With 2016 starting off at a much stronger pace than 2015, we are seeing amazing opportunities for sellers in nearly every price point in Ada County! Market activity saw a much shallower dip this winter than is typical.  This points to more stable market growth and may mean less of a spike during the usual Spring listing rush.  I know not everyone agrees with me and many people thrive on the drastic movement in the market, but I must admit that I like the sound of “stable market growth” and appreciate the positive benefits it has for both sellers and buyers alike. Now, if we could just get the inventory up so buyers would have some options!
 
To give you a better idea on market growth over the past year and our current housing inventory scenario, here are the comparisons from January 2015 to January 2016:
  • Homes sales are up 10% to 353
  • Median sales price is up 6% to $209,888
  • Days on the market is down 13% to 59 days
  • Inventory is down 23% to 875 properties available
  • Months Supply of Inventory is down 36% to 1.8 months worth
This is the fewest available homes for sale that we have seen since August 2007!  An even more impactful statistic is that in Ada County we only have about 3 weeks worth of inventory for homes in the $100,000 - $200,000 price range.  Demand in this price range far outpaces supply, which puts sellers who can price under $200,000 in a particularly favorable position.  Unfortunately, many sellers in this range are hesitant to sell due to the unnerving question of, “If we sell now, where will we go…there’s nothing else to buy?”  A viable option to consider may be new construction, which is increasing greatly in both Ada and Canyon Counties.
 
As a prospective buyer, there are also other things you can do to make your situation more advantageous when an opportunity comes up.  First, get prequalified with a lender so you can show a seller that you are able to purchase. There are some great loan options available and despite rumors that interest rates were imminently going up, market factors like China's economic slowdown and lower oil prices have influenced mortgage rates to remain static.  In fact, in January, rates actually went down a bit from 4.01% to 3.79%.  If you don’t already have a lender you trust, HERE are three we highly recommend. 
 
Also, when you are looking to buy in a market with such low inventory, another important factor is fast access to information on new listings.  The best houses often sell within the first few days on the market and sometimes with multiple offers. Being able to act quickly and provide a competitive offer is key. 

Our website, 
TripleCordRealEstate.com provides a great search option that will send you automatic daily email notifications when new MLS listings come on the market that meet your criteria. If you check your email daily, you will always know about the latest inventory and can move fast if you spot the right home. Let us know if you need help setting up a search!
 
We know each person looking to buy or sell in today’s market has unique circumstances, needs, and wants.  We’d love the opportunity to help you navigate through those, so please don’t hesitate to call or email with your real estate questions or concerns.