What I feel is the most important piece of knowledge I can share with buyers and sellers is that the unbelievable increase in prices and transactions we saw in 2004 and 2005 were very unusual.  We cannot define what the market is supposed to be based on those 2 years because they were the exception, not the rule.  We are still in a very healthy and normal market for our area.  There has been a decline in the amount of sales, but that's because of the incredible increase in sales we saw in those 2 years.  Experts are expecting the amount of sales and prices to begin increasing again late this year or early 2009.  What does that mean?  Buy buy buy!  It's a great time to buy a house with the low interest rates and amount of properties competing for your business.  Sellers, don't despair, it is still a good time to sell, just make sure your house is priced to beat the competition.

In 2007 we found ourselves in a bit of a strong-hold.  Buyers were waiting for prices to drop before they made a move, and sellers were very hesitant to let the prices drop.  We saw sellers throwing out incentives, such as two plane tickets to Hawaii, pay up to X amount of closing costs, etc, rather than dropping prices.  Now, list prices have come down a bit, and buyers are starting to get back out there and purchase.

There is still a bit of an increase in supply from 2007, but don't let that scare you. It's still a healthy market, but we have swung towards the buyers favor.  They have a lot more to choose from, and are taking their time in choosing.  What that means for the seller is pricing is imperative!  Staging your home and improving the curb appeal is also important.  Sellers need to spruce up their home so it will show better than the competition, and set the price competitively from the get-go. 

What about the media-hyped "bubble burst" that was imminent?  There might have been some bursting going on in a few areas, but not here.  Coeur d'Alene has only recently been discovered by the world.  Our rapid increase in market rates are only a couple of years old, however local agents do not expect values to increase at the rate they did in '04 and '05.  That's what we call a tightening, or leveling market.  Although the market has returned to "normal" for our area, our "bubble" is still pretty small, therefore it can handle some more growth before there's any risk of "bursting."

I hope this little bit of insight has been helpful to you.  If you would like to further discuss real estate in our area, or ever have questions regarding any type of real estate, please don't hesitate to call me!  If you are considering selling a home, I would appreciate the opportunity to show you how I can help you receive top dollar for your home quickly.  I am always available to perform a Comparative Market Analysis on your home to help you find the current market value. 

If you'd like a Comparative Market Analysis at no cost and with no obligation, or if you are ready to list your home, email me and I will contact you ASAP!

Here are a few interesting resources regarding the national and local markets.

USA Today loves Coeur d'Alene!

Monthly MLS statistical report.

Idaho Ranked in the Top 5 States in the Nation

Panhandle News:  Read the latest on employment and economic trends in our area from the Idaho Commerce and Labor newsletter.

Coeur d'Alene voted #10 for best small city for doing business (16th overall in the nation) by Inc. magazine.