Hello World! Welcome Friends! Idaho is a growing economy with a rapidly expanding housing market. It can be challenging to time the market when you are looking to buy a home. However, there are many options available during the spring buying season in the state. There are also deals available in winter.
Seasonal Fluctuations When Buying in Idaho
The value of homes in Athol Idaho rose in 2018 and will likely rise again in 2019. According to an FHFA report, Idaho saw a 13% increase in home values last year. Boise, the state’s capital, was the country’s most famous market, with a 15% price increase. Zillow data showed that home values rose even faster in the state, with a 17% increase across the state. The company also predicts a 9% rise in values for 2019.
List prices usually rise by several thousand dollars in May and June, depending on the season. The housing market has been so strong in the last five years that listing prices have only slightly declined in a few months.
The number of days on the market is where seasonality shines through in the data. The average drop in market days from February highs to late spring lows is 44%. This was only 48 days in May 2018.
The state’s spring buying season may vary from one area to the next. Different housing markets can develop in remote areas or further north, like Coeur D’Alene. The rapidly growing market can be very regional. Homes in Kellogg, for example, which is a rural and remote community, saw only a 0.8% increase in value in the past year.
Bottom line: Buying during peak spring will give you more choices, but the prices will be higher. You will have less purchasing power if you wait until the summer or winter.
Idaho’s Top Markets for Buying
Boise
Over the past year, Boise, the state capital and largest city, has experienced incredible growth in its housing market. Boise’s livability is even better. Boise is the fastest-growing metro in the U.S.
Idaho Falls
It is the third-largest city in Idaho. More than 60,000 people live here and have easy access to some of Idaho’s most beautiful country and outdoor amenities. The Grand Tetons and Yellowstone National Park are both close by. The cost of living is 10% lower than the national average, and wages are increasing quickly. Idaho Falls’ home values have risen 15% over the past 12 months.
Coeur d’Alene
Coeur d’Alene is known as a place to escape from the west coast’s most expensive cities. Although it is a small community in the north of Idaho, Spokane is nearby, so you can still enjoy city life. The area’s appeal has led to a 15% increase in the value of the housing market over the last year.
Moscow
The University of Idaho is not the capital of Russia. Moscow is a vibrant city that thrives on students’ energy from nearby colleges and universities. The demand from university professionals and the trade it brings drives the high median home prices. Washington State University is only 15 minutes from the city, so sports fans have plenty of options to participate in the rivalry.
3 Ways to Score a Great Deal on an Idaho Home
1. Locate a Great Real Estate Agent
Local real estate markets can be affected by many factors, so getting help from a local expert is crucial. A local expert will keep you informed about the current inventory, help you find the perfect neighborhood, and reveal deals and opportunities that might not be available.
A knowledgeable agent will guide you through the whole process and recommend local movers and renovators to help make your move into the house of your dreams smooth.
2. Assess Your Needs and Set Goals
It is essential to create a buying plan considering the type of property, neighborhood, and price range. If you want to make changes, have your agent look at local zoning codes, check out school districts if your children are involved, and compare comparable sales to determine what is realistically available to meet your needs and budget.
3. Find a Lender and Secure Financing
A mortgage is required unless you intend to purchase your home with cash. Interest rates are a significant factor in choosing a lender for Idaho home buyers. It is possible to save thousands of dollars by doing upfront research and comparing rates to find the best rate.
A typical Idaho house is valued at $323,000. If you put 20% down and take out a 30-year mortgage at 3.5% interest, your monthly payment will be $1,152. If you shop for a 3% mortgage, your monthly payments would be approximately $1,089.
Conclusion – Negotiate the Best Price
After you have found the perfect property, your agent will assist you in submitting an offer. Then you can negotiate after inspections to get the best deal. An agent knowledgeable about the market will know the best repairs and other factors that can impact the final price.
Click the links below for any posts you have missed:
How to Transport Heavy Items: 5 Tips to Consider
Buying a House in Frankfurt: What You Need to Know
Home Renovation Advice for a Complete Interior Makeover
Why You Should Refinish Your Bathtub
6 Tips for Making Sure Your Home is Fire Safe
5 Home Modifications to Make Following a Spinal Injury
I’d love for you to join my email list! You’ll receive a notification straight to your inbox which will include links to my latest home project posts! Simply enter your address below.
Thanks for stopping by! Have a wonderful day/night depending on where you are in the world! Go with God and remember to be kind to one another!
Toodles,
[…] What Is the Best Time to Buy a House in Idaho? […]