Is the Boise Housing Market Cooling Off?
Boise had a hot housing market during the pandemic-fueled boom. The housing market conditions we experienced for the last two years were unique. Historically low inventory, coupled with rampant demand, resulted in above-average price growth and a highly competitive market. The changes we’re seeing in Boise price growth, inventory, and slower market times are moving us toward more normal market conditions.
The housing boom in Idaho's capital has slowed. The bidding wars are the exception and not the rule, and buyers aren’t having to make split-second decisions and waive contingencies for their offer to even be considered. Buyers are resisting record prices and 13-year-high mortgage rates. There are fewer reasons to relocate to the Boise region now that prices have risen and corporations are bringing their employees back to the office, making the area less attractive.
If a regional housing market is “overvalued” by more than 25%, Moody’s Analytics deems it “significantly overvalued.” Through the second quarter of the year, half of the nation's housing markets, including Boise (“overvalued” by 77%), fell into that “significantly overvalued” camp. These markets would be the most at risk of significant home price corrections.
Florida Atlantic University and Florida International University also considered Boise as the most overpriced in the United States. According to an analysis of 100 markets conducted by the researchers in June, the Boise housing market ranked #1. The research found that property prices in the Boise metropolitan region were 69 percent higher than they should have been given Boise's long-term pricing pattern. Price growth is already slowing in the Boise area but remains robust.
Boise is America's second least affordable housing market. Only Vancouver, British Columbia, is worse for homebuyers in terms of housing, according to a study from Oxford Economics, an economic forecasting firm based in England. The Oxford Economics' Housing Affordability Indices examine whether a city's median-income household can afford a median-priced home.
Boise's home prices are 72 percent higher than what a median-income household can afford, according to the Housing Affordability Indices. According to the report, Boise has “the fastest-growing [Housing Affordability Indices] of any metro in the United States projections. Overwhelming demand continues to outpace the critically-low supply of available properties, pushing sales to new extremes as sellers enjoy multiple offers, contingency deferrals, and top-dollar returns.
To achieve a balanced market on current demand, the county's housing inventory would need to increase to between 3,800 and 5,200 listings (a four- to six-month supply). That's how hot this market is due to insufficient supply compared to demand, especially for existing single-family homes. For years, the lack of supply in the Boise area has been the primary driver of home prices, but several factors have accelerated the growth in recent months. In Boise, even new-construction homes have become incredibly expensive to own.
New construction homes are getting expensive due to rapid increases in material costs, so some builders have held back available inventory until the property is closer to completion so that they can price the property based on final material costs. As a result, the new construction median home price in Ada County was $650,635 in September 2022, a jump of 18.3% from last year when it was $550,000.
Although the supply of new construction is up 229.2% from last year (from 1.3 months to 4.3 months) it is still a little short of a balanced market that doesn’t favor buyers or sellers. It has affected everything from buyer demand to housing supply to mortgage rates, which together have helped drive up home prices for single-family, existing/resale, and new constriction homes.
Will the Boise Housing Market Crash?
The Boise Metro Area housing market is expected to see a home price growth of 4.3% from Sept 2022 to Sept 2023, according to the latest forecast by Zillow. Boise is a seller's real estate market. However, supply and demand might vary from city to city and from neighborhood to neighborhood. The Bosie metropolitan area encompasses Ada, Boise, Canyon, Gem, and Owyhee counties in southwestern Idaho. It also includes Idaho's three largest cities – Boise, Nampa, and Meridian. The Boise-Nampa metropolitan area, also known as the Treasure Valley, includes five counties with a combined population of over 700,000, the most populous metropolitan area in Idaho.
According to Weknowboise.com, in the Treasure Valley, home price appreciation in the Treasure Valley has slowed to its lowest level in eight years, as rising interest rates have pushed affordability to multidecade lows. Home prices in Ada and Canyon counties increased by just 1% in the year that ended in September, the smallest rate of rise since 2014. The total sales of the two counties fell to 1,043 from 1,543 last year, showing a shift in buyer attitude and diminished affordability due to rising interest rates.
Homebuyers have more options and bargaining power than in previous years, but monthly payments can cause price shocks. The steep increase in interest rates makes it more difficult for purchasers to qualify for loans. The ensuing decrease in demand has provided home seekers more negotiating leverage and leveled the playing field with sellers.
