Is the market up, down, bottomed, still buyer or what?

Boise Homes for Sale?

Let's discuss the question at hand in two parts.

1. Are you selling? Whatta ya got to sell me? 3 bed room two bath you say. Interesting, tell me more. That is what buyers need to know. If you have nothing else to offer in a community with no amenities lower your price. If your community has a pool, it is near the greenbelt, or has open space and tot lot you are starting to validae the price you are asking for. Now we just need to find a buyer looking for your location and make sure your home is comptitively  priced compared to those competing  homes, and not just a number. In an earlier blog we discussed why?.  Here are some example of current selling prices of new vs existing home.

2 What if you are Buying? Think your in control? Even though it may seem like a buyer's market the problem is that a home is still a product. Based on "appraised" value, sellers motivation to sell and comps the price is set and the waiting beigins. Many values are falling as there is so much supply and sellers motivtions rise. This is no surprise but what everyone seems to forget in reporting the current real estate market is that that has zero relavance to an individual buyer.  Here's why.

Buying a home is based on motivations and ability to buy. If you have zero motivation to buy it does not matter what the price is as well in-ability to buy. If your motivation to buy is at the bottom of the market, what does that mean? That means they won't buy until they "feel" like they are paying the best price. Does this mean getting the best value. Probaly not. Remember when they pay next to nothing for the home, the surrounding homes are then appraised relative to that home and everyone loses. ISeveral subdivisions are suffering from this dliemma.

So in summary, the current market values have more to do with an indiviual buying and selling motivation. The current real estate marekt is sufffering from the years we overbuilt for investors. That supply is causing people to compete more and wait longer to find buyers that is why prices have fallen.

if you think that real estate is in the tank than don't go shopping at Hazelwood Village which is getting full price offers for their homes because of the value they offer. Also stay away from Eaglefield, a similiar concept community just getting started in Eagle. Another great thing abut competition is that it makes people think outside the box to create a niche like Alexandria in Meridian.

Trey Langford
Founder, BuildingCredibility.com