The Boise housing market has had an incredible run in the national media. Last summer, in the real estate market, you saw homes being sold without inspections, sellers living in the sold home for months after selling, and thousands of dollars spent over asking prices in ridiculous bidding wars. Idaho’s housing market was so historic that ABC, NBC, and CBS sent their national correspondents to cover the insane rise in home prices.
Is the wild ride over for the home market? Renters have contacted the media complaining that they’ve been booted from their rentals due to excessive rents. There may be some good news for those who’ve been priced out of the market because of the high prices in the last few years.
Nick Gerli of Reventure Consulting predicts that Boise is the second most likely housing market to crash this year. Mr. Gerli has taken to his YouTube channel to predict the top 10 housing markets that could see rapid price cuts.
“I’m predicting a 29% crash; home values in Boise will go down from $516,000 to $365,000,’ he said. He says that according to Zillow, home values in Boise are already negative and that values are declining.
Mr. Gerli backs up his prediction by looking at additional data from realtor.com. “Boise is showing an absolute 118% increase in inventory from year to year. Don’t be surprised if you read about Boise being the first market that you read about to really start crashing.”
The good news for prospective home buyers is that an adjustment would allow several folks who’ve been locked out of the market to finally afford a home. The bad news for home buyers is that the high-interest rates could still prohibit some would-be buyers from purchasing their dream home.
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