Don't broadbrush all states with the housing slump

There was an interesting article in RealEstateJournal.com recently by Marketwatch reporter Amy Hoak. Entitled "Housing Slump May Persist Another Year," Amy reports some good statistics for a nationwide recovery in home sales. From the viewpoint of loans made, Doug Duncan, the chief economist of the Mortgage Bankers Association, notes that "the forecast calls for home sales to bottom out in the third quarter of next year and for housing starts to hit their bottom slightly earlier, in the second quarter."

Boise real estate stands out

But I wanted to point out that the national press often broadbrushes the whole country with talk of housing slumps and bad real estate markets. The truth is, all real estate is local, and Boise is not in a housing slump comparable to some of the bad markets the press covers nationally. In fact, some US real estate markets are still rising, contrary to popular belief, including markets in our Pacific Northwest.

Is the market cooler here than it was in 2005? Of course. It's true that the number of homes sold has declined recently, but there are still buyers out there. They are just more careful than before. We all knew the market needed to cool a little to stay healthy, and that's what is happening.

Boise home buyers

I think the biggest issue our local Boise real estate market has to overcome is the large amount of supply currently on the market in the form of new housing. This really just means there is a lot of competition from sellers, which ultimately benefits buyers. You have more choices, and choice is a great thing!

So don't let the nationwide statistics keep you from making your real estate move here in Boise. Please contact me to get started:

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