By: Kayla Dulier, Online Sales Specialist
The Treasure Valley had a hot housing market during the pandemic-fueled boom. The housing market conditions we have experienced in the last two years have definitely been unique. Historically low inventory paired with rampant demand resulted in above-average growth. With all the movement in the current housing market, it can be challenging to navigate when making a decision on a home purchase. Despite all the factors, Buying in Boise is still a smart move. Here’s why:
1. The Boise housing market is still a great investment
Homeownership and home wealth are always long-term investments. With many reports of a “cooling” housing market, you might be asking yourself if now is a good time to buy. COVID-19 pushed our market into a frenzy of growth and rising home prices from 2020-2021. 2020 and 2021 were an anomaly. As the market begins to correct, we’ve seen home prices across Boise normalize. Anytime a market decelerates, there is concern that the home’s values will begin to drop. Our market here in the Treasure Valley still has strong fundamentals such as demand, that keep home values trending upward, and an increased inventory. These conditions tend to support house values.
Statistics show Boise City Metro home values are expected to rise by 4.3% between now and Sept 2023.
2. There is a silver lining to higher mortgage rates
It’s completely natural to think of rising interest rates as all bad news. After all, higher rates = higher monthly payments when taking on the same amount of mortgage debt. But that doesn’t mean there’s no silver lining to buying when rates are high. According to Wells Fargo Economics, it is predicted that mortgage rates will be back down to the mid 5’s by the end of 2023, and in the mid 4’s by the end of 2024. Remember that you can always refinance when the rates do come down, which they will. During your appointment with your New Construction Specialists, you can go over your options for locking your rate, buying it down, etc. If it’s time to move, don’t let higher interest rates put your home-buying plans on hold.
3. Inventory is on the rise
The inventory has improved greatly in our market over the past few months. We saw the housing supply bottom out at the end of 2021, but have seen a steady rise since. At the end of 2021, the Boise-Nampa metropolitan area had about a 0.8-month supply of homes for sale. As of summer 2022, the Boise market reached a 3-month supply of homes for sale. Housing prices increase when inventories are low because the housing supply isn’t high enough to cover the demand. What does this mean for you? With higher levels of inventory, homebuyers will find it easier to find a home than in the previous year, at a lower price.
4. Boise is an incredible place to live.
Tresidio has been building homes in Boise since 2009. Our team’s roots run deep, and we will be the first to tell you Idaho is a great place to live for many reasons. Breathtaking scenery, endless outdoor activities, a robust economy, friendly faces and an unmatched sense of community. Surrounded by the Sawtooth Mountains, Boise’s landscapes are second to none. The city has enjoyed the top spot on Time Magazine’s “Cities that get it right” and has also enjoyed top rankings on Forbes’ list of Best Places for Business and Career. Overall, Boise is a sweet, culturally-rich, and safe city with lots of natural beauty, fun entertainment, and great weather. You will find plenty of work here and will have ample time to pursue your other interests. Boise is a family town and there are endless opportunities to live life to the fullest with outdoor activities, a vibrant downtown, adventurous eateries, and unmatched quality of life.
We know there are a lot of factors when it comes to making a decision to buy a new home. Working with our experts enables you to feel more knowledgeable, confident, and secure with your home-buying (or building!) decisions. We certainly can’t predict the future, but we can focus on the facts: rates are historically low, the demand for housing is still there, and Boise is an incredible place to live. With all that in mind, yes, it’s still a good time to buy a home and we are here to help every step of the way. We know there are a lot of options out there when it comes to builders in the Treasure Valley. The reason why so many people have chosen Tresidio is because of our 5-star quality, unmatched personalization, and exceptional home-building experience. Our team works together towards the same goal – to be the best at what we do and create an unforgettable experience, and best of all making your dream home come to life!