October 2023 Boise Idaho Housing Market Update

Real estate home prices have remained resilient this past month here in the Treasure Valley as we continue through the fall season. We're seeing a lot of incentives from builders right now to help sell their homes, so we're covering exactly what's happening with the local real estate market here in the Treasure Valley. If you're planning on buying or selling a home, hey everyone, Curtis Chism here, and if you're looking to make a move, give me a call, text, or email, and let's chat. Or if you happen to know someone that's looking to buy, just go ahead and pass this video on to them and have them give me a call.

Home prices did rise slightly this past month with what we're seeing in the most recent information from September. However, mortgage rates had dropped into the low 7% back in August, likely spurring some of that buying activity and price resilience that we saw. As we're heading through October, mortgage rates are 7.8%, the highest in over 20 years, and this does seem to be slowing down home sales and prices. Buyer activity has been slumping off as the rates have been heading up. However, the FED has indicated they will hold off raising rates, which is good news for future mortgage rates.

Now, despite the higher rates, home prices here in Ada County rose to $535,000, up from $520,000 and up from $500,000 a year ago. In Canyon County, prices rose to $445,000, up from $450,000 last month and up from $427,000 a year ago. Now, we're seeing a lot more credits being offered from sellers to help out with closing costs. We're also seeing a lot of incentives being offered by the builders here, ranging from $20,000 to $40,000 to help buy down interest rates, cover closing costs, or take down the purchase price. I was told recently by a builder that there are a lot of builders that are about to cut prices and offer more incentives to clear homes off their books before the end of the year.

Overall, homes are selling well, but if the home is overpriced, then it is sitting on the market and taking a very long time to sell, requiring price reductions and credits to the buyer. If you are looking to buy a home, here's what I would suggest: if you're able to afford the current payments and looking to stay in your home for 5 to 10 years, then it really can make sense for you to buy since you'll weather any ups and downs in the real estate market. If you're only looking to live in it for a couple of years, then I'd probably caution against buying right now.

Now, if you are planning to sell a home, you really need to take a good, hard look at your home and come up with the right strategy to successfully market and sell your home in this current market. Sometimes a home needs lots of repairs, remodeling, and upgrades prior to hitting the market, like paint, carpet, landscaping, roofing work, and other times it just needs to be decluttered and thoroughly cleaned. So just give me a call so we can put together a customized plan to sell your home on the best terms that you're looking for.

If you are wanting to get an idea of what your home might sell for in today's market and what it should be priced at, contact me, and I'll run a no-obligation home valuation for you. Now, that's a complete overview of the housing market here in the Treasure Valley. Leave me a comment or email me back, let me know what you thought, and I'll see you on the next video.