Review of the 2015 Idaho Falls Real Estate Market

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In mid-December, the Fed increased interest rates by a quarter of a percent. The market anticipated this, so mortgage rates have increased by the same amount. For instance, a thirty-year fixed-rate mortgage rests at about 4%. The Fed announced rates will increase by another 1% this year.

In Bonneville County, there were 366 properties on the market on January 1st. This number includes townhomes, residential acreages, in and out-of-town properties, etc. Compared to last year, that’s a decrease of 33% -- also, down an even further 25% from 2014.

We have also experienced a significant reduction in inventory, due to a 24% increase in the number of homes sold since last year. However, in the past quarter, this low inventory caught up to us. In December, we didn’t exceed ourselves compared to 2014 and were down 15%. That number, though, is more a reflection of the inventory, not necessarily the market holistically.

The average median price increased 5.7% over the past twelve months. That’s huge! This is the biggest increase we’ve ever seen, compared to our hottest time (during 2007-2008) at 6%. In the $150,000 range, our previous price average, the number of homes increased by 12.5%. Homes over $150,000 increased by 39%. The median has increased here.

Additionally, 33% of listed homes weren’t sold. If your home isn’t priced correctly or in the right condition, it simply won’t sell.

Now is a great time to buy before interest rates increase. This, likewise, is an excellent opportunity for sellers to take advantage of new buyers. We’d be happy to serve your real estate needs in 2016. Give us a call or email today!

Professionals You Can Count On in Idaho Falls

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Homeowners: who do you call when something goes wrong? When you own a home, stuff happens. Things break. They stop working. You want to make changes and repair. Sometimes, you might wonder about who you should call in to help.

Over the years, we’ve worked with different kinds of local contractors that provide exceptional services at competitive prices. We’ve compiled a comprehensive list with this information. We include sheet-rockers, roofers, electricians, plumbers, handymen, landscapers, carpet businesses, painters, and more. We know professionals that handle all different trades.
 

If you need a professional to help with home repairs or changes, give us a call. We’re happy to set you up with this list and connect you with a credible professional in the area.

Also, if you have an excellent experience with a vocational professional, let us know. We’re always looking to add to and improve our list. We love making recommendations to our clients in Idaho Falls.

What Changes Have We Seen in Idaho Falls over the Past Year?

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Buying an Idaho Falls home? Search all homes for sale

There's a lot of information, or misinformation, out there -- especially when it comes to market statistics. So, to help you avoid accepting faulty information, I want to share some of the latest Idaho Falls market numbers that we have gathered ourselves. Here are the year-over-year numbers for Bonneville County:

• Number of homes on market: Fell from 673 to 482, a drop of 28%
• Months of inventory: Decreased from 4.5 months to 2.5 months
• Average sale price: Increased from $156,145 to $167,825, a 7.5% increase
• Homes sold YTD: Last year we were at 1,228, this year we're at 1,557, up 27%
• Sold in last three months: 458 homes were sold at this point in 2014, as compared to 483 in 2015.

Right now, we're in a very strong seller's market. We are low on inventory, so the sooner you put your home on the market, the better. Luckily for buyers, the market is starting to move toward more balanced conditions. When taking into account all-time low interest rates, the next six months are looking good for buyers and sellers alike.

If you have any questions about our market, or if you would like real estate assistance of any kind, please don't hesitate to reach out to us. We would love to hear from you!