Several real estate groups from the Idaho state talked about the recent condition of the market, noting that the sales do seem to be more appreciated this time around. According to an article from the North Idaho Business Journal from January 2014, the strengthening of Idaho’s real estate market is showing great promise: concerns about the market are diminishing, while demand for real property is increasing. In fact, the clients wanting to get a slice of the realty pie has grown so much so that there may in fact be a supply shortage later this year. Still, that is the kind of bad news that is actually good.
Realtors, however, maintain this advice for potential home buyers:
“It really comes down to supply and demand,” Beutler said. “There’s a pent-up demand for new homes.” That demand will raise home prices, Beutler said, although they should remain stable for the next couple of years. But by 2015-17, we should see more than the normal 3 percent increase in housing prices, he said. And as the cost of new homes increases, the cost of existing homes will be forced up, as well. A rising tide floats all boats, so to speak.
Building costs — labor and materials — have continued to increase since 2007. And when costs go up, people look toward purchasing existing inventory. But buyers need to compare apples to apples when looking at buying an older home vs. building a new one, as each carries its own hidden costs, Beutler said.
The article concerning the high demand for real estate is pleasing most realtors since the demand for houses are steadily increasing, effectively making their market strong in terms of numbers. Although there still are some kinks that have to be ironed out in the real estate sector, such as the forecasted housing shortage, there’s no denying that real estate in Boise, Idaho could look forward to much brighter days ahead.
For more information about the real estate in Boise, Idaho, one can look into reputable agencies like Jamie Carmouche to gain more knowledge about prospects in the area.
(Source: Real Estate Rebound, North Idaho Business Journal, 28 Jan, 2014)