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Is there a buyer's season in Boise? In other words, do more houses come on the market in July rather than August, or is there just not anything that predictable? I am guessing most people want to sell their house during summer, before school starts and cold weather arrives?
Well, the most houses come on the market in May, around mother's day from my own personal observations. The rest of the year cycles around the peak of May, building up to May or dying out after May. I believe working around the school year has a lot to do with the sale timing. Plus the yards look best in May. December is the worst, hardly anything for days.
Thanks. I did notice a surge of homes on the market in late May and in June. I am just hoping July has another surge as that is when we will be buying. Of course, we don't need a dozen homes, just the one house that fits us and our budget.
More homes come on the market in the spring, but more buyer's come out of the woodwork too in that time frame so there isn't a huge net effect (i.e. a medium pizza is $10 and feeds 4 for $2.50 each vs a large pizza is $15 but feeds 6 for $2.50 each).
Be careful of statistics that show when homes sell because homes closing in July / August typically sold in June, etc. (and possibly 4 - 6 months earlier if being built).
Since I can't control inventory in the area, I am doing more building for my clients since I can at least make sure the buyer's are getting the price they want, where they want, with the amenities they want, and I can do the math backwards to make sure the home is ready when they are!
Thanks for the information.
Houses seem to be approaching the pre 2008 levels in regards to price. I wonder how far we are from the next crash or mini crash.
Well, the most houses come on the market in May, around mother's day from my own personal observations. The rest of the year cycles around the peak of May, building up to May or dying out after May. I believe working around the school year has a lot to do with the sale timing. Plus the yards look best in May. December is the worst, hardly anything for days.
You sure got that one right!
I moved back to Idaho from Montana in a late December, and it was miserable trying to find me a new house. I came back with a job waiting for me, and trying to go house hunting in the darkness after 5 pm was terrible.
By sheer chance, I ended up buying a house that once belonged to the family of an old girlfriend from my youth. I had been in it many times over 40 years earlier. It wasn't the kind of place I was looking for, but once I saw it was available, I knew it would work for my needs.
Thanks for the information.
Houses seem to be approaching the pre 2008 levels in regards to price. I wonder how far we are from the next crash or mini crash.
Dart Humeston
A lot of people are asking me about if we are getting ready for the next real estate crash since we are starting to have house prices above the pre-2008 crash levels. Real estate does go through cycles; however, if you look at long term averages, real estate over the past century has averaged an long term average of roughly 3.5%. If you factor that in, you are still below the projected price point levels.
Another major difference is that in 2008 I was able to sell investors homes with 100% financing and seller's could pay all their closing costs. There was no limit to how many homes I could sell to investors under this program. Builders were able to get financing on million dollar model homes with no experience and no money out of pocket. Today . . . buyers still need to qualify. Investors still need down payment. Even with 50% down, if a buyer doesn't have the ability to show "ability to repay" they won't get a traditional loan.
A lot of the price increases are due to government requirements in the new subdivisions (storm water detention ponds, landscaping, open space, etc.) driving up the lot prices. Builders are required to use 25+ year roofs, not just 3 tab shingles that were good for about 20. Builders are required to build more energy efficient homes which drives up the prices.
Another factor is that in 2008, I worked with builders that were building 1200 - 1500 sq. ft. homes and now most homes being built start about 1,600 sq. ft. but usually closer to 2,000 sq. ft. because it isn't economical to build a 1,200 sq. ft. home on a $75k-$100k lot. 2 car garages used to be acceptable, but now people want 3 cars as a starter home. I have seen some plans that have more garage space than living space! That drives up the averages too.
But back to the original question on timing . . . our local prices do not raise / fall with the seasons. Inventory is typically highest in the late spring and then tapers down during the summer/winter.
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