True to the closing of any year, media likes to make all kinds of predictions about all kinds of things. So as not to be outdone, I’ve combed through the top-notch real estate data I’m privy to and used it to shape My 5 Predictions for the Boise Real Estate Market in 2012.
1. Demand for homes will continue to outpace the number of new foreclosures. This is good news as it will prevent a wave of foreclosures from driving down still fragile home prices.
2. Mortgage prices will rise slightly. This is an easy prediction to make since rates are already at an all-time low and really have nowhere to go but up.
3. 2012 will have more new construction home sales than we saw in 2010-11. I had to search all the way back to 1999 to find another year comparable to this one in the low number of Boise metro-area homes for sale. Therefore, I feel more buyers will choose to take advantage of reduced lot prices and build.
4. Home prices will go UP in the Boise area. I am definitely in the minority with this forecast but Boise is unlike any other market in the factors driving its recovery, and I think it will perform differently–which leads me to my fifth prediction:
5. The Boise housing market will NOT look anything like the national housing market. I forecast that Boise will shock everyone and outperform most other metro areas in the nation.
Stay tuned to future posts to see reasons why I can be so bold in this prediction. Happy New Year and all the best to you and yours in 2012.
-Mike Turner
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