Twin Falls ID Home Demand ‘Cooling Down Quickly’ Says Firm
If you are a Twin Falls homeowner looking to sell your property, there appear to be some signs that buyer's interest might be headed toward a decline. Homes have been selling like crazy at inflated prices over the course of the past six months, but that might be leveling off soon.
There's no denying people are moving to Twin Falls and buying up homes left and right. I've seen three homes on my street sell in the past year, and all with a pretty hefty price increase. Judging from the numbers I'm hearing, it seems like most three-bedroom homes under 2,000 square feet in Twin Falls are fetching at least $50,000 more than they are valued at.
Since purchasing our home in Twin Falls two years ago, we've experienced a projected property value increase of approximately $48,000. I heard from a neighbor that a three-bedroom house on my block fetched somewhere around $280,000 a few weeks ago. I have another neighbor that recently listed their home, which is a couple hundred square feet smaller than ours and has one less bedroom, for just under $250,000.
Each month, we get an email from the individual who helped us buy our home in November of 2019 that details real estate trends for the 83301 area code. Our last report stated that demand for homes in Twin Falls is "cooling down quickly." Of course, this tends to happen in the winter months as many people view home sales this time of year as an act of desperation. Many people don't want to move this time of the year due to the elements also.
I have no doubt homes will continue to sell at inflated prices in Twin Falls for some time, but if you have the opportunity to sell sooner than later, it might not be a bad plan.