Look at listings right now in the Boise area, lot of them for sale and check in the 4th quarter. I can’t help but think this is turning the tables big in buyers favor. Sellers gonna feel some pain.
Boise home values going back to the 80’s. It’s pretty darn clear. After every cycle of big appreciation in values comes a corresponding huuuge crash. Boise prices dropped for 5 consecutive years after the last crash. You missed that opportunity Brad, you will get another at bat. But notice I said prices dropped 5 straight years. thats a painful 5 years for some. lets see if this down cycle matches this time
crazy price chart, but look how it’s already in a sharp slowdown. Boise and Austin will present excellent opportunities to buy houses cheap. Boise in particular will flip negative here pretty soon.
Builders are also warning of buyers cancelling orders on new homes. Think about this, when you buy a new home you have to put an earnest money deposit that is non refundable if you cancel. Normally that is $10000 to $25000 depending on how dumb you are as a buyer. They will work you for as big a deposit as they can to lock you in. So people are walking away from their deposits Rather than closing . Lesson: keep your deposits to $3000.
Seeing more cases of people who are still willing to Make the deal (as they wait for completion of the home), but now don’t qualify for the purchase because of the new higher interest rate.
thanks for all the info. Getting up early for the drive. Last thought- these dishonest realitors (and some of these Zillow and Redfin bastards) are all making the argument that there won’t be a HM crash because of DEMAND (numbers based on the last 12-18 months). Well, thuse high demand numbers were created by the f’n fed and uncle Sammy. You’d think someone would’ve figured it out after the fry guy at McDonald’s bought a 450k home…. “But demand demand demand”. ….. hahahahahaha
Heading to Boise on Tuesday. I’m going to take a look around at some neighborhoods. Don’t worry, they won‘t get a nickel from me,,,,, YET. Window shopping before those burbs get crushed. It should be interesting to see how much the decline will be bEtween now and spring/summer ‘23.
Boise is going to get hammered. Cancellations of pending sales by buyers are over 20% in Boise Right now, with the edge of storm yet to hit , let alone the eye. The IE is the leader in California in highest cancellations just like I have been predicting they would be. Seen this movie 4 times, everyone dies in the end, except me, I scoop up properties at bargain prices. Remember that real estate is for buying, not selling. Work from home reversals are rumored to a factor as people have to go back to the office.
By the way property taxes are higher in Idaho vs California. 1.327% in urban areas. California is 1.25%. Texas is higher than California too . high taxes is not just a California thing
Look at listings right now in the Boise area, lot of them for sale and check in the 4th quarter. I can’t help but think this is turning the tables big in buyers favor. Sellers gonna feel some pain.
Boise home values going back to the 80’s. It’s pretty darn clear. After every cycle of big appreciation in values comes a corresponding huuuge crash. Boise prices dropped for 5 consecutive years after the last crash. You missed that opportunity Brad, you will get another at bat. But notice I said prices dropped 5 straight years. thats a painful 5 years for some. lets see if this down cycle matches this time
crazy price chart, but look how it’s already in a sharp slowdown. Boise and Austin will present excellent opportunities to buy houses cheap. Boise in particular will flip negative here pretty soon.
Builders are also warning of buyers cancelling orders on new homes. Think about this, when you buy a new home you have to put an earnest money deposit that is non refundable if you cancel. Normally that is $10000 to $25000 depending on how dumb you are as a buyer. They will work you for as big a deposit as they can to lock you in. So people are walking away from their deposits Rather than closing . Lesson: keep your deposits to $3000.
Heading to Boise on Tuesday. I’m going to take a look around at some neighborhoods. Don’t worry, they won‘t get a nickel from me,,,,, YET. Window shopping before those burbs get crushed. It should be interesting to see how much the decline will be bEtween now and spring/summer ‘23.