Why is Boise Housing Inventory So LowPosted by Kevin Hughes on Friday, July 20th, 2012 at 11:26am.
Looking at Boise Idaho houses for sale? You may have realized that there aren’t many houses on the market; there are less Boise Idaho houses for sale than in there has been in years. This will definitely affect your home search: in how much you can sell your house for and how many other buyers you will be competing with. Know why inventory is low and how you can work best in this market.
Boise Homeowners Negative EquityThe most common answer for why there are so few Boise Idaho houses for sale is that many homeowners are still “underwater.” Since tons of Boise residents owe more than their house is worth, they can’t sell the home and repay their loan. In a normal market they wouldn’t have to stay in their home if they didn’t want to. This affects the market in historic ways because there hasn’t been so many people in debt. Also, as housing prices are rising rather quickly, the majority of homeowners are content to wait to see if they can get close to what their house was worth five years ago, before they sell.
Tighter Lending Standards in Idaho BanksFor homeowners facing this situation, they have to think about buying a home as well. Getting financed isn’t like it was when anyone could get a loan. If someone has bad credit, it is very difficult to get a loan today. Tighter standards make the market more stable, but also prevent people from buying and selling. It’s one of the many reasons why Boise housing inventory is low.
Global Market Instability Affects BoiseThe market has shown definite signs of recovery and most say that we’re out of the worst of the recession. However, the hot topic for the 2012 Presidential Election is the economy. Consumers still are very unsure about what they are seeing in the economy after living through the worst recession since the Great Depression. This has shaken their buying confidence; they are just happy to have made it through it. That isn’t the attitude that makes for eager buyers. Home owners and sellers see Europe facing problems and the global market’s volatility. So, when most people are more sure that things are really going in the right direction, they should be far more likely to want to buy and sell real estate. The question though is, will they be missing a great opportunity in today’s real estate market.
What Should I Do About it?
If you are in a situation where you could buy Boise Idaho houses for sale, then you could make some great money. Housing prices have increased throughout this year, and this could be the best time to buy before prices appreciate, as they almost always do. Find a realtor that can work hard for you. Houses go off the market very quickly, as there are many more willing buyers than sellers. This creates a sellers’ market, where you can demand more for your house and with a good agent, you can save money buying a home as well. This isn’t the time for the faint of heart, but if you know what you are looking for and your agent is on top of things, you could buy low and reap the benefits as the value increases. That’s what everyone wants right? Fight through the multiple offers on the house you want; be ready to sell your house quickly if you get a full price offer. Don’t wait, use this exciting time to find Boise Idaho houses for sale that will make you money.
Find the best Realtor in Boise and you will come out on top
with your home search. 208.571.7145.
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