As with the vast majority of country, Boise real estate has sustained an extraordinary drop in activity and prices in recent years. With the latest numbers indicating that there is no real improvement in sight, homeowners in the area are starting to wonder when and if it will happen. The aggressive action by the federal government has done some very good things to stabilize the market, so let us take a look at how it has responded.
The most active strata in the Boise Idaho real estate market is the entry level home market. With sales rates slowly creeping up, this winter is turning out to be a decent year, once you factor out the slower time of season it is. The first time home buyer tax credit has lifted this sector of the market dramatically and continues to spur growth. The previously mentioned tax incentives are responsible, almost exclusively for the period of national appreciate we recently experienced.
The middle of the Boise real estate market, consisting of homes between about 200 thousand and 400 thousand dollars is very slow at this point of the market. The difficulty in getting financing will ease since we have had appreciation rate that justifies primary mortgage insurance, which will reduce bank reluctance to grant loans. New homes construction is very sluggish within this area of the market with home buyers aiming at purchasing energy efficient floor plans that are smaller in size right now.
With defaults soaring in the jumbo loans arena, luxury homes in the Boise Idaho real estate market are headed lower in price as well. With higher default rates reporting, PMI for jumbo loans will go up substantially, and this will prohibit many buyers from doing so at this time.
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The Boise real estate land market which includes building lots, developments and acreages has seen a decent uptick as many people are spending their tax credit on acquiring acreages. With lot sales being nearly completely tied to new home construction, as one goes so go the other. With a paucity of financing for real estate developments, the rate of sales of development property has been very slow.
The winter always sends a chill over the real estate market, but this year Boise home buyers will be working on making sure to get a home under contract in time for the first time home buyer credit deadline of April. The most dangerous influence in the market is an increase of mortgage rates, which may dampen real estate sales and prolong the recovery that all of us are eagerly waiting.
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