Simultaneously, a noteworthy decline in resale listings from homeowners unwilling to give up rock-bottom interest rates is assisting with supply control. In September, the number of new listings fell again, while the months of supply increased to 3 in Ada County and 2.91 in Canyon County. The quantity of newly listed properties is decreasing more slowly than demand, resulting in a little increase in supply.
However, at approximately three months, the supply is still significantly lower than the four to six months regarded as a balanced market. Despite a below-average supply of available properties, the Treasure Valley housing market has a balanced feel. There is a difference between what customers desire and what they are ready and able to pay. Therefore, sellers no longer have the upper hand.
Bosie Home Price Gains Are Slowing Down
Here is the median single-family home price and year-over-year change by area:
- Ada County: $540,000, up $5,050 (0.94%)
- Canyon County: $426,990, up $4,990 (1.18%)
- Boise: $519,800, up $24,800 (5.01%)
- Meridian: $524,900, down $21,100 (-3.86%)
- Eagle: $899,388, up $136,888 (17.95%)
- Nampa: $430,000, up $13,505 (3.24%)
Despite 2022's demand change, supply remains historically low. Mortgage rates usually fell during housing slowdowns. Mortgage rates are rising as the Fed raises rates to battle inflation. Falling rates incentivize homeowners to “trade up.” You can lock in some of your home equity gains, receive a lower loan rate, and find a decent deal on a bigger and hopefully nicer house.
Trading up loses appeal as rates increase. Moving is discouraged by the high rate. More homeowners stay put, reducing the housing supply. This tendency won't change soon. Loan rates aside, Treasure Valley sellers have little pent-up demand. Over the past decade, sellers have sold. As the market continues to adjust, the coming months will be favorable for buyers.
Homes are still selling, and the best-marketed and most reasonably-priced properties are moving swiftly. The market has properties in every price range that sell within days. If interest rates continue to climb, demand will decline. If you intend to sell your property in 2023, now is the time to begin preparations, not in the summer. Buyers should take advantage of the next few months.
Boise Real Estate Market Summary For September 2022
- Median list price – $524,900 (up 6.06%)
- Median sold price – $519,800 (up 5.01%)
- Price per square foot – $309 (up 2.32%)
- Total home sales – 313 (down 101)
- Median days on market – 28 days (up 18 days)
- Available homes for sale – 2.58 month supply (up 1.24)
- 30-year mortgage rates – 6.11% (up 3.21)
Boise Metro Housing Markets by Area – Median Sales Price
- Ada County – $540,000
- Eagle – $899,388
- Garden City – $498,000
- Kuna – $432,450
- Meridian – $524,900
- Star – $632,450
- Canyon County – $426,990
- Caldwell – $401,495
- Middleton – $549,000
- Nampa – $430,000
What is the Average Home price in Ada County Idaho?
In September, the average original list price received for existing/resale properties was 92.5%, indicating that buyers, on average, paid less than the asking price due to a lower accepted offer, price reductions, or seller concessions, according to Boise Regional REALTORS®. Days on Market is another measure that signals a major shift in competition from one year ago. Existing homes that closed in September remained on the market for an average of 37 days before receiving an offer, compared to 17 days in September 2021.
The median sales price for homes in Ada County was $540,000 in September, down 4.4%, or $25,000, from the month prior, but 0.9% higher than in September 2021. The median sales price dropped for the last four months, but Ada is yet to see a year-over-year decline in overall prices. After peaking at 44.0% in May 2021, annual price growth has trended down and slowed significantly, due in large part to higher mortgage interest rates.
Single-family home sales dipped 30.3% last month in Ada County, and September marked the seventh month of year-over-year declines in sales. Compared to last year, sales are 15.1% lower year-to-date. Inventory has increased 93.8% from September 2021 to 2,420 listings on the Intermountain MLS. Today's homebuyers don't have to compete with last year's buyers due to more inventory. Buyers may refinance to lower monthly payments if rates decline. Buyers can now negotiate.
Two of the largest cities of Idaho are Bosie and Meridian. Both of them fall in Ada County. Boise is the capital and most populous city of the U.S. state of Idaho and is the county seat of Ada County. This area is a hot seller's market with a month's supply of inventory being 3.0. Even with the welcome inventory gains, the monthly supply of inventory in September was 3.0 months for single-family homes. A “balanced” market, or a market that does not favor buyers or sellers, is typically between 4-6 months of supply.
