Tell me if this sounds familiar…. Ada County home prices have hit a new record high, again.
The lack of housing supply versus persistent and increasing demand for housing continues to drive home prices in Ada County. The amount of homes for sale vs the amount of people wanting to buy a home continues to be lopsided in favor of the seller or builder. Great news is your thinking of selling this year and a little overwhelming if you’re thinking of buying this year.
- The median sales price rose to $359,900 in November 2019, up 12.5% over the same month last year.
- New construction sales made up 32.2% of the market share in November. New homes typically sell for more than existing homes due to the increasing costs of land, materials, shortage of skilled labor, as well as consumer preferences.
- So obviously more inventory, whether existing or new construction, is needed at all price points, but especially those below $250,000. This will help to help bring our market back into balance.
If you have a home that you think could sell for $250,000 or under. There is no need to wait until spring to list. There are plenty of eager buyers out shopping right now!
If you’re dream this year is to buy a new home, don’t let this information scare you into staying in your current situation. Mortgage rates continue to remain low, under 4% for most loans. You just need to be ready to make an offer when that home you want comes on the market. Home buying right now is an act fast scenario. I’m happy to help you navigate the steps of purchasing a home this year. If you’re prepared for the market, it’s not so intimidating. And if you’re interested in selling, I’d love to assist you too! Please contact me today with any questions you may have. You can also click on the link at the top of the page to get a FREE home valuation and see what your home could list for.
I'm happy to help because your home is my business. Have a great day!
