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So, what’s going on in Boise…

With the nicer weather, we are seeing more activity in the Boise real estate market with prices rebounding and increasing with lots of new construction. What we are not seeing is much improvement in the existing home sales. Many people are still sitting on the fence and not putting their homes on the market which we can contribute to the current interest rate and the fear of selling their home and not being able to find a home to move into unless they are considering new construction. Unless you need to sell for personal reasons, or for a move out of the area, many people are staying put until things settle with more buying options and more attractive interest rates. For those of you that are waiting on the latter, please remember that values will continue to increase, and should you wait for interest rates to come down you may very well be paying much more for a home than current prices. Interest rates may come down and at that point you could have the opportunity to refinance to a more attractive payment coupled with more equity in a home if you purchase now. 

Other than interest rates what additionally is contributing to the shortage of homes on the market? Although days on the market have increased from previous years, we are seeing homes that are in great condition or updated selling in a matter of days and some with multiple offers. Homes are still selling. Who is buying homes in the Boise area? Many homes are being purchased by local buyers and many others are being purchased by people that continue to move to the area. Boise was just named number 2 in the most desirable places to live.

With the strong interest in the Boise area people are growing more intrigued and making scouting trips to check us out. Some other factors of the influx in people could be bolstered by the jobs that have been created with the arrival of all the Amazon distribution centers and affiliated businesses. I must admit that I ordered a garden hose in the afternoon a few days ago and it was delivered by 5AM the next day! I am still scratching my head. Some other businesses that are bringing people to our fair city are the Meta/Facebook Data Center in Kuna that is scheduled to employ 100 people. Another large project is the Micron Manufacturing FAB currently under construction. This project is estimated to create up to 17,000 Idaho jobs and 2,000 Micron specific cleanroom jobs.

It really is interesting to see these employers invest in our communities with large-scale projects that bring good jobs to our state. Many of the hires will be out of our local job market and of course these projects will draw interested employees from all over the country. The people that are hired from out of state will need homes so that creates a bit more competition in our housing market. 

I think the secret is out that Idaho is an amazing place to live and the investment by these and other inbound companies will impact our state financially in many ways. The new employees will learn to love our state as much as we do and will enrich our lives with the diversity they bring. If you are thinking of a real estate move in Boise or the Treasure Valley, it would be my pleasure to visit with you and explore the options that are best for you.

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