In 2008 we are in a buyer's market. That doesn't mean, however, that every seller is flexible.Some sellers won't budge on prices no matter what the market conditions are.
A buyer's market is when there are more homes than buyers.
We mostly have one in SE Idaho because fewer out-of-staters are moving here because their local real estate market is bad.
Our market isn't bad, but it is flat. I have been as busy as ever. I mostly have sold to Idahoans, but have still sold to a few out-of-staters. Nothing like 2005 through 2007 though. What I mean by flat is that the appreciation is at 1%, whereas in the past it has been 6.3%.
I think overall, the Idaho Falls real estate market and surrounding areas is pretty healthy, mainly because we didn't experience the huge jumps in appreciation like other areas. Our growth has been steady and consistent.
Sometimes different price ranges are a buyer's market. The higher ranges can sometimes be that way. Mainly because the buyers are few and far between.
The lower price ranges normally always move well because there are more buyers.
If there is a glut of inventory, every time I show a home, the other Realtors will call me and tell me how the seller is willing to do this or that to make a sell.
I showed some homes in the $300,000 range. Right now in that price range there are some motivated sellers.
If you are thinking about buying in this price range, you can get some pretty large discounts and pick up some instant equity.
You must know what the sellers motivation is, however, and then you can possibly prosper in a buyer's market. If you are buying, this economy is truly a gift.
I look forward to working with you.
Thanks Burke Bennett
http://www.seidahohomes.com/
208 589 5599
burkebennett@hotmail.com
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