June 08, 2020 at 1:45pm | Blair Schwisow
Last Friday morning, Boise residents who had braced themselves for the dismal details of an
unprecedented surge in national unemployment heard some astounding news instead. The greatest surge
in hiring for a single month left the commentators scrambling to explain how it was possible that all of
them could be so far off (some by as much as 10 million jobs). For homeowners who had been watching
from the sidelines, delaying the decision about whether the months-long cloud over U.S. businesses
would hamper their own Boise real estate prospects, the news provided a totally unexpected burst of
sunlight.

The ramifications for Boise’s real estate prospects weren’t hard to guess. Realtor.com immediately
posted a news article headlining the likelihood of “Higher Home Prices” and “More Bidding Wars.”
They’d already observed signs that the economic reversal “is already having a positive effect on the
housing market.” They reported that more buyers had been showing up than in the previous year.

Housingwire.com agreed, headlining, “Here Come the Homebuyers.” They explained that this
spring’s pandemic restrictions had made many house-bound renters “antsy”—and “looking to buy a home
this summer.” They quoted LendingTree research that found 53% of respondents more likely to buy a
home in the coming year.

Realtytimes.com reported that brokers nationwide had already been reporting brisk business, “with
most homes drawing multiple offers.” That meant “selling for more than their asking price.”

Friday’s news shock may have lifted any dark clouds that had been darkening Boise real estate
prospects, but CNBC managed to find more lurking over the horizon in the form of mortgage interest
rates. Immediately, they quoted Mortgage News Daily’s COO, “It’s going to be ugly.” He reportedly
foresaw rate increases of as much as 0.375% for borrowers with weak scores. That was the instant
reaction, yet, by noon, MND’s outlook had apparently changed: “It was and still is perfectly valid to
believe rates have an equal chance of pecking away at all-time lows.” All in all, it’s hard to see why
Friday’s news is anything other than positive for Boise home sellers—especially as people feel more
comfortable about getting out and about.

Meantime, the ticking clock of mortgage rates might further incent Boise home buyers—at least for
those heeding msn.com’s “Money”: “If you’ve been hoping to score a record-low rate to buy a home, you
might want to get moving.”

I would put it more concretely: give me a call!

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