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Southeast Idaho experiences high demand in housing market

Real estate office in Pocatello, ID
KIFI
Real estate office in Pocatello, ID

POCATELLO, Idaho (KIFI) - The housing market in Southeast Idaho is booming, but the supply does not match the demand.

Many people in Pocatello and the surrounding community are waiting in anticipation for any home in the area to become available.

Greater Pocatello Association of Realtors Vice President Brent Richardson says most of his buyers are eager to take advantage when presented the opportunity.

“Right now, they're almost taking anywhere that they can go," Richardson said. "We'll also have buyers sitting and waiting for the right location. Most of them sit in that situation.”

According to the 2018 U.S. Census Bureau, 53.6% of workers in Southeast Idaho live in Pocatello. This along with historic low interest rates has resulted in high demand for housing in the Gate City from both in-state and out-of-state residents.

“A lot of people I talk to from out-of-state are wanting to go somewhere where they can actually work, go about, be able to do things and not be locked down," Richardson said.

With interest rates staying low in the present, Richardson believes there is a limited time for many in the community to be able to afford the going rate.

“If interest rates were to climb maybe even a percent, the buying power of our buyers would go down," Richardson said. "In other words, they won't be able to pay as much for a house, because they won't have the buying power to where they can afford it.”

Richardson says now is the time to take advantage of the current housing market.

“Right now is actually the best time to buy a home," Richardson said. "Even though it's hard to find a house, when you got the interest rates where they're sitting at right now, you want to really take advantage of the buying power you have to buy and purchase a home right now.”

If you are looking for a home in the Pocatello area, you can visit https://pocatelloarearealestate.com.

Local News / Pocatello / Top Stories / Videos
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Cole Sams

Cole is a reporter for Local News 8 and KIDK Eyewitness News 3.

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