As the housing market recovers so do all the businesses revolving around home building, selling, and construction. Fall Creek Homes has already seen improvement and expects to see more as the year progresses. It is time to look at the opportunities that Fall Creek Homes has to offer. More new homes are being contracted and built, and you should be looking into it as well.

Less Inventory Means Better Market for Home Sellers

By: Charlie VanLeuven

The housing market in Jefferson County looks to be at least a repeat of last year with an added bonus. Less inventory and bank sales mean that sellers will have an opportunity to compete on a more level playing field, but for those in more expensive houses, a recovery is still slow to come.

According to Keller Williams agent Jed Lowder, of Rigby, 2012 was a good year for home sellers with a 19 percent jump in sales.

“It was the first year we saw a rebound since 2007,” Lowder said.

Despite a slow start to the year, mostly due to a colder-than-normal January, Lowder said that he expect a strong year in sales.

“So far it looks like this year is comparable to last year,” Lowder said. “Inventory of homes on the market is down; foreclosures are down. It feels like people are able to do a little better.”

Homebuilders are also expected to do better this year due to a lack of bank sales and short sales. Fall Creek Homes Owner Bryson Higley said that he expects to build 30 percent more homes this year than last, or from 59 in 2012 to 80 built this year.

“This year already we’ve built 52 homes, with six or so in Jefferson County,” Higley said.

He said that he expects the market to continue to improve.

“I think that the housing market will keep doing better,” Higley said. “Big markets, like Phoenix and Boise, are starting to build again.”

Due to the large markets’ demand for raw materials to build homes, the prices for new homes are seeing a recovery.

“It’s the first time in five years that I’ve had to raise prices, because I have no choice,” Higley said.

ERA agent Kent Adams said that though the housing market has improved for some, those in older homes, or homes on larger properties haven’t seen as much improvement.

“The rural residence, outside of subdivisions with an acre or two are still down at about a 20 percent loss,” Adams said. “Those inside Rigby or in subdivisions have picked up because they’re OK price-wise. Older homes have a lot of inventory, but if you’re in neighborhoods or subdivisions, you’ve stopped bleeding.”

Adams said that homes valued from $125,000 to $250,000 have nearly recovered, but the market for homes over $250,000 is still depressed.

“You’re still lower than what you were in the heyday, but the bleeding has stopped. I think you’re on a hold to a slight increase,” Adams said.

According to Jefferson County Planning and Zoning Building Official Jeff Geisler, building permits are down so far this year. That may also be due to the colder weather the area experienced in January.

In 2012, Jefferson County issued eight total building permits in January and February. In 2013, they have issued five building permits for those same two months.