Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hey there! I haven't read through all comments, so this could be redundant, but wanted to add that in Boise in flat or declining markets (having analyzed data for the past 20 years) we typically see prices bottom out around January and then pick up February-May, then slow again in the summer and lose traction through the end of the year. SO, if you are able to sell at a market high in your city and then hold tight until August or so, you may get a better value overall. Our market patterns in 2022 followed 2007 pretty closely. If markets continue to contract and are similar to 2008, 1st and 4th quarter 2023 should be a good time to buy. If we have a multi-year downward trend, Q1 2024 and Q3 Q4 2024 would be strong. The biggest question mark right now is inventory. In 2008, owners were underwater. Currently, owners are equity rich with extremely low interest rates so not particularly motivated to sell. I would be surprised if prices plummet like from 08 to 09.
We've been sitting on cash for a few weeks trying to buy here in town...I think there will be a "soft crash"?...for homes under 600, but not those above. The market is flooded with $400-500K homes that are significantly overpriced, people trying to charge 2021 prices for the condition of the home. Getting into the 700-900 range, there just isn't anything in desireable areas.
I think you're right - 2023 for the sub 500 range will be good timing!
Anyone looking to buy a home right now should be watching trends and absorption rates for similar homes and neighborhoods. Do not buy into the mindset of the entire market. Houses (except for some tract homes) should not be treated like a commodity.
There are always great opportunities in any market - just be selective and ask lots of questions! People are always getting married/divorced; having kids or having them move out; moving; etc. Be patient - get on an automated notification system with your Realtor and wait for the right opportunity.
Happy Holiday and wishing each of you a Prosperous New Year!
Anyone looking to buy a home right now should be watching trends and absorption rates for similar homes and neighborhoods. Do not buy into the mindset of the entire market. Houses (except for some tract homes) should not be treated like a commodity.
There are always great opportunities in any market - just be selective and ask lots of questions! People are always getting married/divorced; having kids or having them move out; moving; etc. Be patient - get on an automated notification system with your Realtor and wait for the right opportunity.
Happy Holiday and wishing each of you a Prosperous New Year!
My first home I bought was at 12% in Boise. There are still lots of first time home buyer programs out there and down payment assistance programs too. If you are paying cash, the current interest rates have little impact.
My first home I bought was at 12% in Boise. There are still lots of first time home buyer programs out there and down payment assistance programs too. If you are paying cash, the current interest rates have little impact.
My current 30 year conventional fixed morgage on current home is 3.75%
My current 30 year conventional fixed morgage on current home is 3.75%
That brings up another great point - when buying a home while interest rate are rising, check to see if the seller's mortgage is assumable! Typically FHA and VA loans are assumable. Most conventional loans are not.
That brings up another great point - when buying a home while interest rate are rising, check to see if the seller's mortgage is assumable! Typically FHA and VA loans are assumable. Most conventional loans are not.
Hey there! I haven't read through all comments, so this could be redundant, but wanted to add that in Boise in flat or declining markets (having analyzed data for the past 20 years) we typically see prices bottom out around January and then pick up February-May, then slow again in the summer and lose traction through the end of the year. SO, if you are able to sell at a market high in your city and then hold tight until August or so, you may get a better value overall. Our market patterns in 2022 followed 2007 pretty closely. If markets continue to contract and are similar to 2008, 1st and 4th quarter 2023 should be a good time to buy. If we have a multi-year downward trend, Q1 2024 and Q3 Q4 2024 would be strong. The biggest question mark right now is inventory. In 2008, owners were underwater. Currently, owners are equity rich with extremely low interest rates so not particularly motivated to sell. I would be surprised if prices plummet like from 08 to 09.
Hi! Thanks for your input. It has been quite the journey. Things finally came together. We closed on our Phoenix home on 12/15. The house we were trying to buy here in the summer was still on the market and we closed on it on 12/16. We are now officially residents of Idaho. We are happy to be here.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
