As we head into the new year, I want to talk about how certain things might affect us here in the Boise area. Come January 2023, there is going to be a Social Security increase of a little over 8%. This is a positive thing, but it is also another inflationary driver. Anytime you are putting money into the system, it creates inflationary factors. A lot of people in the Treasure Valley are waiting for the day that values drop dramatically on houses. However, we are going to get things that will stabilize it. I think we are nearing the low of what values are going to be, but I do think we have a little bit higher of what interest rates are going to eventually increase to. It will be interesting to see how the Social Security increase will affect the market. Rent seems to be leveling off as more people decide not to sell their house, but to rent it out. I do think markets are going to pick up around the middle of 2023 and the market is still pretty strong in the Treasure Valley.
Hope that helps!
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