Elmore County Idaho Housing Market Trends
The data released by Boise Regional REALTORS shows that the rolling 12-month median sales price for Elmore County home sales was $338,498 in September 2022, a 12.4% increase from the year before, and no change from the previous month. There were 77 available homes for purchase at the end of the month, a decrease of 13.5% compared to last year. Of those, 65 were existing/resale listings and 12 were new homes.
Months’ Supply of Inventory (MSI) was at 1.5 months, meaning, if no additional homes were listed, the supply of homes would run out in approximately a month and a half. A balanced market, or one that doesn’t favor buyers or sellers, is typically between 4-6 months of supply. There were 40 closings, a 43.7% reduction compared to the same month a year prior.
There were forty-nine existing/resale residences and one freshly constructed dwelling. There were 61 pending sales — properties with an accepted offer that are anticipated to close within 30 to 60 days — a fall of 18.7% from September 2021 and the ninth straight month of year-over-year declines.
Gem County, Idaho Housing Market
The median sales price reached $484,225 in September 2022, an increase of 33.5% compared to the same month last year. Insufficient inventory relative to buyer demand has been the primary factor driving home prices; however, inventory levels have been increasing. In September 2022, listings averaged 36 days on the market, compared to 18 days in September 2021.
These extended market durations have allowed for the accumulation of more housing stock, providing purchasers with more options. At the end of the month, there were 135 properties available for purchase, a 31.1% increase compared to September 2021. The Gem County housing market is rated “balanced” with 4.3 months of inventory, as a supply of 4-6 months does not always benefit buyers or sellers.
Boise Housing Market Forecast 2022 and 2023
As inflation continues to dominate the U.S. economic outlook, a national economist forecasts that some “overvalued” regional housing markets may experience a 15 percent to 20 percent decline in home values if a recession occurs. Boise, Idaho tops the list of 40 regional housing areas that are most likely to experience similar price declines during the next year. This is according to a study published by Fortune, which utilized unique access to an updated proprietary analysis of U.S. housing markets by Moody's Analytics.
Let us look at the price trends recorded by Zillow over the past year. Boise home prices have declined by nearly 3.9% in the last twelve months (Zillow Home Value Index). ZHVI is a seasonally adjusted measure of the typical home value and market changes across a given region and housing type.
It reflects the typical value for homes in the 35th to 65th percentile range. ZHVI represents the whole housing stock and not just the homes that list or sell in a given month. The typical home value of homes in Boise is currently $505,808. It indicates that 50 percent of all housing stock in the area is worth more than $505,808 and 50 percent is worth less (adjusting for seasonal fluctuations).
According to NeighborhoodScout.com, Boise real estate has appreciated 215.18% over the last ten years. Its annual appreciation rate has been averaging 12.16% — putting Boise in the top 10% nationally for real estate appreciation. During the twelve months period, from 2021 Q2 – 2022 Q2, the Boise appreciation rate was nearly 10.98%.
In the quarter, from 2022 Q1 – 2022 Q2, the appreciation rate was nearly 1.28%, which annualizes to a rate of 5.21%. The increase in mortgage rates since the beginning of the year has had a bigger impact on monthly payments than the gain in home prices since October 2020.
Here is the home price forecast for the three largest cities of the Boise-Nampa metropolitan area — Boise, Nampa, and Meridian. In Sept 2021, the typical value of homes in Boise Metro was around $502,381. Home values have gone down by 1.6% over the last 12 months alone.
- The typical home value of homes in Boise City Metro is $502,381.
- Boise City Metro home values are expected to rise by 4.3% between Sept 2022 to Sept 2023.
Is Now a Good Time to Buy a House in Boise Idaho?
If you’ve been thinking about buying a home, a cooling Boise market might seem a sign to buy. Yet, as prices start to drop, interest rates are on the rise. With home prices expected to moderate over the forecast horizon and economic uncertainty heightened, both homebuyers and home-sellers may be incentivized to remain on the sidelines.
This time of year is actually optimal for property buying because it avoids the spring and summer bustle. According to experts, the optimum time to buy a property is often in the late summer or fall. It's not as competitive as it was earlier in the year, and as the colder season approaches and demand decreases, suppliers may be more ready to lower their prices.
The Boise and the entire metro area market is quite hot that may not shift to a complete buyer's real estate market, in the long term. In a balanced real estate market, it would take about five to six months for the supply to dwindle to zero. In terms of months of supply, Boise can become a buyer’s real estate market if the supply increases to more than six months of inventory.
