The coincidental high demand for homes and historic low mortgage rates in Boise, ID that has reached 3 percent for the first time in the last five decades have presented homebuyers with a huge investment opportunity that they can bank on to reap more, the Freddie Mac survey indicates.
(Call 208-854-7800 now to get today’s rates.)
These recent low rates have made it possible, despite the COVID-19 pandemic, for many people to invest in the Boise area real estate market. The fact that mortgage rates have remained historically low, is a good thing. It allows those looking to purchase a new home to qualify for mortgage payments they can afford. It cushions the ever-increasing home prices in the Treasure Valley, experts say.
Today, many people are also refinancing their home loans to take advantage of these historic low mortgage rates. Instead of going for a 30-year mortgage, many buyers are now opting for a 15 year home loan period because they can still qualify for a reasonable mortgage courtesy of the lower interest rate. Often, the repayments will remain the same while at the same time reducing the number of years, which saves them thousands of dollars in interest.
Boise, Idaho is Now One Of The Hottest Forecasted Real Estate Market in 2020
Every person looking to invest in real estate does so as to leverage the ever-growing returns on investment, and buying a home in Boise, ID is one such perfect decision you can take thanks to the resilient real estate market that has withstood the turbulent economic times in the past. In Boise, home prices have continued to surge over the past few years, and real estate analysts project that prices will continue on an upward trend throughout 2020 and beyond. When it comes to real estate, Boise enjoys a good reputation in the country. When coupled with other factors such as relatively low-interest rates at the moment, it is no wonder why so many are investing in the real estate market in this part of the country.
Current and Future Outlook of the Housing Market
For the past few years, increasing numbers of people have flowed into Boise from California, Oregon, and Washington, which has put a strain on inventory and driven median home prices up higher, and the trend doesn’t seem to be slowing. New home construction is in full swing to try and keep up with the demand.
In a survey conducted by Zillow, prices of homes in Boise have increased by over 10.1 percent in the last one year and the trend is set to increase by another 5 percent by the end of 2020. Realtor.com, a national trade group says that home prices in Boise, ID will grow at a faster rate than other large housing markets in the wider US. Currently, Boise is ranked among the hottest housing markets in the nation.
Bottom line is that if you are waiting for the real estate market here to cool before buying a home, you might be waiting a long time.
Great Investment Opportunities for Boise Homebuyers
The rate at which employment opportunities are growing is fabulous. Forbes estimate that the employment growth rate in Boise, ID is roughly twice or thrice the national average, and the unemployment rate is way below the national average. On the other hand, the rate of growth in population is triple the national average. Therefore, whether you are buying a primary residence or wish to invest in a property to rent out, investing your hard-earned money in Boise, ID in 2020 won’t disappoint you.
From the foregoing trends, it is now clear that investors are presented with a rare opportunity to invest in a comparatively affordable real estate market with a huge potential of paying off in a big way. This is because of the growing reality that prices are rapidly and steadily appreciating. Alongside affordable mortgage payments that make it easy for people to buy homes, those who own property in Boise can also leverage the possible rise in home equity since property values have continued to increase.
So what does all this mean? In short, it means that right now is a great time to buy or refinance a home in Boise.
Want to take advantage of today’s low-interest rates? Call 208-854-7800 to speak with a local mortgage loan expert, or contact us online!