check it out.

Corey Barton drops prices on 200 homes | News Updates | Idaho Statesman (http://www.idahostatesman.com/newsupdates/story/182057.html - broken link)

vintage · 10-12-2007, 10:47 AM

After one year and this thread was started and it is even more relevant today.
Most people in this valley know that there is something very wrong with the house market. They seem to have gone from a total denial of a problem last year to admitting that there is a “bit” of a problem today. Many cannot or will not see through the RE industry smoke screens, obfuscations and lies.

Prices are finally dropping toward reality but I think we have a long way to go yet. There may well be some great buying opportunities in …say….2010.
So now the builders are slashing prices up to $70,000 on some homes. They claim it is a “one time deal only” and that they “didn’t have to do this”.

The developers make money by building and will build as long as they have some money or credit to do so. They buy the land WHOLESALE they build the house wholesale and they can sell at a wholesale price. And they are beginning to do so now. The other six thousand people trying to sell their used homes at a retail price are going to be priced out of the market. Some of the house flippers have put the house up as a rental hoping for prices to go up so they can afford to sell. There are some very upscale neighborhoods that are finding for rent signs on houses.