What is a Seller's Market and a Buyer's Market in 2023?

Have you ever thought about the best timing for buying or selling your home? Although certain seasons may witness higher activity levels, the fluctuations within the real estate market are primarily driven by the dynamics of supply and demand, rather than the time of year. Hence, it becomes crucial to stay informed about the housing market and determine whether the greater Boise area is currently experiencing a buyer's market or a seller's market.

What is a Seller’s Market?

A seller's market occurs when the demand for homes surpasses the available supply. In simpler terms, there are numerous interested buyers, but the inventory of real estate is limited. This puts sellers in a favorable position.

In a seller's market, homes tend to sell quickly, and buyers find themselves in competition with one another to secure a property. These market dynamics often lead buyers to be willing to spend more on a home than they would in other circumstances. Consequently, sellers can increase their asking prices. Moreover, the high level of interest means that buyers seldom have the leverage to negotiate and are more inclined to accept properties as they are.

The scarcity of housing in such conditions frequently leads to bidding wars. During bidding wars, buyers make competing offers, driving up the price, usually surpassing the initial asking price set by the seller.

Tips for Home Buyers in a Seller’s Market

In situations where the housing market experiences a scarcity of available homes and a surge of interested buyers, acting swiftly becomes crucial.

Act promptly. If you come across your dream home during a seller's market, it is advisable to take swift action. Delaying your decision could result in the property being no longer available when you're ready to make an offer. Familiarize yourself with the process of getting preapproved for a loan in advance, ensuring your financing is in order when the need arises.

Acknowledge your disadvantage. When making an offer, bear in mind that you are at a disadvantage in a seller's market. It is not the opportune time to push for contingencies, concessions, specific closing dates, or extensive repairs. Instead, focus on what matters most to you. Consider whether certain stipulations are worth jeopardizing the chance of acquiring the property. If possible, making an all-cash offer can be advantageous, as sellers prefer buyers who can purchase without financing concerns.

Exercise patience. If you repeatedly find yourself losing out on homes of interest, it is vital to remain patient and avoid becoming disheartened. Many buyers experience frustration during a seller's market. In bidding wars, inexperienced buyers often offer more than the actual value of a home or their comfort level, solely to secure the desired property. This is typically an unwise decision.

Avoid settling. Conversely, some buyers may end up making offers on homes they wouldn't otherwise be interested in due to frustration from constant disappointments. Remember, purchasing a property is a significant investment and a long-term commitment. Settling for a home simply because it is available is not advisable. Unless immediate relocation is necessary, it is better to wait for the market to cool down and resume your home search.

Tips for Selling Your Home in a Seller’s Market

In a seller's market, where sellers face competition to attract buyers, it is valuable to understand how to generate interest in your property.

Maintain cleanliness and organization. Begin by ensuring that your home is in good condition, thoroughly cleaned, and well-organized before marketing or showing it to potential buyers.

Set a fair price. While homes often sell for higher prices in a seller's market, it is still beneficial to price your home fairly. By setting your asking price at or slightly below the fair market value, you are likely to attract more interested buyers. Some sellers opt to list their homes slightly below the assessed value to stimulate bidding wars.

Evaluate offers diligently. It is particularly important in a seller's market to carefully review the offers you receive. Sellers often prioritize selecting the highest offer and overlook examining the financial strength of each buyer. Merely stating a specific amount does not guarantee that buyers can secure those funds, as lenders do not permit borrowing more than the assessed value of your home. Avoid accepting unrealistic offers that may lead to the deal falling through, forcing you to relist your home. The longer your property remains on the market, the more skeptical buyers become, giving them greater negotiation power.

Verify preapproval. For buyers seeking financing, it is crucial to ensure they have obtained preapproval for a loan. Preapproval entails a thorough assessment of buyers' finances and credit history, increasing the likelihood of obtaining a loan for a specific amount. On the other hand, prequalification provides only an estimate of buyers' financial status.

Consider contingencies. Be attentive to offers that include contingencies, such as mortgage contingencies, home sale contingencies, appraisal contingencies, and inspection contingencies. These stipulations allow buyers to withdraw from the sales contract if certain conditions are not met.

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What is a Buyer’s Market?

A buyer's market arises when the supply of homes surpasses the demand. In other words, there is an abundance of available real estate inventory, but a limited number of interested home buyers. These conditions give buyers the upper hand over sellers, as the market adjusts to the higher supply and lower demand.

During a buyer's market, real estate prices tend to decrease, and homes remain on the market for extended periods. As a result, sellers find themselves in competition with one another to attract potential buyers. In order to gain an advantage, sellers often reduce their asking prices. Moreover, they are more open to negotiating offers to prevent potential buyers from walking away.

Tips for Home Buyers in a Buyer’s Market

During a buyer's market, it is the opportune time to purchase a new home due to lower prices and reduced competition from other buyers.

Take your time and make thorough decisions. In a buyer's market, there is less urgency to worry about missing out on a property you are interested in.

Stay informed about available options. It is highly advantageous to explore multiple properties before making an offer. Having a comprehensive understanding of the market will not only help you find your ideal home but also provide you with stronger negotiation leverage, particularly regarding price.

