North Idaho Real Estate Blog Keeping the “invisible” property owners of Kootenai County in-the-know, as if you were here on a daily basis. 208.769.9464 * dreamteam @ nidt . com * Author: Christina Ethridge, REALTOR(R)

I’ve been temporarily posting on my “other” blog (it’s really my “old” blog but I keep it active because a lot of you have found me in searches from that blog) - here are a few of the posts:

• North Idaho is great for vacations - especially affordable ones!

• Idaho holds it’s own in the 2009 ALEC-Laffer State Economic Competitiveness Index

• Video tour of a beautiful Coeur d’Alene Idaho custom home on acreage - it’s my first, enjoy!

• Idaho holds it’s own in the 2009 ALEC-Laffer State Economic Competitiveness Index

• Video tour of a beautiful Coeur d’Alene Idaho custom home on acreage - it’s my first, enjoy!

• A 6,000+ seat event arena, in Coeur d’Alene? It can be done!

• What do spiders and robins have in common???

• All right, here it is - Going directly to the builder WILL NOT save you money in the Coeur d’Alene Area!!! ARGGGHHH!!!

• Idaho ranks #8 in “Healthiest States”

• Stop giving away information to consumers - they won’t “need” us . . .

• The economy is helping some industries - North Idaho Nudist Community

• Need tailoring services in Coeur d’Alene Idaho? Then stay FAR away from . . .

• Mica Flats (Coeur d’Alene, Idaho) puts new community on the drawing board - and it’s drawing debate…

• In a time of extreme unemployment, you’d think “time is of the essence” would be important! Post Falls Life Care Facility - NOW OPEN!

• Wordless Wednesday - Ribbit

• Wazza up with the online version of the Coeur d’Alene Press??

• You too can “know the future”… all it takes is watching the present with eyes wide open…

• Coeur d’Alene Idaho ranks #2 for best performing cities - We’ve done it again!

• Do you know that geese are LOUD???

• Coeur d’Alene Real Estate - Short Sale Opportunities

• Post Falls is examining 277 acre annexation request… for immediate development.

• Out with the old and in with the new!!! And no, this isn’t another resolutions/goal post

• Recession cuts Idaho’s numbers, but state still has sixth-fastest rate

• I’m running a business, not a charity - but apparently, all too many agents think the opposite.

• Ok people - relax, calm down, I’m not stalking you if I have your mailing address…

Posted under For Buyers, For Investors, For Renters, For Sellers

Here’s what’s been happening in the Kootenai County real estate market in the past 7 days…

Residential Real Estate in Kootenai County:

• 2,521 residential properties are available for sale
• 30 properties received offers and went into pending status.
• 39 properties were closed and recorded (sold)
• 144 properties expired (failed to sell)
• 32 properties were canceled (taken off the market until another time)
• 5 properties were withdrawn (temporarily taken off the market)

Inventory is decreasing which is very typical for this time of the year.  So many people think of it as taking the last gulp of air right around the end of October and start breathing again in March.  The thing is, properties still sell in the winter - people still move.  The key?  Price your home perfectly so it doesn’t languish on the market over the winter months.  Buyers are in a prime position - plenty of options, not much buyer competition.

Multi-Family Real Estate in Kootenai County

• 91 multi-family properties available for sale
• 0 properties received offers and went into pending status
• 1 property was closed and recorded (sold)
• 2 properties expired (failed to sell)
• 0 property was canceled (taken off the market until another time)
• 0 properties were withdrawn (temporarily taken off the market)

There are plenty of Multi-Family properties available right now.  This is a ripe time to buy as properties have been languishing on the market and many sellers are ready and willing to consider lower but serious offers.

Posted under Market Reports

Here’s what’s been happening in the Kootenai County real estate market in the past 7 days…

Residential Real Estate in Kootenai County:

• 2,619 residential properties are available for sale
• 28 properties received offers and went into pending status.
• 31 properties were closed and recorded (sold)
• 65 properties expired (failed to sell)
• 38 properties were canceled (taken off the market until another time)
• 3 properties were withdrawn (temporarily taken off the market)

Homes are still selling, buyers are still buying.  North Idaho Real Estate is still going strong.

