Victor, Idaho: Most Real Estate Activity in the Region

There were more sales in Victor in August than anywhere else on the Teton MLS. Most of this activity was in Teton Springs. Not surprising since prices in Teton Springs have dropped to a point that might make any property owner in Victor sick to their stomach. Some of the higher end properties are priced below $100 per square foot, less than it would cost to build an inferior structure. It is great that these properties are moving so that the market can clear out the distressed and bank owned inventory that is taking value away from non-distressed properties in Teton Valley.

If you are a first time home buyer looking at buying property in Teton Valley now is the time to move. The $8,000 tax credit is going to expire December 1st, 2009 and interest rates remain low. Many people are speculating that the government will extend the tax credit or even expand it to encompass all home buyers but there is no guarantee that this will happen. Personally I think that they will not extend the tax credit and will also scale back other programs that have been instituted to stimulate the economy. The signal being that Bernanke has announced that the economy has stopped receding. This means to me that the Fed will probably start trying to reduce the deficit and stop spending stimulus money. This may be a political move since most of the American population is sick of doling out money to large corporations to keep them afloat.

Expect the 30 year conforming loans to creep us over the next year as the economy recovers and starts to grow. This will be mainly because the bond market will slowly start to recover. It is time to get off of the fence and take advantage of low interest rates and the Federal $8,000 Tax Credit before time runs out. Call me or email me if you would like more info (307) 690-3674 or zacharyksmith@gmail.com