Archive for Real Estate

As we look into the crystal ball for 2015 there are a certain number of trends I see driving the real estate market in the Coeur d’Alene Market going forward and I think Realtor.com is right on track.

Here are Realtor.com®’s top five housing predictions for 2015:

  1. Millennials to drive household formation. Households headed by Millennials are expected to see significant growth in 2015, particularly as the economy continues to make gains. Millennials are expected to drive two-thirds of household formations over the next five years, according to realtor.com®’s report. The forecasted addition of 2.5 million jobs next year, as well as an increase in household formation, are the two factors that realtor.com® points to in driving more first-time home buyers to the housing market.
  2. Existing-home sales on the rise. Existing-home sales are projected to rise 8 percent year-over-year in 2015, as more buyers enter the market. Distressed properties will make up a smaller share of that growth, unlike in 2012, when a similar increase in existing-home sales was mostly driven by distressed properties.
  3. Home prices will rise. Home prices are expected to continue to edge up in 2015, with realtor.com® forecasters predicting a 4.5 percent gain. “While first-time home buyers have many economic factors working in their favor, increasing home prices will make it more difficult to get into high-priced markets such as San Francisco and San Jose, Calif.,” realtor.com® notes in its report. “As a result, first-time home buyer activity is expected to concentrate in markets with strong employment and affordability, such as Des Moines, Iowa; Atlanta; and Houston.”
  4. Mortgage rates to inch up to 5 percent. In the middle of 2015, mortgage rates are expected to increase as the Federal Reserve increases its target rate by at least 50 basis points before the end of the year. That will likely bring the 30-year fixed-rate mortgage to an average of 5 percent by the end of 2015. (It’s currently averaging 3.89 percent, according to Freddie Mac.) The 1-year adjustable-rate mortgage, on the other hand, is expected to rise more minimally. “Lower ARM interest rates will influence an uptick in buyer interest for adjustable and hybrid mortgages,” realtor.com® notes. “While still at historic lows, rate increases will affect housing affordability for first-timers trying to break into the housing market and will be another factor pushing them to less-expensive locales.”
  5. Housing affordability will decline. Affordability for homes, based on home-price appreciation and rising mortgage interest rates, will likely fall by 5 to 10 percent in 2015. However, the decline in affordability likely will be offset by an increase in salaries next year for many households. “When considering historical norms, housing affordability will continue to remain strong next year,” realtor.com® notes.

Source: realtor.com®

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Categories : Real Estate

Heading out of Town? Make Sure Your Home is Protected

Tuesday, December 9th, 2014

Whether you’re heading out of town for the holiday weekend or packing up the entire family for an extended vacation, taking the time to make sure your home is protected before hitting the road is crucial. By taking the following tips into consideration, you can go on vacation knowing that your home will be safe and sound while you’re away.

by PopaNote and RIS Media

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Categories : Real Estate

North Idaho Real Estate Market by the Numbers

Sunday, December 7th, 2014

chartWell we are wrapping up another block buster year for Coeur d’Alene Real Estate Sales.  The Idaho Panhandle has continued to witness an economy that seems to be firing on all cylinders.  Idaho unemployment claims continue to drop, new businesses are building and coming to the area and residential sales continue to escalate.

Looking at the November numbers as published by the Coeur d’Alene Association of Realtors we saw in increase of nearly 5% in the number of residential home sales with an average price increase of 8.2%.  Waterfront homes were the biggest movers this year with price increases up 41%.  Last year the average waterfront home sale was $532,209 and this year it is $750,522.

Inventories too increased.  As local Sellers are reading about the improving real estate economy they have come off the sidelines to attempt to sell those property they were unable to move when the markets were depressed.  This inventory growth, coupled with low interest rates are proving beneficial for those Buyers entering the market place.

See Entire Report Here

For more information about the local market place contact me here or call me at 208-818-0002.  Thank you and Merry Christmas!

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Idaho Employment Update

Tuesday, December 2nd, 2014

Economic conditions in Idaho were strong through September, a trend that began in early 2010.  See the complete Report distributed through the Idaho Department of Labor. See report here

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DSCN1544Money Crashers an online Guide to Your Financial Fitness recently published an article ranking the Coeur d’Alene area of Idaho among the Top 10 Best American Vacations Towns to Live Year Round.  The article featured North Idaho’s beauty, personality and its friendly business environment as key reasons Kootenai County has landed on so many’s radar.  Read Full Article Here

I am going to start off by apologizing for not writing as frequently as I would have liked.   2014 started off like a bang and we have been hopping ever since.  There was and is a strong follow through in Coeur d’Alene home sales this year after a booming 2013. But as I am sitting here writing this and looking at the housing numbers there is a definite difference.  2013 was a year we noticed a significant decline in inventories which helped stabilize prices.  Demand came back to us in spades which was the primary driver for the reduction in inventories.  But looking into the remainder of 2014 may be a different story.