Evaluate comparable properties. Familiarizing yourself with similar properties on the market is crucial for effective negotiation. Analyzing comparable sales (comps) allows you to leverage pricing information to your advantage. Additionally, a real estate agent or REALTOR® can assist you in analyzing comps through their Multiple Listing Service (MLS). For instance, if you discover a three-bedroom house listed at $700,000, but find several similar three-bedroom homes priced at $550,000, you can conclude that the house is likely overpriced in the current market.

Consider days on the market of the listing you are looking at. The longer a home has been available for sale, the greater negotiating power you possess to secure a lower price. Even if you don't request a significant price reduction, you can still negotiate for contingencies, seller concessions, and necessary repairs.

Tips for Selling Your Home in a Buyer’s Market

When selling your home during a buyer's market, it's essential to take every possible step to make your property stand out.

Address necessary repairs. With a larger selection of properties available to buyers, they tend to be more discerning. Prior to listing your home, ensure that any required repairs are completed and consider making minor improvements to enhance its appeal.

Clean and depersonalize your home. Dedicate ample time to envision how potential buyers will perceive your property. If they cannot picture themselves living in your home, they are less likely to make offers. Therefore, thoroughly clean your home, eliminate clutter, and enhance your landscaping. As you stage your living spaces, aim to depersonalize them as much as possible by removing family photos, personal items, and any indications of your presence.

Market it professionally. The significance of effective marketing increases during a buyer's market. Invest in high-quality, professional photographs of your property. If your home will be vacant or your decor appears outdated, consider hiring a stager. With professional assistance, you can transform your rooms to achieve a cohesive and polished look.

Competitive pricing is crucial. Ensure that your home is competitively priced for a successful sale. Survey similar homes on the market to understand their asking prices. Set your list price at or below the comparable properties in your area. When receiving offers, evaluate them fairly, considering that you have less negotiating power. Offering to cover a portion of the closing costs and requested repairs can be a strategic approach.

Is Boise a Buyer’s or Seller’s Market?

Before engaging in a real estate transaction, it is essential to determine whether your area is experiencing a buyer's market or a seller's market. Here are some indicators that can help you assess the market conditions:

Real estate inventory: Take a look at the current available homes on the market. A larger inventory suggests a buyer's market, while a scarcity of listings indicates a seller's market. To gauge the inventory accurately, divide the number of homes on the market by the number of homes sold in the last month. A result above 7 indicates a buyer's market, below 5 signifies a seller's market, and anything in between indicates a neutral market.

Recent sales: Evaluate the recent sales of comparable properties to determine the market trend. If homes have been consistently selling above the asking price, it suggests a seller's market. Conversely, if they have been selling below the asking price, it indicates a buyer's market.

Pricing: In a buyer's market, sellers often reduce their asking prices. When reviewing current listings, check the price history. If you notice a significant number of price reductions, it indicates a buyer's market. However, be cautious as some sellers may have unrealistic price expectations. Look for a consistent trend rather than isolated incidents.

Time on market: The number of days a home remains on the market is a strong indicator of market conditions. Homes sell faster in a seller's market and take longer to go under contract in a buyer's market.

Market trends: Monitoring the overall direction of home prices in your area provides a reliable indication of whether it's a buyer's or seller's market. You can easily assess this by referring to market trend reports. Working with a team of experienced Boise real estate agents will help you understand current market trends.

As of spring 2023, Boise, Idaho is still experiencing a strong seller's market, characterized by low housing inventory and high buyer demand.

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Final Thoughts

Understanding the current state of the market is crucial when engaging in property transactions. For buyers, targeting a buyer's market is advantageous, where an abundance of homes is available and competition is lower. On the other hand, sellers aim to list their properties during a seller's market, characterized by fewer homes for sale and high buyer demand.

Regardless of market conditions, enlisting the services of an experienced real estate agent is paramount. Their expertise and skills enable you to navigate the housing market successfully, giving you a competitive edge regardless of market strength.

When buying a home, don't be discouraged by a seller's market. Instead, let it guide your decision-making process. In a fast-paced market, homes tend to be snatched up quickly. Therefore, it's crucial to obtain preapproval for financing as early as possible, ensuring you don't miss out on your potential dream home.

Related: Top 10 Tips for First Time Home Buyers in 2023

King and Edge Real Estate 

At King and Edge Real Estate, we pride ourselves on being premier property experts and agents dedicated to delivering world-class service to our clients in Boise, Eagle, and Meridian. Our top priority is earning and maintaining the trust of our clients while always prioritizing their interests. We love what we do, we love connection, and we love real estate. We’d be honored to work with you. Contact the team at King and Edge Real Estate today to discuss selling your home in the Boise, Stacey, Meridian, or Eagle area.

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Understanding the Importance of Staging for Home Sellers

Selling a home can be a stressful and overwhelming process, but did you know that properly staging your home can make a world of difference?

 Home staging is the process of preparing your home for sale by making it look as attractive as possible to potential buyers. It's a simple but effective way to make your home stand out in a crowded market and potentially sell faster and for a higher price.

