Posted by: Bill Cady | July 8, 2010

Don’t Walk Away from Your Idaho Home

Thank you for once again visiting my Eagle Idaho Homes web-blog. I strive to keep my Eagle Idaho Realtor website visitors informed and aware of developments in the local and national real estate markets as part of my outstanding Idaho Real Estate Services. These are some of the most interesting times for real estate that we’ve ever seen, both as Realtors and as home buyers in Idaho, but thankfully there IS some good news on the horizon thanks to federal home buyer tax credit extensions as well as the hard work Idaho Realtors like myself are doing to help keep real estate on the move! Here’s just a little glimmer of hope:

Positive news from the real estate market amidst the overall somewhat dismal economic times we are in:

When it comes to single family homes the average sales price of a home in Ada County has gone up by about $6,000. Even better news is that Canyon County has seen that number increased to nearly $12,000, with April’s 573 closings setting a new high water mark in Idaho real estate.

Let’s look a little closer at the sales numbers. While the volume of sales hasn’t returned to the golden levels of 2005 and 2006, these latest figures do show promise. Even though Ada County closings are still down 9% it is likely due to a continued supply of distressed properties saturating the market. Distressed properties went through the roof in Ada County by 48 units – with 56 in Canyon County. Pending sales weren’t all they could be either, but despite those figures things may still be just getting ready for a much needed turn around.

The real estate market is still very much in recovery mode, and other economic factors contribute to that being an even slower process. It may take a while before we see the numbers moving like they were just a few short years ago, but many real estate professionals are confident that we WILL see those sort of figures again.

One massive problem still hurting the state’s chances of recovering faster is that people are walking away from their homes, even if they are employed and are making their mortgage payments. It’s easy to understand their thinking in living in a home that’s “under water”; many see their dreams as being just some empty hole they are throwing money into rather than the sound investment it may have seemed to be not that long ago. These people need to take a deep breath and look at the longer term market, yes things are very difficult now, but their homes are still very able to be worth their investment once the market returns. It’s hard to realize values WILL go back up, but this market that took so long to build up simply will not bounce back over night. The best advice is that if you are in a home, and are making the payments, buckle down and ride it out – you will only end up ahead of the game in the long run.

Are you facing foreclosure in Idaho? Maybe you don’t understand the jargon of what is really going on and where you stand. Whether you are looking to buy a home in Eagle Idaho to make the most of the lowest prices and mortgage rates in years, or you are a Idaho Home Owner Facing Foreclosure – I CAN HELP! Contact me today to find out more about what a qualified Eagle Idaho Realtor can do for you!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Categories

%d bloggers like this: