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COEUR D'ALENE HOUSING MARKET
NORTH IDAHO HOUSING MARKET TRENDS
AUGUST, 2024
TRENDS
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National pending sales decreased in June (-2.6%)
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Mortgage rates dropped to the lowest they've been in a year without federal rate cuts
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​Cd'A sales were down 5.1% YoY in June 2024
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Home prices in Cd'A decreased .08%
BUYING
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​Inventory is on your side and you may be able to pick up some incentives
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Because of this, it's still the best time to buy vs. any time in the past few years (if you can afford it!)
SELLING
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Cd'A Median Sale prices decreased .08% YoY to $550k
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Buyers are out there but still constrained by mortgage rates. Even so, we're far from a seller's market
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Inventory is soaring in the Cd'A area.
CD'A MARKET SUMMARY
Here's how I recommend responding.
If you're a buyer, inventory is on your side. Dive in, pick up a property with a low purchase price and possibly concessions and wait to refinance. Be cautious about asking for too much in terms of upfront credits on those most desirable homes in order to win the offer.
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If you're a seller who has to move, list at a sensible price and be prepared for 60-120 days on the market. But if you want top dollar watch these interest rates and wait for them to come down and prices in turn will rise. It might take 18 months but that's just the reality of where we're at.
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