Boise Real Estate Stats weren’t the highlight of the big news yesterday that,” real estate sales were down nationally by 27%”. For some reason, people are surprised. The Tax Credit incentive did nothing more than expedite sales that would have most likely occurred anyhow sometime later in 2010 or early 2011. A surprise not much different than getting the credit card bill after Christmas. All we did as a Nation was borrow against future sales, and the May, June, July stats just happened to be the bill. Thanks to the MSM for missing the bigger picture though.
Courtesy IMLS
The good news though is that Boise home prices are holding still. In Boise, home values are actually going up slightly.
While some of us expected sales to fall, others were obviously surprised at the news. Perhaps another surprise will be to learn that home values in Boise are holding firm (for now) and has actually increased 9% for the month of July. This marks the 3rd month of moderate increase. So, hat’s off to the media for only telling us a part of the story…
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{ 14 comments… read them below or add one }
Aaron,
It’s nice to see that house values are holding still in your marketplace. We are following somewhat on a similar line in Green Bay WI. Your analysis of the tax credit effect is also dead on. Keep up the great blogging and hope your selling the pants of Real Estate in Boise
Just my two cents to add to the discussion, but the expiring tax credit is just one piece of the puzzle. There are a lot of factors in play.
For buyers: Folks are concerned they may lose their jobs; they may have too much debt and credit markets are extremely tight; they’re “underwater” on their present homes and don’t have the needed cash to “bring to the table”; and stock market volatility.
For sellers: Mortgage rates are historically low (4.375% or lower). Why isn’t your home selling? Could it be you’re delusional about your listing price?
Well, at a time where many markets are suffering from slow sales and decreased values, it’s great to see that Boise is holding steady.
Susie, high unemployment rates, volatility on the real estate and stock market, and properties being ‘under water’ were all factors that were present DURING the tax credit, so as per that line of reasoning then sales (and values) would have suffered at that time as well. Your thoughts?
This real estate statistics is much useful for real estate agents and buyers & sellers…..analyse this graph and grab the opportunities.
Hi,
Good Information with graph. It will helpful for new real estate agents to invest money in right way….
its just the same here, it will only get worse once tax goes up here in the uk
I prefer to be optimistic. Events are currently very volatile these days that you can’t really expect which properties will be in demand next week and which ones will be on the last pages.
We’ve been lucky in the Central Texas area to have our market hold pretty much steady as well. Even with the statistics showing home values holding up well, it’s still obvious that even in a solid market the job market is really tough and a lot of people have seen their equity almost completely wiped out. I agree with your analysis of the Tax Credit. It’s been a band aid on a bullet wound that has just slowed the natural correction of the market.
Here in our market we were down in sales about 51% in July and about 47% in August. But June, May, and April were up 40-45%. The credit killed our market in July and August, but were headed in a good direction for September so far with the amount of under contracts.
Glad to see Boise holding strong, I love that area and visited many times.
Correct, the tax credit is just one piece of the puzzle. If one can adequately interpret IMLS stats, they’ll be able to see just how BIG a piece of the puzzle the tax credit was. For example: our pending sales shot way up just before the expiration of the credit. Most of those contracts were most likely 30-60 day close of escrow and then all of the sudden sales are down?
Now, we have pending sales up and values holding. So explain that!
Most people forget that a home is more than a source of worry about whether or not it will gain in value, but it’s a place where memories are made, families are raised, retirement begins, among many other things.
Here is the irrefutable truth: Boise has been, and will remain one of the best places, if not the best place, to purchase a home and live a wonderful life. It offers some of the best access to public lands and recreational lands, waters and activities.
There are tons of great real estate opportunities in Boise for people who are savvy enough to identify solid, knowledgeable real estate agents who know and understand the Boise area and market, and not just be a tour guide with a lock box key.
It’s too bad, but many relocating people will wind up with just another “top-producer” agent who knows how to sell, and wind up missing the hot spots.
I don’t know, I just suppose that’s another piece of the puzzle.
Think positive guys! Competition is tougher than ever. We are slowly recovering from recession. We just need to work harder.
Its a welcome news to see that at least somewhere the prices are going up. Its about time market started getting back on its feet.
It wasn’t until I read your post that I considered how much the tax credit created purchases that would have happened in the future anyway. I wonder if you think the market would have kept declining for years without the credit. It seemed like the more prices were dropping, the more people would default and cause home prices to drop even lower. I always thought of it as kind of snowball effect and that the tax credit leveled out supply and demand. What is your opinion?
The property is being a home if we have a better environment.It is what we make it.We have a clear concept in our mind while we are going to choose a property where it is,how the surrounding is all about.