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House Prices Up, But There's A New House Shortage
Twin Falls, Idaho ( KMVT-TV / KTWT-TV ) The local housing market is booming, but sellers are having to wait a while before moving into their new houses, Because they haven't been built yet.
Property values are climbing again, which means you can get more money for selling your home right now. Homeowners who've been waiting to sell are finally putting their homes on the market. But appraisals are having a hard time keeping up with rising real estate prices.
Chad DeBie, Sales Manager for TKO Homes, says, "There's a lot of economic growth in the valley right now. We're building for people who work for some of the new factories coming to town. We're building for people who are looking for a second home, first time home. We've got quite a few homes under construction right now."
Debie expects TKO to build 100 new homes this year, compared to only 80 five years ago. He's happy to point out 50 of the homes TKO is building are already presold.
Sid Lezamiz, owner of Lezamiz Real Estate Company, says, "We're seeing more presold new construction being sold right now than we have since 2007. So we're almost at the level we were in 2007, which was the peak of the market."
Many homeowners sell their houses, and then build a new home. But there's a shortage of new homes to move into, so they'll have to rent until those new houses are finished. Local builders and developers are doing their best to keep up with the demands of the booming market.
DeBie says, "They can be on basically whatever location they're looking for. And we can build what people are wanting to live in, rather than just finding something existing and settling for what's out there. We can build exactly what someone wants."
Managers for the city of Twin Falls are expecting substantial growth in the next few years, and that could also continue in cities like Burley and Jerome.
November 14, 2013.