 Keep reading to learn more about how Boise, Stacey, Meridian, and Eagle homes for sale can leverage staging to increase the likelihood of a quick sale over value and also what to watch out for when considering home staging.

A Valuable Investment

Home staging is a valuable investment in today's market because it can help to increase the appeal of your home to potential buyers. In today’s housing market, it is important to make your home stand out from the competition.

 For some people, the process of staging a home before selling can be a difficult and overwhelming task. From lack of time to declutter and rearrange furniture to a limited budget, these challenges can make it seem like an afterthought. Many sellers also find it hard to let go of their personal style when it comes to home staging. But if you are looking for a faster sale, it is important to depersonalize and properly stage the home.

 Staging allows you to showcase your home in its best possible light, highlighting its features and making it more attractive to buyers. It can also help to create an emotional connection with potential buyers. By investing in home staging, you can increase the chances of a quick sale and potentially even receive a higher sale price for your home.

Masterful marketing of Meridian real estate

When it comes to staging, think of it like marketing for your house. Yes, your realtor has it listed, and open houses take place, but a proper home stage can take your sale to the next level.

Staging helps your home stand out

In the Boise, Stacey, Eagle, or Meridian real estate markets, it's important for your home to stand out from the rest. 31% of agents reported that home staging significantly decreased the time a home spent on the market compared to non-staged homes. This is because staging helps make your home more attractive to buyers and can lead to a quicker sale. By staging your home, you can highlight its best features and make it more appealing to buyers.

Related: What is a Seller’s Market and a Buyer’s Market?

Staging makes your home look bigger

By decluttering and rearranging your furniture, you can make your home look larger and more spacious. This is especially important for smaller homes or homes with cluttered spaces.

Staging helps buyers envision themselves living in your home

When potential buyers walk through a staged home, they can easily envision themselves living there. Staging can make showings go more smoothly and increase the chances of an offer. This can be especially helpful if you have unique or personal decor that may not appeal to everyone.

Staging can increase your home's value

Properly staged homes can also fetch a higher selling price. Did you know that one of the latest statistics has found that 85% of staged homes sold for 5 to 23% over their listing price? Staging your home can increase its value and potentially lead to a higher selling price. This is because staging helps highlight a home's best features and makes it look more attractive and well-maintained. Buyers are often willing to pay more for a home that requires minimal work and is move-in ready.

Important factors to home staging

Staging a home can be an effective way to increase its appeal and potentially sell it more quickly. When staging your home, it's important to consider a few key factors in order to make it as appealing as possible to potential buyers looking for Meridian real estate or surrounding areas.

Starting with a thorough cleaning can make the biggest difference. Paying special attention to the kitchen and bathrooms is critical.  Also, use this time to make necessary repairs and fix any broken items or make small updates, such as replacing old fixtures. Pay attention to the exterior of your home, including maintaining a well-manicured lawn and adding a fresh coat of paint. All of this can make rooms feel new, clean, and easier to imagine a buyer living in.

 You'll want to appeal to the widest audience possible by avoiding overly personal or unique decor and focusing on neutral, universally appealing colors and styles. Adding some greenery to your home can make it feel more welcoming and inviting, and using soft, warm lighting can create a cozy atmosphere in your home. Also, working to declutter and remove personal items is crucial in making your home look as spacious and open as possible. Consider or consult with a professional about rearranging furniture to create a more open and inviting layout. Finally, be sure to highlight the best features of your home, such as large windows, a fireplace, or a beautifully remodeled kitchen.

 By following these tips, you can help make your home more appealing to potential buyers and increase the chances of a quick sale.

Work with the experts in Boise-area real estate

Overall, while it may be challenging for some people to stage their homes before selling, it is an important step in the process that can lead to a faster sale and a higher selling price. By considering these factors, you can increase your chances of a successful sale.

 Experts in Boise, Stacey, Meridian, and Eagle homes for sale, King and Edge Real Estate can help advise or provide professional assistance to give your home a more polished, designer look that appeals to buyers. Even a little bit of staging effort can go a long way in creating a quick sale at the best price possible!

 Contact the team at King and Edge Real Estate today to discuss selling your home in the Boise, Stacey, Meridian, or Eagle area.

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The Importance of Getting a Solid Pre-Approval for Financing before Home Shopping

It’s natural to be excited to start searching the market for Eagle homes for sale. You may already have an idea of what features and amenities you’re looking for in your new home. Before you start attending open houses or reaching out to agents to schedule in-person showings, it’s a good idea to secure a pre-approval letter from a lender. Below are a few of the top reasons why you’ll thank yourself for getting a pre-approval letter before you start seriously shopping for Boise real estate.

What is pre-approval?

A pre-approval letter is a letter that you get from a lender that details the type and amount of loan that you can qualify for. The amount in your pre-approval letter represents a maximum amount, and you don’t have to borrow the full amount if you don’t want to. The letter will also include the interest rate that you would receive on the loan from that particular lender. Different lenders will offer different loan amounts and interest rates, so it’s a good idea to set aside enough time to speak with multiple lenders before you make a final decision about who you’ll work with. A slightly lower interest rate can make a massive difference over the next several years as you work to pay off your mortgage.