Multi-Family Real Estate in Kootenai County

• 93 multi-family properties available for sale
• 0 properties received offers and went into pending status
• 1 property was closed and recorded (sold)
• 7 properties expired (failed to sell)
• 1 property was canceled (taken off the market until another time)
• 0 properties were withdrawn (temporarily taken off the market)

There are plenty of Multi-Family properties available right now.  This is a ripe time to buy as properties have been languishing on the market and many sellers are ready and willing to consider lower buy serious offers.

Posted under Market Reports

FHA Announces Risk-Based Premiums

A Special FHA Announcement from FHA Expert Jeff Mifsud

For the first time in history, credit scores will be utilized in FHA lending. Jeff Mifsud, LTB’s FHA expert, encourages all LTB members to review the important FHA guideline changes that become effective on July 14th, 2008.

The following information will be available on LTB’s Legislative Updates page, as well as Jeff’s website www.mseminars.com, where he offers one-of-a-kind FHA training to mortgage professionals.
Let’s take a closer look at the ten primary changes to the FHA guidelines:

1. Borrowers with either no score or at least 500 may get an LTV >90%; see matrix below.
2. Borrowers with a score less than 500 get a maximum LTV of 90%.
3. Borrowers without scores will require manual underwriting.
4. Upfront Mortgage Insurance Premiums will range from 1.25% to 2.25%, depending on score.
5. The Monthly Mortgage Insurance will range from .50% to .55% depending on score.
6. The premium is based on the borrower with the lowest score.
7. If one of the borrowers has no score, then the Non-Traditional credit grade is used.
8. Credit rescoring is allowed to improve a borrower’s credit grade.
9. All FHA Secure refinances >95% LTV with delinquencies have a 2.25% UFMIP and .55% MMI.
10. Along with purchases, these changes apply to cash-out, rate & term, and non-delinquent FHA Secure refinances.

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Property-flipping rule suspended

The White House temporarily suspends a rule that imposes a 90-day waiting period before foreclosed homes can be sold to receive government loans.

The Bush administration is temporarily suspending a 5-year-old rule intended to deter property flippers, as part of an effort to help speed the sale of foreclosed properties.

For one year, the Federal Housing Administration will no longer impose a 90-day waiting period before foreclosed properties can be sold to receive government-backed loans.

The policy was put in place in 2003 to deter property “flipping” schemes, in which buyers are overcharged for foreclosures or other distressed properties. But the surge in vacant properties resulting from borrowers who were unable to afford their mortgages has become a far more pressing concern.

“A glut of foreclosed and abandoned homes harms neighborhoods, frustrates homebuyers and delays a community’s recovery,” FHA commissioner Brian Montgomery said in a prepared statement.
The new policy “will allow homebuyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes,” Montgomery said.

Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 48% from the same month last year, and up 7% from April, foreclosure listing company RealtyTrac Inc. said Friday.

Special thanks to Victor Carlino with Mountain West Bank for forwarding this information to me.

Posted under For Buyers

Kootenai County job growth 4.6%

Kootenai County population growth 3%

Kootenai County 1st quarter home prices (compared with 1st quarter 2007) -0.8%

Yes, we are so in a recession.  Yes, Kootenai County just can’t hold it’s own.  Yes, Kootenai County’s economy is terrible.

In case you haven’t guessed, I’m being sarcastic
Article here.

Posted under Economics of North Idaho

Broadmoore Estates, Hayden Idaho

Overall Market Analysis for May 2008

Sold / Closed: 1
Average list price $202,500
Average sold price $205,000
Sales price/list price ratio 101%
Average square feet 1,976
DOM 87

Pending: 1
Average list price $259,900
Average square feet 2,145
DOM 37

Currently for sale: 15
Average list price $263,687
Average square feet 2,115
Current DOM 79

For a PDF of this information, including photos & more details, email me.

More North Idaho residential real estate stats for May 2008:

County:
Kootenai County

By Town:
Coeur d’Alene/Dalton Gardens | Post Falls | Hayden | Rathdrum/Hauser

By Community:
Coeur d’Alene Place | Harmony Place | Hawks Nest | Sunshine Meadows | The Landings at Waterford | Broadmoore Estates | Best Hill Meadows | Bentwood Park | Armstrong Park | Fieldstone | Prairie Falls | Woodbridge | Avalon Estates | Greensferry Landing | Riverside Harbor | Hunters Glen | Northridge |

Don’t see your community? Let me know.

Posted under Market Reports

Avalon Estates, Post Falls Idaho

Overall Market Analysis for May 2008

Sold / Closed: 0

Pending: 0

Currently for sale: 3
Average list price $229,000
Average square feet 2,105
Current DOM 177

For a PDF of this information, including photos & more details, email me.

