It’s a sellers market in the Idaho Falls region
If you’re looking at selling a home, now might be a pretty good time to do it. New data from the analyst group, Corelogic, shows that current conditions are creating a sellers market in the Idaho Falls region.
“Since the beginning of the year we’ve seen a significant decrease (of homes) on the market,”said Julie Anglesey, president of the Greater Idaho Falls Association of Realtors. “We’ve had low inventories, very low inventories actually, for a while. And the median price has gone up since the beginning of the year by about eight percent.”
Low inventories mean new homes or used homes in good condition aren’t staying on the market very long. “Right now since the first of the year its about 59 days on market. Currently, the third quarter, is about 44 days on market, so far.”
Anglesey said she sometimes sees homes that move in a matter of days or even a matter of hours if the price is right and the home is new or in good condition.
“They are going so quickly,” said Anglesey. “Everything that we would go towards would say all of the sudden ‘sold’ or ‘sorry sold yesterday.'”
Other factors contributing to the housing market include a growing regional economy, warm weather, and in particular, relatively low mortgage rates.
“Compared to years ago where the rates were at five, six, seven, eight percent. Now we’re looking at 3.3, 3.25 percent,” said Marco Santa Cruz, the chief mortgage officer for East Idaho Credit Union.
Both Cruz and Anglesey said people are rushing to secure these lower rates as current analysts don’t think they’re going to stay low for much longer.
“Your future homeowners, they understand that its more likely that the rates will go up. So they are eager to buy now before the higher rates hit,” said Cruz
With the quick moving market, Anglesey said buyers looking to purchase a home are better off if they get financing and other items squared away before making an offer.
“Know what you want, be ready to make an offer,” said Anglesey. “As soon as you see it and its what you want and it’s the one, just make sure everything’s all in a row and you’ll have a better chance of getting it.”
