Ken Sugarman
Residential REALTOR®
Direct (208) 585-1032
Ken@TripleCordRealEstate.com
TripleCordRealEstate.com/Ken
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The Boise housing market saw another new record this month with the median sales price reaching $595,000. This is a 23.9% increase from last year. The biggest price increases were found in the new construction segment where the median sales price has jumped 36.7% from last year to $645,000. In the existing/resale segment, the median price was $570,000, which is a gain of 16.9% over last year. The median sales price in both these segments set new record highs.
Mortgage interest rates increased last month as well, with the average 30-year fixed-rate mortgage reaching 5.1% at the close of April. Because most of the homes that sold last month went into contract in February or March, before the interest rate hikes, it’s hard to say exactly how increased mortgage costs will affect prices. This will become more evident over the next two months.
Recently, I have heard a few people comment that they believe we are headed for a market correction, and they expect housing prices to go down. I’m not so sure. While I do believe higher interest rates will decrease buyer pressure on the market and cause the rate of appreciation to return to more normal levels, the demand for housing in our area remains strong and inventory is still relatively tight. Both of these factors, I believe, will continue to keep home prices on an upward trajectory in the coming years. The latest home price forecasts indicate that housing experts believe the same. You can see their various price appreciation projections for the coming year HERE.
No matter where the market is headed, I know that decisions about buying, selling, or investing in real estate will remain important to many and that each person’s situation is unique. If you have questions about how current market trends may impact you, I’d love to hear them and to help you make decisions about when and how it might be best to move forward given the factors that affect you most.
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For more information and specifics on the current market, please check out the full Boise Regional REALTORS® Market Report HERE.
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Looking for some fun things to do this spring and summer? 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.
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For months, the U.S. housing market has been plagued by a historically low inventory of homes for sale, which has increased competition and driven prices to record highs. The housing market finally appears to be entering a cool-off period, with prices beginning to decelerate. But the number of homes for sale is still low, and two new housing reports suggest that the very measure that is cooling down the housing market right now might be what is keeping inventory from bouncing back.
Home prices have gained 19.2% over the past 12 months, a surge that has locked many potential homebuyers out of the market. Two factors collided over the past few years to send prices this high. Demand for housing increased amid the early-pandemic low mortgage rates while the supply of new homes sat at historic lows, creating the perfect recipe for intense competition and higher prices. But now that relationship is breaking down too, and the calculus is changing.
Homeowners Don's Want to Leave
Why sell a house with a mortgage attached at a rate between 2% to 3%, and buy a new one with a mortgage rate around 5%? That’s the question the market is posing to potential sellers now. Maybe it shouldn’t be a surprise they don’t want to sell. Competition for housing is beginning to cool as demand has died down amid a record-high surge in mortgage rates in the first months of 2022...CONTINUE READING
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Testimonial
Ken Sugarman did a fantastic job for us. There is good reason his review scores are so high. He did everything he could to help us get the house we wanted, from helping with structuring the terms of our bid to be competitive, to being truly objective on the pros and cons of the house we wanted. He is a rare, honest person in the real estate industry. He is also the hardest working realtor I've had the pleasure of working with. I will be referring him to friends and family every chance I get. ~ Joe & Ellie Taucher
Read more of my client testimonials HERE.
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I have shared in the past my experiences coaching my sons. My oldest, Johnny, is going to graduate from high school in a week and a half. This past couple of years, a lot of thought and prayer has gone into what the next chapter in his life would look like. Many of you know, that ever since he was in kindergarten, he has put a lot of time into honing his basketball skills. He has always been driven to do his best and has a very competitive soul. This has helped him to become not only a good basketball player but an accomplished student as well. He has put equal time into his studies as he has in the gym. He has taken honors courses throughout his high school experience and has maintained a 4.0 GPA. He also scored very high on his SAT exam. In the last year, he was named a National Merit Scholar semi-finalist, then a finalist, and finally a National Merit Scholar award winner. This was very influential when it came to his final school choice.
By God's good grace, Liberty University in Lynchburg Virginia offered him a scholarship for full tuition, room, and board as well as a stipend to attend Liberty and be a part of their Honors College. He and I visited the school three weeks ago, and both of us came away from the visit so encouraged by the people we met. We visited with the Chair of the Honors College and worked out with the basketball team. He has found a second home, and we are excited to see what God will do in Johnny's life through his next chapter at Liberty.
He will be walking on the basketball team, and is looking forward to being a part of the Honors College. Liberty has approximately 125,000 students enrolled (over 100,000 online). Many of his general education courses would be quite large (hundreds of students). But, his honors courses are capped at 25 students. So, he will get to experience the benefits of both the large university as well as some small class sizes. We are very excited for him and thank the Lord for developing in him a work ethic that God has used to provide for his college.
Johnny heading off to Liberty will leave a definite void in our household, and Nancy, Eli, and I will all miss him dearly. But, we know this is God's plan and trust it will be a growing experience for us all. Since this is our first child leaving home for college, and many of you have already been down that road, I would be interested to hear your thoughts on how to handle a new chapter like this. Shoot me an email and let me know how it was for you when your oldest went off to college. I'd love an opportunity to learn from you and to make sure I make the most of this time!
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Recommended Service Providers
Need help with a home project, service, or repair? Check out our Homeowners Resources page HERE, where we've listed several different service providers we've used personally or who have been recommended to us. We are always updating this list, so if you have contractors to recommend, please email my Broker!
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Available TripleCord Listings
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