Hello All! I hope the current economic conditions are treating you gently. This edition of my NI Real Estate Analysis I want to cover 1. Market Activity, 2. Opportunities/Deals in Foreclosure/Short Sale 3. Buyer “Perfect Storm” and 4. “Retreat/Remote” Self Sufficient Properties. Also, please see my site redesign at http://www.LiveCDA.com and let me know your comments.
January and February have been tough months in sales with total unit sales at 117 and 110 respectively (according to MLS data). Sold volume has been very low at $34M & $20M. This would account for our average monthly sale price dropping from $294K to $188K! However, the property price ranges between 125K-175K are producing double digit pending ratios! This makes sense as it is the first time homebuyer market. Upper level properties Days on Market (DOM) continue to climb, currently at 182 days to sell. Once they do sell, we are getting within 93% of ask price. Of course, to sell, they have to offer best quality, or best price. Occasionally both. I get the question often, when do you think the right time to buy is? I think if you’re a first time homebuyer the time is now. If you’re in the residential upper level (300k+) buying mode, I think property prices may come down a little more, it may pay to wait, however, it is hard to tell if interest rates will stay this low. If you have a property you like, go for it. Call me if you want to “present” an offer to purchase. See the attached documents for more in-depth analysis.
Regarding anyone that has not owned a home in 36 months, I think now is a “perfect storm” for buying. Congress passed an $8,000 tax credit that purchasers get with their taxes if they buy before Dec. 1. Further, prices are low. The good houses (best price, best quality under 175K), we are getting multiple offers on. Current interest rates are dating back to 1969 levels. We have the right buyer incentives, low prices, low interest rates. If buyers have a job and descent credit, they can probably get a loan.
REO/FORECLOSURE PROPERTIES
http://www.flexmls.com/link.html?op5gf6yzhd6,7,1
SHORT SALES
http://www.flexmls.com/link.html?op5gf8nuf12,7,1
Black Rock Lot for $75,000 (Does not include membership)!
http://www.flexmls.com/link.html?op5gerq9rzv,7,1
There has been talk that Idaho is a great place to “rebound” to if world frenzy continues to get livelier. With “back-up” alternative energy retrofits getting more reasonably priced w/ incentives (wind, solar, biomass), and property prices at low levels, inventory up, I think now is great time to secure a piece of that “getaway” property. Here is a list of North Idaho properties (in all price ranges) that I generated that include trees, multiple acres, private well or water source, ect…
http://www.flexmls.com/link.html?op5gk5b3f7w,7,1
Thank you for your referrals “in advance”! I will take care of you, your friends and family, neighbors, and more. I have knowledge in all aspects real estate: residential (www.livecda.com), commercial (northidahocommercial.com), waterfront (idahowaterfrontproperties.com), land (landcda.com), multifamily (idahomultifam.com) ect… Have a great March, and let me know if you have comments, questions.
Add to your Preferred Social Bookmarking Website:
