Tuesday, March 3, 2015

Index shows rise in Idaho Falls home prices

Here is a line graph showing what the price of a $150,000 home in the Idaho Falls area would have done over the last 10 years. After peaking around $195,000 in the first half of 2008, the number slid to around $164,000 in mid-2011 and bobbed along between that number and $170,000 until third quarter of $2014.
If you bought a $150,000 home in the fourth quarter of 2004, the Federal Housing Finance Agency House Price Calculator says it would be roughly worth this in the fourth quarter of 2014:

Idaho Falls: $171,411  +14.3%
Pocatello: $179,618  +19.7%
Boise: $188,740  +25.8%
Reno: $123,048  -17.9%
Las Vegas: $108,277  -27.8%
Seattle: $192,029  +28%
Phoenix: $165,778 +10.5%
Here's a graph for Boise. Note that Joe Homeowner was underwater from Q1 2011 to Q2 2012, but recovery has been strong since then. 
Go ahead and try your house, but remember the House Price Calculator does not project the actual value of any particular house. What it projects is what a given house purchased at a point in time would be worth today if it appreciated at the average appreciation rate of all homes in the area. The actual value of any house will depend on the neighborhood, house condition and age, home improvements made and needed, and many other factors. Consult a qualified real estate appraiser in your area to obtain a professional estimate of the current value of your home. Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 requires that any appraisal used in connection with a federally related transaction must be performed by a competent individual whose professional conduct is subject to supervision and regulation. Appraisers must be licensed or certified according to state law.