As we approach another presidential election, many Idaho homebuyers may wonder how the
political season will affect the housing market in Idaho Falls and surrounding areas in Eastern Idaho. While it’s natural to have concerns during an election year, history shows that there’s little evidence to suggest that presidential elections significantly impact home prices. Here’s what homebuyers in Idaho and Eastern Idaho should know about the market trends and how to make the best real estate decisions this season.
Idaho Falls Housing Market Trends During Election Years
There’s a common belief that election years create uncertainty in the real estate market, causing homebuyers to hesitate. However, historical data tells a different story. Over the past few decades, home prices have actually shown steady growth during election years. Since 1987, the average home price appreciation during election years was 4.84%, slightly higher than in non-election years, which saw an average increase of 4.44%.
For those shopping for homes in Idaho Falls, Ammon, or nearby towns like Rexburg and Blackfoot, this is good news. The Idaho housing market remains strong, and with continued demand for homes in Eastern Idaho, there’s no reason to let election concerns deter your buying plans.
What Truly Influences Home Prices in Idaho?
The housing market in Idaho Falls and Eastern Idaho is driven by several factors, and elections play only a minor role, if any. Here are the key elements influencing home prices in the region:
Supply and Demand: The available inventory of homes for sale in Idaho Falls and surrounding areas impacts prices. When demand outpaces supply, home prices tend to rise. The current low inventory in Eastern Idaho has continued to drive strong competition among buyers.
Interest Rates: Interest rates have been slightly on the rise, which may impact your mortgage payment. Locking in a rate sooner rather than later could help secure a better deal, especially as rates fluctuate in the coming months.
Local Economic Conditions: The economic landscape in Idaho Falls, including factors like employment rates and local industry growth, plays a significant role in shaping the housing market. Fortunately, Idaho’s strong economy and expanding job market in sectors such as healthcare, education, and technology continue to support a robust real estate market.
Should You Buy a Home in Idaho Falls During an Election Year?
For most homebuyers in Idaho and surrounding areas, the election itself will not significantly influence the decision to buy a home. Here’s why:
Long-Term Investment: Real estate remains a long-term investment. Homebuyers in Idaho Falls should consider their personal goals, lifestyle, and the benefits of homeownership when making a decision. Waiting for the election outcome might not be necessary, especially with current opportunities in the market.
Interest Rates: As rates remain in flux, homebuyers may benefit from acting sooner to take advantage of current rates before any further increases. Partnering with a knowledgeable local mortgage advisor who understands the Idaho market can help you make the best financial choice.
Stable Market Trends: Eastern Idaho’s real estate market has shown consistent growth, even during past election cycles. The region's natural beauty, recreational opportunities, and quality of life continue to attract homebuyers, ensuring steady demand.
Tips for Idaho Homebuyers Navigating the Market During an Election Year
Get Pre-Approved: Start your home-buying journey by securing a mortgage pre-approval. This will help you understand how much you can afford and make your offer stronger in a competitive market like Idaho Falls.
Stay Informed About Interest Rates: Keep an eye on current mortgage rates, and consider locking in a rate if you’re ready to buy. Rising rates can impact your monthly payment, so acting sooner rather than later could be beneficial.
Work with a Local Expert: Real estate in Idaho Falls and surrounding areas is unique. Partner with a local real estate agent and loan advisor who are familiar with the market trends in Eastern Idaho to guide you through the process.
Why Idaho Falls Is a Great Place to Buy a Home
If you’re searching for a home in Idaho Falls or nearby cities such as Ammon, Rigby, or Shelley, you’re looking in a prime location. The area is known for its picturesque landscapes, outdoor recreational activities, and family-friendly communities. Living in Idaho Falls offers access to year-round outdoor adventures, including skiing, hiking, and fishing, as well as cultural attractions and excellent schools. These factors make Idaho Falls an attractive place to call home, regardless of the political season.
Final Thoughts
Don’t let the upcoming election deter you from your plans to buy a home in Idaho Falls or other parts of Eastern Idaho. While election cycles often bring about uncertainty in other areas, the Idaho real estate market remains strong, driven by local factors such as supply and demand, economic conditions, and interest rates. Staying informed and acting decisively can help you secure your dream home without being swayed by the noise of the election season.
For personalized guidance and up-to-date mortgage information, reach out to Kiersten Landers at Landers Lending with Empire Home Loans. I’m here to help you navigate the Idaho housing market and find the best loan options for your needs. Let’s make your homeownership dreams come true in Idaho Falls!
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