Desperate Boise Home Sellers Leading the Nation in Price Cuts
According to a new report, the nation's most overvalued home market for the past two years is leading the country in home price reductions. Over the past several years, the Boise housing market has received national attention from television networks, national newspapers, digital publications, and other outlets covering the unprecedented rise in home prices.
Over sixty percent of home sellers reduced their prices in the Boise market last month, reports the Deseret News via Redfin. Many real estate experts have predicted that states like Idaho and Utah, which benefited from remote workers moving to their states during the pandemic, would face adjustments as life returned to normal. The Boise market and surrounding areas experienced a once-in-a-lifetime feeding frenzy of home buyers last summer.
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Homes sold before they were on the market, some homes sold without inspections, and many sold thousands of dollars over the list price. Home sellers benefit by receiving more concessions, including living rent-free for several months after selling their homes.
Homeowners seeking to sell their homes and hoping to get a deal like the 2021 market could be disappointed. Last year, realtors complained that there were no homes to sell. This year, real estate agents have more homes on the market but can't find the buyers that were so plentiful last year.
Forbes Magazine listed the Boise market as one of the ten cities where housing inventory has increased the most since last year. The popular financial publication lists Boise at number seven. They explain why Idaho's capital city made a list.
'But over the last year, the Boise housing market has seen its available inventory climb by 75.1%, from 333 homes for sale in May 2021 to 583 available homes in May 2022. That is quite a different year-over-year change than had happened between May 2020 to May 2021: Boise housing inventory dropped by 48.5%, from 646 available homes in May 2020 to 333 available homes in May 2021.'
Potential home buyers are spooked by three current economic factors, rising interest rates, fears of a recession, and high gas prices. The fed announced that it would continue to raise interest rates hoping to combat the historic forty-year inflation rate. If rates continue to increase, the lack of affordable mortgages will further constrict home buyers from affording a home for purchase.
Home prices will continue to fall in the Boise market and folks with cash on hand will have an opportunity to afford them. The rest of us will have to wait on the fed, Joe Biden, and the Saudis.
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