The North Idaho luxury home market (properties priced above $750,000) is turbulent right now. Luxury waterfront properties, lake view, acreage, farms and ranches, and condos represent over 408 listings in our MLS now. Out of these 408, only 8 show as having a pending sale (less than 2%!). This market segment is a PRIME time for buyers! 11 have reported as closed in the last 6 months. When a buyer finds the perfect property that is right for them, on average, we are negotiating within 80% of list price! This is producing some fantastic deals for buyers looking for the piece of paradise that North Idaho is. Over and over, Coeur d’ Alene, Hayden, Rathdrum, Sandpoint, and Post Falls are being recognized as great places to retire, have a second home, and more. If you would like to see a list of available Idaho luxury properties, let me know tj@livecda.com (208-660-5785), or use the search function above.
The current market trends remain volatile in the upper price categories and fairly consistent in the sub 175K range. Between 300K and 400K we have noticed an “uptick” in pending sales. This is do to motivated sellers in the 400+ range dropping prices and taking offers well into the 300’s. Upper level homes 750K plus, there are 7 pending sales. Of the upper end CLOSED properties, sellers are getting within 82% of their asking price! Recently, in the $125-175 range sellers are getting up to 98% of their asking price. First time homebuyers, inventory, and affordability are responsible for the vibrant sub 175 environment. Incentives (8K buyer credit, Interest Rates (sub 5%), and Variety of Inventory) are creating a buyer perfect storm. To view properties in all price categories visit my website http://www.LiveCDA.com. Let me know if I can improve my search function.
The North Idaho Multi-Family market is turbulent, with 425 options available. Only 41 (9.6%) of those are pending. There are 35 properties available between 175K and 200K. Not 1 is pending at this moment. I believe this is presenting an opportunity as motivated sellers are going to start getting anxious for offers. Look over the TMO multifam report attached. If you would like to look over the multi-family inventory please see http://idahomultifam.com/. Let me know if you would like to preview any of these properties.
Many foreclosures (REO) are available, with a constant churning of activity. See the current list here and call me to schedule an appointment to get into these vacant homes:
We are seeing MANY short sales with aggressive and knowledgeable agents successfully navigating the negotiations with the bank. There are now 144+ short sales available. Citi Mortgage, Countrywide and ASC are the hardest and longest to negotiate with 80+ days for approval. Ocwen, Home Equity, and EMC are the best with around 40 days for approval. To see the complete list of bank turnaround times, see my blog http://blog.livecda.com Further, see the current list of North Idaho Short Sales here:
I have developed a new web design with many new features. You can follow me on my social media Twitter, Facebook, Digg, and more. I have designed a new blog where I update all information and I have been taking videos for testimonials, The Mortgage Minute, The Real Estate Minute, and new property VIDEOS.
I listed a very nice 10 acre commercially zoned property in the CENTER of Kootenai County. It currently has a 2800 SQ/FT church with a 44,000SQ/FT set of plans available. Square, level and treed. ONLY $295,000. If you know of anyone looking for a commercial building, or a church in the valley looking to relocate, please let me know! See the listing data sheet here:
Thank you for taking the time to go over the information enclosed. If you have questions or would like to “chat” please never hesitate to get in contact with me. As always, I will take care of your referrals as if it were you. Please forward me anybody you know that is looking to buy or sell any property in North Idaho (I have a very well rounded experience in real estate). 208-660-5785. Have a blessed rest of April.
This chart depicts the short sale bank turnaround times from real estate purchase contract to bank approval and bank approval to successful closing. I highly recomend using real estate agents familiar with the short sale process in purchasing property. Particulalry, using listing agents that know what information to get to the bank and how to successfully communicate with them.
Jimmy briefly talks about the lending opportunities in today’s market and why now is the time to lock in the lowest interest rates in years. Listen to Jimmy above for information that may be pertinent to you and your decision to purchase real estate in today’s market environment, particularly, North Idaho Real Estate..
Right now is a great time to buy a piece of real estate in North Idaho. Below are 5 reasons I think now is “The Perfect Storm” for real estate.:
1. Prices are LOW. Every price range and every property category (vacant land, single family residential, commercial, multi family, waterfront, waterview, acreage) has opportunity written all over it. There is an unprecedented number of foreclosures available on the market affecting price levels. Builders are competing fiercely for business, keeping price levels low. Mix in motivated sellers, short sales, and REO’s creates a great buying opportunity.
2. Inventory is high. Every price point and every property category has plenty of options to choose from. In our Association of Realtors, we have never seen this number and variety of properties to sell. Take advantage of our market and get the house you have always wanted at prices you never could have afforded.
3. Interest Rates are LOW. I just talked to a friend of mine at Wells Fargo Home Mortgage, he just informed me he locked one of my clients into a 4.5% 30 year mortgage. This is unprecedented. Interest rate have not been this low since the 1960’s. If you have documented income, meaning you have a job, you can most likely get a loan today.
4. First time homebuyer credit. If you have not owned property in the last 36 months, you are entitled to take advantage of the $8,000 homebuyer tax credit. Just for buying a property, Uncle Sam is going to give you $8,000. What could you use this money for: a new fence, LCD TV, landscaping, vacation?
There we have it, low prices, high inventory, low interest rates and the right incentives. A buyer “perfect storm”. Take advantage of this today.
Michael Pereira with All West Environmental Engineering.
Michael P. used T.J. Barnhart, REALTOR and owner of Keller Williams Coeur d’ Alene, to navigate the throngs of buying a home in North Idaho. Michael ended up buying a Hallmark home in Hawks Nest. After looking at numerous homes with his real estate agent, he decided the best option was a new construction. See the video above…
Now is the time to buy real estate in North Idaho. Interest rates at an all time low, inventory at a max, incentives from the federal government. This is the buyer “perfect storm.”
