The TRUTH About Future Home Prices in Boise

[@SummerAstonRealEstate]

Are you going to fast track your move to Boise to get ahead of future higher prices, or hold off and hope for lower rates and less demand situation?

[@JosephWilsonProductions]

According to ATTOM, Ada County, Idaho has 14 properties in foreclosure as of March 2024. Redfin lists 9 foreclosures for sale in Ada County. I know for a fact that Redfin skews its numbers and we will see what happens by December. I personally believe that the banks will become landlords for a vast amount of new homes that never sold. Maybe it won't be as bad in Idaho.

[@JosephWilsonProductions]

foreclosures are increasing in the United States. In January 2024, 3,954 properties were repossessed through foreclosures, which is a 1% increase from the previous year and a 13% increase from the previous month. This was the first time since July 2023 that there has been an increase in completed foreclosures on a month-to-month basis. In addition, the number of properties with foreclosure filings increased 5% from the previous year and 10% from December 2023 to January 2024.

[@juicebox1477]

MASSIVE amounts of inventory in spec homes sitting on the sidelines. Median household income vs median home price at unhealthy ratio.

[@951media]

Buyers are finding their homes more and more on Zillow and such. The commission is outdated and should be eliminated or reduced significantly.

[@951media]

The Biden admin would love this rosy report of the economy. To be fair, I’ve never heard a real estate agent admit any type of housing decline, crash or not.

[@SummerAstonRealEstate]

Thank you for watching! This is not meant to be a report on the nation's economy, rather, it is just a snapshot of what is happening the Boise Housing Market as of today. With home prices holding steady and/or rising in some sectors, along with sustained higher interest rates, that is not good for our economy to have an environment that makes it increasingly difficult for people to purchase homes.

[@JosephWilsonProductions]

Wait until the massive amount of foreclosures hit the market. Many homes that people were trying to sell are no longer on the market as they have been foreclosed on and the ones that are still trying to be sold will sit there until the prices drastically drop in this overvalued market. However the banks might try a new strategy by cornering the rental market. Good luck everyone.

[@SummerAstonRealEstate]

I am not sure where you are getting that data, but in Boise, that is not true. Most people here, if they were trying to sell and gave up, did so due to interest rates and lack of inventory. I regularly check in with my title team and lenders to try to stay on top of if we have foreclosures coming, and so far, we do not. Many people in Boise, if they have lived in their homes for over 15-20 years, actually have their homes paid off. Many others purchased when rates were low, and their mortgages are lower than rent would be. People were putting huge down payments down from 2020-2022, and still hold significant equity. Waves of foreclosures here would have to come from severe job loss, and we have not seen that here either.

[@JosephWilsonProductions]

kzbin.info/www/bejne/jneUiXx7hLCfl6csi=2i_nnomdg7t1G7gk

[@luvslogistics1725]

When I buy a home. I don’t care if it depreciates 99%, as.all that does it lower my property taxes. Unless you’re speculating & flipping, does it really matter how much it appreciates? It’s all fictional…I locked in a very low interest rate bs bought the last affordable house before the ridiculous price increase. I’ve been renting said house for 4 years now and it is making me $ because w these interest rates it is a good time to be a landlord in a red state (non-squatter)

[@Paul-dc6sp]

I have been in Real Estate for 35 years and in the license courses and Continuing Ed courses it was always taught that commissions are negotiable, not fixed. I believe nothing that NPR reports.

[@SummerAstonRealEstate]

Absolutely. Agreed. The language the media is using to say that "commission are NOW negotiable" is just flat out misleading. And NAR and most of our brokerages give us tons and tons of training on making sure we let the consumer know that the commissions are negotiable.

[@bswal1]

These agents just love to say, “ Yay the prices are still up!”

[@SummerAstonRealEstate]

Well in Boise area, it's true. So that's why I say it. If they start to go down, and I have data to show that, then I will say that they are going down. I don't love that prices are up. Who wants prices up with interest rates up? That makes it hard for most people to purchase or move out of their home. Prices continuing to stay up isn't always a good thing.

[@RBS.2]

We are from Brasil 🇧🇷 Estamos te acompanhando. Obrigado pelas informações. At.te Roberson & Christina

[@kdub1666]

Time will tell but it's amazing it took this long to clean it up. NAR lobbyists had their day in the sun and this too shall pass. It won't help those buyers scrounging-up down payments. And many sellers won't be willing to play the old NAR 5-6% game. I bet the good realtors and brokers keep busy and the rest close up shop.

[@SummerAstonRealEstate]

Yes this will shake things up a bit - but ultimately should settle into a "new normal".

[@kjnightbird121]

Payette & Fruitland, Idaho that Border Ontario, Oregon, continue to build & sell between 2 to 3 months. This includes Townhomes & better pricing. Nice Country living that's just off Interstate 84, with core retail needs in Ontario. 👍👍👍

[@SummerAstonRealEstate]

Payette and Fruitland are great small towns. I expect they will see more growth if they can keep home prices there a bit more affordable than they are in the greater Boise area.

[@kjnightbird121]

@@SummerAstonRealEstate Indeed, lower home prices are a must for growth & to make it worthwhile to commuter. Years ago, my Sister had taught me that buying Vehicles is also cheaper to buy outside of large Cities.

[@audiophileman7047]

You just talked me into it! I'm moving to Ketchum. 🤣🤣🤣

[@SummerAstonRealEstate]

Where homes are more scarce and more expensive! But beautiful country if you like LOTS of snow and cold!

[@audiophileman7047]

I was kidding. With people like you and more things happening in the TV, it'll probably be the TV. I don't share your optimism about real estate in the near term, but anything can happen. Recession and much lower inflation is more likely. The lawsuit really is a joke. Did sellers complain when they were buyers and their sellers paid the buyer's commission? Now when they become buyers, they may have to pay the buyer's commission. If people don't know that commissions are negotiable, that's just bad research. If you represent me, I won't low ball you. You deserve proper compensation for your work. @@SummerAstonRealEstate​

[@moa3008]

Don’t worry; there will be hundreds of thousands more of dissatisfied California residents who will relocate to the suburbs of the Treasure Valley area in Idaho over the next few years; that’s my prediction!

[@SummerAstonRealEstate]

I don't know about hundreds of thousands, but I am sure there will continue to be many!!

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