9 Quick Takeaways About Buying & Selling a Home in Boise in 2023
Is this year a good time to sell my Boise home? If I want to buy a home this year, how can I time the market?
These are just a couple of the questions we’ve been hearing more frequently as the spring real estate market approaches.
We know that home buyers and sellers have a lot of questions right now. And not only are we consistently reviewing local market stats, but we’re actively working with buyers and sellers throughout Boise, too. In this post, we are sharing 9 quick takeaways about Boise’s current real estate market.
Here’s what you need to know about buying and selling a home in Boise in 2023:
1. We expect a very strong spring 2023 real estate market here in Boise.
At the end of January 2023, pending sales were up over 2022. The past 12 months have felt like the bottom of the market, with shrinking inventory. However, now rates have settled down and buyers are jumping back into the market. The stage is set for a very strong spring market.
2. Right now is an excellent time to buy in the Boise market.
We may see some upward movement in pricing over the next 3-4 months. At the same time, while prices may be a little higher in March and April than they are today, inventory typically rises during those months. This means that buyers will have more homes to choose from, so there is a trade off.
3. If you’re a homebuyer searching for a deal in Boise right now, you may be in luck.
There are definitely opportunities right now. First, there are some great properties listed with longer market times simply due to the fact that they hit the market last fall/winter at the wrong time. For the past few weeks, we’ve been seeking out properties that have been on the market for 60 days or longer and working with buyers to bring lower offers and secure optimal pricing. Buyers should not shy away from homes with longer market times; these homes can be some of the best homes to negotiate on right now. There are also opportunities to find a “deal” with homes that need cosmetic updates. Poorly prepped homes are always great for buyers—we love to help buyers snag a great deal by painting a picture of how to easily upgrade and overcome cosmetic issues.
4. For sellers who have market-ready homes today, now is a great time to sell.
This late winter market has been active with home showings, and the number of pending homes have picked up dramatically over Q4 2022. Buyers are out there and have seen all existing inventory—they are poised to move on new inventory.
5. For sellers who know they want to sell their home, the ideal listing time is late March to early April 2023.
Last year, our market pulled back in May instead of during July like it typically does. I’d advise sellers to list in late March to early April 2023 rather than wait until summer so that they can capitalize on what is shaping up to be a busy spring.
6. For sellers out there considering selling this spring, NOW is the time to prepare with your real estate agent.
It’s crucial that you reach out to an agent ASAP to discuss home repairs, updates, prep work, staging, and more. Don’t wait till the last minute to do this! Buyers are very picky right now and having a home market-ready is essential.
7. Homebuyers are pickier than ever, so your home needs to be properly prepared when you sell.
Buyers are picky. Two years ago, buyers would compromise on anything. Today, it takes very little to turn off a buyer and have them continue to shop for the “perfect” home. This means that sellers cannot afford to throw a home on the market and expect a quick offer. Taking time up front to prepare a home for the market will result in the best possible sale.
8. Want to buy and sell at the same time? You have more flexibility to do so now.
Those who want to buy and sell a home at the same time have more power to negotiate a purchase that is contingent on the sale of their home. We are working through more of these than ever before these days, and it’s fun for sellers who are also buyers to have this flexibility.
9. If you want to buy a home but won’t be ready in Spring 2023, summer might be the perfect time.
We typically see a summer slowdown around the 4th of July through Labor Day. This can be a nice time to negotiate with sellers who missed the spring market.
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How can we help you?
- If you’d like a detailed market report about a specific area, we’re happy to provide you with one. (We can also go over the numbers together, if you’d like.)
- If you have a question about buying or selling a home in Boise, Idaho, we are ready to help. It is truly never too early to reach out to us so we can work together to make a plan!
Send us a message here or give us a call/text at 208-917-3330.
Posted by Andrea Pettitt on
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