The Sky is Falling…. or is it?

Boise homes for sale

If you watched the news or CNBC yesterday, the headlines were alarming – “Existing home sales collapse in January despite low mortgage rates!!!” Although this makes for good drama, let’s look at the realities of the market.

• There is “seasonality” to home sales. January is just a slow month for homes sales. Actually, homes sales in January 2015 increased 200,000 over January 2014.
• Buyer activity was 3 times greater in January 2015 than January 2014.
• Inventory of existing homes for sale is extremely low with only 4.7 months of inventory available.

The bottom line is that low interest rates are attracting buyers into the real estate market but unfortunately with low inventory of existing homes for sale, they’re having a difficult time finding a home to buy.

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