Buyers might also need to adjust their loan amount if they are serious about purchasing a home in booming cities like Boise and Coeur d’Alene. Those who have been searching for a home in Idaho for a few months should check when and if their loan pre-approval expires.” Prospective buyers should talk to their “lender about current mortgage rates and keep current” to avoid being caught unaware when it is time to place a bid. Coile writes that “a prequalification from a loan officer is worthless if you are competing with another buyer who has been approved through underwriting.” As such, every buyer competing in the Idaho housing market “must have a fully underwritten pre-approval for a loan to compete with other buyers and to be considered by a seller.” In his article “ How to find a home to buy when inventory is low” for The Washington Post, Jon Coile explains. The best thing buyers can do in a hot seller’s market is to line up their financing ahead of placing a bid on their dream home in Idaho. Follow below for our seven tips for winning a bidding war in Idaho. Given this, prospective buyers all across Idaho are searching for ways to become more competitive. This lack of available homes - combined with historically low-interest rates and mass relocations from the West Coast - has resulted in an incredibly hot seller’s market. Many of these homes are actually purchased by out-of-state buyers prepared to invest sight-unseen. Thornbrugh writes that “out-of-state homebuyers” are particularly responsible for driving “demand in the North Idaho real estate market.” Quoting local real estate agent Kristen Johnson, Thornbrugh writes that “the majority of prospective homebuyers are from out of state… as opposed to current North Idaho residents looking to move.” Kaye Thornbrugh writes that “homes in Coeur d’Alene reportedly receive four offers on average and sell in around 13 days.” Post Falls Press writer Kaye Thornbrugh explains in a recent article for KREM Coeur d’Alene. O’Connell writes that “local builders can’t seem to construct new homes fast enough to satisfy the market.” Demand for new homes in Idaho has been driven primarily by out-of-state buyers. Josh O’Connell explains in his article “ SOLD BEFORE IT’S BUILT: Local builders can’t keep up with new home demand” for Idaho State Journal. Interruptions in global lumber, steel, and concrete supply chains due to the COVID-19 pandemic resulted in a shortage of new homes in 2020. In that time, 40.3% of homes on the market in Boise have sold over their list price. Taylor notes that housing inventory in Boise, Idaho has decreased 58.1% since the beginning of the pandemic. Should Homeowners Sell High Or Stay Put?” for Forbes. Peter Lane Taylor elaborates in his article “ These Are America’s Top Ten Hottest Housing Markets Right Now. Unfortunately, the supply of available houses across Idaho is too low to accommodate this surge in prospective buyers. With interest rates low, those hoping to buy a home in burgeoning metropolises like Coeur d’Alene and Boise have flooded the market. notes that “in May 2021, the median list price of homes in Boise, ID was $489.9K, trending up 32.4% year-over-year.” Of course, the emergence of a competitive tech center in Boise - one that rivals Silicon Valley, Seattle, and Silicon Beach - skyrocketed values in 2020. According to the Federal Housing Finance Agency, “the median home in Boise has appreciated 391%” since 1991. While Idaho has dominated real estate market news in recent months, its property values have actually steadily increased over the last three decades. In an April 2021 article for The Wall Street Journal, Nicole Friedman noted that “the picturesque lakeside city of Coeur d’Alene, Idaho, tops the list of the country’s hottest emerging housing markets, according to a new ranking launched Tuesday.” We referenced a recent report by KTVB7 that revealed home prices in “Idaho surged the most with a year-to-year increase of 14.4%.” Boise has seen the most significant growth in housing costs of any city in Idaho, with Lakeside closely following. In our recent post “Top 10 Reasons People are Relocating to Idaho,” we noted that home prices have exploded across Idaho in the last several quarters.
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