Value of Idaho Homes, Boosted by the Faithful

Despite plummeting home prices in most states, home values in some Idaho cities are enjoying a nice boost – thanks to the so-called “Temple Effect”.

It seems that wherever a Church of the Jesus Christ of Latter-day Saints is about to be constructed, home sales perk up. Vacant lots near the temple site are immediately bought and the demand for these properties dramatically surge. Cities like Twin Falls and Rexburg have experienced such event. Experts are actually not surprised with the local market conditions. Location has always been an important factor when buying a home. Some buyers consider being near excellent schools or their place of work as important while some, like these faithful Idahoans, prefer living near these Mormon churches.

In addition to this, many developers and motel owners are pleased with the construction of these temples. They can attract customers and clients with “a nice view of the temple”. Realtors, on the other hand, can not use the Mormon temples as selling points because of the Fair Housing Act.

The city of Idaho Falls welcomes good news like this especially since it had the sixth fastest housing market appreciation rate in the entire nation during the third quarter of last year. The state of Idaho, meanwhile, was ranked sixth among all states in terms of appreciating home prices.

For home buyers with tight budget, you can always look for the best deals in foreclosure homes in the area. Last November 2007, Idaho had the 18th highest foreclosures rate. There were 667 foreclosure filings for the said month – up by 187.50 percent from the previous year. With a large inventory of foreclosure homes, buyers will have an easier time looking for the ideal property using foreclosure listings. Naturally, these listings must come from brokers like Foreclosure Support.

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