Current home buyers and local real estate agent discuss the home buying process

MERIDIAN, Idaho – For many Americans, buying a home is the dream. But the ever-changing real estate market can be intimidating — especially for first-time home buyers.

• Idaho Housing and Urban Development Resources.
• Idaho State Tax Commission resources for first-time home buyers.
• Idaho Housing and Finance Association website.

(Below is the transcript of the broadcast story)

Lauretta and Kelly Lamp purchased their Meridian home in 1997.

“So it had been a long time since we had looked into the home buying process,” Lauretta Lamp said.

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.

“For an FHA loan, you need a 3.5% down payment,” Lauretta Lamp said.

“Both have the opportunity (now) to put some equity into something,” Kelly Lamp said.

The Boise Agency reports that the average price of a home in Ada County is about $540,000, the same price as last year. In Canyon County, it has risen to around $414,000.

Last month saw an increase in home sales in the Treasure Valley compared to the same period last year.

“The reason for this is that last year, in October 2023, interest rates peaked. At that time we were at almost 8% interest rate. Now we’re back down to about 6.7%,” Mike Moir said.

Mike Moir – managing partner of real estate brokerage The Agency – says the two main factors when buying a home are current interest rates and of course the price of the home.

He tells me it’s the lack of local inventory that’s keeping property prices where they are: “In total, we have about 2.6 months of inventory in the valley.”

And more than half of home sales in the Treasure Valley are new construction sales.

“Sales of new homes are what’s holding us together right now,” Moir said.

Moir expects interest rates to be lower by summer. “Once we get to 5% or below 6% interest rates, some inventory will decline and buyers will return to the market.”

Potentially decreasing property prices for those looking for their first home…maybe even forever.

“Hopefully this will pay off for their children, our grandchildren. This is something that people don’t have to do alone, and this is something we were happy and willing to help with,” Lamp said.