Boise, Idaho Housing COLLAPSE (20% Price Declines)
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- เผยแพร่เมื่อ 21 เม.ย. 2023
- If you moved to Boise and bought a home in the past two years, you may be regretting your decision now.
According to data from Redfin, the median sale price in Boise has fallen from $547,000 to $440,000, a 20% drop in just one year.
And things are expected to get worse.
Reventure App shows that the housing market in Boise is still overvalued by 29%, with builders still pulling an unprecedented number of home & apartment permits.
But it's not just overbuilding that's causing concern in Boise...
Foreclosures are expected to begin in the second half of 2023.
So it's unfortunate that many homeowners in Boise could soon find themselves underwater on their mortgages, or even facing foreclosure.
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From a buyer's perspective... faster, please.
What if you get laid off.
You're not the only one on the sideline. If indeed there's a major crash, that means all competition has ceased, including you.
Hahaha. You still won’t be able to afford a home now that interest rates are pushing 8%. You missed your chance in 2020 or earlier. During that 2013-2020, I bought 3 homes.
Hahaha. You still won’t be able to afford a home now that interest rates are pushing 8%. You missed your chance in 2020 or earlier. During that 2013-2020, I bought 3 homes.
Sold in Boise end of 2021. The home we sold is worth 75k less now… patiently waiting to move back.
😂😂
We sold in the beginning of 2022.
@@jaydeeare285 Not renting. Moved to a different market.
@@jaydeeare285 I doubt they spent $75,000 in the last 16 months on rent.
If they originally purchased the house for $250,000 and sold it for $550,000 They made a $300,000 profit. In the 10 months since the peak of the housing market the value has dropped $75,000. So, the house is now worth $475,000. If the market continues dropping at this rate or escalates the value of the house will be back to $250,000 within the next 24 months. Do you really think they’ll spend $300,000 in profit on rent in 40 months?
Rinse and repeat
@@jaydeeare285 Sir if you really want to know an actual case you could do some research. But the example isn’t unlikely.
We are in so much trouble and people are not paying attention
They never do. Same old story.
The trouble was the ridiculous overpricing of houses relative to incomes. They never should have taken rates to zero, much less held them therefore 15 years.
@@jaydeeare285it's not wasting if it costs less overall than being an owner. Sucks to be a landlord now knowing their equity could have been earning 5% apy at the moment. That's better than the rent they collect in some cases.
@@jaydeeare2855% apy for doing nothing, no expense whatsoever. Cash is king in the short term, landlord is fine, just not much they can do when it all comes crashing, which is more likely than not. Even with hyperinflation, there will be a period of major meltdown before it goes up.
Biden will fix this
Says he feels bad, but grinning the whole time
I don't feel bad at all. Bidding wars and overpaying are dumb.
I've been following the Boise market for a while now. Most real estate agents in the area are in denial and are putting their best spin on the data. They're talking about how the market is getting hot on the lower end of the market with multiple offers and builders are responding with incentives. The decrease is even larger, because they're giving people money back in escrow though the sales price remains higher. Thank you for telling us the truth about this market, Nick! 💪👊
I bet the lower end of the market is going to grow too 😂
@@bbustin1747 I agree. It's just more affordable.
In Michigan home appraisals are coming in 20% lower than asking price
That’s pretty bad. Appraisals are usually very conservative to keep residents out of huge tax creep.
What part of Michigan?
@@Run4Ever77 southeast Michigan, I’ve had several repeat customers call me back to tell me the news, and to reschedule additional inspections. (I am owner/operator of a home inspection company. )
@@Michigancvhi Interesting, thanks. Any particular neighborhoods? I have friends in Troy, West Bloomfield, Northville, Novi, Farmington, Livonia.
@@Run4Ever77 mainly utica, Pontiac, Sterling Heights are the areas I have known for appraisals to come in lower than asking prices. the areas that you suggested are still hot market where people are going with conventional loans and paying the difference from appraisal fee to the asking price still.
Which is wild to me.
