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.
