Have you found yourself asking the question, “Is it a good time to buy a home?” Maybe you’re on the fence about moving, maybe you have to move but don’t know if it’s a good time to buy, or maybe you want to invest money into the real estate market, but have hesitations. Whatever the reason you can’t seem to hit go on a purchase, you’ve come to the right place. We’re going to to talk about a few reasons why buying in this market actually makes sense.
Reasons to Buy in this Market
Inventory is up
That’s right. There are more homes for sale in Boise, Idaho right now than the previous year. In fact, the latest data shows us that single family home inventory is up 87.4% year over year. This means more choices for you, the buyer. And how does it sound to say goodbye to bidding wars? Listen, homebuyer, you hold more power in negotiations at this time [even though it is still technically just slightly a seller’s market.]
Prices are down.
Although homes have still appreciated, prices are currently down. What do we mean? As soon as interest rates started to climb, prices began to drop. This change started in May of this year and steadily continued on a monthly basis. However, the most interesting recent news shows that October of this year did not show a huge decline or change in prices. So? So that could indicate that a huge plummet or crash -as some have expected- will come. What does this mean to you, buyer? If you’re waiting for a huge gash in prices, we’re suggesting you may be taking your chances on that ever even happening.
Sellers are willing to help.
Remember earlier in the year when buyers were so desperate to land on a property that they were actually waiving inspections? Talk about taking your chances! Things have changed. No longer does the buyer need to set aside their wishes to hastily acquire a home. Now, buyers have the upper hand. Yes, buyers can even ask the seller for help. We’re talking assistance such as seller concessions that buyers can use for rate buy-downs or closing costs. This doesn’t affect the sale price of the home, but rather allows the buyer to save money or stay within budget creatively.
Your rate is not forever.
Have you ever heard a lender use the phrase, “Date the rate, marry the house”? Here’s what they’re saying. Stick with the house you love, but don’t settle for the interest rate long term. If rates improve, refinance! Did you know that some lenders are currently offering programs that allow you, the buyer, to refinance at a later time for free? Rates won’t stay like this. Don’t fret. Just refi.
If you have specific questions about buying or selling real estate in Boise, Idaho or the Treasure Valley, please reach out to us. We would love to help you buy your dream home or simply just help you better understand this market!
Source of Data: https://www.boirealtors.com/brr-blog/