The outlook for the 2018 real estate market has potential all throughout the United States. The latest reports on the subject look very promising for both buyers and sellers. New homes are constructed each day, allowing potential buyers to have plenty to choose from in all markets, in every state.
Is this the perfect time for you to finally buy a home in Idaho? The following information will provide you with all the facts and figures you will need to make a well-informed decision.
Will Recent Issues with the Stock Market Cause Problems with the Idaho Housing Market?
Due to news of stock market instability, many buyers have concerns about purchasing a new home at this time. They may feel that they should put off such an important decision until things are more stable.
While the news has a major impact on how stock investors conduct their business, the Idaho housing market is in a different category. Issues with the stock market have little to no impact on housing. Which means that the chance of a housing market crash if minimal.
The need for new homes is in high demand right now all throughout the nation, and there is limited availability. Therefore, if you have a valuable home up for sale in Idaho, it is likely that you will have two or more potential buyers competing for your property. And that will help you receive offers that are as close as possible to your preferred sales price.
Sellers can also benefit from the current state of the Idaho housing market. Regardless of what impact the stock market may or may not have on housing, purchasing a home during a time when mortgage rates are low will benefit you over time.
Helpful Information on the Boise Housing Market
Spring is often considered the selling season because of the warmer weather allowing more buyers to get out and check out available homes in the area. This is why you need to learn more about the Idaho housing market. This Spring in Boise, the market is seeing a very low housing supply and that is great news for sellers. The demand is very strong throughout the state and there is no sign of it slowing down anytime soon.
While it may be a sellers’ market it is also a great time to buy. Although housing prices are going up in most metro locations, overall the housing prices in Boise and surrounding areas are lower than most in major cities across the nation.
Interest rates are slowly rising but they are still at historically low rates. Local wages have increased which can obviously help with the home-buying process.
The Demand for More Housing in Idaho Makes It A Great Time to Sell
Since there is a decrease in homes for sale throughout the state, if you have ever considered selling your home, now is a great time to do just that. Areas such as Boise and Southwest Idaho are in extreme need for sellers.
Over the past ten years, there has been a decrease in the number of available listings as the population continues to grow and homes sell quickly. The averages days that a home stayed on the market in March 2018 was anywhere from 28 to 33 days. This not only goes for single-family residences but also commercial buildings and newly constructed homes.
Back in June 2007, the housing market was at its peak and the number of sellers was far greater than the number of buyers. Houses stayed on the market much longer during that time.
It wasn’t until 2011 that things began to look better for sellers. Since 2014 there have been fewer and fewer homes that stay on the market very long.
The decrease in the number of homes for sale in Boise is a guarantee that the Idaho housing market will continue to have great potential for sellers long after the Spring season.
The Idaho Housing Market Overview for 2018
Based on statistics from Zillow, the median home value in the state of Idaho is $224,845. Home values all across the state have gone up as much as 10.6% in the past year and the popular real estate website predicts that these numbers will go up 4.8% within the next year.
The average listing price per square inch for single family homes in Idaho is estimated at $145. That is an impressive amount considering what the statistics were in February 2011. At that time the average cost per square inch was $83.
Homes currently on the market for sale are listed at an average of $287,990.
The market is very strong based on data through February 2018. Zillow’s housing market health score is on the rise at 8.7 out of 10. The average amount of days a home stays for sale on the website is 88 according to statistics from January 2018.