It's hard to be a flipper when prices go down.
Especially since you know it's Boise. It's got to be a culture shock from living in CA to Idaho. More than 50% will want to leave after 2 years and they will get hurt
Is Boise really that nice? Never been there, I don't leave So Cal much
@@markme4 Nope.
@@markme4I’m from the SFV and left it Oct 2020 to move to Meridian. I don’t miss California. You treat California like a whore; get in, have fun, abuse it, gtfo! 😎🤙🏻
@@markme4It’s safe and fairly nice-but not that nice! 😂
I live in the Boise foothills. Yes, there are many people from the left coast here and more coming. Not sure where you get a statistic that says 50% want to move back. You must be referring to liberals. They can go. Please please go. But virtually EVERYONE I speak with who has moved here from California say they will never ever return. It’s like they’ve been given a second chance in life.
Nick you the fkn man soon as I hear you say time to buy I'm putting down 40k on something nice gotta own something out here..
Saw boise 1st hand this year and the over building is surprising but I saw several projects also sitting idle. Bozeman on the other hand still seems to be going strong. Lots of regional nuances to housing.
As an Idahoan, I've seen rent go so far above wages here as well as the sale of homes to California's who move here. I see the 2008 era coming soon.😅
You keep saying home prices are falling eveywhere, but where I live house prices keep going up and houses don't stay on the market 2 days with many offers over asking price!!! Rockford, Illinois
I'm actively looking and am pre-approved so I'm seeing this happen in real time!!!
People move to Idaho bc it seems like people would be more friendly there. Based on the weird comments here, OBVIOUSLY NOT
As long as you’re not obviously from CA, the people are great. Son lives on The Bench (it’s a thing) and loves the opportunity to hike, mountain bike sms snowboard. Beautiful area
They're just hating because California is globally famous and productive while Idaho is only remembered about when someone mentions its potatoes.
STFU and stay in Cali!
Nope, people in Idaho are not friendly. I'd stear clear of the state. I hear New Yorkers are friendly. Perhaps people can move there.
Nope. Not THAT friendly!
I’m a 3rd generation Treasure Valley’er. Left in 2003 but still visit family every four months or so.
The Ada and Canyon County markets are way, way out of balance. The average income is not even close to purchasing a current home at the current rate. Add to it that what makes Idaho great has somewhat lost its appeal.
A few years ago on a visit I was up in the Lowman/Banks area. Good god the weekend traffic was insane. Nothing like it was when I was a youngster.
I live in the Boise foothills and watched the flood of people from the left coast bum-rush the Boise area (and other parts of Idaho) during the pandemic. Yes, for a while, these were buyers with their pockets full of cash from selling their over-valued homes elsewhere. If you sell at the top, you can probably buy at the top. I’ve met families and newlyweds that were so relieved and in such a hurry to get out of their miserable life that they probably made some buying mistakes. 3 years ago, I recall a mortgage officer at our credit union tell me how many people were buying expensive homes with only 5% down. He said their income qualified them but they had the cash shorts. If those people have to move, they’ll take a hit. It’s that simple. Otherwise, stay put, enjoy life and watch the left coast continue to destroy itself.
We just sold or house. It was our second home for Airbnb. We went through 3 price reductions in 3 months. We ended up taking about 32% off original asking. It was very tough.
This is like music to my ears. Needs to keep dropping...
It won’t though. This guy is very wrong. Inventory is super low in the treasure valley and people keep flocking to Boise despite interest rates being high.
@@johnbrown3355John Brown must be a RE agent.
@@jmaximusg no, just an observer or local data
We have our first open house Monday the 24th in Saratoga Springs utah that is a short sale. First time in a few years
The sad thing is that even though so many cities crashed... it's still too expensive for the average person that used to afford it, buy one.
I was in construction in 05. I cant imagine why homes are falling in price. They should just be hitting the remodeling needed due to build quick mindset.
Being underwater doesn't matter as long as you can afford your house, and don't need to move. Those planning on buying more house than they could afford, or hoping to refi as soon as the market went up...well played.
