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TripleCord Review
June 2022

  Becka Marston

   Residential REALTOR®
   Direct (208) 957-8017

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Though still strong, rising interest rates, economic uncertainty, and increased inventory are causing a definite shift in the Boise housing market.  This shift has caused some buyers and sellers to pump the breaks on moving plans as they evaluate costs and wait to see where things might be headed.  Although it's impossible to predict the future, we wanted to share a few things that national housing market experts say we can expect in the coming months:
  1. The number of homes available for sale will grow.  We are definitely experiencing that here.  In May, there were 1,520 homes available for sale, which is an increase of 166.7% from the same time last year. This means prospective buyers have more options and less competition, allowing them to slow down and process their decisions before they purchase.  This has also led to homes staying on the market a bit longer.  The average days on market in May was 14 days, which is still low but up 22.7% from last year.  We anticipate this number will only continue to increase throughout the year.  
  1. Mortgage rates will likely continue to respond to inflationary pressures. On May 12th, the nationwide average interest rate for a 30-year fixed-rate mortgage peaked at 5.3%.  This was nearly double the average of 2.65% on January 7th.  Though rates are still at historic lows, this increase has greatly impacted home affordability and played a major role in the demand for mortgages sinking to its lowest level in 22 years
  1. Home prices are projected to continue to climb.  In May, the Boise housing market hit a new record high with a median sales price of $602,250. It’s possible that prices could drop slightly in the coming months, but as we shared in last month’s update, prices are anticipated to stay on an overall upward trajectory.  View various nationwide price appreciation projections for the coming year HERE
I know there is much to consider in making decisions about real estate.  Please know I am always eager to talk with you about your questions and concerns and to be a trusted advisor as you navigate the best steps forward.  Don’t hesitate to reach out!  Having the opportunity to help my friends, family, and clients is a joy for me! 
For more information and specifics on the current market, please check out Boise Regional REALTORS® Market Report HERE.  

Boise Area Events Calendar

Looking for some fun summer activities?  Check out our event calendar HERE for the latest local happenings.  Some events may change, so please make sure to check the website links for the most up to date information.
The One Thing Every Homeowner Needs to Know  About a Recession
by Keeping Current Matters
A recession does not equal a housing crisis. That’s the one thing that every homeowner today needs to know. Everywhere you look, experts are warning we could be heading toward a recession, and if true, an economic slowdown doesn’t mean homes will lose value. The National Bureau of Economic Research (NBER) defines a recession this way: “A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.”

To help show that home prices don’t fall every time there’s a recession, take a look at the historical data. There have been six recessions in this country over the past four decades. As the graph below shows, looking at the recessions going all the way back to the 1980s, home prices appreciated four times and depreciated only two times. So, historically, there’s proof that when the economy slows down, it doesn’t mean home values will fall or depreciate.
The first occasion on the graph when home values depreciated was in the early 1990s when home prices dropped by less than 2%. It happened again during the housing crisis in 2008 when home values declined by almost 20%. Most people vividly remember the housing crisis in 2008 and think if we were to fall into a recession that we’d repeat what happened then. But this housing market isn’t a bubble that’s about to burst. The fundamentals are very different today than they were in 2008. So, we shouldn’t assume we’re heading down the same path.

Bottom Line
We’re not in a recession in this country, but if one is coming, it doesn’t mean homes will lose value. History proves a recession doesn’t equal a housing crisis.
"Becka is incredible! Responsive, kind, sharp, intuitive, compassionate, supportive, and savvy - she’s all the qualities I needed in a realtor, and she worked tirelessly to find something for us. She was excellent at negotiating, knew the area well, and was prompt at responding every single time. And she’s just a wonderful person<3 Thank you Becka!! ??"
Katie Dilts, March 2022
See more of my client testimonials HERE!

Recommended Service Providers
Looking to do a remodel or necessary home maintenance or repairs?  If so, check out our Homeowners Resources page HERE, where we've listed several different service providers we've used personally or who have been recommended to us.  We are always updating this list, so if you have contractors to recommend, please email me!  
Untold Stories of a Boise Realtor
My dear friend, Dusty, has the very hardest job.  He teaches small children!  Honestly, I cannot imagine a harder a job and I have SO MUCH respect for those who take this on.  Dusty's job is made even harder because many of kids come to school hungry, without weather-appropriate clothing, and without the proper supplies they need.  Every once in a while Dusty tells me stories of some of the needs his kids have.  One year it was socks.  He was noticing that his kids didn't have socks or their socks had holes in them.  This year his kids needed earphones in order to use a super cool computer program to learn.  What an incredible joy it was for me to be able to supply Dusty's class with earphones this year so they could use that program!  The kids wrote me the sweetest thank you notes and drew me these awesome pictures.  Both made me burst into tears, obvs.  Thank you for being a fantastic teacher, Dusty.  Those kids are so lucky to have you!
Becka's Recent Activity
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TripleCord Real Estate · 3635 Weathered Ave · Boise, ID 83706 · USA

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