And that’s not going to happen. Therefore, in the long term, the Bosie real estate market remains strong and skewed to sellers, due to a persistent imbalance in supply and demand. As a result, as more existing homes sell at higher price points, it further drives up the median price for the segment, as well as the market overall. The population is growing, which is fueling demand.
Home prices in Boise are expected to continue to climb at a steady pace over the next few years. There are four primary long-term drivers of home price appreciation: local economic health, job growth, new household formation, and affordability. Locally, the economy is thriving, unemployment continues near record lows, and there is no shortage of people moving to the Treasure Valley.
Here's How 2021 Ended For The Boise Housing Market. According to Weknowboise, relentless demand, combined with a seasonal slowdown in new listings, sent Ada County home prices to a new record in December. The median single-family home price in Ada County rose to $546,000 in December. Climbing nearly $114,000, or 26%, from the previous year, it marks a new peak.
Idaho’s most populous county is not alone. Home prices have made double-digit jumps throughout the Treasure Valley.
- Canyon County home prices rose $80,000 through 2021, ending at $419,480. That’s a 23% year-over-year leap and just $4,000 below the record.
- Boise home prices tied August’s record of $510,000, an increase of nearly $90,000 (21%) from just twelve months ago.
- Meridian’s prices rose to their second record in as many months, finishing December
Year-Over-Year Boise Real Estate Market Summary Dec. 2020 – Dec. 2021
- Median list price – $515,000 (up 24.86%)
- Median sold price – $510,000 (up 21.43%)
- Price per square foot – $288 (up 21%)
- Total home sales – 406 (up 26)
- Median days on market – 19 days (up 14 days)
- Available homes for sale – 0.50 month supply (up 0.28)
- 30-year mortgage rates – 3.10% (up 0.42)
Is Boise Idaho a Good Place to Invest in Real Estate?
Should you consider Boise real estate investment? Many real estate investors have asked themselves if buying a property in Boise is a good investment. You need to drill deeper into local trends if you want to know what the market holds for real estate investors and buyers in 2022. If you want to find investment opportunities, you need to find sleeper opportunities. These are places where demand is growing but it isn’t so hot that you risk being burned by buying at the top of the market. And we found such a “sleeper” investment opportunity in Boise, Idaho.
Idaho has much more than potatoes. Boise is a full city, home to more than 200,000 people. Nor is that the entirety of the Boise housing market, since Boise has suburbs. The Boise City–Nampa, Idaho Metropolitan Statistical Area is home to over 700,000 people. Nearly 40 percent of Idaho's total population lives in the area, and it includes Idaho's three largest cities – Boise, Nampa, and Meridian.
Boise has a mixture of owner-occupied and renter-occupied housing units for sale. There are more homeowners than renters. As per Neigborhoodscout.com, a real estate data provider, three and four-bedroom single-family detached home houses are the most common housing units in Boise. Other types of housing that are prevalent in Boise include duplexes, rowhouses, and homes converted to apartments.
Single-family homes account for about 65% of Boise's housing units. The year 2020 began with a new record in price gains for Boise. The Boise housing market looked hotter than before with a supply hitting a two-year low. The extreme shortage of existing homes and the increasing share of new home sales drove prices up.
Let’s take a look at the number of positive things going on in the Boise real estate market which can help investors who are keen to buy an investment property in this city. We’ll address the biggest factor pulling people to the Boise housing market next.
1. Boise's Big Student Market That Rents
The Boise metro area is the largest population center in Idaho and home to the state capital, so it is the largest student market in the state. Boise State University is located here. So are satellite campuses of the University of Idaho ad Idaho State University. Boise Bible College is also located in Boise. This provides significant opportunities for those who want to invest in the Boise real estate market and cater to college students.
2. The Lure of Jobs in Boise
One factor propelling the Boise real estate market is the availability of jobs. In Boise, population and job growth triple the national average. Boise is home to far more than lumber and food processors, though it is home to the headquarters of Idaho Pacific Lumber Company. The area’s largest private employer is Micron Technology, though Hewlett Packard and Simplot employ thousands here.
There are several manufacturing facilities here providing more stable and better-paying work than you could find in the seasonal tourism and irregular agribusiness sector. The university and state governments are major employers. Boise has low unemployment overall, currently hovering around 3%. That is two points below the national average.