Boise so over priced
It is. Ridiculously overpriced. Visited there. That city is small and a lot of room to grow. Prices shouldn't be that high. It gets pretty hot in the summer. Couldn't believe it got to 115 one August day.
Doesn’t seem like it’s worth it tbh, Boise seems average at best
It is overpriced, but to many people it's worth the quality of life they want to live.
@@ZavHustles There's nothing in Idaho but potatoes. LOL!
You see an incredible amount of license plates from CA/OR/WA. Down the street all the new CBH homes have sold, and most the unfinished one have sold signs. People from the coastal states are fleeing crime and street poop. I wish I would sold though. Could have made 250k in two and half years. 😂
As a bosiean, I can't wait
Albertsons' (Hq in Boise) going to be closing stores and corporate will layoff. It's coming.
I love California weather and the laid back beach vibes. Its just ridiculously expensive and the politics back assward.
Just because your house loses value doesn’t mean it will be automatically foreclosed on if people bought homes to stay in then that’s their home. The market is always going up and down now if they were given loans, they shouldn’t have been given some prime nonsense. Then we might have a 2008 debacle. However, a lot of these people who moved here paid cash and I’m very low mortgages if any at all.
Guess no more new freeways
and lot more half-finished ones.
Ummm... what? Is this a unique phenomenon to just Boise? Because the rest of the Treasure Valley is certainly NOT having a drop in prices.
It's always useful to get information like this! Thanks for sharing!
I know someone who is moving to Boise soon. Best of luck.
Locals can’t afford to buy here now because wages aren’t sustainable. We greatly need a correction.
That’s everywhere it seems like. I live in FL and the wages won’t go up but rent and mortgages keep skyrocketing
It’s really sad.
If they are underwater, it means they had put almost nothing as a down payment. Add to this the CA transplants need to sell because their bosses want them back in the office or laid them off.
How did people think they could work from home forever?
Bruh you are nuts, worker rights improve and you side with the companies on how people should be handcuffed and locked into their cubicles, would you also side with companies in the 1900s when they started laying down worker protections after the triangle shirt waist fire where a bunch of women were literally locked into a sweatshop?
I think many are retired-especially law enforcement. Plus they brought a bit chunk of equity that sweet Cali home equity.
It's them California transplants that are making once affordable places expensive.
People move around in these so-called "United" States.
He literally said the opposite is happening, house prices are dropping.
Californians fault for buying way over market value.
Those darn Californians 🤠
Californians were willing to pay a premium for a better quality of life.
@@audiophileman7047 Nowadays Californians just pay a premium xD (meaning the "better quality of life" part fell by the wayside at some point over these past couple decades)
Yes, but at the day it's real estate agents that keep pushing up and up,
@@TT-dz9bi Real estate agents work to make money like anyone else. Investors are the ones driving up prices.
Prices are readjusting
House in Dallas is skyrocketing higher.🤑
It’s important to note we are are seeing home prices reach pre-pandemic levels. Sure most of the inventory is grossly inflated due to the pandemic but to say that the market is crashing is a interesting take when what we are seeing a market correction to that will follow 2023-2024
Don't feel bad. They are the reason they went that high brought without even negotiating.
I'm a real estate agent in Idaho, let me say that there was plenty of negotiating: 12+ offers on the first day, all the serious ones had escalation clauses and it was common to see winning offers accepted at $100,000 over the asking price AND the buyers were willing to do insane things like waive the home inspection. 🤮🤮🤮 So glad that those days are over.
Housing cost too much? Move to Ohio😂
I bought a 3000 sq house, 15 years ago in Boise for 120k, sold last year sold for 500k!
It's sad BOISE should be renamed HOA Town! The HOA's ruined it. With very little oversight mostly none at all.
Feel bad that ppl in a HOA. The HOA can foreclose! Read the fine print folks!
As soon as I sold, the HOA's went up. Glad I got out when I did!
The HOAs RUN to court for a foreclose and evictions.