What do I need to get a pre-approval letter?

Most lenders will want to know about your current debt-to-income ratio and your credit score during your initial conversation. They may also ask for you to send them recent tax returns or pay stubs so that they can confirm that you have a regular source of income that will allow you to meet your monthly mortgage obligations. Once they have all of this information, they can determine what amount and type of loan are best to offer you. Keep in mind that a pre-approval letter isn’t a guarantee that you’ll be able to receive this loan. After you go under contract to purchase a home, your lender will begin a more detailed underwriting process that includes a complete background check on your financial history to confirm that you don’t have any outstanding liens or open lines of credit that the lender isn’t aware of.

What makes a pre-approval letter important?

Many real estate agents will only work with clients who have a pre-approval letter, and some sellers won’t agree to a deal to sell you a home unless you can prove that you have pre-approval for a loan at the necessary amount. Having a pre-approval letter also gives you clarity about the price range where you should be shopping. You don’t want to fall in love with a particular property only to realize that you can’t purchase the home because you can’t receive the necessary pre-approval.

Related: How to Buy a House in Boise

What can I do to raise the amount that I’m pre-approved to borrow?

In addition to shopping around with different lenders, you might benefit from providing additional documentation that further explains your financial situation. This is especially helpful if you’re self-employed or if you have other unique financial situations that don’t apply to the typical borrower. Consider sharing profit and loss statements or tax returns from multiple years with your lender so that they can fully understand your financial position. Remember that the loan amount you’re pre-approved for ultimately depends on your lender’s understanding of your financial position, so you’ll benefit from providing evidence that you’re an especially qualified candidate for a loan.

What can I do to improve my interest rate offers?

The best way to improve your interest rate offers is to work on raising your credit score. You can do this by spending less than your maximum credit balance each month and by making sure you pay all your bills on time. You probably won’t see your score jump by 100 points overnight, but you’ll see gradual improvement over time. If you want to save on accrued interest, consider putting down a larger down payment. This reduces the amount that you borrow, thus saving you money on interest.

Does getting a pre-approval letter impact my credit score?

Getting a mortgage pre-approval involves a hard credit inquiry, which will cause your score to drop slightly. Usually, the impact on your score is a drop of five points or less. Hard inquiries will sometimes stay on your credit report for up to two years, but they can become less relevant over time. Keep in mind that your credit score is only one of many factors that impacts your financial position and your ability to qualify for a loan.

When should I begin speaking with lenders?

It’s never too early in the process to begin speaking with lenders about what kind of loan you can qualify for. This will give you additional time to do your own research about the various types of loans that are available for you to use. You’ll also be able to pull together all of the necessary documentation without feeling rushed by the need to purchase a home quickly. You can also speak with more banks and groups if you start the process earlier, which can lead to a better deal since you will have more options to choose from.

Related: Secrets Home Buyers Must Know in 2023

What else can I do to prepare to buy a home?

In addition to getting mortgage pre-approval and setting aside enough money to cover your down payment, it’s also important to find an experienced real estate agent who can help you with your home search. Manda Edge is an expert when it comes to Boise real estate. She works on the King & Edge real estate team, and she has developed a long track record of providing world-class service for each of her clients. They prioritize their clients’ trust and interests above everything else, and they will work hard to ensure your needs are met from start to finish. Reach out to their office when you’re ready to move forward and start seriously shopping for Eagle homes for sale.

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5-Point Checklist to Follow Before Listing Your Home

Before listing a home, there are a few steps to take to ensure your Boise luxury real estate reaches the largest number of serious buyers. Alongside preparing your home’s interior and exterior for professional listing photos and in-person showings, it’s important to research the local market and work with a professional for the best results. Before following this five-point checklist, here’s what you need to know about Boise and Eagle’s current market trends.

Eagle, located within the Boise Metro Area, is well-loved by buyers and residents alike for its elegant residential neighborhoods and stunning views of the Boise River. Sellers are in a favorable position to list in the cooling seller’s market, as median list prices remain high, and inventory is slowly growing from its depletion in the past year. With this in mind, follow these five steps before listing your home.

1. Research the local market

An important step to take when listing Eagle homes for sale is to research the local market. Sellers should do their best to time their sale in seller’s market conditions, which is when high buyer demand and low housing supply create high prices. Researching the market can help you predict how long a home sale will take, how to price your home, as well as what types of offers to expect from buyers.

As previously stated, Boise and Eagle are seller’s markets. In Ada County, the median sales prices for homes have dropped since May 2022 but are still 12.8% higher than they were a year ago. Buyer demand in this county is shrinking due to an increase in mortgage interest rates and higher home prices. This, coupled with a 192.9% inventory gain since June 2021, means that sellers won’t be seeing as intense buyer competition. However, this gain isn’t enough to create a balanced market quite yet.

2. Partner with a professional

To help guide you through listing your Boise luxury real estate, partner with a professional who knows the area well. An agent will know the current market trends and can use this information to conduct a competitive market analysis. This is when agents use data from comparable homes in the area to help you price your home competitively. An agent will know how to account for the city’s great natural views and well-designed communities.

