What is driving our market?
Buyers. There are more buyers than there are sellers and it is creating an acute housing shortage here in the Treasure Valley. I thought there was significant shadow inventory (homes that
the banks had foreclosed on and are sitting on, waiting to release them one at
a time). But not in our market. Sure, there
may be a few homes that have been foreclosed on that have not gotten to market,
typically due to bankruptcy or a cloud on title. In our Treasure Valley market we are seeing a
more normal flow of property to market and the banks that foreclose or are
working on short sales are demanding a fair market value for the house. This action is helping stabilize as well as
increase housing prices.
Is this trend the new norm for 2013? Could
be, it certainly is the trend for the next 3 months. Beyond 3 months it is difficult to predict
but for now we are in an escalating market, lower supply and higher demand.
More on this soon!
Rick Bennett
208-407-0532
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