Idaho Falls Real Estate Market Update
I just posted a market update for Idaho Falls real estate on my Instagram, but it’s been a while since I’ve actually sat down and wrote a post on it! So, with the end of the year coming up (what?!), I thought it would be a good time to talk through what we’re seeing here in Idaho Falls/Southeastern Idaho in terms of the real estate market right now!
(Rather watch my market update instead? Check out the video version at the bottom of this post!)
Here’s what’s been going on around here:
The craziness that we saw earlier this year is starting to die down a little, and things are beginning to balance out a bit. However, this definitely doesn’t mean we’re no longer in a sellers market - we still are, it’s just that inventory is starting to pick up a little. The crazy bidding wars, high offers, and homes only lasting a day or two on the market are slowing down a bit. Plus, this time of year is always a little quieter in real estate (more people are looking to buy in the spring and summer). But that’s not a bad thing!
Idaho Falls Real Estate Update: For Buyers
If you’ve been hoping to buy a home here in the Idaho Falls area, this is great news for you! More inventory means less competition for you among other buyers, and less stress trying to get your offers accepted (because everyone has more choices and isn’t competing for the same houses on the market as much).
This also means that you might have a little bit more flexibility when it comes to your offers. Instead of waiving what feels like everything and maybe having to compromise on some things that were important to you just to have your offer stand out among the competition, you can probably get away with a few terms that make the transaction more favorable to you, too.
Depending on the situation, of course, this means you may be able to ask for minor repairs, include a smaller appraisal gap (or maybe not include one at all), getting some seller concessions, and things of this nature.
Idaho Falls Real Estate Update: For Sellers
Here’s what this means for sellers.
Like I said, don’t get me wrong - we ARE still in a seller’s market. It’s just beginning to get a little less intense and balance out more favorably for both sides (buyers and sellers) than it was just a few months ago. I’m not saying you won’t be able to get what you want! Things are just a little less one-sided than the market conditions we were seeing earlier this year, is all.
For sellers, this might mean not getting as many offers on your home, not getting the crazy high offer prices we saw earlier, your home sitting on the market a liiiitle longer, and maybe terms that favor your buyers more, too.
SO: whichever side you’re on in the home buying/selling process, just know that things are getting a little less crazy as we move into winter!
One thing to be aware of, is that interest rates are continuing to rise (and are forecasted to continue doing so through 2022 and 2023 - so if buying IS something that’s on your mind, you might want to think about doing that sooner rather than later).
Anyway, I hope this real estate market update helped give you some insight into how things are looking as we get into holiday season here in Idaho Falls! If you have any questions, as always, I’m here to help!
Video version: