Real Estate Market News Dec 2015 Idaho, ADA County

MARKET NEWS December 2016

Idaho Real Estate Newsletter

Low Unemployment, Interest Rates Keep Homes Affordable Event as Prices Rise In November 2015, the median sales price of single family home prices in Ada County, as tracked through the Intermountain MLS, was at $240,300 up 11.5% compared to November 2014. Breaking that down by sales type, the median sales price of existing single family homes was $213,000, up 7.2% year-over-year, while the new construction median sales price was $356,209, up 11.9% year-over-year. Continue next page.

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Low Unemployment Market Report November How To Prepare For House Hunting

The Ada County Association of REALTORS®

Allen Pedersen, Coldwell Banker Tomlinson Group (208) 703-3499 pedersenallen@gmail.com www.findhomesinidaho.com

According to a survey from the National Association of REALTORS®, the median price in Idaho is expected to increase by 3-4% over the next 12 months (looking ahead to October 2016), for existing and new homes combined. While the survey doesn’t break those numbers down to other geographies, in Ada County, we’ve seen prices increase over the past 12 months (from October 31, 2014 to November 30, 2015) by 8.7% for all homes—the median sales price for existing homes was up 8.8% year-to-date, and by 3.9% year-to-date for new construction homes.

There are a variety of factors that will determine where prices end up a year from now, especially local unemployment rates. The latest numbers from the Idaho Department of Labor show a 2.9% unemployment rate for Ada County, as of October 2015. Boise City had the lowest rate across the state at 2.4%, and Meridian came in at 3.6%. These were all well under the 5% rate nationwide.

Continued interest from people wanting to move to our area, we feel that our local real estate market is in a great position for buyers and sellers alike—and we expect it to be that way for some time.”

HOW TO PREPARE FOR HOUSE-HUNTING KNOW THAT THERE’S NO “RIGHT” TIME TO BUY If you find the perfect home now, don’t risk losing it because you’re trying to guess where the housing market and interest rates are going. Those factors usually don’t change fast enough to make a difference in an individual home’s price.

DON’T ASK FOR TOO MANY OPINIONS It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of the people who will actually be living in the home.

ACCEPT THAT NO HOUSE IS EVER PERFECT If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go. Also, accept that a little buyer’s remorse is inevitable and will most likely pass.

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FindHomesInIdaho.com Allen Pedersen, Coldwell Banker Tomlinson Group (208) 703-3499 pedersenallen@gamail.com www.findhomesinidaho.com