ID housing nose dive

[Tom Slick]

Idaho housing market is in a free fall. Seeing big increase in inventory with homes sitting on the market. 60-100k price drops are happening daily. Big home builder is now advertising all homes are getting 60k reduction, claiming lumber prices have dropped, so they are passing the savings onto the buyers. Only 30 days ago the house two doors down went on the market. They had 8 offers, it sold for 50k over ask in just 2 days. House right next door hit the market Saturday with an open house that literally saw only one couple look at it. Crazy how fast things changed.

 

[monkeyswrench]

It had to happen at some point. Prices, up or down, don't bother me...I'm not buying or selling. The guys swinging hammers though, they're the ones I feel for. It starts with price drops, but ends with guys needing work

 

[riverroyal]

Enjoy all the new Californians. Now they will bitch about that state also

 

[mbrown2]

Idaho housing market is in a free fall. Seeing big increase in inventory with homes sitting on the market. 60-100k price drops are happening daily. Big home builder is now advertising all homes are getting 60k reduction, claiming lumber prices have dropped, so they are passing the savings onto the buyers. Only 30 days ago the house two doors down went on the market. They had 8 offers, it sold for 50k over ask in just 2 days. House right next door hit the market Saturday with an open house that literally saw only one couple look at it. Crazy how fast things changed.

I remember the same happened quickly in 2007....was moving to AZ for my company at the time.....taking a small team of tech professionals with me... My house sold with 3 offers in a week in mid May; one of my team members who bought in mid 2006 and had a bit of virtual equity listed in June and could not sell after 90-120+ on market...he could not take a loss so he rented it....market changed quick...

 

[Xring01]

It had to happen at some point. Prices, up or down, don't bother me...I'm not buying or selling. The guys swinging hammers though, they're the ones I feel for. It starts with price drops, but ends with guys needing work

Well stated, but thats the risk of that line of work. Just like the oil field…

Booms and
Busts

 

[HOOTER SLED-]

Next up Havasu......come oooooooon vacation home pricing.

 

[LargeOrangeFont]

Enjoy all the new Californians. Now they will bitch about that state also

 

[bilz]

Someday the contractors that never returned my calls will start calling.
And the past will repeat itself.

 

[monkeyswrench]

Well stated, but thats the risk of that line of work. Just like the oil field…

Booms and
Busts

Grew up in a construction house. Did construction.
Got the hell away from it last go around.

"Feast or Famine" is what my Mom used to say.

 

[Danger Dave]

Enjoy all the new Californians. Now they will bitch about that state also

I was in McCall Saturday looking at houses. Nice stuff hasn't crashed yet, and you're still looking at almost 3 years to get a new home built up there.

 

[77charger]

Grew up in a construction house. Did construction.
Got the hell away from it last go around.

"Feast or Famine" is what my Mom used to say.

Been in it for 28 years at same company but luckily i was paid salary so busy or slow i was working getting paid full pay.Only thing slowdown effected was my ot but busy times i could make as much as my normal pay in cash ot.And when it came i stashed it til i had a certain amount to play with.I tried and tell new hires it gets busy and it gets slow here and there so dont go spend all your OT like it the busy time is never going away.Well when it slowed they complained but 20 something kids right away got to impress others with new purchases not knowing how construction works.

 

[Ct5]

Someday the contractors that never returned my calls will start calling.
And the past will repeat itself.

That’ll be nice.

 

[HNL2LHC]

Next up Havasu......come oooooooon vacation home pricing.

Funny, I was just looking at Havasu homes for sale. There are a lot that have price reductions. Also the wife asked a realtor friend a few questions on a house the wife is eyeing up. The friend said that it will be reduced in price. That is now becoming the norm.

 

[LargeOrangeFont]

I was in McCall Saturday looking at houses. Nice stuff hasn't crashed yet, and you're still looking at almost 3 years to get a new home built up there.

Same here. Ballers still be ballin. That may slow more towards the fall. The higher end middle of the road stuff will certainly drop.

 

[HotRod82]

I read an article awhile back that claimed Boise is going to be the epicenter of the meltdown, according to a couple friends there it is in fact retreating quickly. Hopefully it doesn't get too crazy.....

 

[Mikes56]

All it took was the interest rate to go up a couple points. If you’re paying cash or mostly cash, interest rates don’t matter.

 

[COCA COLA COWBOY]

Housing price declines are steep on the way down. It's going to be a rough 12-18 months!

 

[CLdrinker]

This is fake news. I haven’t heard one realtor or loan guy say it’s turning.
Everything is fine.

 

[PaPaG]

Writing has been on the wall for months...hold onto your hats.....

