What is going on in the Coeur d’Alene real estate market?
Have things stalled, slowed or halted? Are home valuations plummeting?
One thing is for certain, the landscape of real estate is different.
The days of mid 2% rates for primary home loans sending people borrowing the cheapest money in human history is over. CDA’s market like the rest of the country during this era was hot. To quote WSJ who named CDA “Hottest Housing Market” in early 2021. This area has now seen the crunch of the Fed’s monetary tightening. Houses are actually sitting on the market followed by sellers actually having price decreases. These two things have turned the once pay anything and waive all contingencies market into more of a potential buyer’s market. Well, a market where you can offer asking price and not completely offend the sellers at least, haha.
No, that last comment is a bit of a joke. Sellers expectations have dropped significantly; but it is still a hot market because well CDA is still CDA. A beautiful place with the values of life liberty and the pursuit of happiness still very relevant. A small town feel with big amenities available. And a community of people who; well, care about their community. People are striving for those qualities in the complexion of their home base. So regardless of all the doom and gloom out there we as a city, state and community have a lot going for us.
A message to seller’s out there sitting on properties. You may have to be slightly more realistic but there is still the house or property priced correctly that is not being hesitated on and that is the inventory that is moving at the same pace as 2020 and 2021. Being strategic can be helpful, maybe it’s better staging, or staging period. Open houses, new photos, or a fresh coat of paint. Maybe it’s renting the property to wait till the WSJ calls CDA “the Hottest Housing Market 2.0” next go around? There are always options out there and that is what is great about real estate…
For buyer’s be patient, your time will come. Although true, that is really just cute to say. More helpful info to share would be get pre-approved with a lender, get your finances in line, do your best to pay off any crappy debts owed, know the areas, know what you like and don’t like, know what you need, and determine your budget. A home purchase is for some the most important and biggest purchase of their lives. It would be helpful to take it seriously and also get together with a local professional in the area. A licensed sales agent who you can trust.
To investors, the best time to invest was 20 years ago, the next best time to invest is today. Another cute saying… however any good investor knows the truth behind the quote. Investing has gotten tough, thoughts and circulating talks about rate hikes or maybe cuts for mid-terms leaves a lot of us paralyzed. Maybe your strategy could use some freshening, maybe a local meet up could spark that fire again or just a talk with a local professional property management company who genuinely loves talking real estate, investing and strategies. At the end of the day knowledge is power and cash is king so sharpen your ax and store your kindling for winter.
We hope at the very least this gives you a little perspective on the CDA housing market. If you are interested in buying, selling, investing, managing or just talking real estate we are a very real and available source for you.
To your success,
Colton Haaker
Lake CDA Property Management
