Are you looking to buy or sell a home in Twin Falls or Jerome County? It’s always good to know the market conditions for the price range of your home you want to sell, or one you are interested in purchasing.
Last week at Lezamiz Real Estate Co., we defined absorption rate in depth. Today we will explore absorption rate further, and what exactly that rate means to you when you are ready to buy or sell real estate in Twin Falls or Jerome.
As we talked about last week, the absorption rate equals the number of months it will take for all the listed homes, listed in a certain price range, to sell, provided that no more homes enter the market. Depending on the absorption rates, this would categorize a group of homes price into either a seller’s, buyer’s or a neutral market.
Below we elaborate on homes in Twin Falls and Jerome Counties, and what price ranges are falling into what market.
Seller’s Market: 0-6 months
A seller’s market favors the seller. This is when there is more demand for a limited amount of inventory. Another way to think about it is there are more buyers wanting to buy than there is seller’s wanting to sell. In terms of absorption rates when there is less than six months worth of inventory, then we are in a seller’s market.
There are seller’s markets in Twin Falls County in the $69,999 and under price range, as well as $70-89,000 and $100-119,999.
In Jerome County, seller’s markets exist in the $69,999 and under price range, from $90-99,999 and $120-159,999.- Lezamiz Real Estate Company