Hey, here we are with Boise's Best.
Rob, how are you doing?
I'm great. How are you?
Well, it's raining.
It is raining.
Again. Still raining.
That's ok. It's going to be nice this weekend.
I know. I went to Seattle, and it was beautiful when I left. Then it rained in Seattle all weekend. Then I came back here and I brought with me apparently.
Oh I went to Seattle and Eugene and it like dumped. Like yeah like DUMPED.
Yeah, I was really glad to come home. But anyways it is supposed to be nice this weekend.
Yeah, golf clubs may come out one more time.
One more time, you are hopeful. You're an optimist.
Yeah I know, I am I am.
Alright, crazy market, but things are kind of settling down a little bit.
It's kind of feeling a little more normal; It's feeling holiday-ish for sure.
Yeah for sure.
It's feeling a little more end of year, a little faster this year than it did last year or in previous years I feel like.
Yeah and I think that is a combination of things. I mean we always have seasonality. That always happens. Kids go back to school , we start to get into the holidays. You know after about Halloween it kind of just dips off a little bit.
Yeah but I usually don't feel it until like a week before Thanksgiving.
Well, that's the second part of it, we got to a price point where a lot of buyers, even out of state buyers, I know it's crazy to say, but even our California friends and our friends from Washington kind of looked at us and went, "You're kind of crazy!" And so until you did your research, there is a couple of articles I'm sure some of you have read, Boise is the least affordable place to buy a house in the nation.
Sssshhhhh!!! Don't tell!
But that's good. We got to that point because obviously great appreciation, that's great for home sellers, but now we are starting to see the correction for that.
Yeah, in fact, let me jump into Ada County. Because we know that median sales price topped out at about $540k.
Then it kind of waffled you know at $535k or $534k. Last month we were at $534k now we are at $533k this month. So things are you know, I mean a $1,000 give or take, that's not a change.
No that's pretty, that's like a plateau.
So we are really leveling out which is cool. However, that's up 30% over last year.
So I mean, that's that's stupid crazy appreciation that obviously is not sustainable.
Yeah and I think is why we are feeling the correction a little harder. It wasn't such like a slow roll kind of on like we are used to in previous markets. It's been more of a woah woah woah, STOP!
And that is kind of where we are at. So if you are a home seller out there, don't panic. You are sitting in great shoes. Even Zillow just came out with a report and Realtor.com just came out with a report, they still expect an appreciation. So, even if you just bought a home, you are still sitting pretty, you are just probably going to see normal appreciation.
Well and Ada County days on market is still down 21% over last year. We are 23 days average days on market in Ada County.
And we still sold 986 homes last month.
So, yes that's down 17%. That's because of numbers. That's because of cost, absolutely.
Now, the cool news for buyers is we've got 1,145 actives listings on MLS.
So, that is up 158%, but that's still not a huge number.
No, that's not a ton.
So, it's really kind of good news for both buyers and sellers. Is that inventory is still low, but it's up enough now that buyers have choices. So, I love that because it's not a frenzy for both sides.
Neither side gets to get greedy. We get to play in the sandbox nicely like we are supposed to.
Right and the only multiple offers you are really seeing out there are the top notch homes, priced really well. So the homes that are priced the best, that show the best. Which that is normal. When we see a house like that, we go "hey", in any market, we are going to go "this is going to be a popular house, we probably might have 2 or 3 offers."
And on the flip side of that, the bottom end of the market.
You know in any market those are going to be your hot homes. But I love it because the word negotiation actually comes back into play again. We get to do what we are trained to do to help whichever side we are representing.
It's so cool, I don't feel like somebody is losing now.
Right, yeah exactly. And now buyers are not being put in that position where they are waiving things like you know trying to get an appraisal waiver, trying to get an inspection waiver...
Yeah waiving inspections, I mean gosh.
You are really rolling the dice, even on new construction houses you are still rolling the dice. So it's really nice to see the calm down.
So what are our people down the road doing?
Yeah so Canyon County, so again we are seeing the same thing we kind of saw I think at top peak I think we were like $434k was our peak in Canyon County. And now we are down to $422k. It got down to like $419k and back up to $420k and now we are at $422k. So again we are seeing that same thing where things are leveling out. The difference is that because the market is slowed down and Canyon County always slows down a little bit more if Boise slows down. Their days on market, still great. It's at 26. But that's up 44% from last year.
So we are definitely seeing the slow down, and obviously Canyon County, a great place to live but it's not quite as popular as Boise.
Also, I think something else that you are seeing is a lot of those new construction projects are getting done.
And so that in itself.
Yeah I know some of our big bulk builders actually have inventory right now. I got an email, I can't remember who the builder was, it might have been Cory Barton or somebody but they have like five or six things just sitting there waiting for somebody.
Like you can ago buy a house and move in!
Yeah, brand new house. you just walk in and say "I want this one." and move in in 30 days when you close. So, that's pretty cool. That's a little bit more normal.
I like that.
So homes sold was 556, that's down 1.6% year over year. So the same amount of homes are moving.
