Real Estate Trends
In many large cities, home prices have outpaced income at an incredible rate. In Miami, for example, incomes have risen 16 percent, while home prices have increased 58 percent since early 1998. Boston home prices have gone up 89 percent, while incomes have increased only 22 percent.
While some parts of the US are predicting a downturn in the real estate market looming on the horizon, home sales are still headed for another record year. Locally, in North Idaho and especially the greater Kootenai County area, we are still experiencing unprecedented growth. In fact, as our feeder markets start to experience a downturn, we should expect even more growth as these people cut their losses where they are at and move to our beautiful area for the quality of life we offer. What does this mean? Home values will be strong and it is a great time to sell your home if your looking to upgrade, downsize, etc.
Low interest rates are a continuing positive trend of the housing market. Low rates average now less than 5 percent for 30-year fixed-rate loans, the lowest since the 1960s.
Give us a shout and let us explain how we can help you sell or acquire property in beautiful North Idaho.