| The housing bubble has burst! Home value | | | | Idaho for the mountains, beautiful landscapes |
| medians are plummeting, the real estate | | | | and outdoor activities, and South Central for |
| market is in a horrible slump and the sky is | | | | national reserves and state parks. Finally, |
| falling! So say many doom and gloom | | | | South Eastern Idaho is a treasure trove of |
| predictions of media and real estate industry | | | | Native American history, hot springs (warmed |
| leaders about the state of the market. If | | | | by volcanoes) and all kinds of adventure. |
| you're sick of hearing all that bad news, | | | | |
| here's some good news for a change: it's not | | | | With so much to do in Idaho, it's a wonder |
| that bad! When looking at the market on a | | | | anybody has time to work, but they sure do. |
| national level it's easy to make | | | | Idaho's unemployment rate hit a record low of |
| generalizations on how the market is doing, | | | | 2.8% in April of 2007. The median household |
| but realistically knowing the median home | | | | income in 2005 was about $43,959, which by |
| value of the nation isn't going to help you | | | | 2007 has most likely risen to $45,000 or |
| much when you're ready to buy or sell. (But | | | | more. The median home value of Idaho is |
| in case you're curious, the national median | | | | still relatively low at about $131,854 in |
| home value in 2006 was $221,900.) In order | | | | 2007. |
| to get an idea of how a particular area is | | | | |
| doing in real estate and home value averages, | | | | As of now, the busiest area of Idaho, Boise, |
| and where they may go in the future, you need | | | | has a conflicted market. Properties listed |
| to take into account more than just average | | | | with a home value over $400,000 are going |
| home value and sales rates. You must look | | | | slowly, usually sitting on the market for a |
| into the economy, employment rates, | | | | year or more. It's a good time for buyers, |
| attractions and the past trends of that area | | | | since there's so much competition and homes |
| in order to get a good grasp on how the | | | | on the market, and sellers are dropping |
| market is doing in said area. | | | | prices to sell their home quicker. Anything |
| | | | with a home value under $400,000 is still in |
| Idaho (capital is Boise), probably best known | | | | a very healthy market, with homes selling |
| for being the potato state, has much more to | | | | usually within 90-120 days and within 1% of a |
| offer than just agriculture. With a | | | | seller's asking price. |
| population of nearly 1.5 million and plenty | | | | |
| of land to spread out on (it's said that if | | | | In northern Idaho, the Coeur d'Alene region, |
| you were to flatten Idaho's mountains, it | | | | home value averages are down a bit from last |
| would be the size of Texas), Idaho's economy | | | | year (considering inflation), while listing |
| does rely on it's cattle, potatoes, dairy, | | | | are up about 25% and sales down by almost the |
| wheat, sugar beets and barley production, as | | | | same amount. It does not look to be a very |
| well as industry production like lumber and | | | | strong market at this time for northern |
| wood, paper products, food processing, | | | | Idaho. |
| machinery, chemical products, silver and | | | | |
| other mining and tourism. | | | | Western Idaho and the Idaho Falls region has |
| | | | seen an increase in average home value and it |
| The more tourism a state receives, the higher | | | | looks as those prices on existing homes and |
| it's market and home value averages tend to | | | | new construction will continue to rise, based |
| go, simply because knowing a place is so | | | | on rising costs of materials and consumer |
| popular tends to drive people to reside | | | | demand. So far the inventory of homes isn't |
| there. Broken into 7 distinct regions, Idaho | | | | so high that prices are dropping and homes |
| has something to offer everyone. In northern | | | | are just sitting on the market. |
| Idaho, you can visit lakes and thicks | | | | |
| forests, as well as the North West's largest | | | | All in all, Idaho's real estate market is |
| theme park: Silverwood. Northern Central | | | | still doing pretty well, though mostly in the |
| Idaho is where Lewis and Clark searched for a | | | | southern part of the state. With the low |
| Northwest passage to the Pacific and so has | | | | unemployment rate and all the available land, |
| plenty of hiking and historical | | | | Idaho as a whole shouldn't suffer too badly |
| opportunities. The South Western region | | | | from this supposed real estate "slump" and |
| holds the capital city with it's bustling | | | | though home value averages aren't rising as |
| night life and only miles away, high deserts | | | | fast as they did 2 years ago, for the most |
| and rock canyons. Visit Eastern and Central | | | | part they're still moving on up. |