Housing market not changing despite state seeing increase
Local News 8's Liz Cosgrove met with a real estate agent who also flips houses today. He says to succeed in a flat eastern Idaho housing market, it's all about how you price your home.
Jason Miloandrus knows his houses and today was no exception. Examining every room in this home for sale in Idaho Falls, he wanted to make sure he's getting the best deal.
"What drives the housing market is price. If you can't sell your house, then you have it price too high," said Miloandrus.
But that's been the problem for many homeowners in Idaho Falls -- they need that extra cash from selling their home at a higher price to cover their mortgages.
"Then your house is not a candidate to be sold. If you can't sell for what you owe, you shouldn't be selling your house and you should be staying in it and waiting until the market returns," said Miloandrus.
Realtor Tina Miller see sellers struggling to make a profit on their home.
"You'd be surprised how many sellers are paying their way out. We're seeing lots of cash at closing from the seller to move on to bigger and better opportunities," said Miller.
If you're hoping to sell your home in the near future, you're up against a tough housing market. Building new homes is significantly cheaper than it was four years ago.
"When I fix up a home, I look at what my market is for new homes. So you go to make your home look like what a new house may look like," said Miloandrus
But since the housing market is down, if you have a little extra cash, it might be a wise idea to sell your home.
"If you can sell your house for what you owe, you could buy more square footage right now because price for square foot is down three to four years ago," said Miloandrus.
There's a lot of options to weight, but once again, Miloandrus suggests if you can't sell your home for as much as you owe on the mortgages, then it's best to ride out the market for the time being.
Miloandrus also advises researching realtors before considering to short-sell your home.
Copyright 2013 NPG of Idaho. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.