An agent will also know what buyers in the area are looking for and can advise on home staging and renovations if you plan on completing any. They’ll have connections to services like a professional photographer, home contractor, and home stager to help you through the listing process, and when buyers start making offers, they’ll help you sort through them and negotiate. When you’ve accepted an offer, they’ll also guide you through the closing steps. An agent is a serious asset to have before and during the home listing process.

3. Make repairs and upgrades

When you’re sure about when to list, and you have professional guidance, prepare your home by making repairs and upgrades. To assess what work needs to be done on your property, consider getting a pre-home inspection. This ensures there aren’t any surprises further down the road when buyers order a home inspection after an offer is made. If no larger problems relating to a property’s roofing, foundation, or structure are revealed, begin completing smaller maintenance tasks. These include servicing your HVAC, changing air filters, fixing leaky faucets, and filling holes in walls.

To boost your property’s value, or to give it more of a chance on the market if it looks outdated, consider minor upgrades. Small projects can reap large benefits, such as painting walls neutral colors, replacing the hardware in your home with updated selections, or restaining hardwood flooring. Additionally, kitchen and bathroom renovations are generally safe bets with high ROI.

4. Clean and stage

When large projects are done, deep clean all areas of your property. A dirty home isn’t appealing to buyers and makes for poor listing photos. Hire a professional cleaner, or start the process yourself by wiping windows, dusting off cabinets and shelves, shampooing carpets, and mopping floors. Also, declutter your home, as overflowing closets or packed shelves create the illusion of less space. Donate the items you no longer need and keep belongings safe and out of the way by renting a storage unit.

Then, stage your home. Home staging helps buyers visualize how they might utilize the space, as it creates a blank canvas to imagine from. Take down family photos and personal belongings, then keep areas bright by opening windows and turning lights on. Use Boise’s beautiful nature views to increase curb appeal, as the home’s exterior is the first part of a home a buyer sees.

Related: Understanding the Importance of Staging for Home Sellers

5. Prepare a good listing

Before listing Eagle homes for sale, prepare a good listing with your agent. Many buyers begin their search online, which is why having professional photos is important to draw a buyer’s eye. A professional will know how to capture the standout features of your property and will have the skills and software needed to edit the photos for the best viewing experience.

Then, create a listing description describing the particulars of your home, such as size, number of rooms, and features or relevant upgrades. Also, highlight the surrounding area and neighborhood. For example, sellers listing their Boise homes may include perks like the 25-mile Boise River Greenbelt, great summer weather perfect for visiting Boise River or exploring hiking trails, as well as the several shops of trendy BoDo.

Ready to list your Idaho home?

There are a few things to prepare before listing your home to sell in Boise or Eagle, and by following this five-point checklist, you’re better prepared to tackle the process. When you’re ready to start selling, contact experienced local agents Stacey King and Manda Edge to guide you through it. The King and Edge Real Estate team is knowledgeable and experienced in the Treasure Valley market.

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What to Know About the Current Boise, Idaho, Real Estate Market

Are you in the market for a new home? Or simply looking to sell your home? You might wonder how the Boise real estate market is shaping up this year. It’s a difficult time to purchase a home right now since there are increasing interest rates and not many homes on the market, but that doesn’t mean you can’t do it. And it’s certainly not a bad time to be a current homeowner. Here is everything you should know about the state of the real estate market right now.

Real estate trends

Whether you’re looking into buying, selling, renting, or developing, it’s essential to understand what’s going on with the housing market. Here are some of the real estate market trends you should know about:

• Rents are on the rise, but they’re slowing down compared to last year.

• The new construction market is seeing affordability limits.

• The best time for refinancing your mortgage has already passed.

• Rising interest rates mean that buying a new home is a little more difficult and that homeowners are less inclined to sell their homes.

Buying a home

Are you looking for homes for sale in Boise, Idaho? Mortgage interest rates have been historically low for the past two years, since the beginning of the COVID-19 pandemic, but buyers are struggling to locate homes on the market. Keep in mind that there is home inventory on the real estate market, but it’s just disappearing within a few days. Aggressive competition among various homebuyers has led to increased home prices, and that trend has continued this year. Median home sale prices in the first quarter of this year were about $595,000 for Ada County. This represents a 17.59% increase over 2021.

 Mortgage interest rates have been increasing since the end of 2021 after spending almost two years of the pandemic either near or under 3%. The average mortgage interest rate was over 5% for a 30-year, fixed-rate mortgage in May. Mortgage rates are still historically low but higher than in recent years. Since there are higher interest rates, the total home cost for buyers is astronomically high. For this reason, some buyers might choose not to buy a home this year. The prospective buyers who decide to go ahead and buy likely won’t need to worry as much about bidding wars with other buyers. And home prices will stabilize as the year goes on, which should offer some relief to buyers.

Selling a home

Sellers aren’t losing out, even as the home prices begin to stabilize. Home prices will most likely keep rising in most housing markets, simply at a slower pace than they’ve increased since 2020. Keep in mind that the rate at which home values have been appreciating over the past couple of years is simply unsustainable over the long term since homebuyers can’t keep up with the increased home values. That being said, in most housing markets, including Boise, the average annual equity gain for homeowners is still higher than the average growth of their salaries.

