Ken's Real Estate Review - September 2022

Last month, the Boise housing market median home price was $565,000. This is down 4.2% from July but remains 6.6% higher than August of 2021. As reported by Boise Regional REALTORS® (BRR), “Higher mortgage interest rates and higher home prices have impacted monthly mortgage payments, causing some potential buyers to make budget adjustments and others to press pause on their home search for the time being.” This has cut back some of the demand and caused sellers to adjust their prices accordingly.

At the close of August, there were 2,374 homes available for purchase. This was a 128.2% increase in inventory from last year, which has made it possible for many buyers who were sidelined when the market was ultra-competitive to jump back in. However, as BRR emphasized, “We’re not out of the woods yet when it comes to inventory. Months Supply of Inventory, or MSI, is our best gauge of how well supply is keeping up with demand. MSI jumped up as demand cooled in recent months, but it held steady at 2.8 months in July and August. A balanced market, or one that doesn’t favor buyers or sellers, is typically 4-6 months of supply.”

“So, what does this mean for buyers and sellers?” BRR asks. “According to the economists at Realtor.com, fall may be the best time to purchase a home, and this year is looking especially attractive since there are more options available, more time to make decisions, and home prices have trended down. Homeowners are enjoying record high equity, and despite the recent decrease in home prices, sellers are still receiving great values for their homes.”

If you are looking to buy or sell, I would love the opportunity to meet to share what I know about the market and help walk you through next steps. Please don’t hesitate to give me a call!

Looking for some good fall fun! Check out our event calendar HERE for the latest local happenings. Some events may change, so please make sure to check the website links for the most up-to-date information.

Why You May Want to Start Your Home Search Today
By Keeping Current Matters

If you’re thinking about buying a home, you likely have a lot of factors on your mind. You’re weighing your own needs against higher mortgage rates, today’s home prices, and more to try to decide if you want to jump into the market. While some buyers may wait things out, there’s a reason serious buyers are making moves right now, and that’s the growing number of homes for sale.

So far this year, housing inventory has been increasing and that’s making the prospect of finding your dream home less difficult. While there are always reasons you could delay making a big decision, there are also always reasons to consider moving forward. And having a growing number of options for your home search may be exactly what you needed to feel more confident in making a move.

What’s Causing Housing Inventory To Grow?
As new data comes out, we’re getting an updated picture of why housing supply is increasing so much this year. As Bill McBride, Author of Calculated Risk, explains: "We are seeing...CONTINUE READING

We couldn't have selected a better real estate professional. Ken provided us with a wide variety of options and was helpful in providing information about the area. Moving from out of state, it was great to work with someone that we could trust and Ken is definitely trustworthy. ~Chera Gibb

Read more of my client testimonials HERE.

Strategic Partner Highlight:
Someone to Trust

Here in the Treasure Valley the market has shifted. We are seeing price reductions, increased inventory, and fewer competing offers. It is good to see things shifting toward a more balanced market. If you are considering buying, I want to encourage you that, although interest rates have risen in the last few months, there are some very promising things happening in the market that are good news for those looking to purchase. And, while higher interest rates may cause concern, I wanted to share about a lender partner who has some really creative options.

One of the most important first steps I can do with a potential buyer is help connect them with a local lenders. A good lender, who understands our local market and knows how to care for their clients well, can make the buying process a great deal smoother and less stressful for all involved.

One of the lenders I love to connect people with is Leif Karlberg. I have known Leif for years, and two things I am certain of are that he is a man of integrity and that he will provide outstanding customer service and communication. I asked him to give me a quick few words on why a potential buyer should have a conversation with him regarding a home loan, and here is what he said:

“Ken and I spent years working together in the dynamic work environment of coaching college basketball. As his assistant coach, I witnessed daily the high level of care and investment he poured into each of our players. Years later, I love the fact that we still get to partner in our competitive and strategic approach to caring for others—this time in the real estate industry.

Here are a few of the benefits you will receive from working with me and my team at Fulcrum Home Loans:

I am confident you will love working with Leif! If you are thinking about buying a home, reach out to him today. He'd be happy to consider your situation and help guide you in the best next steps!