News from the Boise Real Estate Market

Thursday, July 20th, 2017 at 2:32 pm 
Comments Off on News from the Boise Real Estate Market

Attention Buyers and Sellers! The market is still going strong, and steadily climbing upwards. The very good news is that the reasons the prices are going up are legitimate ones, like consumer demand, lack of inventory and the higher prices of new construction. That shelters us from a strong downward spiral correction in the future, since the higher prices aren’t driven by speculation as it was the case 10 years ago.

Some June stats: the median sales price in Ada County grew by 8.7% over last year, and by 12.4% in Canyon County. The average time the properties spend on the market is lower as well, by 13.2% in Ada County and by 9.4% in Canyon County. Homes are selling quickly, and that means less time for the sellers to have the inconvenience of buyers coming through and keep the property in showing-room condition all the time. It’s exhausting

All this is good news for sellers, as we are in a strong seller’s market, that doesn’t show any signs of changing soon, and good information for the buyers to keep in mind: if you are serious about a property, don’t wait, don’t think you will have a few days to think about it, because you won’t, it will go before you know it! Also, make your stronger offer from the beginning, even if it’s not at the asking price, and document that offer to the best of your and your agent’s ability. Make sure that your have the funds available, and present that proof to the seller with your offer, if you are making a cash offer, or that you are pre-qualified if you are getting a mortgage. The more proof of your solidity as a buyer you can offer, and the better you make the offer look, the better your chance to getting the house of your dreams. Good luck to all the buyers out there, and if Ava or I can help in any way, don’t hesitate to contact us.

 

Cristina Pescaru Boise RealtorContact Boise Realtor, Cristina Pescaru, to find your Boise, Idaho home.

Pledge to Clients: Experience * Loyalty * Commitment * Care

Website: FindYourHomeinBoise.com
Facebook: facebook.com/FindYourHomeinBoise
Twitter: twitter.com/FindHomeinBoise

Homes Millennials Buy

Monday, December 15th, 2014 at 3:49 pm 
Comments Off on Homes Millennials Buy
Special Studies, December 1, 2014
By Natalia Siniavskaia, Ph.D.
Economics and Housing Policy
National Association of Home Builders
Report available to the public as a courtesy of HousingEconomics.com 

According to the 2013 American Housing Survey (AHS), one out of three households who moved and bought a home in the previous two years were millennials. Being the youngest home buyers with little or no accumulated wealth affects how millennials shop and buy their homes, often for the first time. This article examines the 2013 AHS data and looks at what homes millennials bought overHome Size Distribution by Home Buyers the previous two years, how they financed their purchases, what motivated them to move and how they chose homes and neighborhoods.

Among other findings, the article reports that:

  • Three out of four millennial home buyers are first-time buyers.
  • Compared to older generations of buyers, they are less likely to buy a new home but more likely to buy a condominium.
  • Homes purchased by millennials tend to be older, smaller and less expensive. Half of all homes purchased by millennials averaged less than 1,650 square feet of living space and cost less than $148,500.
  • The most common reason for moving reported by millennial home buyers is to establish their own household, followed by the desire to have a larger unit and own it.
  • When choosing a particular home, millennials are more likely to let financial reasons influence their choice, while older generations consider the right size most often.
  • When selecting a new neighborhood, the right house most often influences the decision for both millennial and older home buyers. However, millennials are more likely to also pay attention to proximity to work and having good schools.
  • Compared to older generations of home buyers, millennials are more likely to finance home purchases out of current income rather than out of accumulated wealth, and when taking out mortgages they are more likely to use unconventional zero-down mortgages.

 

Contact Boise Realtors, Ava Tong or Cristina Pescaru for information about purchasing a real estate investment in the Idaho real estate market. – See more at: FindYourHomeinBoise.com