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bornontheblue

Boise area housing Prices

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Seattlites, Californians, COVID-based moratoriums and the proof that work-from-home is viable, folks trying to buy before the rates rise.  Also, Boise probably has a growth index higher than the national average, same with Missoula.  Tacoma, and southeast Seattle is ridiculous too.  I am on rent mode, and will likely have to buy land and build closer to the national forests for anything worthwhile.  I don't even want to know what SD must be like.

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7 minutes ago, bornontheblue said:

I just checked Zillow for my house ... OMFG. 

I have no idea how accurate Zillow is but damn. What is driving all of this? 

In Utah, Zillow is about 75% accurate.  Net migration, good economy and lack of inventory will drive values up. In SLC county, houses are on the market for a day or two with multiple above asking price offers. If you own a house, you are sitting pretty. If you are a new home buyer or first time home buyer, it's sad because they are being priced out of the market. Young adults and couples with good credit and good income can't afford to buy houses.

 

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Just now, East Coast Aztec said:

Seattle, Californians, COVID-based moratoriums and the proof that work-from-home is viable, folks trying to buy before the rates rise.  Also, Boise probably has a growth index higher than the national average, same with Missoula.  Tacoma, and southeast Seattle is ridiculous too.  I am on rent mode, and will likely have to buy land and build closer to the national forests for anything worthwhile.  I don't even want to know what SD must be like.

Right but what I suspect is driving California is investments into multiple houses.  A fair chunk of that investment is Chinese money buying hard assets.  

I think it’s a fallacy that the trade deficit just is changing lower prices while the Chinese hold paper.   I think in many cases the Chinese reinvest those dollars in US hard assets.  

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Just now, sactowndog said:

Right but what I suspect is driving California is investments into multiple houses.  A fair chunk of that investment is Chinese money buying hard assets.  

I think it’s a fallacy that the trade deficit just is changing lower prices while the Chinese hold paper.   I think in many cases the Chinese reinvest those dollars in US hard assets.  

I remember LA having a ton of Chinese investment in the downtown in the last ten years, quite sure SF will have the same.  Not sure if it will be at that level in SD, but foreign investment is certainly a factor in the coastal cities.  Doubt it affects Boise as much though.

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13 minutes ago, bornontheblue said:

I just checked Zillow for my house ... OMFG. 

I have no idea how accurate Zillow is but damn. What is driving all of this? 

It's wild.

We bought our first house in Nampa about 5 years ago now with the plan to make some improvements and move to Boise after 5 years or so. So much for that plan...

With that said, I'm sure glad we bough when we did. Even looking at multiple houses and putting in counter offers seems to be impossible in today's climate. 

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Just now, misplacedcowboy said:

It's wild.

We bought our first house in Nampa about 5 years ago now with the plan to make some improvements and move to Boise after 5 years or so. So much for that plan...

With that said, I'm sure glad we bough when we did. Even looking at multiple houses and putting in counter offers seems to be impossible in today's climate. 

My buddy is trying to use VA home loans.  I sent him T's and P's

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This is going on everywhere, not just Boise. My neighbors just sold their 2,000-square-foot cape cod-style house on a half acre for more than $900,000. Tight supply and low interest rates seem to be the main culprit. It isn't sustainable.

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2 minutes ago, soupslam1 said:

Boise is seeing more California license plates in the last year than I can ever remember. For us the housing price boom sucks because we aren’t moving and all it does is raise property taxes. 

You guys should have never put a blue turf in and won those Fiesta Bowls.  :D

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8 minutes ago, East Coast Aztec said:

I remember LA having a ton of Chinese investment in the downtown in the last ten years, quite sure SF will have the same.  Not sure if it will be at that level in SD, but foreign investment is certainly a factor in the coastal cities.  Doubt it affects Boise as much though.

Looks like the Chinese are going to own us one way or another. 

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12 minutes ago, NVGiant said:

This is going on everywhere, not just Boise. My neighbors just sold their 2,000-square-foot cape cod-style house on a half acre for more than $900,000. Tight supply and low interest rates seem to be the main culprit. It isn't sustainable.

If inflation comes back at 4-7% it will drown the banks with all of the 30 year mortgages in the 2-3 % range.  

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32 minutes ago, bornontheblue said:

I just checked Zillow for my house ... OMFG. 

I have no idea how accurate Zillow is but damn. What is driving all of this? 

Still very affordable compared to the Boston metro area. 

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15 minutes ago, East Coast Aztec said:

I remember LA having a ton of Chinese investment in the downtown in the last ten years, quite sure SF will have the same.  Not sure if it will be at that level in SD, but foreign investment is certainly a factor in the coastal cities.  Doubt it affects Boise as much though.

Irvine has tons also.  It reflects Boise indirectly as Californians sell their inflated priced houses from Chinese investment and move to places like Idaho 

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Just now, bornontheblue said:

If inflation comes back at 4-7% it will drown the banks with all of the 30 year mortgages in the 2-3 % range.  

Yeah. But inflation may help make housing affordable again!

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