Rexburg has a variety of real estate options for renters and buyers. Several large businesses and agricultural operations strengthen the local economy. This makes Rexburg a good place to live and buy a home. Some of these businesses include Brigham Young University Idaho and Basic American Foods. Others include Walmart, Artco, Progrexion, Navex Global and more. Because business is strong, there is a high demand for real estate in Rexburg.
BYUI has a significant impact on property in Rexburg. The university creates a need for many residential homes, duplexes, condos, and townhomes. These properties house professors, students, and thousands of staff to run the school. It also increases the need for local businesses. This, in turn, increases the need for commercial property. Rexburg is growing and thriving.
Single-family homes make up the majority of property in Rexburg. Incorporated in 1883 Rexburg has many older homes in unplanned neighborhoods. But it also has many newer developments, some with HOA's and some without. Most of the newer neighborhoods have some kind of covenants and restrictions. Fewer actually have HOA fees. These covenants and restrictions keep the neighborhoods and the homes more uniform.
Many of the single-family residential homes for sale in Rexburg are on the east and west sides of town. The center of town has higher density housing to serve college students. North of town you will find some housing, but there are a lot of businesses and city facilities in that area. South of town you will find the university, then high-density housing, and then areas of new growth.
A majority of the homes for sale in Rexburg have listings on the Snake River MLS. You can search for MLS listings here.
After graduation, many University students choose to stay in Rexburg. Also, many natives to Rexburg stay in the area to be close to family. This has created a need for starter homes. As of this writing, a starter home is usually around $150,000 to $200,000. These homes are usually around 1,200 to 1,600 square feet.
Rexburg is also seeing an increase in larger families moving into the area. Many of them are coming from the west coast and southwest. This is creating a need for developments with homes that are 2000 to 5000 square feet. Some of these homes are being built in the city, but a large number are outside the city limits. The upside to county living is space and price. The downside can be drilling a well, installing septic, and spotty access to high-speed internet. Regardless, single-family Rexburg properties are in demand.
Rexburg and surrounding areas have a thriving housing market. Because of market conditions, some homeowners choose to list their homes as for sale by owner (FSBO). These homes are usually marketed with yard signs and a listing on Zillow or similar sites. These homes are not on the Snake River MLS.
There are several aspects of FSBO that buyers need to take into account. First, FSBO sellers often don't know the market. Homes are often listed well above and sometimes well below market value. Second, disclosures can be a big problem with FSBO transactions. If you choose to buy from a FSBO seller, make sure they disclose all aspects of the home you are buying from them. Many costly lawsuits arise in Idaho because of incorrect disclosures and legal contracts. Third, many buyers don't get a home inspection when buying a FSBO home. We recommend that you ALWAYS get a home inspection.
One other aspect of FSBO is compensation. Working with a Realtor is smart. They protect your interests throughout a transaction. Some FSBO sellers offer compensation if a Realtor brings a buyer to them. Some do not. If they do not, you may wind up paying fees that would ordinarily be paid by the seller. This can cost you money.
When you work with a Realtor, they will contact FSBO sellers on your behalf. They insist on disclosures and require the FSBO seller use standardized contracts that protect you. They will manage the inspection, lender process, title, and other aspects of the sale.
Rexburg is a great place to invest in a duplex. A duplex is a real estate with a structure that has two dwellings that share a wall or floor. It is very cost-effective to build a duplex. First-time homebuyers may choose a duplex for the following benefits:
Another form of ownership in Rexburg is living in a condo. Unlike a duplex, a condo owner does not own the entire building. In fact, they only own the walls in. As a condo owner, you share common spaces such as parking areas, common areas, and green spaces. You belong to an association. The association owns and maintains the outside walls, roof, and common spaces. Each condo owner pays fees to the association to cover the costs of what the association owns. Condo owners do not control as much of their property as duplex owners. When you buy a condo you must factor in the sometimes high association fees to make sure you can afford it.
When you buy a townhouse you are buying a condensed house that is usually two stories. Townhomes may or may not share an outside wall with a neighbor. Generally speaking, townhomes are built close together. They often have a front yard and back yard. Unlike condos, townhomes do not provide any amenities. The HOA fees are usually less but maintenance is about the same. When you buy a townhome you are independent of others in the area. You own your land and the structure. In a condo, you do not own the land and you share common walls as if your home is an apartment.
As Rexburg grows more businesses are moving in to serve the needs of the people. For example, Walmart closed it smaller store on 2nd East and expanded into a Super Walmart in 2016. Rexburg is becoming the local place to stop and shop for surrounding counties. As more businesses move in, commercial property will expand. As students move in and BYUI expands, the student population increases. This creates a need for storage facilities, grocery stores, and fast food. It also makes the Super Walmart possible.
High-density residential housing opportunities are also available in Rexburg.
Rental Property in Rexburg
Rexburg has a thriving rental property market. Demand is high for all types of rentals. More and more people are moving to southeast Idaho. Some come to enjoy the outdoor activities, some come for an education, and other enjoy a lower cost of living. A large part of the rental market in Rexburg is student housing. Rexburg houses more than 20,000 people associated with BYUI.
BYU Idaho has created an interesting market with its housing policies. Single students must live in BYUI approved housing. Married students can rent where they choose. Investors must understand and conform to University housing policies or risk loss.
Rexburg has many apartments to rent and condominiums to buy. If you're looking for a condominium or townhome, act fast. These properties, if priced right, do not stay on the market for long. If you are an investor, expect a cap rate of seven percent or lower on average.
The rental property market in Rexburg has created many jobs. These jobs provide employment for property managers and various trades involved in maintenance. These include electricians, plumbers, painters, snow removal, landscaping, housekeeping, and others.
The history of Rexburg and Madison county has agriculture at its roots. Farm and ranch properties are everywhere here. As Rexburg continues to grow, some of the farm and ranch land is being converted to residential. But the majority of real estate in Rexburg is still agricultural. One thing that makes this area perfect for farming and ranching is an abundant supply of water. Earlier settlers dug extensive networks of canals and rerouted river and stream water. Their efforts created a valuable asset to future farmers. Rexburg farms produce generous harvests of potatoes, wheat, barley, safflower, hay, and alfalfa. Much of the farmland is heald by families and bought and sold by word of mouth. But there are a good number of farms and ranches that are also sold on the Snake River MLS. We have farm and ranch experts on staff.
Ranch properties in Madison County are also bought and sold. Most ranches in the area raise livestock or produce dairy products. Daloris Dairy is one popular dairy ranch in the area that sells raw, unpasteurized milk. Hop one county over and you can shop for A2 Dairy products at Paradise Grove, known for their A2 milk. It's supposed to be easier to digest than regular milk.
There are also large cattle operations around Rexburg and the surrounding counties. If you are looking for a farm or ranch, there are plenty of folks with similar interests and businesses to support you.
Regardless of the type of real estate you are looking for, East Idaho Property has someone to help. So whether you're looking for a farm, ranch, or a new home in town, we have the know-how to get the job done for you. Talk to a real estate agent today.