 

[HB2Havasu]

Not surprising the Boise Home Market is coming back down to earth. Last I read it was the most overinflated area in the country by approx 55% as I recall. The problem I see is the Fed should have started slowly raising rates a few years ago when the housing market was getting White Hot. Now they are overreacting and will put us into a long term bout of Stagflation. If you’ve recently bought in one of these over inflated areas like Idaho get ready for a long ride down the mountain!

 

[Joe mama]

Just rented an apartment for My daughter there, I can tell you rents haven’t come down.

 

[traquer]

Oh well it's still the nicest part of the country, better to be upside down on the mortgage for a while than deal with cat thieves and CA traffic lol

 

[Springfield]

I think the first wave of price reductions are due to seller anticipation pricing $50K over the neighbors house selling the prior month.

 

[hallett21]

A large portion of those who moved to Idaho were retirees correct?

Even with a loss in equity I gotta imagine their overall cost of living is lower.

 

[NicPaus]

A large portion of those who moved to Idaho were retirees correct?

Even with a loss in equity I gotta imagine their overall cost of living is lower.

My Cousin moved there along with quite a few others I know. 30-40s age group. Just saw her Saturday she headed back yesterday. High-school teacher at brand new school.

Her development was $330K few years ago. With a 30k up charge for lumber She paid 700k. Nice brand new house with RV garage. Now it's around 850K. They all moved from Torrance where a much smaller older house is currently selling for a million and comparable homes 1.5. Cost of living for everything else about the same. Much bigger yards. Close lakes. Dirt bike riding 15 minutes away and She can drive the RZR from the house to go ride.

 

[Done-it-again]

I think the first wave of price reductions are due to seller anticipation pricing $50K over the neighbors house selling the prior month.

Agreed.

 

[hallett21]

My Cousin moved there along with quite a few others I know. 30-40s age group. Just saw her Saturday she headed back yesterday. High-school teacher at brand new school.

Her development was $330K few years ago. With a 30k up charge for lumber She paid 700k. Nice brand new house with RV garage. Now it's around 850K. They all moved from Torrance where a much smaller older house is currently selling for a million and comparable homes 1.5. Cost of living for everything else about the same. Much bigger yards. Close lakes. Dirt bike riding 15 minutes away and She can drive the RZR from the house to go ride.

What were the other people you know doing for work?

The 1,000 sq ft house on a 6-7,000 square ft lot down here is nuts.

 

[MSum661]

Yup....Boise, for example, is just starting to roll over

 

[NicPaus]

What were the other people you know doing for work?

The 1,000 sq ft house on a 6-7,000 square ft lot down here is nuts.

One of the Girls was first to move. I forget what She told Me but Her Husband transferred there for work. She got real estate license and has been selling houses. She recruited most the others to move. I know my Cousin realtor from here moved up there as well. They all probably had good equity and sitting on money after the move.

A 1000 sq ft house few blocks from the one She sold to move recently sold for 1 million. It was a flip with shotty work. A lady I have worked for in the past bought it. Friends with my Realtor. She sold her nice house few blocks over and moved to AZ 3 years ago. Came back and had to downgrade to afford the area.

My cousins house here has gone up 200k since She sold a little over a year ago. Similar to what her knew house went up. Worth about 1.2. She bought it 5 years ago for 750K.

 

[samsah33]

My realator just called and told me that right now is the perfect time to sell my place and get into a new one, she's never seen conditions so ideal...

 

[LargeOrangeFont]

My realator just called and told me that right now is the perfect time to sell my place and get into a new one, she's never seen conditions so ideal...

She needs a few more deals this month.

 

[Bobby V]

Oh well it's still the nicest part of the country, better to be upside down on the mortgage for a while than deal with cat thieves and CA traffic lol

Depends on what part of ID. My boss bought about 10 acres a hour north of Boise about 3 years ago. I told him about this thread. He laughed and said the Boise / Eagle traffic and new homes being built reminds him of the OC. But once you get out of town its awesome.

 

[EmpirE231]

Small data... but the base/case/trim guy that I've used over the years, has been so busy, he couldn't even come out for 6+ months to quote a job (small job) for me around the house. 2 weeks ago he finally texts that he can come check it out, he texts me the quote the next day $650 (like I said very minor job)... for how small the job was, I thought it was steep... but was thinking I might as well get it over with anyway. Didn't have a chance to contact him for about a week and a half, because we've been out of town.... He texts me yesterday that he thinks he quoted me too high, and can do it for $500, and get it done tomorrow. saved myself 1 tank of gas without even trying

 

[stillhustlin]

We’re a developer/builder out of northern utah. Currently brining $15k to the table for rate but down. Inventory isn’t moving here. All builders around this area seem to be experiencing stagnation.

 

[Waterjunky]

I am betting by the end of summer things will be back to normal for builders. That said, that is coming from the crazy we have had for the last three years. This winter and next year will be when we see the truth come out. Not sure what that will look like. Could be just slow or could be a total stop like 15 years ago.

