2022 Here We Come!
Posted: December 14, 2021 by Inactive Cory Anderson
The dream is still alive in America for homeownership. The challenges for that dream still exist and sometimes seem even greater than before. Idaho, only surpassed by Arizona, has been racing to the top of the growth spectrum. Annual home prices put Twin Falls, Idaho number one in price increases at just over 35% in the U.S. this past year. What does that all mean for the Magic Valley?
If you have lived here very long or intend to move to the Magic Valley you can feel the increase in population. Streets are more crowded and you are standing in line longer than before for that cup of coffee or grocery purchase. The influx of new people has invigorated opportunity but has also challenged the simple way of life from days past. Growth can be a great thing. We have to embrace it, even if those changes may feel disruptive.
Those searching to find a home in the Magic Valley have felt the pain of longer searches. The rise in home prices has caused many locals to seek forever homes further and further outside of the city. Investors and homeowners coming into the state with an abundance of cash have taken advantage of the lower home prices and outbid many locals.
Are there still homes available at prices that locals can afford? The answer is yes, but you must be vigilant in your search. Don’t give up easily and keep watching for opportunities to find your forever home. The near future does not show a slow down in it being a sellers’ market. New construction is going full steam, but those builds are 10 to 18 months out for completion. Tariffs just issued for Canadian lumber may cause the prices rise to pandemic levels, which does not speed the process.
You need to take heart! We have historically seen markets rise and fall. There will be seller markets and buyer markets; both bring their advantages and disadvantages. You have to be ready when the timing is right. Put your running shoes on and don’t wait until the market does a quick switch-a-roo. Run with it, learn from it, and take advantage of all that the Magic Valley has to offer. This new year may be your year to use that advantage to prosper.