A lot of transplants, are fine if they plan to stay and they paid cash. (Which my buyer did) so they will tax us to death.
I have other properties in other counties, I lived in them while fixing them up.
I feel like Boise is the ONLY place that's not full of freaks of the week's!
Idaho is way corrupt. I can show how!
I sure wouldn't move to Idaho again, and SEast Idaho, don't need to buy a circus ticket it's a s+-& show.
The courthouse didn't even know what an ADA person was OR that a passport is a legal form of ID.
We're 47th in education and third in suscide!
The Church going people are the ones you REALLY have to watch! I caught REAs lying on thier listings. Assment's description shows it's a 4/2 but legally it's only a 2/1 it's all crazy! Shady as all.. no permits if there's a fire, insurance doesn't have to cover it. S-H-A-D-Y!
So, leave already,we're full.
If you build 2 annexes to your house, and 1 collapses, you don't say "the house collapsed"
The price of your home only matters if you sell. As long as people buy within their budgetary constraints they’ll be fine. Stop fear mongering, the best time to buy a house is when you can AFFORD it.
I don’t care if CA residents lose all their money. If they regret moving please go back.
Only until prices correct 40 percent until then. You’re stuck with us! and our deep pockets
It's easy to understand why NYC real estate is expensive. Same for other global cities ... but wtf is Boise? It's the capital of a small population state with under 500k people in its metro, ie 1/3 the size of Nashville, which is barely in the top 40. The local economy isn't nearly large enough to support mass expensive housing. It's obvious outside money drove up real estate. When the money flow stopped prices crashed. Duh!
U were spot on
But there are no entry level homes under 350k. 😭😭😭
Housing has been nuts here in the Boise area.....good riddance
440 is still insanely high so whats the big deal?
Thinking about buying a house in Boise next month
It's still WAY overpriced, compared to local wages. You'd do better in just about any other housing market.
Also, Boise has lost a lot of appeal in recent years. Traffic is horrendous and people aren't friendly around here like they used to be. Californians have wrecked this place.
@@scarletboa what are you talking about? Sales are way up in 2023. Very low inventory. And traffic is nothing compared to major metropolitan areas like the Bay Area.
@@johnbrown3355 Obviously the Bay Area will have more traffic since it's got twice as many people as the entire of state of Idaho, but that makes Boise's traffic all the more worse in my opinion. You're dealing with rush-hour traffic backed up for miles in a state that's so sparsely populated.
i dont feel bad for any of them. they fell for the FOMO, should practice patience and self control
Didn't know queen palms and Italian cypresses grew in Boise.
Wow, someone who can pronounce the city's name correctly, good on ya!!
I remember Dan Rather pronounced it Boy-zee on the news. In the webster dictionary, it actually has two pronunications. First pronounciation is Boy-zee and the second reads 2. (locally) Boy-see I thought it was interesting Webster specified how the city is pronounced locally.
Problem is, no one really wants to move there
Soo not true everyone is moving here
They want to move here..but when they get here they realize its boring and theres nothing really to do
If the Californians want to leave, we'd still welcome them to do so. Preferably stay gone. Just saying 😂
I grew up in CA and I have to say the overall quality life there is awful. I’m a tech worker and make over $350k/year and would never move back there. That is why CA has more outbound migration than any other state, and the worst part is CA is losing high wage earners. CA’s tailspin will continue
@@SignalCorps1 can't really blame them for wanting to leave. I do absolutely blame them for trashing our forests though. I'd have a lot less problems with Californians if they respected our wildlife areas.
It's nice watching so many Californians leave. Like you said, stay gone.
@@sawyer4981 please stop lumping us all together! Still in California- Republican-small business owner, mom of law enforcement and son attends Boise State. Sad the bad Ca. People made you hate all of us.
@@carrieburton6257 I give everyone a fair shake initially. It's not my fault that the overwhelming majority of Californians moving here are pieces of human trash. 🤷♂️
I was thinking more Seattle Washington people moved to Boise Idaho vs. California transplants.