But we have just got more out there. I think we got a lot of sellers that were finally like yep we are going to make the jump and did it. It kind of happened all at the same time as seasonality kicked it and those price points reached their top, top peak. The articles that I referred to earlier they basically take in you know, what do people make in Boise, ID versus what a home costs. And so the correction came at a very natural time.
Well and you were just interviewed again by Realtor.com.
Yeah and the rest of the world, it's funny, they are lagging us because they called me thinking, "oh, Boise is crazy, things are flying off the shelf." And I was like, "Actually, that's old news."
I mean things are still moving fairly quickly. I mean we are still in a sellers market. But we are transitioning fairly quickly. Now, what will be interesting to see is how much of this plays into seasonality and price point versus an actually shift. We won't know that really until probably the end of January or early February once we see some new buyers come out and start hitting the market again. We will be able to see how much of this was actually just the seasonality part of it versus the price point. Now that price point has come down and people have options, you know, we may see it tick back up again with buyers because they may come out of the wood works.
I know, that's kind of what I am hoping. I'm hoping that a lot of those buyers that I was talking to that they were priced out or they just couldn't deal with that appreciation just going up so quickly month over month that by the time they could get here, you know, they lost another 15%.
Even for our local buyers, I mean we look for you know because it was so tight it would take some time to find that house we get an offer in and literally appreciation would increase in a month and basically out price, price them out of the market in a MONTH!
Well, look at our new construction people that were 12 to 18 months out to build. They've closed on their homes and they have over $100k worth of equity.
Oh I know.
You know the builders, the builders are wanting those houses back. They don't even want them to close.
Oh I know. It's crazy.
You know, if we are just kind of the normal kids on the block now, Realtor.com may not even want your comments.
I know, I know, I told them that we are cooling off. I get a lot of comments right now, everybody is like, "Oh, we are in another bubble." We are not. Our lending is very secure right now. Obviously the economy is doing pretty well; we have got some questions out there which may be leading to some buyer confidence that we are seeing. Again we will see as the year progresses, as supply chains come back and the people that were struggling to work are back to work, we will see how that works out, but things look good. There is no big, scary monster out there except for how expensive we got, how fast.
Right, but we are not alone in that.
No we are not, we just saw the most appreciation in the nation. Nobody is really even close to us, there are a couple of places in Utah that were up there, a couple of places in Texas that did it. We saw a massive increase.
You know, Boise kind of does this because it's like you go from being a nobody and all of a sudden you are on the map and then, oh now you are normal. It kind of reminds me of our football team.
Yeah yeah. We still haven't let it go. Our fans are still like "oh we lost a game, the season is over" and we haven't been that good for a little while.
See they went from a "nobody" to "oh my gosh they are the best in the whole world" to now we are "normal and we have no use for you".
It's great though because you can actually go to the game and it's actually competitive.
I know right.
You don't know if you are going to win.
Oh, like the housing market?
So things are looking good. If you've been looking to buy and you are in a position to be able to afford where our prices are at, you've got a lot more options out there, prices have actually down ticked a little bit,
Sellers actually have to do repairs..
Right. You are not looking at for example in Canyon County a house is $420k, you are not looking at putting $440k or $450k just to get it.
We are putting in offers kind of at asking and sometimes below and just a little bit over depending on how popular that property is, but that is normal, that is how real estate should be. we should be able to gage it based on the type of house, where it's at and put our offer in based off of that.
Well we have sellers right now that are doing repairs.
Yeah actually doing repairs. We have had a few price drops, you know we've had things like that. Yes, sellers don't like to hear that because we have gotten so used to this upswing, but that's normal and healthy and honestly we are still getting great prices for homes.
And let's look at it 30% year over year, if you have to bump the price down just a little bit. Come on.
We are going to be alright.
So you are only going to get 28%, you'll be ok.
Yeah, exactly. So, if you guys have nay questions, as always, you can comment on this video, reach out to us, call us, email us, whatever you need to do.
And if you are thinking about selling, now is a fantastic time because you do end up with a little bit less competition on the market over the holidays. People buy homes every single day. I've had closings the day before and the day after Christmas, and I have shown houses on Christmas Day. In fact, I'm no up to I have written contracts on every holiday during a year.
That's right, I did know that.
I had to get Easter done.
And by the way, to our veterans, Happy Veterans Day.
Happy Veterans Day. Thank you for your service. We will talk to you guys next month. Have a good one.
Yep, and stay tuned. Kelly is going to be sending out a email, if you don't already get it. This going to be talking about all the activities to do in Boise. It's really cool. It's very little to do with real estate, it has all to do with all the cool stuff that's going on Boise. We have so many cool activities now that we never used to.
Well and to let you know things like Boise isn't having a Holiday Parade but Meridian is. And if you wan tot be in the parade they are only taking 50 people, floats or whatever they do....50 Santas?
50 Santas, I think that is confusing for the kids. Watch out for that. It's an awesome resource to get your family out and go do really cool stuff especially if you are new to the area or you just haven't been out in a while, obviously we've been locked in because of COVID. So, please look out for that and there is also a small business highlight on there. We always share great businesses. So if you have a great business you want to share with us that you think is just awesome, we would love to highlight them. So until next time guys, we will talk to you soon.
Have a good one.