Summer in Boise, Idaho brings a different kind of quiet or more accurately put, the din of screaming fans cheering a touchdown on Boise State University’s blue turf gets replaced by the steady hum of bees buzzing around summer blossoms and the sounds of dogs barking at the local dog park. It’s a season which inspires the people living in the City of Trees to get out and move — their bodies, their furniture from end of the living room to the other and even to a new home. But there are some things that wayward Boiseans should consider if they’d like to switch one piece of Boise real estate for another.
During the last five years since the market crash of 2008, many potential new homebuyers have either pulled back their efforts to buy a new home or assumed that they couldn’t get a mortgage given the current market. But the truth of the matter is, it was a myth that getting approved for a mortgage was difficult. It has, and currently is, actually quite easy to get loans, although what the banks checked for became more strident.
Once upon a time — in Idaho at least — a potential homebuyer need only state his or her assets and income to be considered for a home loan. In other words, there was very little that had to be documented. Now, lender’s will ask for about every documentation you can imagine to prove income, assets, etc. If you have reasonable to good credit and can gather the required documentation, lender’s are happy (and have been happy) to loan you money.
This is not to say that future homebuyers don’t face challenges when it comes to buying a piece of Boise real estate. The City of Trees actually has a good problem in that regard. The absorption rate in Boise has hit an absorption rate of Number under 4 months. This essentially means there is more demand than supply.
These rates of absorption now stand where they did pre-2008 crash — least in terms of percent. It has once again become a seller’s market in Boise, and new home buyers often report to me that they are surprised at how difficult it is to bid on and win the contract for a new home. They often make offers on two or three houses before they land one. Moreover, new home buyers don’t find the cheap home deals they thought they would. At the moment, the sold to asking price stands at almost 100 percent in the Boise, Idaho real estate market. Homes that are not priced well, simply don’t sell. Ones that are priced well, sell quickly.
Information deemed reliable but not guaranteed.