Know your financial abilities, goals and necessities
By Josh Nishimoto
Home prices are slowly dropping, but not at any rate that locals will appreciate. Although the housing market continues to benefit the seller, many sellers are finding that they are pricing their homes too high for the current housing climate and have had to adjust accordingly.
In Ada County, the largest most-populated county in Idaho, in July, 1,027 total single-family homes sold, and 1,055 homes were active listings on the last day of the month. Both numbers are the highest in each category of any month in 2021 so far.
In June, 971 single-family homes were sold. Previously, the most homes sold in a month in 2021 was 796 in April, according to the Intermountain MLS. The 616 single-family homes sold in Canyon County in July was also the most of any month this year.
In August 2021, Bonner County home prices were up 22.2 percent compared to last year, selling for a median price of $550,000. On average, homes in Bonner County sell after 16 days on the market compared to 26 days last year. There were 102 homes sold in August this year, down from 132 last year. The median list price of homes in Sandpoint was $575,000 in August 2021, trending up 47.5 percent year-over-year. The median listing price per square foot was $362.
As of September 15, 2021, there are 472 homes for sale in Sandpoint, 23 of which were newly listed within the last week. Additionally, there is one rental available for $1.6K per month. To discover more Sandpoint listings, search for open houses, price reductions, foreclosures, recently sold, new home communities, and new home construction.
Between July 2021 and August 2021, three-bedroom properties went up by 67.9 percent, four-bedroom properties became 57.3 percent cheaper, and five-bedroom properties did not change. The following changes in the number of homes for sale were observed in this housing market: one-bedroom home inventory increased by 100 percent; volume of two-bedroom homes went up by 33.3 percent; three-bedroom home inventory increased by 27.3 percent; four-bedroom homes became 85.7 percent more available; volume of five-bedroom homes stayed the same according to RocketHomes.com.
If one is asking themselves, “When is the right time to buy?” The answer is whenever one is ready. It comes down to one’s own personal financial abilities, goals and necessities. Buying a home can be a stressful and full of anxiety. If the market seems a little too hot right now, wait until prices go down. If there’s only a question of how, where and when, there are plenty of resources available to buyers and sellers that should help make up one’s mind about the right thing to do for each and every couple of individual buyer and seller.
Regardless of what one hears or what one reads, be sure to research current housing prices in the area and set housing prices according to the general market value of the property. If one wants to sell one’s home quickly, consider setting the price of a home slightly lower than the market value. Most people are paying more than the current asking price of a home. When selling a home, remember to do one’s homework. Talk with a mortgage lender and rely on local professionals for advice.
If one is looking to purchase a home, it’s not all doom and gloom. We are seeing low interest rates for translating into historically lower monthly payments for borrowers. We are also seeing supply of homes increase with demand to be slightly lower, making the Bonner County housing market a little more balanced than it has been in quite some time. Whether young or old, always consider the resale of a home purchase and plan out next moves accordingly.
Connecting with a local real estate agent is still the best way to get the 411 on local housing prices, trends and affordability. No matter how much homework one does, or how prepared one is for a home purchase, be sure to consult a local real estate agent. They know the area better than anyone and can give insights not found in one’s local real estate magazine or internet search.
