MERIDIAN, Idaho — For many Americans, buying a home is the dream. But the ever-changing housing market can be intimidating to navigate— especially for first-time homebuyers.
- Idaho Housing and Urban Development resources.
- Idaho State Tax Commission for First-time homebuyers resources.
- Idaho Housing and Finance Association website.
(Below is the transcript from the broadcast story)
Lauretta and Kelly Lamp bought their Meridian home in 1997.
“So it had been a very long time since we had dealt with the home buying process,” said Lauretta Lamp.
So when they decided to help their adult children become first-time home buyers, they worked with a local real estate agency in Meridian to navigate the ever-changing market.
“You do need to have the 3.5% downpayment for an FHA loan,” said Lauretta Lamp.
“Both of them have the opportunity to build some equity into something [now],” said Kelly Lamp.
The Agency Boise reports that the median price for a home in Ada County is around $540,000, the same price as last year. In Canyon County, it’s increased to around $414,000.
Last month saw an increase in house sales compared to the same time last year in the Treasure Valley.
“The reason for that is last year, 2023 October, was the peak of interest rates. We were almost at 8% of interest rate at that time. Now we’re back down to about 6.7%,” said Mike Moir.
Mike Moir - manager partner of real estate brokerage The Agency- says the two main factors when it comes to purchasing a home are the current interest rates and, of course, the home’s price tag.
He tells me it’s the lack of local inventory that's keeping home prices where they’re at, “Overall in the valley, we have about 2.6 months of inventory."
And more than half of the home sales in the Treasure Valley are new home sales.
“New home sales are holding us together right now,” said Moir.
Moir anticipates lower interest rates by summer. “Once we get into a 5% interest rate or a sub-6% interest rate, you’ll see some inventory come down and buyers come back to the market."
Potentially lowering house prices for those looking for their first... maybe even forever home.
“Hopefully this pays dividends for their kids, our grandkids. This is something that people don’t have to do alone and that’s something we were happy and willing to [help with],” said Lamp.
