Desperate buyers forgo inspections, appraisals as Boise-area home prices push even higher

Looking to buy a home in Ada County? Good luck.

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Out-of-state buyers flush with cash are outmaneuvering Idahoans who need a bank loan. By offering cash, they cut down the time it takes to close a deal from a month to one week. Some buyers are dispensing with inspections and appraisals to speed up the process, and they’re coughing up nonrefundable deposits to win over sellers.

Meanwhile, the number of houses listed for sale is still dwindling.

There were a record-low 470 houses listed for sale in September — 288 new homes and 182 existing homes. A month earlier, there were 589 homes available, also a record low since the Intermountain Multiple Listing Service began tracking the numbers in 2006.

“With fewer than 500 homes listed for sale in a county where there’s demand for 1,200 home sales per month, that creates a crisis,” Boise real estate agent

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