According to the Boise Idaho MLS, since January 1, 2014
There have been 120 homes close that were Boise new construction.
60 Eagle, Idaho new construction homes closed.
Meridian Idaho tallied 83 new construction homes in the same period!
Read This Before Purchasing New Home in Idaho!
The Boise Idaho real estate market has changed a great deal over the years. At times it was a better deal to buy existing Boise homes, homes for sale that have been lived in before! At other times, mainly over the last 3 years new homes, Boise Real estate that is brand new construction and never lived in, has been a better deal. Both because of the certainty of a timely closing and the fact that the pricing is constant.
At the present time real estate in Boise Idaho is in flux with the total number of closings since the first of the year in the Boise, Eagle and Meridian real estate markets at 1143 total to 264 new construction. That equates to roughly 22 percent of the total market. A year ago it was more, 1207 total to 271 sold. The sold's represented about 26 percent of the market for the same period last year.
This drop in reliance on new construction is a result of multiple force's acting on the market place. One being the rebound in prices of the market overall. The net effect of which allows more sellers to liquidate their asset without asking the bank to sell short. In essence more existing listings for buyers to choose from. The second factor that has helped is the banks increased willingness to participate in short sales. There was a time that it was like pulling teeth to get the banks to go along with a perfectly reasonable short sale. That being one that was at fair market value. At the present time realtors assume that they have a better than average chance of getting to closing when they take a short sale listing.
As the market place continues to appreciate, the trend should be towards even lower percentages of the overall market being new construction. However at the present time it is still a good time to buy a new home. Our advice is and always has been to look at existing and new to see what your money will buy. Erica and I have extensive knowledge with respect to representing buyers best interests when purchasing new construction. Typically the agents working in the subdivisions are not there to get you the best deal and protect your best interests. They are hired by the builders to get your signature on the bottom line, and make sure the builders bottom line is as high as possible. So no matter if you are looking to get a good deal on a spec house that is already standing, or want help getting the contracts written in such a way that you are protected on a new construction build job, we have the knowledge and expertise. Sleep is a good thing. Give us a call to discuss how this all affects the value of your current home, or how we can help take the stress out of building new. Buyers agency is free of charge, we guaranty it in writing, If the seller will not pay the commission, we will write it off!