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Mike McNamara
208-660-6320
Mike@HomesCDA.com
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Mike McNamara
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208-660-6320
Mike@HomesCDA.com
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Local Market Conditions and Forecast for 2017 posted on 12-12-2016

With the election of a new president, change is in the air. With the president elect Donald Trump being a real estate broker and business man, and having made most of his fortune in real estate, I would suspect that he would be pro real estate. 

Time will tell. But locally how things might  change in our local market. Expect interest rates to go up. Interest rates have increase on a 30 year loan from about 3.75% 3 months ago to a current rate of 4.5%. Expect this to slowly continue. Expect the feds to raise the  prime rate slightly at their December meeting. Rising interest rates can affect your monthly home payment more that an increase in price. This will eliminate some Buyers from being able to buy a home, especially the ones with low down financing.

 However, since the recession, Coeur d'Alene real estate continues to be a great investment. With the low inventory of  homes for sale in the local market, new construction will continue to be almost 20% of the local home sales. My projections for this coming year is for an average 6% increase in prices.

 75% of the Buyers in our current market are coming from our shoulder markets, especially California and Washington (mostly from the Seattle area). Home prices are higher in these areas and many Buyers feel the quality of life is better here and the homes are much more affordable. Several are coming from the surrounding area around Coeur d'Alene. (as in Sandpoint, Spokane, Moses Lake and Montana ). Expect this migration into the Coeur d'Alene area to continue as baby boomers retire and relocate.

Expect another strong year for Coeur d'Alene real estate.

Forecast by Mike McNamara

 

Local Market Conditions and Forecast for 2016 posted 2-12-2016

With all the uncertainties in the global markets and the instability of the stock market, it as usual makes it hard to predict what will exactly happen to our local real estate market this year. One minute the fed is hinting of raising the rates modestly this year, and the next they are saying that the world economy and the stock market are too fragile to raise rates. Expect little or no upward movement in the rates this year.

As far as local prices go, the lower price range continues to be very much of a Seller's market. There is a lot of new construction going on in this price range that is trying to keep up with demand. Expect this to continue this coming year, but I think the price increases of the past 3 years will moderate some.

The middle price range will continue to increase but at a more moderate pace also. There is quite a bit of new construction going on in this price range also, but not as much as in the lower price range. Most of these Buyers will be relocating from out of town due to retiring and some will be relocating for new jobs.

The upper price range will be more affected by the stock market and the national economy. The stock market is going through a strong correction as of this date, and who know for sure how long this will last. Look for price increases in the price range to moderate more than in the lower price ranges.

All in all, look for another great year for our local real estate market. Word is out what a great place this area is to live, and we have a lot of families and retirees wanting to move into the area. This combined with good home prices and good interest rates will make for another great year for Coeur d'Alene Area Real Estate.

 Forecast by Mike McNamara