Common Housing Questions

By John West

We understand that our clients are making big life decisions and are trusting us to help them make sure those decisions are wise ones. For us, it is not about transactions, it's about relationships.

In the Treasure Valley housing market, confusion seems to be the norm. With conflicting information from friends, the news, and social media, making informed decisions about buying, selling, or investing in Idaho real estate can be a daunting task. Let’s clear up three key points.

1. Mortgage rates: What’s on the horizon? The most common concern on everyone’s mind is the future of mortgage rates. Given the recent surge, potential homebuyers are understandably cautious. Historically, mortgage rates have been linked to inflation. As inflation rates have eased in the past year, the Federal Reserve has paused rate hikes, leading many experts to anticipate a decline in mortgage rates as we enter 2024. In fact, recent weeks have already seen a consistent drop in rates, providing hopeful prospects for those ready to enter the housing market.

2. Home prices: A steady ascent. Contrary to concerns of a market crash, national data reveals that home prices are not only holding steady but continuing to rise, albeit at a more measured pace. According to the Home Price Expectations survey from Pulsenomics, a panel of over 100 economists and real estate experts predicts ongoing appreciation in home prices for the upcoming year and beyond. This slower, more sustainable growth is seen as a positive sign for the housing market’s stability.

3. Recession concerns Amid recurring recession discussions, recent insights from The Wall Street Journal indicate a shift in expert opinions. While last year’s predictions leaned towards an imminent recession, leading indicators today suggest otherwise. The majority of experts now believe that the likelihood of a recession is diminishing. This positive trend is significant for the housing market, reinforcing the notion that concerns about a recession are becoming increasingly unwarranted.

If you find yourself with real estate questions or contemplating a move, now is an opportune time to connect. You can book an appointment or call us directly. Our team is eager to discuss your situation and help you make informed decisions for the upcoming year.