The 7 Regions of Idaho

Photo Credit: Visit Idaho Idaho’s landscapes and attractions vary widely within the state, and there is no better way to understand which part of Idaho is perfect for your next trip or even to live in than to explore each of the 7 regions in this post! Northern: Photo Credit: Idaho Tourism Northern Idaho is home to Coeur d’Alene, Sandpoint, and Wallace and borders Canada. It is known for its lucious and abundant forests and stunning lakes.This region has three ski resorts, big, meandering, trout-filled rivers and hundreds of miles of biking and hiking trails to explore! North Central: Photo Credit: Idaho Tourism Grangeville, Moscow, Lewiston, and Riggens are all located in north central Idaho. This region has landscapes of wilderness, rolling hills, farmland and flower-filled meadows, and is rich in cultural importance and outdoor activities. It is also home to the University of Idaho in Moscow! This region also is home to the Nez Perce National Historical Park, which celebrates the history of the Nez Perce tribe. Southwest: Photo Credit: Idaho Tourism The southwest region is home to Idaho’s capital, Boise, as well as Mccall and Mountain Home. With plenty of stunning hiking and biking trails, winding rivers and sand dunes as well as historical sites, top-notch wineries, local craft breweries and entertainment, this region has a whole lot to offer. McCall is a popular vacation destination for Boiseans and has multiple lakes to recreate on, as well as ski resorts for wintertime South Central:  Photo Credit: Idaho Tourism Twin Falls, Hagerman and Burley are the major towns in this region. The landscape here includes deep canyons, high bluffs, unusual rock formations and lava flows. The Snake River twists through this area, as well as many large waterfalls. Southeast:  Photo Credit: Idaho Tourism The southeast region contains Pocatello, Lava Hot Springs and Montpelier and features an abundance of outdoor recreation opportunities from hikes to bike rides.This region also contains sites and museums connected to the Oregon Trail for the history buffs. Eastern: Photo Credit: Visit Idaho Island Park, Idaho Falls, and Rexburg all reside in this region. This region offers a gateway to Yellowstone National Park as well as blue-ribbon trout streams. Central: Photo Credit: Idaho Tourism Home to Sun Valley, Stanley, and Salmon, this region contains some of Idaho’s most dramatic scenery. With the Salmon river’s thrilling whitewater, alpine lakes, the jagged mountain peaks of the Sawtooths, wildflower-filled meadows and historic mountain towns, there is no shortage of sights to see. Stanley comes alive in the summer with raft companies chartering single and multi day trips down the Salmon river, and Sun Valley is known for its five star resort skiing in the winter.          

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3 Reasons to Buy instead of Rent a Home

Credit:  Ketut Subiyanto - Pexels Buying a home can feel like a big, scary decision when compared with renting. However, it is crucial to consider the long term financial consequences of renting as well as the benefits of buying a home when weighing both options. This article outlines the 3 major reasons why buying a home may be a better choice for you than renting.   Establish wealth: Credit:  RDNE Stock project - Unsplash Buying a home is almost always a better long term financial decision then renting. A major reason for this is that owning a home allows your payments to go towards building equity, as opposed to paying rent. Renters receive typically no return on their costs, while a homeowner will receive a large return if they choose to sell their home. Homes also have the possibility to appreciate in value (around 3.5% per year nationally), making them a very good investment. There are also tax breaks available to make owning a home more affordable.   Personalization: Credit:  Anastasia Shuraeva - Unsplash While renting, you most likely will have to follow a lot of rules about what you can and cannot do with your living space. Painting a room, changing some tile, or even transforming an office into a nursery are all things you will likely not be able to do in a space you are renting. With owning a home comes the freedom to do whatever you want to personalize and make your home perfect for your lifestyle and preferences.   Privacy and Autonomy: Credit:  Karolina Grabowska  - Unsplash Owning a home comes with much more privacy autonomy then renting. No more sharing a wall with a loud neighbor, and the ability to do whatever you want in the privacy of your own home are major pros to homeownership. 

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Spring 2023 Market Update

We felt the tides turn in April, with strong buying activity and the return of multiple offers.  May has continued the same trajectory. We are feeling a zealous Spring Market, which has brought an increase in the median sales price. A seasonal increase in the Spring Market values is expected and commonly experienced, year-over-year. This year, however, has been exceptional. Our Spring increase in the values of existing homes during the month of April was even stronger than a typical Spring, perhaps due to the market balancing out an “over correction” of the Treasure Valley’s values, which had dropped significantly over the past year.  How did our market get here? Our local market was hit harder than many others in the US, when the Federal Reserve dramatically increased its benchmark borrowing rates and the market-correction occurred last year. In Spring 2022, we saw area inventory swell, buyer activity decrease, and prices fall. By the beginning of 2023, inventory (available homes to buy) had decreased and balanced, and mortgage interest rates eventually stabilized and ceased the trajectory of skyrocketing up. Currently, favorable market conditions of this Spring 2023 are clearly indicating renewed buyer confidence in our market, fueled by low supply and a strong demand. The monthly trend of declining values, which started in Spring 2022, changed in February this year when we saw stabilization of pricing and a slight increase in the median sales price. The same occurred in March this year. Then, this April was significant. April provided a substantial gain in values illustrated by an increase in the median sales price: The median sales price of existing homes increased from $475,000 in March 2023, to $515,000 in April 2023, (this is a one-month comparison)! While it remains true that values, overall, and the median sales price for existing homes in our valley, have decreased 9.6% over the past 12 months (from end of April 2022 – end of April 2023), the data shows a strong market in our valley, and one that is finding its place and balance after a period of market correction. Pricing homes competitively in the current market remains important. While many homes are experiencing multiple offers and price escalation, certain segments of the market are still feeling a normal or slower market. These include homes priced over the competitive range of the market, small pockets of the market where the inventory of similar homes are high, or where buyer demand is specialized. As the Spring conditions continue to spread, each segment of the market has seen a pick-up in activity, one after the next. Thank you to our clients for their continued business and trust for three decades! Being in touch with a knowledgeable and experienced real estate advisor is crucial to successfully buying or selling a property during an ever-changing market.  Contact us to learn how our signature client concierge service can benefit you in the sale or purchase of a home by phone: (208) 472–5337 or email: info@lysibishop.com. We have a full-service team of experts, who will help you through each step of the important journey of buying or selling a home. Stay up-to-date on your home’s changing value here. 

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