2013 Economic Real Estate Outlook for the Treasure Valley
Idaho ranked 20th Best Business Tax Environment in the US for 2012. While not in the ‘top ten’ that is a significant improvement over previous years. I predicted that over the next several years, States that are more fiscally responsible and more tax friendly will start to see more development and migration. I believe Boise will start feeling that benefit this year as we have already seen the commercial growth to encompass that trend.
Available housing inventory is very low currently as new development has been lagging, which may drive prices up short term on existing homes in some markets . An average market will have up to six months of inventory, we are less than three. Eventually new housing developments will start to come available and will ease the current situation. Over the remaining part of 2013 however we will continue to see a lower level of available inventory. Within 18 months the problem should adjust as more new developments come out of planning to fruition and some home owners, who previously were just a little under water, will now be able to list and sell. We are experiencing that currently.
I anticipate rural land values to start a recovery in 2013. Whether it will it be as sharp as the housing value correction of 2012 remains to be seen, more than likely it will be a slower but hopefully steady pace.
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Boise – Most Improved Real Estate Market
A new index to rate housing’s strength in regions across the country has been developed by market analyst Corelogic. This new scale incorporates real estate, economic, and mortgage factors to determine the strengths and weaknesses of each market.
Even with advanced calculating the real estate data giant admits that factors like continued high unemployement rates, negative equity, and turbulent governmental conditions have made it difficult to get completely accurate figures. Despite those things however the data clearly shows that overall home prices are stablizing and even rising in some areas.
It is not surprising to see major cities like San Jose and Las Vegas listed in the ranks of the quickest recovering cities, which are ranked according to their year-to-year performances, but our very own shining jewel Boise, Idaho has been the industry secret to surprise everyone but the locals. Ranked #1 the City of Tree’s can thank it’s stellar score to a decline in unemployment and a rise in home prices.
Experts will argue whether this seeming recovery in the real estate sector will have any real staying power, as previous attempts to rally fell flat, but Chief Economist Mark Fleming pointed out that a thinning of the available inventory and fewer foreclosures burdening the market shows real promise.
“Today’s new housing market really might be different this time around,” he said, recently. With any hope he will be right and Idaho can help lead the way!
Are you uncertain if now is a the time to buy a home? Maybe you wonder if renting might be more affordable, or just don’t know where to start looking? Whatever your situation, Paul Heim and his team of experience Idaho REALTORS® at the New View Real Estate Team would love the opportunity to talk with you about your particular ideas. Contact Paul today to start finding the home you want!
Activities in the Treasure Valley
Did you know that prior to the 1960s Treasure Valley was called the Boise River Valley or the Snake River Valley? It was only in 1959 that the name was changed to reflect that the area was akin to a treasure chest rich with opportunities and potential. The name neatly summarizes the low-lying areas from Boise, Idaho to Vale, Oregon which encompasses the cities of Boise, Meridian, Eagle, Star, Kuna, Caldwell, Middleton and a number of others.
Hiking, biking and water sports are just some of the many activities available in this beautiful part of the world and a passion for many outdoor enthusiast. The attractions and amenities on offer illustrate why Treasure Valley is always rated high nationally for a great place to live and why many people relocate to the area. If you and your loved ones enjoy the great outdoors then this is the place to be and the State caters to many outdoor activities, most of which are free! The cost of living is reasonable and Boise housing and real estate is very affordable. So, what are you waiting for? Research moving and moving quotes, pack your belongings and head for a new and fantastic life in the Valley!
With a wealth of outdoors opportunities, you will be spoiled for choices as to what to do first. If you enjoy being at one with nature, the numerous parks in Treasure Valley are highly recommended for their open space and interesting sights, which cover many thousands of acres including some of the vast and stunning Boise National Forest, which is a haven for anglers, hikers, white water rafters, mountain bikers, horse back riding and runners. Boise Greenbelt is a perennial favorite with residents and visitors alike, who enjoy running, in-line skating, walking, hiking and biking the miles of trails that run along the beautiful Boise River. Take along a picnic, your binoculars and a camera, as a variety of birds and wildlife have made this their home, including deer, beavers, mink, eagles, red-winged blackbirds and beautiful blue herons. If you have four-legged friends of your own, they can accompany you in many parks but dogs must be kept on a leash.
Idaho has many rivers which are ideal for water sports and offer many opportunities for the mild enthusiast or the more experienced and daring. The Boise River is popular in the summer season for rafting or just an easy float in an inner-tube and the run between Barber Park and Ann Morrison Park is especially good. The season runs from June to around October and you can use the facilities independently or book with any of the experienced operators who run excursions on the water. Choose from a serene and pleasurable meander down the river or the adrenalin-filled thrills of white water rafting down the Payette River! The rivers also offer many secluded spots for fishing enthusiasts who enjoy relaxing in a quieter way!
Less than 20 miles outside the city is the Bogus Basin Mountain Resort where you can participate in snowboarding and snow tubing, downhill and cross-country skiing. If you prefer green grass to white snow, head to any of the impressive golf courses in Treasure Valley to improve your game or take lessons with a professional. The Shadow Valley course even has marshals who hand out cookies and coffee to players, which shows just how welcoming the locals are in Treasure Valley!
With so much on offer why don`t you make the best move of your life to Boise, Idaho and enjoy a healthier, happier lifestyle in this incredible location.
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