By Paul Wallin, Idaho Realty Info

While searching listings on my website today (www.idahorealtyinfo.com) I checked to see how many homes were for sale in Ada County.  Can you believe it – 4,731 homes are on the market!!

 Of those homes, 191 are REO or Bank Owned homes which is far less than I thought there would be.  1,072 of the homes are in a Short Sale situation which is definitely less than what I thought… seems every other home is a Short Sale. (note:  There are many homes where the listing agent has not put in Yes or No to whether the home is Bank Owned, or in a Short Sale situation).

What does this mean to you… and what does it mean to our economy?
First… if you’re in the market to purchase a new home – now is the time to buy!!!  Interest Rates are at an all time low, and the inventory – there are nearly 5,000 homes to view!!!  But, I’ve been noticing many of the homes my clients like starting to disappear (they are being sold!).  Currently, there are 1,174 homes Pending (meaning homes that have offers on them). 

With all these homes on the market… the potential impact to our economy is staggering.  The Ada County Active Listings alone are valued at 1,265,047,361 (that’s right… ONE BILLION!).  The current Pendings will have an impact to our economy of nearly 250 million dollars.  When you add in other factors such as inspections, repairs, loan fees, etc… well, you can do the math and see the impact Real Estate has on our economy! 

Bottom Line:  Buy now!  Even if you own your home, put it on the market today and take a small loss to get the bigger gain on the next house you buy!!  Most likely, you’ll be able to upgrade your home (more space, newer, etc…) and keep the mortgage payment close to what you are paying now.  If you don’t act… you will miss out!!

Paul Wallin, Realtor
Idaho Realty Info
        at Group One

208-288-2976
paul@idahorealtyinfo.com
www.idahorealtyinfo.com