So far year-to-date tells us that we have had only a slight increase (3%) in sales of single family home built on less than an acre in Kootenai County.  Areas such as Rathdrum and Northern Kootenai County showed the biggest lift with 44% and 13% year over year increases, respectively. 

Average prices though in this category grew 10% from this time last year and Median Prices grew 6%

Bank Owned Properties and Short Sales continue to decline and only make up 18% of the market in this category, vs. 24% last year.

Probably the greatest improvements we have noticed is that every price point above $200,000 has shown signs of improvements. For instance there were 165 homes that sold in the $300-$499k range last year at this time, vs. 180 homes this year.  The same holds true for those priced over $1mm.  Last year at this time there were 4 such sales and this year there have been 11.

There do however remain some holes in the market.  Waterfront and Secondary Waterfront sales are down 12% and 35% respectively, which is a little surprising as we have had a nicer spring this year versus last.  Also Residential sales on acreage (above 2 acres) have declined 21% from this time last year.

Finally one of the biggest keys I have been watching is the sharp increase in inventories.  Inventories in residential properties have increased over 15% from this time last year, and 18% in just the last month.  As the housing market has improved many people who were unsuccessful in selling their homes during the Great Recession have renewed their interest and are once again on the market.  The key going forward is to see if the demand can keep up with the increased supply to help extend the housing recovery in the Coeur d’Alene area.  Get the Full Report HERE

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North Idaho Home for Sale on 40 Acres

Monday, April 28th, 2014

Coeur d’Alene realtor, Kevin Bennett presents 1681 East Highway 54 in beautiful Athol Idaho.

This is an expertly designed and impeccably maintained home on acreage. The home has 2086 square feet on the main level, and 2054 square feet on the lower daylight level. There are 3 bedrooms and 3 bathrooms. This open floor plan has a great room, large kitchen with breakfast bar, vaulted ceiling, hardwood floors, spacious and sunny rooms throughout. The halls, doorways and bathrooms are wheelchair accessible.

Some of the numerous amenities of this home are: an oversized two car garage, large laundry or mud room with front load washer and dryer included). The home is equipped with an Energy efficient geothermal heat pump and gas fireplace. The outdoor living space includes a covered wrap-around porch and beautiful grounds littered with garden plots, flower beds and fruit trees.

The lower level is great for entertaining groups large and small with a wet bar, a family room with custom built-ins, and a large concrete patio. There is also a guest bed room and bathroom in the lower level with dual entry. The craft room is a crafter’s heaven with enough space for managing all of your creative endeavors.

The exterior is relatively maintenance free with seamless steel siding and a metal roof. Outbuildings include a 30ft X 50ft shop with RV access and storage, two hobby areas in the loft, additional carport with space for an RV and another hobby or bunk room upstairs, and a picturesque and useful wood shed. The yard is manicured and has ample mature trees for privacy, and 1500 feet of field fence to keep the deer and moose from eating your flowers.

The home is offered on 10 acres and also has 3 adjoining 10 acre parcels that can be purchased to bring the total lot size to 40 acres. Each 10 acre parcel has its own tax id number. This property is a rare find. Call Kevin direction at 208-818-0002 for a private showing.

North Idaho Home for Sale In Athol on 40 acres

For more information about this home or other Coeur d’Alene area homes for sale please call Kevin Bennett directly at 208-818-0002 or view all homes for sale in the Coeur d’Alene area at http://www.kbennett.com

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Categories : Real Estate, Videos

Meet Coeur d’Alene Realtor – Kevin Bennett

Monday, March 3rd, 2014

FEB – 2014 Newsletter Housing Trends eNewsletter

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.

Please click here to view the FEB-2014 Newsletter Housing Trends eNewsletter.

If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.

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Categories : Real Estate

DEC-2013 Newsletter Housing Trends eNewsletter

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.

Please click here to view the DEC-2013 Newsletter Housing Trends eNewsletter.

If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.

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