It's happening! Everybody remain calm! A significant number of sellers in America, especially those in the Pacific Northwest, are cutting home prices as high mortgage rates and fears of a potential recession have put many potential buyers at bay.
A new report by Redfin showed that more than 25% of home sellers in three-quarters of metros tracked by the brokerage across the country dropped their asking prices in the month of June. We're also seeing prices drop dramatically in Idaho, Washington, Utah, and California.
Some areas of the U.S. saw more than 60% of sellers drop their price, which the report says has "become a common feature of the cooling housing market, particularly in places that were popular with homebuyers earlier in the pandemic."
Redfin Chief Economist Daryl Fairweather told FOX Business that thirty-year mortgage rates are much higher than they were earlier in the year which has eaten into the budgets of homebuyers.
With these sort of market corrections beginning to happen, those of us in Boise, Idaho could soon see home prices become much more affordable. As home prices have climbed to 60% higher than they were pre-pandemic.
Boise saw one of the most dramatic prices drops in the country in the month of June. It wasn't alone, however. Here are the top ten metros in the United States that saw their home prices drop in June of 2022.
Top 10 Metros Dropping Home Prices
These metro areas of seen the largest share of sellers dropping their home prices in the month of June.
Amazing that Boise was top in the country when it comes to dropping home prices, but it shouldn't surprise any of us locals given how ridiculous those prices were to begin with.
It's a good sign that prices are beginning to drop. More Idahoans will be able to afford a home and will stop renting.
As things begin to get cheaper, we may see new options emerge to get more people into home. Consider this creative option as a future possibility.
Could The Answer To Boise's Housing Crisis Be In A Box?
These photos are from the unboxing of a Boxabl home in Texas. They say that the homeowner is a VIP and there are several books about rockets and space inside. Could this be the actual Boxabl home that Elon Musk lives in?
Or maybe these could be the next big thing in the Boise housing market.
Are Tiny Homes Our Best Option for Affordable Housing in Boise?
With Idaho's housing market being among the worst in America, it begs the question: what are our options for affordable housing?
Let's take a look at some of the amazing homes on the market that could soon see their prices drop.
Channel Your Inner Bob Ross In This Boise Riverfront Home
My three favorite things in this house
The Art Studio
Groovy '70s Love Shack For Sale In Boise
Blast from the past! Go back to the disco era with this Groovy '70s pad in Boise.
Wine Lovers $2.2 Million Dream Home For Sale In Boise
Let's go inside this $2.2 million Boise dream home. My favorite part is what you can do with all your wine. Wait until you see that, if you call yourself a wine connoisseur.
$4.5 Million Boise Mansion With Movie Theater You Have To See To Believe
$4.5 million is a lot of money...but it can get you a lot. You're certainly getting what you're paying for with this Boise Mansion. It has not only many bedrooms and baths, but a couple of kitchens, amazing views, and my favorite part of the house? The one of a kind movie theater. Wait until you see it.
Charming Coeur d'Alene Lake House Could Be Yours For Under $1 Million
This breathtaking house on Lake Coeur d'Alene could be all yours for under $1 million. Imagine yourself having your morning coffee with that view. Or watching sunsets over the water with your favorite glass of wine. This charming lake house could be yours for under $1 million! That sounds like a great steal to me. Let's go inside.
Kuna's Most Expensive House Will Have You Living Like A Cowboy
Allow me to introduce you to the home that is currently the most expensive house in all of Kuna. This fantastic Farmhouse will have you living like a Cowboy.
This 3 bedroom 2.5 bath farmhouse comes with all the land you could ever want...and then some. It also comes with a 36,430 sq. ft. barn that holds unlimited possibilities. It even has 40 stalls with runs, so if you own horses or are looking to own horses, this place is for you.
It's not all about the acres and outside, though. The inside is so charming and will instantly feel like home. My favorite part of the house has to be the wrap around porch. Always one of the best parts of a farmhouse, and this porch does not disappoint. Let's go check it out!
The Treehouse In This Pacific Northwest Home Is Better Than What I Live In
This Pacific Northwest home truly has it all. It's a blend of styles from Seattle and South Beach. My three favorite features in this home?
The Treehouse (better than my house)
The Cinema (crazy!)
The Play Area For Kids
$35 Million Modern Sanctuary For Sale 5 Hours From Boise Is Breathtaking
This magnificent modern sanctuary is only a five hour drive from Boise in Park City. It gives me major Frank Lloyd Wright vibes.
Just look at the exterior of it! Not only is the home beautiful, but it also sits on a stunning 5.4 acres of beautiful Utah land. On your peaceful mountain property, you'll find abundant trees, glimpse of a seasonal stream, and wildlife.
The floor to ceiling windows allow you to never miss out any any of the spectacular views. You even get a gourmet kitchen perfect for cooking up a four-course meal and hosting parties.
The home also features some surprise features that you'll have to see to believe. My personal favorite part has to be the courtyard, and all the ways to relax and destress in the home. Let's check it out and if you stick around until the end, you'll see what I mean.