Today I’d like to give you a brief update on the Treasure Valley market and give you a prediction on where I think it’s heading.
Let’s take a brief look at our July numbers so that we can get a grasp on where our market is today compared to last year. We’ve sold more homes this year than last year, with approximately 1,450 sales versus 1,393 sales last year. As far as active listings go, we’re at about 3,100 active listings, which is about 600 fewer than the 3,700 active listings last July. This is quite a dramatic decrease in supply while we still have an increase in demand going on.
What’s interesting about our market right now is that this increase in home sales and decrease in home supply has led to a definite increase in home values. A lot of sellers are getting top dollar for their home in today’s market because they’ll receive multiple competitive offers from buyers. This means that if your home is priced correctly, it has a strong chance of selling quickly and for a great price. It’s a great time to be a seller and to have equity in your home.
I do have a prediction for our market in the season ahead, however. With the election coming up, many people are hesitant to list their homes on the market because of the uncertainty that the future holds after November. I think that after the elections, we will see an increase in home supply, which will likely cause home prices to level out moving into the new year. This is just my prediction, though; I can’t see into the future.
If you have any questions about our current market or where it’s heading, or you’re looking to buy or sell a home in the Boise area, please reach out to me by phone or email. I’d be happy to help you!
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