Finance Press - Daily financial articles from world

Homeowners in the Boise area are not cutting their home prices as much as they were in previous months, according to Zillow.com's February market information, which is a good sign.

Homeowners in the Boise area are not cutting their home prices as much as they were in previous months, according to Zillow.com's February market information, which is a good sign.

Although the median home price was reportedly lower in January according to a Reuters informational source, in a yet unreleased report.

The overall trend of median home values shows that January's price reduction rate was at 19.8%, while February's was just a little lower coming in at 19.5%, according to sources.

Home sellers reduced prices by a median 6.7% in February, down from 6.8% in January.

The Boise real estate market has posted this trend consistently over each of the past twelve months, showing a boon for buyers. Zillow indicates that 33.2% of all homes listed in February suffered an 8.7% median price reduction from the previous month across the nation.

The median list price of homes fell 1.4% in February from January, to $205,000, which is down 6.8% from the median listing price in February 2009, sources said.

The Boise real estate statistics continue to improve with the median day on market dropping from 109 in January to 105 days in February sources reported. The greatest reduction in the median days on market category was in August which posted only a median of 90 days on market.

The average number of days on market for Boise real estate in February was 109, according to Zillow.

What this means for many property owners is that the inventory is being absorbed at predictable rates that would allow for price changes accordingly. The best way to use this information is to adjust your sales price if your home has not sold in the specified market window, and try to catch up to the new market price in the Boise real estate market. Losing whatever equity you may have in a market headed downward is not a fun lesson to learn and can be avoided by anticipating where the price point in the market will be, and getting there ahead of it.

How this is helpful to Boise real estate buyers is that there is no rush and making calculated purchases at pivotal times is precisely how to ensure you have equity when you close on your home. No matter how many times the media wants to point out that it is a "buyers" market, the best values always go fast so being poised to pounce is vital key to success.

< Prev		Next >