Help a Great Cause at the Idaho Falls ReStore

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Today, I'm out at the Habitat for Humanity ReStore to speak with Kim, the manager. The store helps fund Habitat for Humanity in the Idaho Falls area. I actually didn't know about this place until I needed a door for a garage, and someone recommended the ReStore. I was shocked to see that the store is full of all kinds of things.

Habitat for Humanity is a great organization that provides housing for people who can't get a house through conventional loans. These people volunteer, and put in a lot of sweat equity working on their homes and get a no-interest loan. The store itself carries lightly-used light fixtures, furniture, and flooring, among other things. The store recently received a donation of $11,000 worth of carpet, which they will then sell at a discounted price. This not only provides value for the buyer, but raises funds for the organization. 

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Habitat is a great organization that provides housing for people who can't get a house through conventional loans.

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As you look around, you'll see couches, beds, books, and doors, and supplies for contractors and remodelers. Contractors and remodelers also bring in things like hardwood flooring and paint. Local shops have donated a lot of brand new paint lately. Kim pointed out what a generous community we have! The stuff inside the store is really neat and clean; it's not junk. If you're doing work on your home, you should stop by. You can help yourself and help a good cause at the same time.

The store is located at 1954 N. Yellowstone, and you can reach them by phone at 208-552-0491.

If you have any questions, give us a call or send us an email. We would be happy to help you!

How Hot Is the Idaho Falls Housing Market?

The Idaho Falls real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a free home value report right here, or if you're looking to purchase in the Idaho Falls click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 208.227.5320.

Today I’ll be giving you a quick recap of the Idaho Falls real estate market throughout the first three months of the year. Let’s get right into it!

• The number of sold properties is up by 2% year-over-year (326 up to 333)
• The number of pending sales has risen by 21%, but sales have only risen by 2%
• There are currently 313 homes on the market, which is very close to last year’s number
• Inventory continues to decline, and we are 44% lower this year than last year, and a whopping 56% lower than we were two years ago
• At the end of March 2016 we had only 313 properties on the market
• For buyers, it may feel like there is not much to choose from
• In the $350-$400k there are only 13 homes on the market

I’m sure everyone is dying to hear about home values, and we’re seeing some fluctuations right now. At the end of March 2015, our average sale price was $153,900, and in March 2016 it jumped to $171,948. This is a big increase (+12%), but in October of last year our average sale price was $176,300. So, our average selling price has fallen from last year, yet it is still much larger than it was only two years ago. It’s tough to compare home values just by looking month-to-month, so we will be tracking this phenomenon as we move forward. Expect to hear more from us about this!

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Inventory is incredibly low right now.

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I have a lot more information that I can share with you -  this is just a preliminary report on how our market is doing. The main story is that inventory is very low, so we need more homes to come onto the market. 

If you have any questions - you know who to ask!

Why Is Buying Such a Smart Move in Idaho Falls?

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Buying an Idaho Falls home? Search all homes for sale

Today we are going to go over the numbers to determine if it’s better to rent or to buy here in Idaho Falls. If you are currently renting, or know someone who is, you should pay special attention to this. For the sake of consistency in the numbers, let’s say that we are talking about a home that costs $210,000.

With a 5% down payment, you will still need a loan of $200,000. The standard interest rate on this type of mortgage is around 4%. In addition to these costs, your property taxes would cost you $1,950 per year, with an extra $600 per year to cover insurance. This makes your principal payment $1,167 per month. 

In 12 months, you would be able to take your principle balance down to $196,377 which gives you an equity buy down of $3,396 and an extra $7,350 of equity assuming a 3.5% appreciation rate. Those numbers may not mean hard cash in your pocket, but they are real.

In addition to those savings, you get tax breaks as well. You can deduct both your property taxes ($1,950) and mortgage insurance ($7,920) on your taxes, giving you $9,870 back on your taxes.

I called a few property managers to get an idea of what this home would cost per month if you were renting it, and they came to a consensus that it would be around $1,450 per month. If you were renting this home, you would be paying an extra $283 per month which adds up to $3,396 per year. 

As you can see, when you buy a home as opposed to renting it, you can save up to a total of $16,582 on a $210,000 home in just your first year of homeownership! 

If you don’t own a home, or know somebody else who doesn’t, these are the numbers and numbers never lie. If you have any questions for us, give us a call or send us an email. We can’t wait to hear from you!

Click here to learn more about the advantages of being a homeowner.