More North Idaho residential real estate stats for May 2008:

County:
Kootenai County

By Town:
Coeur d’Alene/Dalton Gardens | Post Falls | Hayden | Rathdrum/Hauser

By Community:
Coeur d’Alene Place | Harmony Place | Hawks Nest | Sunshine Meadows | The Landings at Waterford | Broadmoore Estates | Best Hill Meadows | Bentwood Park | Armstrong Park | Fieldstone | Prairie Falls | Woodbridge | Avalon Estates | Greensferry Landing | Riverside Harbor | Hunters Glen | Northridge |

Don’t see your community? Let me know.

Posted under Market Reports

Harmony Place Market Report January 1, 2008 through March 31st, 2008

There are currently 2 homes for sale in Harmony Place, with an absorption rate of 3.1 months. Absorption rate means that if no other homes became available for sale in Harmony Place, it would take 3.1 months to sell the 2 that are currently for sale. Current homes for sale range in price from $152,900 to $160,000. Days on market range from 32 to 86.

If you want your home in Harmony Place to sell in 3 months or less, you must price it lower than any other comparable within Harmony Place and price it in the bottom 1% of prices for surrounding comparables.

Homes that have sold and closed are averaging $136.02 per square foot with an average of 41 days on the market. Current homes for sale are listed for an average of $150.23 per square foot with an average of 59 days on the market as of today. What does this mean? It means that currently listed homes are over-priced for the current market. Homes that are selling are priced no higher than $136.02 per square foot.

Our advise for owners - sell but price competitively. If you are interested in selling your home in Harmony Place, now would be a good time to give it a whirl. As we all know, the market can and does change on a dime, but it appears to be going in the right direction and advantageous to home owners.

If you would like to know the sell-able market value of your home in Harmony Place, connect with us, there is no obligation.

More North Idaho residential real estate stats for May 2008:

County:
Kootenai County

By Town:
Coeur d’Alene/Dalton Gardens | Post Falls | Hayden | Rathdrum/Hauser

By Community:
Coeur d’Alene Place | Harmony Place | Hawks Nest | Sunshine Meadows | The Landings at Waterford | Broadmoore Estates | Best Hill Meadows | Bentwood Park | Armstrong Park | Fieldstone | Prairie Falls | Woodbridge | Avalon Estates | Greensferry Landing | Riverside Harbor | Hunters Glen | Northridge |

Don’t see your community? Let me know.

Posted under Market Reports

I just mentioned a couple days ago that there is a less than 7% chance that home prices will decline in Kootenai County in the next two years.

What I forgot to show you were trends indicating that our chance of dropping home prices is getting less and less.  In other words, our market strength is gaining and gaining.  We are getting stronger and stronger.  The main reason that our market growth slowed from early 2006 to present is because we had an insane 2005.  It didn’t capsize us, it simply stalled us.  I’ll take that over what’s happening in CA and FL any day.

3rd quarter 2007 there was a 9.6% chance that home prices in Kootenai County would be lower in two years.  By the 4th quarter of 2007, our risk index had lowered to 7%.  Strength.

With unemployment so incredibly low (less than 3%) and it has been below 3% for the past 4 years - and one of the strongest job growth areas in the nation, the area isn’t going to recede into nothingness aka revert back to it’s pre-1984 roots.

Posted under Economics of North Idaho, For Buyers, For Investors, For Sellers

I just mentioned a couple days ago that there is a less than 7% chance that home prices will decline in Kootenai County in the next two years.

What I forgot to show you were trends indicating that our chance of dropping home prices is getting less and less.  In other words, our market strength is gaining and gaining.  We are getting stronger and stronger.  The main reason that our market growth slowed from early 2006 to present is because we had an insane 2005.  It didn’t capsize us, it simply stalled us.  I’ll take that over what’s happening in CA and FL any day.

3rd quarter 2007 there was a 9.6% chance that home prices in Kootenai County would be lower in two years.  By the 4th quarter of 2007, our risk index had lowered to 7%.  Strength.

With unemployment so incredibly low (less than 3%) and it has been below 3% for the past 4 years - and one of the strongest job growth areas in the nation, the area isn’t going to recede into nothingness aka revert back to it’s pre-1984 roots.

Posted under Economics of North Idaho, For Buyers, For Investors, For Sellers