Becka Sells Boise, September 2022 Newsletter

Last month, the Boise housing market median home price was $565,000. This is down 4.2% from July but remains 6.6% higher than August of 2021. As reported by Boise Regional REALTORS® (BRR), “Higher mortgage interest rates and higher home prices have impacted monthly mortgage payments, causing some potential buyers to make budget adjustments and others to press pause on their home search for the time being.” This has cut back some of the demand and caused sellers to adjust their prices accordingly.

At the close of August, there were 2,374 homes available for purchase. This was a 128.2% increase in inventory from last year, which has made it possible for many buyers who were sidelined when the market was ultra-competitive to jump back in. However, as BRR emphasized, “We’re not out of the woods yet when it comes to inventory. Months Supply of Inventory, or MSI, is our best gauge on how well supply is keeping up with demand. MSI jumped up as demand cooled in recent months, but it held steady at 2.8 months in July and August. A balanced market, or one that doesn’t favor buyers or sellers, is typically 4-6 months of supply.”

“So, what does this mean for buyers and sellers?” BRR asks. “According to the economists at Realtor.com, fall may be the best time to purchase a home, and this year is looking especially attractive since there are more options available, more time to make decisions, and home prices have trended down. Homeowners are enjoying record high equity, and despite the recent decrease in home prices, sellers are still receiving great values for their homes.”

If you are looking to buy or sell, I would love the opportunity to meet to share what I know about the market and help walk you through the next steps. Please don’t hesitate to give me a call!

For more information and specifics on the current market, please check out Boise Regional REALTORS® Market Report HERE.

Enhance the joy of your summer by attending some fun, local events! Check out our event calendar HERE for the latest local happenings. Some events may change, so please make sure to check the website links for the most up to date information.

Why You May Want to Start Your Home Search Today

If you’re thinking about buying a home, you likely have a lot of factors on your mind. You’re weighing your own needs against higher mortgage rates, today’s home prices, and more to try to decide if you want to jump into the market. While some buyers may wait things out, there’s a reason serious buyers are making moves right now, and that’s the growing number of homes for sale.

So far this year, housing inventory has been increasing and that’s making the prospect of finding your dream home less difficult. While there are always reasons you could delay making a big decision, there are also always reasons to consider moving forward. And having a growing number of options for your home search may be exactly what you needed to feel more confident in making a move.

What’s Causing Housing Inventory To Grow?
As new data comes out, we’re getting an updated picture of why housing supply is increasing so much this year. As Bill McBride, Author of Calculated Risk, explains: "We are seeing...CONTINUE READING

"Becka was amazing during every aspect of our home buying experience. While her market expertise, professionalism, attention to detail and attentiveness were inherent attributes for her, it was the intangibles that really resonated for us. She is genuine, honest, caring and patient. Although we knew she had several clients, her responsiveness, guidance and personal approach made us feel like we were her only clients. Not only did we get our home, but we also developed a wonderful friendship with Becka along the way."
Jeff & Dawn Phillips; July 2022

See more of my client testimonials HERE!

Recommended Service Providers

Looking to do a remodel or necessary home maintenance or repairs? If so, check out our Homeowners Resources page HERE, where we've listed several different service providers we've used personally or who have been recommended to us. We are always updating this list, so if you have contractors to recommend, please email me!