I’ve been out showing lots of homes to buyers lately and there’s one thing that is really noticeable about the Treasure Valley market. There actually is not much to choose from right now.
I encourage you to have a look around your neighborhood. Sure, there are homes on the market, but there are about 30% less homes on the market than last year.
In fact, all of a sudden there are fewer homes on the market today then there have been in the last 5 years.
How can that be with this sluggish economy?
Well, new foreclosure starts are at a 3 year low, new construction is at a 5 year low, demand has grown steadily over the last 3 years, and home prices are down 30-50% across the Treasure Valley, making it extremely affordable and attractive to both local and out-of-state buyers.
Therefore, right now might be an excellent time to put your home on the market, especially if you have tried to sell in the last couple of years with no success.
However, if you list your home today, it will not be easy, as 7 out of 10 buyers in the Valley are buying pre-foreclosures or bank owned homes.
So a tip to getting your home sold in a market full of foreclosures is… to not look like a foreclosure.
Foreclosures are often dirty, dark, cold and in poor shape. Your home should be clean, bright, inviting, and ready to move in. Partner yourself with an agent who really knows how to market a home and you’ll be well positioned to sell your home, even in this economy.
I’m Mike Turner, with Front Street Brokers and this has been your Real Estate Minute.
Mike Turner
Front Street Brokers
208-740-5000
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