It’s summer in the Treasure Valley in Idaho: we’re hot, sweaty, and being hit with unpredictable weather swings, but there’s the promise of cooler days in just a few more weeks. This summer, for the first time in many years, we have what is called a balanced market. Both buyers and sellers have the power to negotiate due to the supply of homes starting to meet the demand. People aren’t frantically swarming to grab the few homes available and can take their time and make wise choices with their finances.

The market isn’t a true buyer’s market, but it does feel like it at times, mostly due to home sellers being skittish in their sales. Many sellers think that if they don’t give the buyers what they want, they won’t be able to sell their home. As a result of this nervous panic, the balanced market leans towards being a buyer’s market with any demands getting met by the sellers, and with the potential for sellers to lose out on the true value of their home.

If you listed your home and are moving because you need to buy something different, maybe a bigger or smaller home, and you can afford it: sell it and move on. You marry the house, not the interest rates, and you can always refinance later. Don’t feel pressured to sell your house to the first buyer who offers or anxious that you’ll miss out on selling your home if you give a counteroffer. The right buyer for your home will come. Let us at TVPM & RE know if we can help you with achieving your home-buying dreams.

Are you currently renting? Maybe thinking about the day when you’d be able to afford a home for your growing family or wanting to put down permanent roots here in the Treasure Valley? Maybe you’re not sure if buying a house is the best move right now, finances and opportunity seem tight these days for everyone. Let me share something that could change your mind about owning a home versus renting one over this next year.

Rent for a property could be catching up with a mortgage. In other words, it might be prudent to buy a home now and make an investment instead of sinking money into rent each month. In the past, it was simpler to tell if you should buy a home or rent one to save money. You could calculate how much you would save if you rented and then save up that money for a down payment someday. Nowadays, rent in many places is equivalent to or very close to a mortgage payment, meaning that all of the money you’d pay in rent each month could be instead going to something that would be fully yours someday or bring you equity if you sold it in the future.

Mortgage payments are generally stable month-to-month, while rent can change drastically if your landlord raises the prices on a whim. Owning a home can also give you tax benefits, and if you have or want to move in the future, you would have more time to make a decision instead of being kicked out of where you are renting. These are just a few of the reasons to think about owning a home instead of renting. Of course, you should always consider hidden homeowner costs, your finances, and make sure you’re not getting in something that’s well over your head. Contact any of us at TV Idaho Real Estate and Property Management, we would be happy to help you with any questions you might have about your dreams of home ownership.

The Treasure Valley may be seeing interest rates lower in June which would greatly benefit homeowners next year. The Federal Open Market Committee meeting will be held in a few weeks on June 18th, and we believe that they are going to lower their interest rate; we’re curious if it will be 0.25 or 0.50. Low interest rates are beneficial for homeowners, and if you’re planning on buying a house this year, those low rates will be great for saving money as you navigate the hidden costs of home ownership.

We are also experiencing a slowdown in the real estate market here in the Treasure Valley, which is mainly due to interest rates. Right now we have at least 30% more homes on the market than we did last year at this time, but they’re moving slowly towards being sold. We are hopeful that lower interest rates will keep the market moving, hopefully towards a balanced market for both buyers and sellers.

All of us here at TVIPM and Real Estate would be happy to help answer any of your questions about interest rates, housing costs, or anything else you might be pondering as you decide if you’re ready to buy or sell a home. We want to help you find your dream home, despite the challenges of the economy, and help you provide for your family what you need to thrive!

First-time home buyers have an advantage in the Treasure Valley real estate market right now, and you’ll want this information in your back pocket as you consider the next steps towards home ownership. The recent slowdown in the market gives you the possibility of affording home repairs and asking for closing costs, as well as offering a lower price and actually getting it.

In the last few years, homes have been selling for higher and higher prices, and people have been scrambling to buy homes with inventory being less than demand. You requesting closing costs or repairs was risky, since there were usually multiple offers on a home and other buyers might not have the same priorities that you did. But with the market slowing down and homes being on the market for around 2.5 months or 75 days and inventory catching up with demand, we’ve seen people’s requests being accepted with their offers. This allows first-time home buyers to afford better homes than they could and also to be able to afford repairs themselves after they move in.

Many home sellers think they can get more for their homes than they actually can right now, since they are used to the prices of post-2020. However, many home buyers are nervous about the state of our country’s economy and aren’t willing to just pay full price for any home, loan applications are down, and construction has been slowing. If you are a new home buyer, are ready to buy a home, and have the adequate funds necessary, now is the time to take the next step before the market picks back up again. Marry the house but date the rate, and don’t live in fear but stay informed. We at TV Idaho Real Estate and PM are willing to help answer any questions you might have, just give us a call or send a message!

When you’re considering buying a home, interest rates for mortgages are often one of the top things on your mind, right? Before getting locked down in a payment plan for years with the potential for rates rising and more money leaving your pockets, you probably want to know what you’re getting yourself into. Being a homeowner can be work enough without the added stress of rising interest rates, we’re here to help ease your worries so you can make the best decision for you and your family’s housing situation!

You don’t need to wait for the perfect interest rate to become a homeowner! The past 50-year interest rate average has been around 8%, rarely spiking higher. You marry the home, but date the rate. The passive savings that can accumulate from owning a home can be better than renting, even with a higher interest rate. Our homes are still increasing in value in the Treasure Valley, and if you take care of your home, you won’t be losing out on potential future value.

While you are looking for a home, however, you should keep your budget in mind and ensure that you’re not going to be paying more than you’re able to afford. If the home and interest rates are doable with your income then we say, go for it! There can be hidden costs with home ownership that can take you by surprise if you are a new home buyer, such as wear and tear on the home itself. But if your finances are stable and you feel ready, home ownership is well worth the money and we’re happy to help you get there. Please let us know how we can help you!