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Rick Bennett's Blog

By Rick Bennett | Agent in Boise, ID

Who's in the "Driver's Seat?"

What is driving our market? 
Buyers. There are more buyers than there are sellers and it is creating an acute housing shortage here in the Treasure Valley. I thought there was significant shadow inventory (homes that the banks had foreclosed on and are sitting on, waiting to release them one at a time).  But not in our market.  Sure, there may be a few homes that have been foreclosed on that have not gotten to market, typically due to bankruptcy or a cloud on title.  In our Treasure Valley market we are seeing a more normal flow of property to market and the banks that foreclose or are working on short sales are demanding a fair market value for the house.  This action is helping stabilize as well as increase housing prices.
Is this trend the new norm for 2013?  Could be, it certainly is the trend for the next 3 months.  Beyond 3 months it is difficult to predict but for now we are in an escalating market, lower supply and higher demand.
More on this soon!
Rick Bennett

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