Over the past year, the Boise housing market experienced a notable and abrupt deceleration from its initial post-COVID pace. However, a recent decline in mortgage interest rates has sparked a refreshing surge in buyer activity. This development is particularly exciting for prospective buyers who have been eager to purchase a home but unable to afford the cost-prohibitive, high-interest payments. In addition to the possibility of more manageable mortgages, current buyers may also have a limited window to capitalize on the lower prices and greater opportunities for negotiation afforded by seller desperation from the last few months of sluggish sales. While rate drops are good news for buyers, sellers are celebrating too—encouraged by an uptick in buyer interest, property showings, and even offers received. Since these market changes are more recent, you won’t see them reflected in November sales figures. But, with this newfound buyer momentum, we expect to see positive increases in both pending and closed sales come the end of December.
Despite whatever positive movement is going on in the market, the decision on whether or not to buy or sell is always a very personal one—dependent on many more factors than just the state of mortgage interest rates. If you have been considering whether to buy or sell in the coming months, we would love the opportunity to help you navigate the decision. As real estate professionals who are knowledgeable about the market, familiar with the intricacies of real estate transactions, aware of potential joys and challenges that will come along the way, and committed to representing your best interest, we’re confident that we can be a valuable asset to you—one you’ll be thankful for and certainly won’t regret.
For a quick snapshot of the Boise housing market for November 2023, see below.
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For more market statistics, including those for Canyon, Elmore, & Gem Counties, check out Boise Regional REALTORS® Market Report HERE.