3. The Strong Boise Rental Market
The average wage in Boise is a dollar an hour higher than the state average, so moving there gives you a pay hike. However, Boise has generally low wages compared to other metro areas. The average pay rate is about $40,000 per person. While housing is cheaper than in states like California and Oregon, the pay is lower, too. This means many people must rent. A healthy vacancy rate is around 5%.
In Boise, it is around 2%, and in the cheapest units, 1%. This has led to a flood of new apartment construction in the Boise housing market, but higher-than-average construction costs in Idaho slow down relative to demand. It certainly didn’t help local renters when there was no apartment construction at all in 2008 while new construction lagged in the last years of the Great Recession that only ended in 2016. That is why rental rates went up 7% between 2017 and 2018.
As of October 30, 2022, the average rent for a 1-bedroom apartment in Boise City, ID is currently $1,350. This is an 8% decrease compared to the previous year. Over the past month, the average rent for a studio apartment in Boise City decreased by -14% to $1,195. The average rent for a 1-bedroom apartment increased by 2% to $1,350, and the average rent for a 2-bedroom apartment increased by 3% to $1,595.
- The average rent for a 2-bedroom apartment in Boise City, ID is currently $1,595. This is a 2% decrease compared to the previous year.
- The average rent for a 3-bedroom apartment in Boise City, ID is currently $2,050. This is a 3% increase compared to the previous year.
- The average rent for a 4-bedroom apartment in Boise City, ID is currently $2,395. This is a 3% increase compared to the previous year.
4. Boise's Highly Rated Schools
Boise has the top-ranked school district in the state. And you get these high-quality schools along with cheap housing, high quality of life, and short commutes. If you’re one of the many people fleeing the high crime, unemployment, and regulatory burden of California, that’s an ideal combination.
5. An Excellent Quality of Life in Boise
Any town can say they have a great atmosphere or quality of life, but Boise makes national publications lists of best places to live – repeatedly. In 2008, they were listed second in Forbes on the best places for business and careers. In 2014, Time Magazine listed Boise as the best city “getting it right”. In 2018, Boise ranked 46th in Money magazine’s best places to live list. Boise’s ranking was unusual in that it was a large city and state capital, while most cities that made this list were the suburbs of big cities or college towns. US News and World Report listed Boise as the 23rd best place to live and 66th to retire in the 125 biggest metro areas in the United States.
6. The Outdoor Recreational Opportunities in Boise
This is such a hallmark of Boise that it can’t be considered just one more aspect of the quality of life. The COVID-19 pandemic presents not only a global health crisis but has also disrupted the daily lives of people around the world. From a leisure perspective, urban outdoor enthusiasts are one group particularly impacted by the pandemic and the subsequent institutional response. Boise’s location puts you in easy reach of the surrounding wilderness, while the local climate means people bike and raft in the summer and ski in the winter. Rock climbing, kayaking, hunting, golfing, horseback riding, and myriad other activities attract people as tourists (providing significant local employment) and keep residents from considering leaving.
7. Boise's Demographic Momentum
The Boise housing market is driven more by internal migration than international migration. The high price of real estate in Utah has driven a steady stream of Mormons into the Boise real estate market. Their average family consists of three children, 50% larger than the U.S. average. The state is attracting refugee families from the West Coast’s high taxes and housing costs, as well, as they seek a better place to start and raise families. That’s why many in Boise openly mock Californians, though it won’t keep them from buying in the Boise housing market. This means that the Boise market will see continual growth from demographic momentum for years to come.
8. Low Taxes in Boise
Boise has very low taxes, especially compared to the West Coast. The progressive income tax tops out at 7.4%, while the sales tax is about 6%. You pay less for utilities and car insurance, too. For investors, the average 1% property tax rate is a bargain, especially when you factor in the low cost of housing. The average property tax bill is around $2300. The national average is 1.2% of the home’s assessed value and an annual property tax bill of $3000, though, in places like New Jersey and New York, it could surpass $10,000.
9. Affordable Real Estate for Buyers Amidst Rising Pricing
One of the Boise real estate market attractions is the sheer number of affordable large single-family homes. You could find a four-bedroom home for around $200,000, roughly $100,000 below the national average, several years ago. With increasing demand, homes are still a deal at around $250,000. Positive market trends have supported Boise's real estate investing too. Not just has Boise real estate market recovered its balance, it has started to flourish.
