In today’s market update, I’ll tell you why you shouldn’t worry about a possible recession.
Home sales have slowed down and prices have stalled lately in the real estate market, and because of this, some people are concerned that a recession is on the horizon.
While we may be entering a bit of a slowdown, there’s no need to worry about a recession.
For one thing, the topic of a recession is being talked about in a national context, but Boise remains insulated in our nice little bubble. We’re still ranked as one of the best, most affordable places to live, and millennials, in particular, are eager to move here because of our accessibility to outdoor activities.
The numbers validate this sentiment. This July, home sales rose from 1,091 to 1,136. The median home price, though dropped slightly from $354,000 to $349,000.
“ We’re still ranked as one of the best, most affordable places to live.“
In any case, prices are still exceptionally high and there’s still a lot of demand, which means it’s a great time to sell your home. Since interest rates are still historically low, it’s also a good time to buy.
If you’re thinking of buying or selling a home soon or you have any other questions about our market, don’t hesitate to reach out to me. I’d love to help you.