Boise Home Values Continue to Decline?
Below is a link to an article from Yahoo Finance where they list the top five cities that they predict values to increase and five cities where they predict values will continue to decline. They forecast Boise home values to continue to decline in 2011 by 7%. Perhaps this projection is valid, but I don’t think they mean to suggest home values to decrease across the board. There are areas in Boise where inventory levels have tapered off and values are holding. Also, the very large homes with massive upgrades have been the most affected. I’ve seen homes that sold for a million dollars in 2006 sell, as a bank owned property, in the four hundred thousand range. If the average Boise home sales price is $162,000, it doesn’t take too many of these larger homes to skew the data. So if you are looking to purchase a larger home with many upgrades, you can get a steal. But I think you can expect the standard homes to level off.
Who knows if this research included Boise residential income properties? My guess is that it came from our MLS. However, for those of you who have been following my blog, you already know my take on that. I do not expect Boise residential income properties to decrease by seven percent. Inventory levels are decreasing and we are seeing newer turnkey properties increasing in value. The 10-20 year old property values seem to be stabilizing. The older properties that have a lot of deferred maintenance are still struggling. I think this trend is tied to investors looking for something with low anticipated maintenance costs.
On a personal level, Swope Investment Properties has been very busy. To ensure my clients get the best service available, I often team up with someone within our office when my plate is looking full. My partners and I have already closed on two 4 plexes this year. We have five other 4-plexes pending. So we are definitely seeing some good activity.
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