 Fewer homeowners will put their homes up for sale as interest rates continue to rise since sellers will most likely need to buy a new home to move into and don’t want to trade their current mortgage for a mortgage with a higher rate and less equity. In previous years, homeowners have received a much lower mortgage rate, so selling a home now to buy a new one costs additional money. Current homeowners also aren’t likely to refinance their mortgages anytime soon since there is little to no incentive to refinance at a higher interest rate.

New construction and development

New construction and development likely won’t significantly impact housing demand this summer or for the remainder of 2022. Developers are building new houses at a fair pace, but they are unable to get the houses finished since there are supply chain problems with appliances and building materials. This means that completing a new construction property is often delayed, and there are holdups in the home construction process.

 Builders feel the most confident about single-family home sales and the least confident about the traffic of potential homebuyers. New construction has dropped over the past year, and the decrease in buyer activity for new homes is tied to reduced affordability. Fewer buyers opt to buy new homes since they are less affordable due to rising prices, rising interest rates, and higher costs for building materials. Customers are beginning to pull back from the prospect of new construction and say they’re not ready to buy new homes at the moment.

Renting a home

Like home prices over the past year or two, rents have also dramatically increased. Rents hit an all-time high this spring. One-bedroom apartment rentals have increased about 13% yearly, while two-bedroom apartment rentals have increased about 14% yearly. That being said, rents have only increased 0.3% for one-bedroom apartment rentals and 0.7% for two-bedroom apartment rentals month over month, so the increase in rents might be slowing down.

 Home sales are beginning to slow down due to the rise in inventory and interest rates, so the slowdown in rent increases in the spring could mean a less chaotic rental market in the coming months. However, rents are unlikely to see significant decreases, and home prices might have reached a plateau, but rents in most markets, including Boise, are unlikely to do the same anytime soon. Rent tends to impact customers early on, and high rents could become an issue as financial pressures increase, especially as the everyday consumer starts to stress more about finances.

Partner with a Boise real estate agent

Looking for new homes for sale in Boise, Idaho? Reach out to the trusted Boise real estate team King & Edge for guidance. Both Manda Edge and Stacey King are passionate about ensuring their clients find the home of their dreams or make it through the selling process unscathed. They are long-time community members who look forward to helping you in your real estate journey.

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Home Buying: Should You Buy New Construction in Eagle, Idaho?

Many people love new constructions and brand new homes! New homes for sale in Eagle are coming on the market every day, and for many people, there is something genuinely exciting about being the first person to sleep in a room or shower in the bathroom.

Others looking at Eagle real estate may be wary of a new build. New construction can sometimes have a bad reputation, and as a suburb of Boise, there are already plenty of quaint and existing homes with character and charm to choose from in Eagle.

Keep reading if you’re looking at Eagle real estate and don’t know how to decide. These are the pros and cons of choosing new homes for sale in Eagle versus moving into an already-established build.

Pro: You’re the first

If you think being the first person to drive a car on the highway is fun, you’ll love new homes for sale in Eagle. As the first owner of new construction, you will be the first person to do everything. Sleep in the primary bedroom, cook dinner in the kitchen, and shower in the bathroom.

You don’t have to worry about previous homeowner mistakes, DIY projects gone wrong that cost you money to fix, and existing problems the previous owner ignored. It’s all you.

Con: Consider HOAs

New builds often come with an HOA or Homeowners Association. For some, this can be a significant benefit. You get a better sense of community, they keep the area clean, and everyone has to follow the rules to better the area. Not everyone loves HOAs, though, and one bad HOA president can make you feel uncomfortable or unwelcome in your neighborhood.

If you like HOAs, new houses for sale in Eagle with an HOA won’t be an issue. If you’re wary about a group of neighbors who dictate what color your front door can be or how high you let your grass grow, brand new builds may not be for you.

Related: The importance of a Home Warranty

Pro: No repairs

You might not love the paint color on your new piece of Eagle real estate, but painting differs significantly from major repairs or renovations. When you’re buying a new home, you don’t have to worry about making significant changes to the home. It’s brand new — it won’t need a new roof for 15-30 years, and you don’t have to worry about old electric wiring, or any plumbing issues hiding just behind your bathroom wall.

Con: You might have to wait

Depending on where you’re looking at new houses for sale in Eagle, you may have to wait for your home to be built. This can be an issue for people moving on a deadline or if you have to maintain your current mortgage for a few months however, there are worthwhile temporary housing solutions such as short-term rentals like Vrbo or Airbnb, to build and enjoy your dream home for years to come. Often when viewing a newly built home, you’re viewing the model home. You don’t buy that exact home. Instead, you choose what you like and what upgrades you may want in your new home. Then, the builder will either fully construct or finish the plot of land and home you have purchased.

If you have no problem waiting for your home to be finished to your specifications, new houses for sale in Eagle will be no problem. If you’re working on a deadline or simply don’t want to wait, you should either be looking in developments or neighborhoods with brand new homes nearing completion or at homes that have been previously occupied.

