8/19/2023 0 Comments Idaho new home inventory![]() ![]() This will continue until there is an increase in mortgage rates and qualification requirements, or builders become less concerned and risk more by building out neighborhoods faster. The effect of this scenario has been low inventory in an area that is growing. Developers are building, and inventory is increasing, but at a much more controlled and cautious pace. The effects of that meltdown can still be seen today. In Southeast Idaho, when this meltdown happened, some builders were left high and dry, and lost everything they had over the next year or so. ![]() That all ended at the close of 2008 when the mortgage meltdown occurred. Money was cheap and builders were creating plenty of inventory. Housing Inventory - In late 2007 and for most of 2008, real estate was on fire. If demand is up and inventory is low, expect to pay more for that middle income home if you can find one available. This can put a strain on inventory during periods of hiring. Is the school growing or downsizing? If it is growing, more staff are being hired. A month after graduation you may find owners willing to negotiate so they can move on to their new job.Īnother important demographic in a college town has to do with university staff. On the other hand, a month before graduation inventory may rise dramatically. If you are looking for a condo or town home and it is the middle of a semester, you may have a hard time finding much inventory. Rexburg is a college town, which means that students and young married couples will come and go on a semester schedule. Demographics are important as you consider when to buy a home. But it just may be worth it.ĭemographics - Demographics is a fancy word for the traits and makeup of a population. The down side of shopping in the winter is you have to move in the cold and snow. Winter shopping can mean less inventory to choose from, but homeowners selling during the winter are often more likely to negotiate a discounted price. Although looking for a home in the winter may be more difficult, sometimes you can find great deals, especially on homes that are vacant because the homeowner moved to avoid moving in the winter. The springs are unpredictable, summers are beautiful but short, and winter can be downright brutal. Weather - Lets face it, weather has a big effect on everything in Southeast Idaho. When you look for a home in Rexburg and surrounding communities, here are a few things to keep in mind. For example, if you are looking in a collage town, your options come and go based on school schedules. California is a year round market because of weather. If you plan on buying a home in Southern California, your options are very different than if you are looking for a home in Southeast Idaho. ![]() If you have the flexibility to choose when you move, you may be able to save a few dollars. Buying a home at the right time may not always be convenient. “It's going to get better slowly,” she said, noting the process from permitting to a finished home takes 12-15 months.Knowing when to buy a home can mean money in your pocket. She thinks mortgage rates will be lower, maybe around 5%, by next year.Īnd she expects home prices to resume rising next year, though at a healthier, more sustainable 3-5%.Įvangelou said home construction hasn’t kept pace for more than a decade, but she’s hopeful we’ll see improvements there, too. She said they’re expecting the housing market to rebound next year with about 15% more home sales. They’re expecting under 5 million home sales this year.Įvangelou said they’re expecting the market to stabilize, or normalize, in 2024 and beyond. But such rates were around 4% back in May 2019.Įvangelou said they saw about 5.3 million home sales in 2019. The average 30-year fixed-rate mortgage is now 6.7%, shy of the recent high that topped 7%. The number of homes available for sale has increased by more than 5 percentage points compared to a year ago, surpassing 1 million units, according to NAR.īut the latest report shows active listings are still down around 50% compared to May 2019. The latest median list price was $441,000, down from June 2022's record high of $449,000.Īnd the annual growth rate slowed to 0.9% in May.īut that’s still 38% higher than in May 2019. ![]()
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