In the Boise real estate market there is a good chance that you can get some really great deals, but there is always a chance that you can get burned as well. If you know the numbers and trends in the market, you can prevent a loss of equity.
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Not including the surrounding cities like Nampa, Caldwell, and Star, there are 4,894 homes that are active and over 2518 of them are vacant. That means that there are about 50% of the homes that are on the market and vacant. That is great for buyers because that usually means that the owners of the vacant homes will be more likely to negotiate on the price of the home. An occupied home will typically sell for higher than a vacant home because of this fact and occupied homes tend to sell higher because of the “staging” of the home.
At the average price of $280,250, there are 638 homes that have an offer on them but have not yet closed. That is a pretty high average compared to the yearly stats for sold prices in Boise.
There has been 425 homes that have successfully sold in the past month as well with an average sales price $282,588. That number is down about 25% from last year at this time. When you look at the supply vs. demand, the buying deals are even better than last year. This trend is pretty consistent through the Treasure Valley market.
If you have a good and experienced buyer’s agent on your team, you can make sure to get the most bang for your buck and you can feel good about your purchase.
Take for example, a home that was recently on the market that was listed initially for 1.1 million with the owner and now is listed at $400.000 in an excellent subdivision on a golf course. If you are patient, you can find these deals in the market. There are some excellent purchases available and this is just an example of one.
Chances are that if you are looking for a home that is $200,000 or so, you can find it for 170k or so depending on the bank and what they are willing to part with.
To take advantage of these great deals, make sure that you employ an experienced buyer’s agent that can walk you through the process on these homes. Happy House Hunting!
Ben Janke
http://www.articlesbase.com/home-and-family-articles/boise-real-estate-stats-692400.html
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