So you are waiting to buy a home because you have heard that home prices may drop some more?   That may or may not happen – no one has a glass ball that can foretell the future.  However, even if home prices do drop a little further, does it really benefit you you delay making that purchase?  Here are some reasons why buying now is most likely the best option.

1.  It is possible that the prices right now are the lowest they are going to go.  It is however likely that interest rates will rise.  Even if prices drop another 5%, an increase in your interest rate of just 1% will cost you an extra $75 PER MONTH on a $175,000 home.  So is it worth the wait?

2.  The amount of inventory on the market right now in most areas, even Idaho Falls, is higher than it has been in recent history.  It’s a buyers market.  Most people and banks are willing to give you a deal – and your selection has never been better.

3.  How long are you planning on living in your new home?  Unless you plan on selling within 12 months, it really doesn’t make any difference if home prices drop a little in the next year.  They will eventually begin to increase.

4.  If you are trying to sell a home to purchase a new one, you need to understand that you are not going to be able to sell your home for top dollar and then turn around and purchase a home in the same area for rock bottom prices.  Its either a buyers market or a sellers market – not both.  If you wait a year hoping to get a better price for your home, guess what – the home you want to purchase will have also increased.

So the reality of the housing market both here in Idaho Falls and in most other areas of the country is that your best bet is to lock in to a historically low interest rate, have a huge selection of homes to choose from, and get a great deal today.  There has never been a better time to buy a home in Idaho Falls.