Treasure Valley: The Current Housing Market

You may have heard that the current housing market is experiencing a shift. First thought might be, the market must be shifting from a Seller’s Market to a Buyer’s Market but the reality is the Housing Market is adjusting to more balanced conditions.  

Starting at the end of spring where the interest rates began to increase, home prices slowly dipped and properties were lasting longer in the market. It appears that interest rates have peaked at 7% and have been declining back to 6%. 

While you may have been seeing home prices dropping, residential properties have overall retained the equity they have earned throughout the Covid Pandemic. Despite higher interest rates and longer days on market, 2022 market prices remain higher than 2021 market prices.  

Only time will tell how low the interest rates will drop. Both Ada and Canyon County continue to have low inventory of residential properties for sale. Negotiations have resumed between buyers and sellers. As the Housing Market balances throughout the year 2023, the timing to either sell and or purchase a house depends on your goals, financial situation, and budget keeping.

Whether you plan to be a Seller or a Buyer, having a reliable realtor to assist you on your next big step in life is vital to make the transition go as smoothly as possible. Allow me, Tom Kanon, to represent you and I will lay out all your options and explain every step so you can make informed decisions.