I am often asked if now is still a good time to buy a house.  People often ask if I feel we have hit the bottom.  How do we know when we have hit the bottom?  The only way to know we have hit bottom is when everything is on its way up, then we can look back and say "Yep, there was the bottom...I should have bought then"

The real estate market in East Idaho is doing just fine.  Are we selling as much as we did in 2006 and 2007, of course not but we are hanging in there.  Rexburg's real estate market is up 13% when comparing the number of homes sold during the same time frame last year.  Our buyers are looking in lower, more affordable price ranges, but that is where it must start to trickle up to the upper end homes.  In my opinion we are at the bottom now, we will still fluctuate some as we come off bottom but the increase in sales tells me that people are sick of waiting for a home and are ready to buy now. 

Interest rates are still phenomenal, the lowest I have ever seen.  2 weeks ago I helped a young couple close on their first home in St Anthony, they got a new loan with an interest rate of 3.875 on a 30 year fixed loan. 

Our distressed homes market still accounts for nearly 38% of all sales, this would include Short Sales and Bank Owned property.  These types of properties typically sell for 10-15% below market value.  To view the bank owned properties currently for sale in our market, click here.

With the record low interest rates and the low prices on homes now is a great time to buy.