For those of you looking for homes for sale in the Greater Coeur d’Alene area, you’re in luck. Reviewing end of June numbers in the Coeur d’Alene Real Estate Market, the outlook is looking better for buyers. Sellers, pricing is key in the Coeur d’Alene market. With only 10% of listed inventory pending, that leaves 9 out of 10 homes waiting to be sold, and adds up to 10 months of inventory.
The homes that ARE selling get on average around 95% of their asking price after about 128-137 days on the market (4-5 months). These homes are priced well, staged and presented with attractive terms for the ever discriminating buyer.
Buyers hold the power in this market.
With 4,114 Single Family Homes on the market in the Greater Coeur d’Alene area, and an average SOLD price of around $209,000 (compare to $193,000 and 5,402 listings for the Spokane Market for the same time period ending 6/24/10). Spokane has more listings, and a lower average sale price than Coeur d’Alene. Spokane also boasts of a pending ratio of listed homes nearly 9% higher than Coeur d’Alene.
There’s never been a better time to buy,even-though the government no longer incentivizes buyers to buy homes with a lofty $8,000 tax credit; my position has always been that buying now (with proper representation) will affect your balance sheet in far more significant way than a measily $8,000 incentive. The money is cheap right now, rates have been in the mid 4% range this week, bank foreclosures and short sales are providing instant equity for buyers.
Did you know the interest payment difference on a $200,000 home over 4 years is around $8,000? When most buyers bought during the $8,000 tax credit frenzy – rates were in the mid 5% range… Do the math…
Interest on $200,000 loan at 5.5% for 1 year…. $200,000 * .055 = $11,000
Interest on $200,000 loan at 4.5% for 1 year…. $200,000 * .045 = $9,000
The difference = $2,000 per year… year after year (now, principal will reduce slowly on a 30 year loan so this number will fluxuate some… but the long term benifits of buying now are far greater than the tax credit days…), and in most cases the interest is tax deductible.
Have lower interest rates and lower home prices affected your decision to buy or sell a home?
Try our Free Coeur d’Alene Home Search, and start looking for your new home today…