Ada County's low home inventory to continue in 2018

Posted at 5:24 PM, Dec 01, 2017
and last updated 2017-12-01 19:24:06-05

As 2017 comes to a close, the Treasure Valley continues to experience a shortage of homes for sale -- especially in Ada County. 

Experts predict low inventory to continue into next year, but say there's still hope for home buyers.

Homes are selling faster than they can be listed, contributing to Ada County's record-low inventory.

"We've had three years of consistent, falling inventory," said Katrina Wehr, President of Boise Regional Realtors. "...which obviously is a great sign that our market has recovered."

The average supply of inventory in the county is nearly two months worth. However, in a balanced market, you need between four to six. 

"Below $250,000 is definitely a seller's market right now," Wehr said. "We've got a great demand for that price point, and not enough supply."

But if you do find the right home for you, the good news is that mortgage rates are flat -- advantageous for buyers -- and that could continue into 2018. 

"Rates are still very good," said Paul Garcia, mortgage lender at Zions Bank. "It's difficult to predict where the rates will be in 2018. However, we're not necessarily seeing any projected rate hikes in the near future."

And if you're looking to sell, you don't have to wait until spring.

Selling around the holidays means you have less competition.

"The winter, the holidays, that doesn't affect whether someone needs to buy a house," Wehr said. "They still need to buy a house, so it doesn't matter what time of year it is. Every month is a good month to sell your house."

The average home for sale in Ada County only lasts about 33 days on the market, so if you're thinking of purchasing a home in 2018, experts say it's best to get pre-approved early, work with a licensed realtor, and have patience.