Idaho is known for their potatoes, but Boise Idaho real estate is an up and coming field. Boise real estate area contains five counties and dominated by two “submarkets”, metropolitan Boise and the greater Nampa area. Boise real estate listings are slowly declining as a result of the boom in purchased houses in the area. According to various websites, the housing market in Boise is expanding and growing. This trend can be attributed to the location of Boise in the foothills of the Rocky Mountains and the prices in the Boise market.
With the right amount of capital, Boise real estate also lends itself to becoming a landlord. There are many people who would be second time homeowners, but are unable to purchase due to previous foreclosure or other fiscal problems. However, this market will be closing, as 2010 was the year with the highest number of foreclosures and short sales, and many of these potential homeowners may be seeking to buy again after their three year “break” from homeowning. According to Inman News, nearly half of all real estate sales in metropolitan Boise are of homes confiscated by the bank due to short sales or foreclosure. Asking price, both for rental of Boise real estate and for purchase, has been steadily decreasing for a number of years.
If you’re looking to buy in 2013, Boise real estate has promising trends for purchase. Both new homes and existing homes have been increasing in value in recent months, resulting in slightly higher prices. While Boise houses for sale have average prices slightly above the national average, they also have lower average interest rates for fixed mortgages, making Boise real estate arguably less expensive in the long run once you crunch the numbers. They are also one of the cheapest cities in Idaho to purchase real estate.