WHY LISTING YOUR TREASURE VALLEY HOME NOW MIGHT BE A GOOD IDEA
First it started with the under $125,000 homes back in January. Then I started noticing it in the under $225,000 range. This past weekend I took out a couple in Eagle and noticed it in the $450,000 range.
What is the “it” I’m referring to? Dropping Inventory.
Yes, no matter what the price range there is considerably less to look at and choose from right now. A couple of homes in my neighborhood that have been on the market for 5 months both went “pending” this past week. Look around your own neighborhood. Do you see less inventory than in years past?
At our office meeting this week, we went through the MLS stats….right now there are about 30% less homes on the market than this time last year.
Actually, in just a few short months we have moved to the lowest available inventory of the last 5 years!
But wait! The newspaper yesterday said the real estate market in down 11%. How can this be a good time to list my home?
True, prices have dropped, and may continue to drop, however new foreclosure starts are at a 3-year low, new construction is at a 5-year low, the local economy has improved over the last 3 years, and home prices are down on average 38% in the Boise area. These facts, combined wiht the most favorable interest rates and affordability in decades makes buying real estate a good value. (This explains the high interest we have seen from out-of-state buyers.)
It’s your call. If you need to wait for higher values, by all means wait; I believe the higher values are coming. If you have been thinking about putting your home on the market (including listing it “short sale’, which we are experts at) right now might be an excellent time.