Don't get me wrong - homes sales are clearly off from a year ago and I currently have more time to catch up on old paper work than I care to. Still, despite the media's constant wailing and gnashing of teeth, the Mountain Home, Idaho real estate market remains in pretty good shape. There are a couple of reasons for our relative good fortune.
The dominance of Mountain Home Air Force Base in the local economy is a powerful force in maintaining employment stability. The number of jobs at MHAFB, at least in the short term, isn't directly tied to changes in the economy. Although we're beginning to see some job loss in the construction sector, that lovable 800 pound gorilla eight miles east acts as a brake on wild fluctuations in total area employment.
The other stabilizing factor is that there hasn't been a large number of residential foreclosures - just over 1 per week for the last four months. As much of the country is now learning, there are few things more damaging to sales prices and marketing times than having several lender owned (and often poorly maintained) properties in your neighborhood. Fortunately, during the recent housing boom, few subprime and other high risk mortgages were made in this area and fewer risky loans mean fewer foreclosures.
As I continue to file my stack of dusty sales folders, I think I'll work on creating a new economic term to describe the current state of the Mountain Home real estate market - hmm, how about "soft stability"?
Jan DeGiorgio - Associate Broker
Century 21 Southern Idaho Realty
Mountain Home, ID