Boise Area Real Estate Report: What’s Next?

The summer home selling season has concluded in Idaho and across the country. Home sales in the Boise area continue to move along much slower than the historic highs of two years ago. Unlike other markets that have hit a sales wall, homes sell thanks to reduced prices.

Other states like California have seen property values continue to slide. The loss of equity in the California market could directly impact the Boise area and, more significantly, Idaho housing markets. Several real estate agents tell us that the Gem State continues to benefit from two types of buyers from the Golden State.

The first type of buyer is someone who has sold their home and has enough equity or has made a considerable profit. Idaho homes are amazingly less expensive than their California counterparts. A small house sale in the Bay Area could net an Idaho buyer enough money to purchase a massive home here.

The second type of buyer is someone who is working or retired and pays cash for their home. In other words, they don't care about the rising interest rates because there is no cost to finance their home acquisition. Remote workers could fall into this category; however, they could be called back to work, putting more homes on the market.

Homes will still have to be sold regardless of whether it's triple digits or the leaves are falling. Experts say that up to twenty-five percent of all home deals happen during the year's fourth quarter. Sellers will have less competition as most folks hunker down during winter. Buyers will also have an advantage as sellers will be motivated to move on to their next home.

We'll continue to update you on this story as it develops.