Housing market looking up in eastern Idaho

The housing market across the nation is starting to turn around, but is eastern Idaho’s housing market following suit?

Whether you’re a buyer or a seller, according to Jeff Metcalf, now is the time to consider jumping in with two feet to get the best deal, especially in Bonneville County.

“2012 showed some signs of improvement, but 2013 is continuing that trend,” said Metcalf.

If you’re thinking of selling your home, “We’re starting to see properties priced right and look really well, and multiple offers hitting the gate,” said Metcalf. “We’re seeing a lack of inventory, and that’s starting to affect prices, because when there’s not a lot to choose from, prices go up.”

With prices going up, that may help your home increase in value. Metcalf says overall, the average price for homes in Bonneville County have gone from $144,000 in early 2012 to $149,000 currently.

But if you’re thinking of purchasing a new home, Metcalf says things are looking up as well.

“As credit starts to loosen up, it’s easier to get a loan now compared to 2011, so if you’re thinking about buying a home talk to your lender and see what you can do,” said Metcalf.

Also with home prices increasing, “Interest rates are going to go back up, there are FHA fees that are going to go up, so now is the best time to buy, because you’re going to get the best deal,” said Metcalf.

Whether you’re buying or selling a home, the good news, according to Metcalf: “Real estate tends to mirror or drive the economy, so the better the real estate is, the better the overall economy is.”

Also the construction of new homes has been increasing this year. In Bonneville County, 41 new permits have been approved from January to March this year; that’s double to what was approved for the first quarter of 2012.

Nationally, home prices are currently rising more than they have and the quickest they have in the past seven years.