Boise Housing Market Leads The Nation in Price Reductions
There are two sides to every story, two sides of the line of scrimmage and two sides to the Boise housing market. For the last several years, the Boise market has been defined by historic price increases; in other words, a seller's market. The tables have now been turned as Idaho's capital city led the nation in home price reductions.
The Boise housing market has captivated the nation as every national news outlet has sent reporters to our area to cover the cost of buying a home. The Deseret News reported that Boise leads the nation with seventy percent of the available homes on the market seeking reductions. The publication referenced a report from Redfin that listed Denver's 58% price reductions, Salt Lake City's 56.4% price reductions, and Tacoma, Washington's 54.8% of home price reductions.
Good News For Buyers
Real estate experts tell us that falling prices will help frustrated home buyers who've been priced out of the Idaho market. One perspective buyer shared that a home in Canyon County reduced its price by over two hundred thousand dollars. A real estate agent with over thirty years of experience told us that he believes the Boise market will see more reductions in the next six months.
Bad News For Sellers
Sellers are seeing their thousands of dollars of equity erode as they seek to sell their homes. Last year, Boise sellers gave no concessions while this year we've seen several sellers absorb closing costs to motivate buyers. One factor that is slowing down more home sales is the rise in interest rates. If rates were to drop in the next few months, more buyers could jump back into the market.
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