Related: The Top Home Improvement Projects for a High ROI

Pro: Customizable

While you may have to wait, the benefit is that your new home will be exactly how you want it. You don’t have to live with poor design choices or deal with renovations to achieve the home of your dreams. You can select the countertops, backsplash, and flooring that you want. Your dream Eagle real estate can be precisely how you want it.

Con: It can be exhausting

Decision fatigue can plague home customization. This medically acknowledged problem impacts your ability to make decisions over a short period. This is common when building new builds.

New homes for sale in Eagle are great because you get to choose everything. But it can also be incredibly exhausting and sometimes overwhelming. You may find yourself at the end of a long day looking at tile choices for a bathroom and just want to walk away from everything. This could cause you to make a choice that you don’t love. If you’re a person that genuinely struggles with making decisions, this might be an issue. However, our team of experts at King & Edge Real Estate excel at finding the best fit for every homebuyer, making the homebuying process a breeze!

Pro: Energy efficient

Sure, older homes can have charm. However, new homes for sale in Eagle are often far more energy efficient. You don’t have to worry about windows that were installed 30 years ago leaking hot and cold air. Your appliances will be brand new, using as little power as possible while looking great. The roof and insulation will all be perfect, with no drafty rooms or cold walls in the winter.

Starting with an energy-efficient home can be a large benefit, and you may save money compared to an older home.

Con: Price

The biggest downside to new homes for sale in Eagle is often the price. A new home will almost always be more expensive when you compare home prices by the square foot. If you don’t have or don’t want to spend that money upfront, a new build may not be for you.

That said, you do have to consider everything you get with new Eagle real estate versus an older existing home. You may “save” money by spending less up front, but that saved money may go straight into the house in the form of new appliances, repairs, upgrades, and renovations.

Related: What to Know About Buying a Historical Home

Ready to buy?

If you’re looking at Eagle real estate and need advice, guidance, or someone local to trust, reach out to Manda Edge & Stacey King at King & Edge Real Estate today. Manda has lived in the Boise area for over 25 years and can help guide you on your next home purchase. Whether you’re sold on new homes for sale in Eagle or want something in an established neighborhood, King & Edge Real Estate can help.

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What to Expect When Living In Eagle, Idaho

Eagle, Idaho, is a flourishing suburb of Boise, located just 10 miles from downtown. Located in the Treasure Valley, Eagle is at the base of the foothills and supports a growing population of approximately 32,000, with some of the best restaurants, schools, and access in the state. The homes are a mix of large acre horse properties, grand estates, and custom homes.

The region is perfect for both established and growing families. Eagle homes for sale have a median price of $975,000, and its posh properties stay on the market for an average of 42 days. Eagle real estate is in high demand because residents can conveniently enjoy all four of Idaho’s seasons in the great outdoors, and there’s a large range of activities, community events, and dining nearby.

Below are a few aspects of life in Boise to consider when exploring Eagle homes for sale.

Everything you need to know about living in Eagle

A variety of outdoor activities

Eagle is a great place for outdoor enthusiasts. Eagle Island State Park is the largest recreational area in the state. It’s 545 acres, including a swimming beach, picnic area, more than five miles of trails, and a water slide open in the summer. Residents and visitors can enjoy disc golf, a volleyball area, playgrounds, and horseshoe pits. Your children can become junior rangers, and you can get to know your neighbors by volunteering at the state park. Visitors to the park enjoy zip-lining in the summer, and in the winter, there’s a great snow hill for sliding around. The Eagle Island State Park is one of the many public resources that make life (and real estate) in Eagle so popular.

The Boise River Greenbelt is another beautiful park that stretches 25 miles through Eagle to Boise. The Greenbelt runs along the Boise River and is home to many riverside parks. Residents can easily access the greenbelt and enjoy cycling, walking, bird watching, or fishing along the river.

Eagle homes also provide access to two great golf clubs. Banburry, which is rated in the top 10 golf courses in Idaho, and Eagle Hills, which is a full-service event center. Eagle is also home to the Ada/Eagle Sports Complex, which features basketball courts, a skateboard park, and a BMX course. There are trails and picnic areas for a more relaxing adventure. Eagle Tennis Club is another excellent option for Eagle residents and houses a dozen indoor courts for members to play year-round.

Photo courtesy of Ada/Eagle Sports Complex website

A full calendar of community events

Residents love living in Eagle for the local events and general sense of community. A very popular annual event is Eagle Fun Days, held each summer. These are two family-fun days at Eagle Island State Park and Downtown Eagle. Events include a fun run, fireworks, car show, wet and wild parade, live music, corn hole tournaments, and a Rocky Mountain Oyster Feed. If you happen to be looking for Eagle homes for sale this summer, time your search during the Fun Days to see what it is like to be part of the community.

Another staple for summer gatherings in Eagle is the Gazebo concerts from local artists. These shows are once a month in Heritage Park in downtown Eagle, with beverages and snacks available for purchase. In the spring and fall, Eagle also hosts Glow on the Greenbelt, where people of all ages come together to exercise and have fun along the Boise River Greenbelt.

