The latest surveys show Idaho leading the nation in home value depreciation; home prices are the lowest they’ve ever been. This may seem like one more nail in the economic coffin but Treasure Valley real estate experts advise us to take a deeper look at the numbers to find a cause for optimism.
It doesn’t take years in the real estate business to see that home prices aren’t what they were even just a few years ago. The latest statistics show Idaho leading a national decline in statewide home prices at a rate of over 15% between this year and last, with the Treasure Valley itself actually being about 5% less.
The Ada County Association of REALTORS says that while that is still a large decline there are some things that despite those figures could be an indication of a stablizing market.
Right now Ada County has the lowest inventory of homes since 2005 and a larger population – this degree of low supply, high demand has helped to stimulate sales; many valley agents are seeing a small increase in property movement.
What’s keeping the inventory low and the demand high? It could be investors. According to Mike Turner, a Treasure Valley Real Estate Investment specialist, more and more investors are coming to the Treasure Valley for it’s prime real estate deals.
“They’re buying up the bottom. Even here in the Treasure Valley, over 50 percent of all foreclosures are priced below $120,000,” said Turner.
On the opposite side of the coin however this same low inventory high demand sweet spot could be good news for those still looking to sell their homes in Idaho. With the number of available properties decreasing it is only a matter of time before the price for those remaining properties values will increase.
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