Is now a good time to sell in the Boise Valley?

May 11, 2019 joshharbst No comments exist

I’m getting asked this question more and more often. I guess the answer depends on your situation. While the answer varies, one thing is for certain. Property is selling at record high prices (1Q average price in Ada county-$371,764 and Canyon county-$253,607) in this valley and if you do sell, you could stand to make a great deal of money depending upon your equity.  But what is your plan?

If you have a scheduled move out of town for work or family, it is a great time to sell!  You should see some healthy equity placed in your pocket.  Check with your accountant and if you qualify for the capital gains credit, that money may be tax free.  Other great reasons for selling would be if you are the executor of an estate on a property you don’t want to live in or manage, up-sizing or downsizing, or if you potentially changed changed tax brackets.  Just know that you will experience the premium the market has to offer on both ends.  You will make money with your sale and eat someone else’s profit on your purchase.  One other great reason would be if you are an investor and plan to 1031 exchange that money into new investments.  That way, your money stays tied up in real estate.

If you are trying to play the market with your primary residence, I don’t recommend selling.  Experts predict we are headed for a recession in 2020 but most folks think of 2006-2008 when they think of the word recession.  With the growth our valley is experiencing, the next recession shouldn’t be as detrimental and home values may not drop like they did during the Great Recession.  You may find yourself sitting on a chunk of cash and still paying a premium down the road when you do decide to buy again.  If you spend all the equity you have gained in our recent surge, you may be in an unhealthier spot with your newer purchase.

Just some things to think about while our market is hot.  Please check out new listings at:

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