On Your Side
With Idaho's housing market, experts say now is the time to buy!
Jennifer Auh reports on Idaho's housing market making a turnaround. Video by IdahoOnYourSide.comvideo
In the last year, the Gem State's foreclosure rates have gone down, while home sales and prices went up.
Despite the bitter cold we're experiencing, Idaho's housing market is looking nice and toasty!
The housing market is officially back on track. In 2012, home sales did better than expected, and Idaho made one of the biggest rebounds.
According to experts, people should buy now with the low interest rates. "When you compared an average history of 8 or 9, a 3.75% for a 30-year fixed loan, that’s almost free,” said Tracy Kasper, Silverhawk Realty Co-Owner.
For those who need to sell their home, experts said minor upgrades can go a long way, such as switching to stainless steel appliances, new kitchen countertops or floors.
There is also a larger demand for newer homes. "Why new construction is popular right now, is because of the home warranty,” said John Mays, Silverhawk Realty Agent, “It’s ready to go, it’s turn-key."
While things are looking up, it’s far from a housing boom, but realtors say that's a good thing. "Otherwise, it'll be a false market, another housing bubble” said Kasper.
- Foreclosed properties in Canyon and Ada Counties went down to about 1, 900 in 2012, compared to 4,100 in 2011.
- Idaho also placed 3rd in the country for rapid growth in home prices, increasing by 13.9%.
- Experts’ forecast for Idaho’s housing market in 2013 is another growth of 11%.