MARKET NEWS January 2016
Idaho Real Estate Newsletter
Home Prices and Sales Up Despite Rates; Inventory Still Way Down In December 2015, the median sales price of all singlefamily homes in Ada County, as tracked by the Intermountain MLS, was at $232,500, up 8.4% compared to December 2014. The median sales price of existing single -family homes was $208,975, up 7.2% year-over-year, and the new construction median sales price was $323,813, up 7.6% year-over-year. Continue next page.
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Home price & sales ADA county Market Report December Selling your home in winter
The Ada County Association of REALTORS®
Allen Pedersen, Coldwell Banker Tomlinson Group (208) 703-3499 pedersenallen@gmail.com www.findhomesinidaho.com
After the Federal Reserve announced they would raise the interest rate at the end of last year, it caused concern that mortgage rates would soon follow. Economists were quick to remind everyone that there are many factors that determine where mortgage rates go, in addition to the federal interest rate. Case in point, days after the interest rate increase was announced, mortgage rates moved north of 4%, then dipped back below that mark at the start of January. In a recent article, REALTOR.com said it expects 30-year fixed rates to “end 2016 about 60 basis points higher than they are [now, and note] that level of increase is manageable, as consumers will have multiple tactics to mitigate some of that increase.” This is especially true for buyers at lower price points. While they may see some impact to their monthly mortgage payments, it shouldn’t make purchasing in 2016 unaffordable.
Selling your Home in Winter Traditional real estate marketing says homes sell better in the Spring and that if you haven’t sold by the time school starts, you might as well wait until the weather warms again. But these days, real estate is anything but traditional. In fact, some studies show that winter is now the best time to sell a home. Any time from December to May can be ideal for listing your home and February often is the best month to list with the highest reported home sales within ninety days of placing a home on the market. Real estate professionals know that home shoppers venturing out in January and February typically are motivated and serious. That means less time spent on just lookers and more time spent negotiating with actual potential buyers. Some locations experience bidding wars during these months because fewer homes are on the market.
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Allen Pedersen, Coldwell Banker Tomlinson Group (208) 703-3499 pedersenallen@gamail.com www.findhomesinidaho.com