{"id":7952,"date":"2012-06-08T11:06:34","date_gmt":"2012-06-08T17:06:34","guid":{"rendered":"http:\/\/stateimpact.npr.org\/idaho\/?p=7952"},"modified":"2012-06-08T11:06:34","modified_gmt":"2012-06-08T17:06:34","slug":"boises-housing-market-why-all-the-competition","status":"publish","type":"post","link":"https:\/\/stateimpact.npr.org\/idaho\/2012\/06\/08\/boises-housing-market-why-all-the-competition\/","title":{"rendered":"Boise’s Housing Market: Why All The Competition?"},"content":{"rendered":"
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Molly Messick \/ StateImpact Idaho<\/p>

In April, construction was underway on half a dozen homes in one suburban development.<\/p><\/div>\n

Boise’s housing market is a moving target.\u00a0 Last fall, StateImpact<\/em> reported<\/a> on a market still in the doldrums.\u00a0 Earlier this spring, we started to hear about growing demand and new construction<\/a>.\u00a0 Yesterday, we took a look at the tough competition for low-priced properties<\/a>, as new homebuyers and investors scramble for good values.<\/p>\n

The trickier questions to answer are why these changes have come to Boise so quickly, and how long the <\/del>turnaround can continue at this rate.<\/p>\n

In April, Robert Lang of Brookings Mountain West<\/a> explained it this way: homes in markets that were hit harder than most may actually have become undervalued, making those homes especially good deals.<\/p>\n

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Molly Messick \/ StateImpact Idaho<\/p>

A sign advertises new homes going up outside of Boise.<\/p><\/div>\n

He also stressed that the price improvement in Boise has to be kept in perspective.\u00a0 It is, after all, improvement from the point at which prices bottomed out.\u00a0 As Lang put it, “there\u2019s light at the end of the tunnel, but we are in most places still in that tunnel, because we have yet to get ahead of where we were.”<\/p>\n

This week, Eric Allen, a regional director of Metrostudy, answered a few more of those “why” questions.\u00a0 First on the list, “Why is Boise’s housing market faring comparatively well?”\u00a0 The answer?\u00a0 “It’s complicated.”<\/p>\n

“It’s not just one thing,” Allen says.\u00a0 “We have in-migration and favorable housing prices.”\u00a0 Also, Boise has had pent-up demand.\u00a0 “There were lots of doubled-up households, people living in mom and dad’s basement,” Allen explains.\u00a0 “Those people are starting to come back into the market while prices are still low, and interest rates are low.”<\/p>\n

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