With strong market basics set up, this development does not seem, by all accounts, to be backing off at any point soon. A strong local economy and sustained employment are giving buyers confidence – just what the Boise real estate market needs. Boise has been one of the fastest-growing cities in the nation and housing inventory has never been tighter, driving home prices up. The trend has been toward fewer available listings each year as the population grows and homes sell fast.
10. Decent Return on Investment
The median rent in Ada County where Boise is located is around $800; you get a two-bedroom apartment for that. You could of course charge much more for a large single-family home while affordable properties and low taxes give you a decent ROI on the investment. Slow and steady demand also ensures that your investment will grow in value; the Boise housing market has seen an appreciation of around 10% year over year. We already mentioned how the high demand for rentals relative to supply is keeping rental rates elevated, and the slow rate of construction means that rental rates and property rates aren’t going to fall in the foreseeable future.
Boise, Idaho Real Estate Investment Markets
The Boise real estate market is a sleeper market, seeing slow but steady demand that the local housing market can’t quite meet. The best opportunity is in rentals catering to those who can’t pay a lot in rent but want to be close to major employers. Good cash flow from Boise investment properties means the investment is, needless to say, profitable. A bad cash flow, on the other hand, means you won’t have money on hand to repay your debt.
Therefore, finding a good Boise real estate investment opportunity would be key to your success. The best investment is now looking for a rental property that will generate good cash flow. The three most important factors when buying real estate anywhere are location, location, and location. The location creates desirability. Desirability brings demand. There should be a natural and upcoming high demand for rental properties.
Demand would raise the price of your Boise investment property and you should be able to get a good return on your investment over the long term. The neighborhoods in Boise must be safe to live in and should have a low crime rate. The neighborhoods should be close to basic amenities, public services, schools, and shopping malls. A cheaper neighborhood in Boise might not be the best place to live in. A cheaper neighborhood should be determined by these factors – Overall Cost Of Living, Rent To Income Ratio, and Median Home Value To Income Ratio.
Some of the popular neighborhoods for buying a house or an investment property in Boise are Harris Ranch, Highlands, North End, Boise Heights, Depot Bench, Downtown Boise City, Southwest Boise City, Sunset, Warm Springs Heights, Warm Springs Mesa, Big Sky, Foothills, East Side, Southwest Ada County Alliance, Southeast Boise, and West Valley.
Boise real estate prices are well above average cost compared to national prices. It depends on how much you are looking to spend and if you are wanting smaller investment properties or larger deals such as duplex and triplex in Class A neighborhoods. The inventory is low, but opportunities are there.
Even as Boise home prices have reached new heights, the market remains attractive to residential real estate investors. As they continue to compete for potential investment properties at the lower end of the market, the challenges for first-time homebuyers will remain. The homebuyers won’t be able to outbid real estate investors and would end up renting. Highlands has a median listing price of $775K, making it the most expensive neighborhood in Boise. Central Bench is the most affordable neighborhood in Boise, with a median listing price of $254,000.
Idaho Falls is another sizzling hot market for real estate investment in 2020. Idaho Falls, Idaho is enjoying strong but steady growth, because it has the ideal mix of affordable real estate, excellent quality of life, and great economics. People move here because they can find good-paying jobs and affordable homes while looking forward to a bright future. The influx of people from rural Idaho, fleeing Boise or the West Coast is all driving up rental rates in Idaho Falls, Idaho. Rents for small one-bedroom apartments grew nearly 20% year over year, while two-bedroom rents increased roughly 6%. Needless to say, the rents for larger Idaho Falls rental houses are rising faster than the rate of inflation, too.
On the west of Idaho lies the neighboring state of Oregon. Portland, Oregon is a also great place to invest in real estate. The Portland real estate market is booming because the economy is doing well on its own and the area is head and shoulders above California’s deteriorating situation. The Portland housing market has experienced double-digit annual price growth in recent years. Home values rose 11.4% in 2016 alone, according to a report from the real estate data company Clear Capital.
Bend is another small city in Oregon and a good place for real estate investment. Bend is arguably everything that Portland isn’t. It has lower taxes, more open space, more affordable real estate and attracts visitors from all over the country. It has seen steady population growth. However, Bend hasn’t been adding new inventory fast enough to meet the rising demand in the Bend housing market. Instead, most of the new construction has been single-family homes snapped up by buyers. It is a good place to consider investing if you’re willing to take up the challenge.
Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.
NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Boise, Idaho.
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Remember, caveat emptor still applies when buying a property anywhere. Some of the information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.