Good news for anyone selling his or her home, the local housing market may be on the upswing.
In just a short time, local real estate agent and city councilman Jim Johnston said he’s seen a change for the better in the housing market.
“The market has improved dramatically in the past few weeks,? Johnston said.
According to Johnston, January was a slow month with only 26 homes sold in Pocatello and Chubbuck, but so far in July three times that amount have sold, much closer to where he says a healthy market should be.
He believes the change is due to a lot of confidence and optimism for the area’s future, particularly when it comes to jobs.
“You know, Hoky has hired some additional people, and they’re planning to hire some more. The All State facility is coming. When you think in terms of 500 people that are going to have jobs, those people are going to need housing and many of them are going to buy,? Johnston said.
Mike Shore is in the search to buy right now.
“We made an offer on a home. It seemed like a great deal. We put the offer in, and to our surprise there were actually competing offers on that home. So we were surprised to see the sellers have choice,? Shore said.
Shore is also a mortgage loan officer, and from what he sees, he said there’s a lot of good news for home sales in the entire area.
“For eastern Idaho as a region, we’re seeing a turn for the better in the market,? Shore said.
But good news locally, may not parallel where the nation is on average when it comes to home sales.
“It’s still underperforming. People need confidence in the economy, and they still have questions,” Johnston said.
Johnston is confident good news for the housing market is a sign of more good news to come for Pocatello’s economy.
“I’m convinced Pocatello is going to lead the state of Idaho out of the recessionary tendencies we’ve had the last couple of years,? Johnston said.
“Nobody knows 100 percent, but every indicator out there indicates that we are at least close to the bottom, and the market is turning,? Shore said.