14-April-2023 – MERIDIAN, Idaho – Meridian, Idaho listing agent Kevin Harper says the Idaho real estate market is stronger than many expected by this time in 2023. He says that with the economic uncertainties arising from the Silicon Valley Bank failure earlier this year, and other banking weaknesses nationally, some analysts expected the worst. But he says housing demand in the Treasure Valley continues to outpace inventory, and the National Association of Realtors projects a stable market going forward.
“As a Meridian listing agent, I have buyers looking for homes that I just don’t have the inventory for right now,” Harper says. “There are qualified buyers out there, sometimes even with cash in hand. But it’s challenging to find the perfect home for them in locations like Meridian that they want to live in.”
He says he regularly canvasses neighborhoods in Meridian looking for owners interested in selling. According to Harper, almost everyone he talks to says they plan on retiring in their Meridian home, and some even say they plan on dying there.
“That’s a pretty high level of satisfaction, which is great for those who already own a home here. But for those wanting to move in or move up to a Meridian home, that level of satisfaction among current residents makes it harder to find sellers who want to move,” he says.
“When I do find a homeowner who needs to sell, I can often find a buyer quickly for them. In fact, I’m closing on a house today, and I have an offer coming in on a great solar-powered home as well,” he said. “That’s the level of pent-up demand we’re dealing with.”
Kim Bird, an experienced loan officer who gets competitive mortgage rates for her clients buying in Meridian, agrees but cautions homeowners against thinking this is a seller’s market. Bird says that builders are doing a good job of pacing new housing starts to supplement the existing home inventory.
“We will always have economic uncertainties in the market — that’s a feature, not a bug,” she said. “What buyers need to focus on is finding a home they can afford given their own unique financial situation. And that’s where a good loan officer comes in.”
Harper says that Meridian continues to be one of the most sought-after cities in the Treasure Valley because of its central location, great homes and shopping, and stable property values.
“Meridian home values tend to have better appreciation than those in other parts of the Treasure Valley, and better stability during national downturns,” he said.
“I think it’s because it’s a growing community with newer homes, newer shopping and restaurants, and easy access to both tech jobs in Boise and agricultural jobs in Caldwell and beyond,” he said.
Harper does have one piece of advice for those coming to Idaho from other states, and it’s shared by the Meridian residents he talks to daily.
“Idaho is a great place to live,” he says, “and those coming from out of state recognize that. All Idahoans ask is that if you’re coming here to get away from another state’s bad policies, don’t try to turn our state into what you fled.”
OPEN HOUSE DATES
5404 N Mendelson Ave, Meridian, ID
Saturday & Sunday
April 15, 16 2023
11:00 AM to 3:00 PM
ABOUT KIM BIRD
Kim Bird has been in the mortgage industry in all capacities for over 20 years. Her biggest passion is being able to put all the pieces of the puzzle together for borrowers so they may have the best experience possible in their mortgage lending needs. She is licensed in Idaho, California and Oregon.
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ABOUT KEVIN HARPER REAL ESTATE
Kevin Harper is a former architect and director of marketing. He has been in real estate digital marketing since 2006 and was licensed as a Realtor in 2020. Kevin leverages his extensive experience to list and sell homes for his clients, finding properties for both residential and commercial buyers.