New Obstacle for Boise Recovery: Too Few Homes for Sale

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boise homeSupply of Boise Homes for Sale Struggles to Keep Up

The market’s recovering, interest rates are very low, and you are starting to think you’re ready to buy a home? Well, not so fast. Now the home buyers across the state are running into a new roadblock: they can’t find enough homes for sale.

Most people who have looked at entry- to mid-level homes for sale in our Boise neighborhoods probably know what I mean. Mortgage rates remain close to historic lows, and as the prices of homes for sale continue to rise, everyone is in fear that once again we could see a repetition of a real estate equity loss.

Why is there a lack of inventory? There could be several reasons. Buyers may be ready to buy again, but several sellers are still not in a position to offer their Boise homes for sale. When the housing market collapsed seven years ago, some homeowners’ equity loss was such that they remain unable to sell. Prices may be on the increase, but some sellers may need more time for their homes to return to pre-crash values.

Buyers want to buy at the bottom of the market, but sellers also want to avoid selling their homes at the bottom of the market. Buyers are now watching that bottom fade into the distance, but several sellers, are pleased to see their homes growing in value, and are content to wait longer.

NAR says that there were just 1.93 million existing homes for sale on the national market in March, down nearly 17% from the prior year. In a balanced market, what had been a six month’s supply fell to just 4.7 months’ worth. Nationally, homes for sale now stay on the market for just 62 days, down from a median of 91 days only last year. Glenn Kelman, the CEO of an online national real estate brokerage, put it this way: “Someone rang a bell and said, “the market is back,” and as you know, no one wants to be late to the party.

Lots of homeowners who have been thinking about selling are really liking what they see in today’s market — that also includes the prospects for trading up. Even those whose previous evaluations were unsatisfactory are finding it worth another look. If you are wondering what price your home is worth today, pick up the phone and give me a call!

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