Cause that affordable
Do you feel this is still the case?
Welcome to the American Dream.
Boise prices are a joke, specially those who think their home is a million dollars
There's nothing in Idaho but potatoes. LOL!
Potatoes, Mormons, and idiot investors who actually thought that Boise property values would continue going upwards xD
that's right so keep your stink out of the area
@@thealternativecontrarian9936 the stink is coming from yo momma ya back water village hillbilly
These people that over bought will just stop paying that mortgage and keep living in teh house for free for a couple years , then WALK AWAY from these high priced homes and then get right back in it in 3 years , just like 2008
Idaho is a limited and boring state to live. Plus, there isn’t any worthwhile jobs to be found there.
Anyone notice how in 2021 prices fell in the fall and winter as well then surged in spring and summer? He kind of covers up and glosses over that part..
Prices have been dropping since June 2022. Been following the Treasure Valley market very closely for past 2 years. I'm guessing it will continue to drop for at least next 12 to 18 months.
Give us some news on the market in Palm Beach County like Jupiter or North Palm Beach Palm Beach Garden
Your dreaming homes rates go diwn it never happen , some small cities your picking and going down , no way go down , everyone got 2% rates all are good
How about Canada? Housing market in Vancouver, British Colombia is still very high.
Dad gum that hurts 20% loss. I don’t know what the loss is in Salt Lake but I’m sitting on a lot of money here in the south waiting for things to drop which may not happen. I’m beginning to believe.
Same mate, I'm on the sidelines here in SLC just waiting for the market to return to sanity before making my big purchase.
The sooner, the better
Potato land
None of that stock footage was Boise.
I have multiple palm trees on my ranch.
I do real-estate and I say let it crash just more opportunities
😂 there is no inventory in Boise and prices are still sky high. Worse analysis ever.
6 MO no. Today yes! You were wrong. He was right…. It’s still over priced though.
Seasonal adjustments. Still low inventory
Like OMG, Boise home prices are crashing, let's wave our hands frantically and use hyperbolic descriptions.
Seriously, Boise homes are about 300% overpriced. They were crazy expensive in 2005 when the Commies from California invaded and it's only gotten worse.
Saying a market is 300% overvalued and saying Californians are “Commies” is much more hyperbolic than saying Boise is crashing.
No biggie I’ve got a massively low interest rate. How much interest is that going to cost me on that 100k of lost equity over the next 28 years 😂 ?
Rekt
Let it crash
Can’t wait to make some money!
No big whoop just walk away
Yeah their monthly payment is still cheaper than if they bought now
Why feel bad for people who FAFO?
20% is nothing
This is 100% wrong. There’s a major shortage of inventory and prices are climbing.
So you’re saying his messages are fear mongering and the housing market is stable?
Not true, been following the Boise market closely for 2 years and checking out the homes. Prices have been dropping every month since June 2022. Not opinion, just reality.
People have more money than they ever had. There is no reason to drop their mortgage and home because they can pay for it.
Is Boise really that nice ?
It used to be. In some ways, it's still nicer than many cities (very safe, mild climate, etc.) but I wouldn't really recommend anyone move here anymore. It's way too expensive and crowded for the kind of city it is. Houses cost more than half a million dollars and traffic gets extremely congested during rush hour, but you don't have any major sports teams, international flights, good public transportation, or anything a major city would have.
idaho resident here...No.
Not really.
Sacramento and surrounding towns/cities?!!!!
It’s different this time!🤪
Lol thats what you get for moving to Boise. (No offense ment Boise residents)
Who wants to live in Idaho? It's where those towns in America that people wear cowboy hats, flannel shirts, wrangler jeans and drive a big Chevy or Ford truck. Down! Down! Down!
Does any one knows, are the fed will keep raising the interest rate or other way around, start dropping the rate for the next year election?
experts opinion will be really appreciated
Good keep it crashing!
Please @reventureconsulting do cda Idaho
Who the hell moves to Idaho