Still going strong
By JESSICA KELLER - ARGUS OBSERVER
Sunday, October 14, 2007 1:45 AM PDT
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| A crane-operator hoists a section of roof onto a house under construction in the Syringa Springs subdivision in Fruitland Wednesday. |
FRUITLAND - Two local real estate agents said the housing market in the area is either a buyer’s market or just a good opportunity for potential house hunters, but the overall real estate market looks solid in the western Treasure Valley.
Karen Hollis, a real estate agent for Coldwell Banker in Payette, said the housing market has fluctuated from a seller’s market to a buyer’s market, while Kim Bruce, a real estate agent for Silverhawk Realty in Fruitland, maintains a different perspective.
Both agree, however, there are a large number of houses available locally.
Hollis said, according to the multiple listing service for real estate agents, currently, 89 lots are available in Payette ready for development, and 10 lots with new homes are up for sale.
In Payette County, 220 lots are currently on the market. In the last six months, 51 lots — 20 lots with homes — have come on the market, and in Fruitland, 37 lots with homes are on the market. Those homes, she said, either have existing homes or homes that will be built.
In New Plymouth, 29 lots are on the market, and three more lots with homes are for sale.
Hollis said for the most part, the prices for lots and houses are holding, although they have shown a slight decline.
“I don’t think the bottom’s dropping out, but right now it’s really turning from a selling market to a buying market,” she said.
Hollis said the housing market always slows in the winter, but real estate agents are hopeful things will pick up again in 2008.
“The cycle’s always up and down,” she said. “But we’ve overbuilt a little bit.”
In the future, Hollis said she expects the types of housing being built in Payette County to better reflect the income base of the area. She said she thinks the trend to build higher-end, more expensive homes will lag.
“I think that we won’t see a lot of them built without them being custom-ordered,” Hollis said.
She said it makes sense for developers to switch their focus to more modest homes, compared to some of the recently built houses in the area.
“I think it’s a good thing,” Hollis said. “You hate to see them overbuild something that the community can’t support.”
Bruce said currently there are newly-built houses available in the area for first-time buyers.
She said there are homes up for sale in the area that are less than $200,000.
In addition, Bruce said, there are some great loans available to buyers.
She said she dislikes looking at the housing market as a “buyer’s” or a “seller’s” market.
Bruce said, currently in the area, houses are selling “if the price is right,” but added “buyers do have the benefit right now.”
Bruce said local residents are also buying houses, and not all the buyers are from out of town.
She said, while third quarter numbers are not available yet, second quarter statistics indicate, on average, houses are selling in approximately 75 days, which is only 22 days more than last year, and a pretty quick time-frame.
Bruce said she feels anything less than 120 days is still a fast-moving market.
Bruce said she also doesn’t see the housing market slowing down any time soon in the area.
“I see more subdivisions coming in,” she said. “I see a need for more houses in the area.”
Bruce said she does not necessarily think developers have overbuilt, adding new construction sales are up 68 percent from last year.
She said prices of real estate in the area may be a little less expensive but otherwise comparable with the Boise market, which comes as a surprise to some people.
“I’ve heard people say our prices are a little less expensive, but not as much as they thought,” Bruce said. “And I think that is caused by a supply and demand issue because we don’t have as much of a supply here. We didn’t overbuild over here.”
Overall, Bruce said, this is a great time to buy a house, partly because of good interest rates and good loan programs available in the area.
“Buyers should run out to buy because of the great selection they have,” Bruce said.
Both Bruce and Hollis said buyers should not be scared to buy because of the “housing crash” some areas of the country are experiencing. Both said that has not been much of an issue here.
“I feel like it’s just a cycle that we go through,” Bruce said.
Bruce said she thinks adjustable interest rates have been the biggest challenge, but a program created by the federal government is on the horizon that will address those problems and hopefully reduce foreclosures. Bruce said interested buyers should contact their local real estate agent for more information about available loans from lending agencies.
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Senior Golfer wrote on Feb 7, 2010 8:48 AM:
Joe one of the main problems and always has been is the Cities ability to go back on the promise to put money into the local course. Actually you are falling in line with the past leaders. Come on live up to your commitments, Might surprise you to see the course can be a big source of income.
All you golfers out there please swamp the mayor with your calls of support. Ladies golf association get on the phone call the mayor. Golf Board get off your duffs and yell a little louder. Men's association do something--call the mayor,speak to your favorite city council member. Its only thru support we can get the changes made.. "