What’s different in today’s market?

In 2007, there was speculative investing, loose lending, new construction abundance and now in 2017 there is consumer demand, low inventory, job growth, population growth, and controlled lending. Inventory is down across the state, supply is low and demand is high.  The time to sell is now, contact REALTOR® Kim Cooper of Select Brokers LLC to take advantage of a healthy housing market!

* Dec. 2015 – 76,902 active listings compared to Dec. 2016 – 61,848 active listings (-18.7% change) Sources: realtor.com, bloomberg.com, NAR, IR

Thinking of selling?

Contact your REALTOR® Kim Cooper of Select Brokers LLC to get ahead of the competition and to learn more about the current market for sellers in Kootenai County!

Moving out

We have discussed here before “the roll” of real estate. That is the term used to describe how the market moves upward and inward following the major interstate highways of our region. Due to the impact rising prices are having in major cities along the west coast we are seeing in migration from those cities as sellers capture equity and take the opportunity to get out of high priced, high traffic, high crime and high anxiety metropolitan areas.

Our area is so desirable that even in the winter months we are receiving buyer visits from California, Oregon and Washington states attracted by our scenic beauty, affordable real estate and lack of all the pressures of where they came from. As reported by the Case Schiller Housing index Seattle, Portland
and Denver saw the highest year-over-year gains among the 20 cities reviewed over each of the last nine months. In October, Seattle led the way with a 10.7 percent year-over-year price increase, followed by Portland with 10.3 percent and Denver with an 8.3 percent increase.

For us Seattle and Portland have the most impact although we have noticed some Colorado license plates cruising North Idaho these last couple months. The reality is that for many of these people in high performing real estate markets, everything they see here is a bargain compared to where they are coming from.

In mid-summer the average Portland, Oregon home price was $412,000. The Portland market is the first place many of those escaping California put down roots since real estate is cheaper there. At that same time the Seattle Times reported that “The price of the typical single-family house across King, Snohomish and Pierce counties has now risen 53 percent in just four years.” The average price then was $560,000, still much cheaper than a Bay area home at $712,000.

When people from these areas pick up a local paper and see that the rare murder is front page news – for several days in a row – and that our crime section shows largely DUIs, petite theft and possession of paraphernalia they are amazed. In many metropolitan areas murders are commonplace, armed robberies the course of the day and road rage an occurrence during the average commute.

It is no wonder then that at year’s end we see an increase in our sales of properties of $500,000 to $999,999 properties. The types of equity people are realizing from sale of their properties in the areas described above make our Multiple Listing Service average price of $240,147 a real bargain. One visitor recently explained that it is very hard not to think of every property viewed as one that should be taken advantage of because it is so cheap.

History would dictate that it is only a matter of time before our own average prices reach beyond $300,000 but at that time imagine what the emigrating home sellers will be getting paid to leave the metros they will still want to escape. Who can blame them?

Kootenai County Housing Snapshot for January 2016 through December 2016

Did you know, Idaho is a non-disclosure state.
Call a REALTOR® for the true value of your home.

Below is a snapshot of the Kootenai County housing market for January 2016 through December 2016:

  • Homes Sold YTD December 2016
    3255 (Up 12% from December 2015)
  • Median Home Price
    $222,000 (Up 9% from December 2015)
  • Active Residential Listings
    1153 (Down 1.6% from December 2015)
  • Days on Market
    98 (Down 6.7% from December 2015)

Click here for a more detailed look at our Kootenai County housing statistics.

Data is provided by the Coeur d’Alene Multiple Listing Service and may not reflect all real estate activity in the market. January through December 2016. Site Built homes on under 2 acres.

Kootenai County Housing Snapshot January through November 2016

Below is the Kootenai County Housing Snapshot for January through November 2016:

  • Homes Sold YTD November 2016
    3,017
    Up 11% From November 2015
  • Median Home Price
    $220,813
    Up 10% From November 2015
  • Active Residential Listings
    1,251
    Down 8.4% From November 2015
  • Days on Market
    97
    Down 7.6% From November 2015

Data is provided by the Coeur d’Alene Multiple Listing Service and may not reflect all real estate activity in the market.  January through November 2016. Site built homes on under 2 acres.

Kim Cooper, Select Brokers LLC

Click here to download the detailed statistics report.

Self-Directed Individual Retirement Account and Real Estate

Self-Directed IRA’s can have a heavy focus on real estate.  This means more than just houses, though.  You can’t put real estate you already own into your IRA, but Self-Directed IRA’s can be used on raw land, farm land, timber land, fishing rights, airspace rights, private mortgages, tax liens, rental properties, and commercial properties.  Talk to your REALTOR®, Kim Cooper of Select Brokers LLC, to find out how to make a self-directed IRA work for you!

Kim Cooper, Select Brokers LLC.

More options to real estate investing

There are more options to real estate investing than just buying a house.  Ask REALTOR®, Kim Cooper of Select Brokers LLC, about the many options available to you in North Idaho!

For example…

  • Timberland
  • Farmland
  • Fishing Rights
  • Airspace Rights
  • And more!

Contact Kim Cooper, Select Brokers LLC today.

Kootenai County Housing Snapshot for January 2016 through October 2016

There are more options to Real Estate Investing than just buying a house.  Ask your REALTOR® about the many options available!

Homes Sold YTD October 2016
2788 – Up 10.11% from October 2015

Median Home Price
$219,982 – Up 8.9% from October 2015

Active Residential Listings
1324 – Down 12.3% from October 2015

Days on Market
96 – Down 6.8% from October 2015

Data is provided by the Coeur d’Alene Multiple Listing Service and may not reflect all real estate activity in the market.  January 2016 through October 2016. Site Built homes on under 2 acres.

Contact Kim Cooper of Select Brokers LLC for more information!

Tax Time: The More You Know

As tax time approaches, the more you know the better when it comes to real estate.

Did you know?

  • Moving is a money saver.
    If your job doesn’t pay for the move, you can get a large tax break.
  • Get your interest back!
    Especially during the early years of your home loan, make sure you deduct the interest you pay on your mortgage.  You can deduct interest on up to $100,000 of the debt.
  • Selling too soon?
    Make sure you stay in that home for at least two years. You can avoid paying tax up to $250k (single) and $500k (jointly) of capital gain.
  • Getting tax advice?
    Check with your accountant, but you can generally deduct fees for service paid for tax advice and preparation.
  • Go green? Save green!
    Put in energy efficient appliances or windows?  Extra insulation? You can get credit up to $500 which directly reduces the amount you owe (not a deduction).

As your REALTOR® for more tax advice, and always confirm information with your accountant and tax preparation professional.

Kim Cooper, Select Brokers LLC.

How does big data target you?

We live in an information-era where companies are able to compile a great deal of data about people based on their web browsing habits, social media usage, location, shopping trends online, and more.  By tracking this information, some real estate websites may already be using “big data” that knows the cars you drive, your age, relatives in the area, hobbies, your job, marital status, age of your kids, move history, and other pertinent facts. But just because they may think they have all the information about you doesn’t mean that they know what home is right for you or everything about the area where you are searching.

Instead of exclusively using the Internet and online resources to find your home, work with REALTOR®, Kim Cooper, to find the right home for you as he knows the North Idaho market and can talk with you personally to discuss your actual buying needs.  Please contact REALTOR® Kim Cooper of Select Brokers LLC today if you are looking to buy a home in Coeur d’Alene or the North Idaho area.