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As a matter of custom and tradition, autumn was never the high water mark for house shopping, though there are some benefits to doing so. Re-locators, generally, like to be in their new digs by the time school starts. As with so many things, however, the ebb and flow of real estate transactions look different in the year 2021.
The advent of the COVID-19 pandemic altered the financial and commercial timetables of countless businesses. Concerning the housing market in Boise, Idaho, the influx of buyers over the last few years can also influence fall home buying. The bottom line is that numerous
Why is the Boise area fast becoming a mecca for Californians and people from other states? A number of reasons support this migration. Many new residents, for one thing, have spent time in the Gem state and are impressed with its natural beauty and pristine atmosphere.
Others are seeking to live closer to a family that already resides in Idaho. In addition, the minimal tax burden and utility charges lure retirees to a place where their savings and nest eggs will go farther than in other states. These motivators are compelling disaffected out-of-staters to find their bliss in Idaho.
Unemployment is low in metro Boise, about 3.6 percent. In fact, job growth over the next decade is forecast to top 50 percent. The cost of living is low compared to other U.S. cities like Seattle and Portland.
The prices of food, energy, water, sanitation, Wi-Fi, and other retail goods and services each rank low in side-by-side comparisons. According to U.S. News and World Report, Boise ranks 17th in best places to live in the United States. Moreover, the city is number four in the safest places to live and number 12 among fastest growing cities in the country.
Forbes magazine lists metro Boise as number six in the U.S. with reference to job growth. According to USA Today, the last five years saw a near 20 percent increase in job creation, well over 60,000 new jobs.
Idaho, like so many states in the Union, is in the grip of a strong sellers’ market. The ratio of available homes to those looking is quite low. The combination of low inventory, high prices, and extraordinarily low interest rates creates a perfect brew of overwhelming demand.
Realtor.com has placed Boise as first in the nation as far as favorable increases in home sale volume and final prices. All this is occurring despite the continuing coronavirus pandemic with its collateral economic and business side effects.
Real estate is appreciating at rates faster than at least 40 other states. The median home price for a single-family home in Boise was $437,814, up by a whopping 28% from the same time in 2020. Meanwhile, the number of days that houses sit on the market is only 5 days.
Surrounding Ada County also demonstrates tight markets and strong sales figures. The median home price for the county is $450,299, a jump of 27% from 12 months ago.
This is good news for sellers and landlords. It is also a promising indicator for home builders and real estate developers. Yet how can buyers benefit from conditions that tilt in favor of owners? Waiting for the leaves to turn can also turn the tide toward purchasers.
Fall has more attractions than football and pumpkin picking. There is a dynamic that takes hold whereby prospective home buyers gain the upper hand or, at least, a more even hand.
Thus, waiting for the fall does convey numerous benefits to home buyers, to those who can wait, anyway.
For those closing on a new home, even if it’s done on New Year’s Eve, there are income tax deductions waiting. Any prepaid interest is deductible from total income, as is any contributions made at settlement toward the property taxes.
Depending on the size of the loan, the interest rate, and the property assessment, this could amount to significant monies saved. Closing later in the calendar year also allows deductions of any mortgage points paid to the lender. These are helpful especially to self-employed and high-income purchasers.
A seasoned mortgage loan officer can be of tremendous advantage to people delaying a home purchase in Boise Idaho until the fall. As noted above, fall home buying may reap greater flexibility with loan terms than would spring or summer buy.
Such favorable treatment may or may not be available, in any case, it would only extend to highly qualified borrowers. Still, loan officers are attuned to local market conditions and can supplement realtor expertise as autumn buyers narrow down their target properties. You can never get too much wisdom.
If you are looking for help, Sammamish Mortgage is here for you. We have been around since 1992 and have been helping residents in the Pacific Northwest achieve the dream of home ownership. Sammamish Mortgage offers mortgage programs in Idaho, Washington, Oregon, and Colorado. If you want to ask any mortgage-related questions, you can simply Contact us. Also, you can View Rates on our website. If you are ready, you can even Apply Instantly or get a Rate Quote.
Looking to buy a home? Find out what you need to know about conventional home loans in Boise, ID.
Summary: Home prices in the Boise area have increased rapidly over the past year or so. As such, federal housing officials recently announced that the 2021 conforming loan limit for Boise will be increased. Boise’s median home prices have increased…