The national trends that have most real estate pundits proclaiming that 2014 is a good year to buy a home also apply right here in Boise Idaho.
Prices are going up both nationally and in Boise. The average sales price in Ada County was up 11.5% in January vs 2013 while the average price per square foot rose by 9% to $115.
Inventory of existing and new construction homes has increased. The total number of homes for sale in Ada County is up 22.1% versus a year ago. If you break out new construction inventory is up 30.8%
Interest rates are still low but are forecast to edge up bu year's end. Rates change everyday but of late they seem to be hanging in the 4.375 to 4.5 range with widespread predictions of 5% or higher by the end of the year. Those are still pretty low by historical standards but any uptick in rates reduces the buying power of the average homebuyer.
So both nationally and here in Boise as the article from CBS News in this link explains 2014 is a good year to buy a home.
If you or anyone you know is considering buying or selling a home in 2014 please contact me.