Some positive news from the real estate market was reported by Zillow.com, and stated that homeowners in the Boise area had stopped reducing their prices to sell their homes according to February’s data.
Although the median home price was reportedly lower in January according to a Reuters informational source, in a yet unreleased report.
Only 19.5% of homes listed for sale on Zillows website had more than 1 price reduction by the end of February, which is slightly lower than January’s number of 19.8%, according to sources.
Even the average amount of price deduction decreased from month to month by around a tenth of a percentage point.
The Boise real estate market has posted this trend consistently over each of the past twelve months, showing a boon for buyers. Zillow indicates that 33.2% of all homes listed in February suffered an 8.7% median price reduction from the previous month across the nation.
Over the course of a year, home prices fell from February to February 6.8%, and reported a decline from the previous month of 1.4% to $205,000 sources indicate.
The Boise real estate statistics continue to improve with the median day on market dropping from 109 in January to 105 days in February sources reported. The greatest reduction in the median days on market category was in August which posted only a median of 90 days on market.
The average number of days on market for Boise real estate in February was 109, according to Zillow.
For those who are trying to sell the property they own in the area, this means that inventory absorption is steady and price changes should be in keeping with it. Sellers in the Boise real estate market will simply have to use this information to help plan their price reductions ahead of the market, because getting caught behind a price reduction can eat up your equity quickly. Sacrificing equity by reducing your price to catch up to a market that is headed downward is very hard to do, so plan ahead and be ready to make the concessions.
What this means for buyers is that the pace of the Boise real estate market gives you enough time to weigh your options, and make sure you find just what you are looking for. Being prepared and informed is part of being able to take advantage of this “buyers” market, and capturing the highest amount of value and equity your can doing so.
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