Boise Real Estate- Time to Buy?

Posted by Kevin Hughes on Monday, July 14th, 2014 at 2:15pm.



Boise Real Estate- Is it REALLY the Best Time to Buy?

Everywhere you turn, you hear people talk about the great deals in Boise real estate and how you really need to buy NOW!  “You are crazy not to get off the fence and just buy!  They are practically giving homes away.  Interest rates will never be this low…”  Okay, maybe it is just Realtors that have been saying this.

Well, it really may be right this time.  It's true.  You can wait to catch the exact time the proverbial bottom hits.  Unfortunately, no one knows when that will be and when we do know, it has already passed.  The real answer is….it depends.

Real estate is not a get rich quick scheme-at least not for the vast majority of us.  If you are a full time real estate investor, do your homework, and know how to spot the best deals on Boise properties, then you may be able to make serious money in quick flips or renovations.  For the rest of us, real estate is first and foremost where we live.  It is where our lifetime memories are created.  It is where we spend time with friends.

Here are some thoughts and guidelines to consider when deciding if buying property in Boise is really right for you:

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1. Do you plan on staying for at least 5-10 years?  Real estate prices fluctuate.  It is a given.  It is like the sun.  It comes up and then goes down.  Historical price averages over time has shown real estate values tend to increase over the long term.

2. You have to pay someone’s mortgage.  It might as well be yours.  Eventually, the home will be paid for since part of every payment goes toward principle and there are still tax advantages to owning a home.  At this time, you are still able to deduct the mortgage interest and the property taxes you pay on your income taxes.  There could be some additional tax benefits to owning investment property as well.  See your accountant for more information on the tax benefits of home ownership.

3. Do you have a relatively stable job or income?  Obviously, there are no guarantees in life.  Nobody has a job forever.  However, in many cases, with the current very low mortgage rates, owning a home in Boise is less expensive per month than renting the same house.

4. Do you enjoy landscaping, renovating or painting?  Many times if you are renting you are not allowed to do any customizing of the property.  Or if you hate to move, you may be forced to if the landlord will not renew your lease.

When deciding whether to buy or rent a home in Boise, there are many factors to consider and only you can decide the right timing for you.

 Kevin Hughes

3 Responses to "Boise Real Estate- Time to Buy?"

Alan | Life's Too Good wrote: Hi Kevin,

I just thought I'd stop by and say Hi, thanks for leaving a comment on my article and come & leave a comment on yours.

Having read your article above my (perhaps slightly controversial) thought is this: there is never a good or bad time to buy real estate - in fact buying real estate is always a good idea but ONLY if you know what you're doing. Know the market - if the market is down and trending down then factor that into both your purchase (i.e. negotiate a vastly reduced price) and your plans for that property (make it a quick turn around that benefits from the large reduction you got before the market catches up or buy and hold for the long term to ride out the dip until the market recovers or just hold as a rental property),

just my two cents (pence really because I;m from the UK),

take care,
Alan Posted on Sunday, December 18th, 2011 at 3:06am.
sally brown wrote: This is a great article. Not only does it have humor, but you help a prospective buyer to decide if he/she is ready to buy or if they should continue to rent. Sally Posted on Friday, December 23rd, 2011 at 11:18pm.
Rose wrote: Even though this article is a couple months old, it still holds true. Regardless of whether then was the bottom, now is the bottom, or it is somewhere in our near future, one thing is for certain: home prices will eventually rise and so will interest rates. No one will look back and say "Dang, I bought a home in Dec 11', not Feb 12'" ... In the end a 2011 / 2012 home purchase will be smart. Posted on Friday, May 11th, 2012 at 6:29pm.

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