Tuesday, April 19, 2016

Tight Inventory Continues To Push Home Prices Up.

Tight inventory continued to push home prices up in March 2016, and sales are remaining strong.  As shown below, median sale prices are up across the board in Ada and Canyon County.

For sellers, it’s easy to want to list higher when there is so much buyer demand “just to see” what they could get.   While it may feel like every house sells over asking price in just one day, that’s not the case overall.

Existing homes in Ada County neighborhoods sold, on average, between 93.6% (Meridian SW 1010) and 98.8% (Boise N 0100) under asking price. Existing homes in Canyon County neighborhoods sold, on average, between 81.3% (Wilder 1293) and 99.8% (Nampa S 1260) under asking price.

Even with high demand, buyers can sense when a home is not reasonably priced because they’ve toured a lot of homes and are doing their research online.  Both buyers and sellers must work closely with their realtor to stay on top of market trends, to make sure offers and listings are the best they can be from the get-go.

(Information and chart from myacar.com)

The housing market can be tricky, and having a realtor to help you out can put your mind at ease.  If ever you have any questions or concerns about buying or selling a home, please contact me and I will be happy to be there to help you through the process.


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