Boise Real Estate Market Update for Late Spring-Early summer 2020!
Dated: May 28 2020
As May draws to a close, I'd like to give you an update on how the real estate market in the Boise area is looking. All things considered, I think it's fair to say that this spring has been full of surprises and unpredictability to say the least. We've seen a lot of uncertainty--with people's jobs, their health, the stock market, the economy---the list goes on and on.
Thankfully for Boise, our market is pretty well insulated from all that. We have a market that's so desirable for so many people that even when something big (like the COVID-19 situation) affects the market and economy on a national scale, we barely even feel it here in Boise as far as the real estate market is concerned. In the beginning, we saw open houses stop, sellers being wary of buyers coming into their homes, and a huge increase in the number of virtual tours and videoconferencing in place of in-person client consultations.
Forbes listed Boise in the Top 10 Cities Best Positioned to Recover from Coronavirus, as seen below.
Now that things are as back to normal as they're going to get, we're seeing tons of new listings, out-of-state buyers are rescheduling their scouting/buying trips, open houses are taking place again, and interest rates are still historically low. I had a client with a 680 credit score qualify for an interest rate of 3.15% last week, and plenty of clients are locking in at 3.25%, which is absolutely amazing.
Property values didn't take a hit or depreciate in any way, and homes in Ada and Canyon Counties are still appreciating at 7-12% annually. We've seen a slowdown in the rate at which property values are appreciating though which in my opinion is a good thing. We want property values to appreciate from an investment standpoint, but we also don't want buyers to get "priced out of the market" or for homeowners to not be able to afford their property taxes. The State of Idaho will also be increasing the maximum amount for the Homeowners Exemption from $100k to $120k! So that's AWESOME for homeowners and will make a difference for a lot of people. If you're not familiar with Idaho's homeowner's exemption for property taxes, let me know and I'll send you an email or set up a time for a phone call to explain it to you.
As you can see, the Boise/Ada County market is going strong! And there are no signs of that changing anytime soon. If you have any questions about the market, the buying/selling process, or want to get the ball rolling and want to be put in contact with a great local lender (I recommend Linda Crosby at Guild Mortgage. You can check her out by going to FairyLoanMother.com), you can text, call, or email me any time. I'm always happy to help in any way I can, and I'm never too busy to answer your questions--no matter how simple they might be.
I hope you and your family are safe, healthy, and happy and are ready for a great summer. Let's hope for clear skies and smooth sailing from here on out for the rest of 2020. Hey--we can hope, right?! :)
I'm Owen Hendricks, a Realtor working primarily in Boise, Meridian, and Eagle. I moved to Boise from the Midwest and jumped into the real estate market as soon as I got here. I've loved every second o....
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