 

[Done-it-again]

We’re a developer/builder out of northern utah. Currently brining $15k to the table for rate but down. Inventory isn’t moving here. All builders around this area seem to be experiencing stagnation.

Great real world info..... not this typical hypothetical stuff you always hear on RDP.......

 

[hallett21]

We’re a developer/builder out of northern utah. Currently brining $15k to the table for rate but down. Inventory isn’t moving here. All builders around this area seem to be experiencing stagnation.

What’s the average home selling for?

 

[stillhustlin]

What’s the average home selling for?

Most product is in the $600-800k range. Pretty average run of the mill stuff. 2k finished 1k unfinished basement. Production level finishes.

 

[JUSTWANNARACE]

Housing market is dwindling everywhere in a hurry.. if you cant see that you are blind.. of course your buddy that is a "builder" or "realtor" isnt going to tell you that because he doesnt want you to back out or maybe potentially sign up..

Open your eyes and look.. when I get subs calling me that I haven't heard from in awhile, looking for work, that is my first sign.. and in the last month or so, I have had alot of those calls.

 

[Tom Slick]

Depends on what part of ID. My boss bought about 10 acres a hour north of Boise about 3 years ago. I told him about this thread. He laughed and said the Boise / Eagle traffic and new homes being built reminds him of the OC. But once you get out of town its awesome.

He ain’t lyin

 

[RiverDave]

My realator just called and told me that right now is the perfect time to sell my place and get into a new one, she's never seen conditions so ideal...

If you can catch one of the last guy willing to pay moonshot pricing and then hold out for a few, she might be right. You might be ok just listing it and if ya get it you get it.. If ya don't stay where you're at.

We purchased a lot a little while back.. We are holding on starting to build on it when construction prices come down. That said I think our income is gonna come down right now too, so I'm not sure what difference it makes.. LOL.

RD

 

[Bpracing1127]

My realtor friend is one of those delusional ones. Thinks it’s a perfect time to buy

 

[Dan Lorenze]

Someday the contractors that never returned my calls will start calling.
And the past will repeat itself.

A good friend of mine always dreamed about building a house in Prescott. He and his wife went out there a year ago to talked to contractors to build them a house. He said the moment they found out he was from CA they lost interest and wouldn't deal with him. Mind you, my buddy and wife are ultra conservative..Oh well...

 

[was thatguy]

A good friend of mine always dreamed about building a house in Prescott. He and his wife went out there a year ago to talked to contractors to build them a house. He said the moment they found out he was from CA they lost interest and wouldn't deal with him. Mind you, my buddy and wife are ultra conservative..Oh well...

I might be mistaken, and please correct me if I am wrong, but wasn’t it you who said you’d never feel the need to explain my CA license plates to a bunch of texas roughnecks?
lol

 

[LargeOrangeFont]

We’re a developer/builder out of northern utah. Currently brining $15k to the table for rate but down. Inventory isn’t moving here. All builders around this area seem to be experiencing stagnation.

I’m waiting for the bulldozers to stop here in my neighborhood….

 

[Bobby V]

I might be mistaken, and please correct me if I am wrong, but wasn’t it you who said you’d never feel the need to explain my CA license plates to a bunch of texas roughnecks?
lol

Didn't you bring up the Texas Ruffnecks..

To those who have left California......

Any city west of the Rockies, that has a major airport is going to be expensive. When you look at homes, be sure to notice how long some of those houses have been on the market. Taste the water 💦! Look up “insects” in that area, and see if you and them can co-exist. Visit a lake or two...

www.riverdavesplace.com

 

[was thatguy]

Didn't you bring up the Texas Ruffnecks..

To those who have left California......

Any city west of the Rockies, that has a major airport is going to be expensive. When you look at homes, be sure to notice how long some of those houses have been on the market. Taste the water 💦! Look up “insects” in that area, and see if you and them can co-exist. Visit a lake or two...

www.riverdavesplace.com

Yes, to be grammatically correct he said “anyone”.
Congrats.

 

[traquer]

I might be mistaken, and please correct me if I am wrong, but wasn’t it you who said you’d never feel the need to explain my CA license plates to a bunch of texas roughnecks?
lol

I need to change my damn plates, thanks for the reminder. No problems so far, but my landscaper in Texas made a joke about it. He's a Mexican from Cali too, I wonder what they thought of him

 

[havasujeeper]

Depends on what part of ID. My boss bought about 10 acres a hour north of Boise about 3 years ago. I told him about this thread. He laughed and said the Boise / Eagle traffic and new homes being built reminds him of the OC. But once you get out of town its awesome.

An hour north of Eagle and your roads are frozen for several months, right?

 

[Xtrmwakeboarder]

My realtor friend is one of those delusional ones. Thinks it’s a perfect time to buy

I don't think I've ever met a realtor that didn't say "This is the perfect time to buy" under all conditions and circumstances.