Is now the time to buy Idaho Real Estate? Somebody give me an "Amen Brother!"

According to Intermountain MLS Stats

Ada County-

From 4^th Quarter 2008 compared to 3rd Quarter 2006 (the peak of housing costs from the boom) the average price of homes dropped from $275,867 to $220,452 which is a decrease of $55,415 or 25.13% decrease in average sales price

Canyon County-

From 4^th Quarter 2008 compared to 3rd Quarter 2006 (the peak of housing costs from the boom) the average price of homes dropped from $181,916 to $142,191 which is a decrease of $39,725 or 27.93% decrease in average sales price

Conclusion

The average sales price of homes across Treasure Value have decreased on average over 25% since the peak of sales prices in the third quarter of 2006. That is a savings of $39,725 to $55,415 across the Boise Metro.

The real estate market is always an opportunity for somebody. We can argue that we have reached the bottom or not but fact is prices are down. THis may not be a fact but I don't think the average consumer can afford for prices to go any lower. How many more people can come to a closing with a check to cover the difference. Of course if you live in your home for 7 years or more you should not have to.

On the new construction side, the consensus is that unless the lot is extremely cheap the cost to build is more than appraissal. I recently heard a story where a buyer wanted a custom home and the builder told them they would need cash beyond the loan because of the appraisal. They wanted the home though and paid the difference.

Trey Langford, Founder

www.BuildingCredibility.com