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Ken's Real Estate Review
August 2022

  Ken Sugarman

   Residential REALTOR®
   Direct (208) 585-1032 

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The swift cool-down experienced in the Boise housing market over the past two months is now making national headlines.  As stated in Nicole Friedman’s Wall Street Journal article, “During the pandemic-fueled housing boom, Boise emerged as one of America’s hottest “Zoomtowns,” communities that experienced a spike in population from an influx of remote workers.  Now, the housing boom around Idaho’s capital city has ground to a halt. Buyers are balking at record prices and mortgage rates that last month hit a 13-year high. Sixty-one percent of listings in the Boise metro area had a price cut in June, the highest rate out of 97 metro areas surveyed, according to brokerage Redfin Corp.  Home builders who couldn’t keep up with demand last year are cutting back on construction.”

While news like this can sound concerning, especially when written or reported in a dramatic fashion, I think it’s important to remember that this cool-down is actually a good and necessary thing for Boise.  For the past two years, I have continually heard people say, “I hope Boise housing prices don’t keep rising like this because so many Idahoans are being priced out of the market and will never be able to buy a home.”  Our community has been practically begging, and rightly so, for prices to stop rising and stabilize to more affordable levels.  And, good news—it’s happening! 

While this news may seem less exciting for sellers, I think it’s important to note that even if our market drops, homeowners have still gained incredible equity in their properties over the past 2 years.  Let’s put it in perspective.  In March 2020, right when the pandemic hit, the median sales price for the Boise housing market was $367,000 (which was already a 9.6% increase from the median price the previous year).  Last month, the median sales price was $589,990.  That is a 61% increase in housing prices in 2 years!!  All that to say, even if our market drops 10% before stabilizing, as the Wall Street Journal article suggests it might, homeowners in the Boise area will still have gained 44.7% in equity on their homes since March 2020. 

If you are considering selling, please give me a call.  I’d love to help you navigate what that would look like in our current market.  Despite the drastic changes, our market conditions are still tipped toward favoring sellers.  If you are considering buying and aren’t sure whether to move forward now or wait to see what happens, I’d love to meet with you and provide resources to help aid in your decision.  There are some great incentives and interest rate buy-down options available that could make buying now less expensive than you think and could afford you the option of getting into the home or investment opportunity you’ve been waiting for! 

For more information and specifics on the current market, please check out the full Boise Regional REALTORS® Market Report HERE.  

 Looking for some good end-of-summer 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.
Buying a Home May Make More Financial Sense Than Renting One
By Keeping Current Matters

If rising home prices leave you wondering if it makes more sense to rent or buy a home in today’s housing market, consider this. It’s not just home prices that have risen in recent years – rental prices have skyrocketed as well. As a recent article from says:  “The median rent across the 50 largest US metropolitan areas reached $1,876 in June, a new record level for data for the 16th consecutive month.”  That means rising prices will likely impact your housing plans either way. But there are a few key differences that could make buying a home a more worthwhile option for you.

If You Need More Space, Buying a Home May Be More Affordable
What you may not realize is that, according to the latest data from and the National Association of Realtors (NAR), it may actually be more affordable to buy than rent depending on how many bedrooms you need....CONTINUE READING...
Ken Sugarman is the best. He knows his market. He listens to the needs of his clients and does his best to get them into a home that works for them. I have a special needs person in my family. We looked at existing homes and new builds. He pointed out to me, more than once, that I would probably do better with a new home that would not need extensive remodeling to make it accessible. And yet, he was always willing to go and look at older homes when I asked to see them. He was right, and as I sit here in my new home writing this, I realize that if not for Ken, I would probably never have made it here. He went to bat for me with the builder and got me here. Also, I think a lot of us don’t stop to think that we need a realtor representing us with new builders. I found it comforting to know that Ken was there watching out for my interests each step of the way with the builder. Thanks Ken. I appreciate you!  ~Beverly Malvestuto
Read more of my client testimonials HERE.  
Fly Fishing

One of my favorite things to do with my sons is fly fish.  My oldest son, Johnny, heads off to college at Liberty University in a week, and he and I recently enjoyed a couple of outings to see if we could find some fish.  Our two favorite spots are The Duck Valley Indian Reservation on the Idaho/Nevada border and in the Ashton area of Eastern Idaho, fishing The Henry’s Fork and the South Fork of the Snake River.  Fly fishing can be a real challenge, and I think both of us enjoy the art of choosing the right fly, presenting it in just the right way so the fish will bite, and finally getting the fish to the net.  Along the way, we share stories of the past,  talk of our dreams for the future, and enjoy the peace and calm of being out of town.   We are also constantly reminded of the amazing creativity of our God as we enjoy the seemingly endless amazing vistas he presents to us.  I thought I would share a few pics with you from our recent trips! 
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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