$535,000. This is the median sale price of homes in Boise over the past three months. This figure is a 2.9% increase from a year ago, but compared to the double-digit increases during the pandemic, the pace has definitely slowed. Inventory is about 1.4 months, still favoring sellers, and there are an average of three offers per property. This number indicates that the need to make quick decisions on listings continues.

One common scenario that arises in this pace is when buyers rush to contract on new developments in Eagle or Meridian, only to realize after moving in that they didn't fully read the HOA regulations. Communities can have detailed rules regarding fence colors, landscaping standards, and short-term rental prohibitions, and in a competitive offer situation, it's easy to sign without thoroughly reviewing these documents. Even within Boise, older neighborhoods near downtown and new developments on the outskirts have different circumstances. Newer developments tend to have stricter HOA fees and regulations, so it's wise to directly inquire with the management company about the covenants and monthly fees before signing a contract.

Looking at properties without pre-approval is risky in this market. In a situation where there are an average of three offers, if you find a home you like without a loan pre-approval letter, it's common to lose out to other offers while preparing your documents. There are still cases where buyers contract without inspection contingencies, and among the recent examples, there was a family that contracted without conditions and ended up facing unexpectedly high repair costs due to plumbing issues.

0.59%. This is the average effective property tax rate in Idaho. For families moving from places like Texas or California, it might be easy to assume that this number indicates a lower burden, but since sale prices have increased, the absolute amount is not insignificant. If you base your budget solely on the property tax rate from your previous state, you may underestimate your actual monthly expenses, so it's advisable to recalculate based on the county's property assessment before closing.

Closing costs are another item that can be easily overlooked. They typically range from 2% to 5% of the sale price, and many buyers realize this only after focusing on gathering their down payment. It's also beneficial not to settle on loan terms from just one lender but to get estimates from at least three different places for comparison. In a competitive offer market, it can be difficult to change lenders later, even if you're not satisfied with the terms from the lender you got pre-approved with, so it's better to compare early. Given the large sums involved in contracts, it's also necessary to check your credit score and debt-to-income ratio beforehand, and it's advisable to avoid making large purchases right before signing a contract, as this can affect loan terms.

If you're looking at school districts favored by Korean families, it's good to consider both the school ratings and commute distances. School district boundaries change frequently, so use GreatSchools or Niche ratings as reference points only, and be sure to verify the assigned school for the address directly with the school district office before contracting. If you put all your reserves into the down payment, you may find it difficult to handle unexpected expenses like HOA special assessments after moving in, so it's better to leave some amount aside.

For investors looking for rental income, it's essential to check if there are clauses in the HOA regulations that restrict short-term rentals or tenant occupancy. There are actual cases where buyers contract without knowing the regulations and later find out that rentals are prohibited. For families moving from out of state, it's also wise to check home insurance rates compared to their previous area, as coverage conditions for wildfires or earthquakes can vary by region. Ultimately, these aspects come down to the habit of reading each line of the contract carefully.

This article is not investment or legal advice, and consulting a professional before actual contracting is recommended.