Photo courtesy of the City of Eagle

Shopping and dining near Eagle homes for sale

Eagle has a wide selection of restaurants, from casual to upscale. Choices range from barbecue to Italian and include a great selection of local coffee houses and bars with handcrafted cocktails. Rembrandts is located in Downtown Eagle, a neighborhood favorite, open for breakfast and lunch. Make sure to try out their famous “Dirty Fries.”

For a more posh eating experience, try Bacquet's French Cuisine Restaurant, serving European cuisine with a large selection of curated wines. Bardenay Restaurant serves lunch, happy hour, dinner, and a kid’s menu. Bardenay also houses a distillery in their restaurant, specializing in rums, vodka, gin, and various flavors of liqueurs.

Residents can shop and enjoy music at Eagle's Saturday Market on Saturdays from May to October. Residents can find special gifts, unique antiques, clothing, and gear at TRR Outfitters. This local shop is equipped with everything you need for fishing and other outdoor adventures, and they’re the largest retailer in the Boise area offering Patagonia.

For exercise enthusiasts, there’s a list of niche fitness communities throughout town to help you break a sweat. Eagle ATA Martial Arts Center & Karate for Kids, Fit Over 50 Fitness, Shine Dance Fitness, and The Exercise Coach each offer something different to residents. After finding your perfect piece of Eagle real estate, you won't have to travel to Boise for your workout, hair cuts, nail appointments, or spa days. There are plenty of local options available for your convenience.

The City of Eagle's slogan is “Life, done right,” and it’s very appropriate given the number of activities, events, shopping, and dining available to Eagle residents. For families with children, Eagle’s schools vary from public, charter, magnet, and private.

Photo courtesy of Bardenay

Ready to explore Eagle homes for sale?

When you’re ready to begin exploring Eagle homes for sale, reach out to the Idaho luxury real estate experts, Manda Edge or Stacey King at King & Edge Real Estate. 

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4 Tips for Relocating to Boise, Idaho

One of the most unique things about the United States is that it is so diverse and varied that moving into a new area may be a bit of a culture shock, even though you haven't even left the country! Unlike somewhere like, say, the Netherlands, where everything is predictable and going to a new city generally means knowing what to expect, the United States has a wholly distinctive set of cultural bends, from New Orleans to New York and Los Angeles to Miami.

Boise, Idaho, is a lovely area to live in with the wide expanse of natural surroundings and the vast opportunities for outdoor recreation, sometimes literally at your doorstep. Here are some things to know about the life here in Boise so you will be ready should you be looking for Boise real estate and Boise homes for sale.

Nature and Fitness

The great outdoors are a way of life in Boise, with one of the country's healthiest and most active populations. There are opportunities for mountain biking, skiing, hiking, and kayaking. Bicycles, rowboats, and skis are not an uncommon sight at all on top of cars and trucks. Walking down the street in Boise, you will see many people who obviously spend a significant number of their non-working hours being active, as their physiques will testify. If you are in the prime of your life yet not active at all, it may prove a bit difficult to blend into the social surroundings because you will inevitably be invited to put on some hiking boots or a life vest and get out into the open country. If you have lived a relatively sedentary life, Boise is an ideal place for you to change those habits and get yourself into shape. Get some of that “harumph” energy that comes with some good vigorous activity!

Transportation

If you are coming from a college town or major metropolitan area where you don’t need a car very often, that will change once you get to Boise. There is a public transportation system, but the buses run few and far between, so you will likely require a car for all transportation needs, be it going shopping or simply getting your morning cup of coffee. Cars are a part of life here in Boise, so much so that, if you enjoy classic car shows, there are a number of them to be seen here!
Without a doubt, keep up to date on your AAA membership and get a discount card from the local car wash because you will likely be putting quite a few miles on your vehicle. Boise real estate and Boise homes for sale will often come with ample parking, so there won't be any issues if you have two cars plus a car for your teenager.

Related: What to Know About the Current Boise, Idaho Real Estate Market

Lifestyle

Although the downtown area is changing the housing market due to the influx of condominiums and lofts, there is still a great deal of emphasis placed on the time-honored, single-family home, which you will find everywhere in Boise. This kind of lifestyle will be an adjustment if you are coming from a place like Manhattan. Still, these traditions are highly valued in Boise because it gives residents plenty of space to entertain, relax, and allow the children a place to play under watchful eyes. Naturally, this comes with the need to maintain a property, an obligation you may not have had if you move to Boise from a high-rise in Chicago or Miami. The vast majority of residents who transition to this new type of life are delighted by the space that it brings to them and their lives.

The Best Friend to Have

If you have been looking into Boise, the absolute best thing you can do to get your foot in the area's door is to contact your local real estate agent to talk about Boise real estate and Boise homes for sale. Although this article can cover some of the generalities, an agent will be able to ask precisely the right questions and determine the neighborhood and area that best suits you and your particular situation. Make sure you get an agent that knows how to ask the right questions! Those are the best by far. But even if you do find one that is top-notch in this respect, make a preliminary checklist of things that are on your must-have list for the way you want to live once you’ve become acclimated to the area.

Ready to find Boise real estate

Are you ready to start looking at Boise homes for sale so you can make this area your new home base? Reach out to trusted local agent Manda Edge for guidance.