Eagle, Idaho Homes For Sale Are On the Rise Again!

We have gone through a couple of crazy years, and the housing market has seen some crazy times as well, but we are starting to see some improvement for buyers:

The number of homes on the market has drastically increased in the last few months! This blog post is going to show the details about these positive changes in the housing market and how to navigate the housing market with these new changes.

According to Forbes, "In July, the inventory of homes to buy surged at the fastest rate since 2017, up nearly 31% compared to a year ago, according to a Realtor.com report.

“ 'The housing market is continuing to move toward more balance,' the report said. 'Inventory levels continue to rise, providing more options to homebuyers who are still actively looking for a new home and price reductions are also increasing, as sellers adjust to the new normal.' "

In the Treasure Valley specifically, there has been an increase over the last 4 months of almost 3,000 more homes for sale in a given month!

Wherever you happen to be wanting to move in the Treasure Valley--Boise, Eagle, Meridian, Nampa--the increase in homes for sale is great for home buyers currently in the market. Some buyers are confused, though, at what next step they should take with increasing interest rates and high home prices in spite of the increased inventory.

Buying a home in any housing climate is a very personal decision for each individual. There are a lot of factors that go into a decision like that, but this extremely hot housing market has taken people's hesitation to a whole new level.

While some aspects of the housing market are returning to normal--like increasing numbers of homes for sale--there are some changes that we probably aren't going to see much change in.

After such an extended period of time with homes being at these increased prices, it isn't likely that we will be seeing a decrease in home prices reminiscent of 2010. Home prices are definitely becoming more negotiable again, but we won't be seeing a noticeable decrease any time soon. 

Another factor that has people waiting are mortgage interest rates. Many people are hoping they will begin to come down again to the 3% and 4% rates we were seeing for the last few years; but honestly, interest rates probably aren't going to be coming down any time soon.

According to financial expert and real estate mogul Dave Ramsey, "Right now is the best time to buy a house in the next five years. And here's why: prices are not gonna go down...They're gonna go up slower, but they're not gonna go down. And so, five years from today, houses are gonna be more expensive...So, this is the best price right now if you're gonna buy a house...If interest rates come back down, refinance. But do not buy waiting on interest rates to come down."

So if you are wanting to buy a home, now is the time to take action! While none of us may be delighted with the new normal, that is indeed what it is. If you are waiting to buy a home once any of these factors to change, you will be waiting a long time. So instead, go ahead with your plans! Start searching for a home now and begin building equity, because the value of homes is only going to go up from here, so you might as well take advantage of that.

If you want help looking for your dream home, reach out to me today! I would love to help you find your next home in the Treasure Valley!