Though the Boise housing market typically slows down this time of year, 2020 has proved drastically different. This may come as no surprise to you, since almost everything has proved “different” in 2020. The competitive, fast-paced nature of our market—fueled by low supply and high demand—led to a new record median sales price of $425,000, up 18.1% from last year. To give some perspective on the supply shortage, there were more people looking to buy this month than the same month last year, but the number of available homes for sale was down 75%! With so few properties available, each new listing brings buyers clamoring to compete for the winning bid. Thus, homes sell quickly—lowering the amount of days a home is on the market before selling by 55% compared to the same time last year!
The process of helping our buyers secure a home in this competitive market can sometimes be discouraging—especially for our qualified first-time home buyers. While homeowners can secure down payment funds for their next purchase through the growing equity they receive in the sale of their current home, those new to the market don’t have that luxury. In fact, securing funds for a down payment was named by first-time home buyers as the most difficult part of the home buying process. If you are in this category, please note there are a variety of down payment and closing cost assistance programs available through the Idaho Housing and Finance Association, the City of Boise, the Boise City/Ada County Housing Authorities, and other organizations. We’d love the opportunity to talk with you about your particular situation and connect you with programs and people who can help on your journey to homeownership!
We are always eager and available to talk to anyone about their home buying dreams and to be given the opportunity to help guide them in that process. Whether you are considering buying or selling, please give us a call! We’d love to come alongside you!