For over 79 years, the Veterans Affairs (VA) home loan program has enabled countless veterans to achieve homeownership, yet many are unaware of one of its most significant benefits. According to Veterans United, only 3 in 10 veterans realize they may be eligible to buy a home with no down payment required. This benefit can be particularly valuable for veterans in North Idaho, where home prices are rising but affordability remains a concern. Why the VA Loan Benefit Matters for North Idaho North Idaho’s popularity as a destination for retirees and veterans has grown significantly, thanks to its natural beauty, outdoor activities, and quality of life. However, the influx of out-of-state buyers has led to increased home prices in areas like Coeur d'Alene, Sandpoint, and Post Falls. For veterans and their families, a VA loan can be a game-changer in this competitive market, enabling them to purchase a home without waiting years to save for a down payment. Only 3 in 10 North Idaho Veterans use a VA Loan Key Advantages of VA Loans for North Idaho Veterans VA home loans are designed specifically to help veterans become homeowners, with benefits that provide significant financial relief. Here are some of the major perks: Zero Down Payment OptionsMany veterans can buy a home with no down payment, which reduces the upfront cost of buying in North Idaho. Given the area's growing market and rising home prices, this benefit can be crucial for veterans looking to buy sooner rather than later. Limited Closing CostsVA loans cap certain closing costs, reducing the amount of cash needed at closing. In North Idaho, where property taxes and closing costs can add up quickly, these savings allow veterans to keep more money in their pockets for other expenses. No Private Mortgage Insurance (PMI)Unlike conventional loans, VA loans don’t require PMI, even if the borrower doesn’t put money down. This can lead to significant monthly savings, which is especially valuable in areas like North Idaho, where housing expenses are increasing. Lower monthly payments mean veterans can afford more house or save more each month. Navigating the North Idaho Market with a VA Loan In the competitive North Idaho housing market, using a VA loan can help veterans stand out, especially when working with experienced local real estate agents and lenders familiar with VA loans. Agents with VA loan experience can help veterans understand the requirements and processes specific to the program, ensuring they leverage all available benefits. VA Loans and Community Benefits in North Idaho The VA loan program doesn’t just benefit veterans—it also strengthens the North Idaho community by promoting stability and homeownership. By making it easier for veterans to settle and invest in homes, the program supports local economies and builds a stronger community fabric. North Idaho has a significant veteran population, and using VA loans to enable homeownership can create long-term positive effects, as more veterans choose to stay and thrive in the area. Final Thoughts for Vets in North Idaho Homeownership is a key component of the American Dream, and VA loans offer a powerful pathway for veterans to realize that dream. For veterans in North Idaho, this program provides an excellent opportunity to enter the housing market without a down payment, enjoy lower closing costs, and avoid monthly PMI costs. By working with a knowledgeable real estate professional and a lender experienced with VA loans, veterans can navigate the North Idaho market confidently and make the most of their hard-earned benefits. North Idaho’s real estate market is vibrant and competitive, but the VA loan program can empower veterans to find a place they can call home in this beautiful region.

Presidential elections bring uncertainty, and their influence on the housing market is often noticeable. North Idaho, with its growing popularity for homebuyers seeking scenic surroundings and a high quality of life, is likely to experience similar patterns. Here’s how elections could shape North Idaho’s real estate market based on historical data and trends. 1. Do Elections Slow Down the Housing Market? Does an election slow down the North Idaho housing market? Generally, home sales decrease from October to November as the market enters its seasonal lull, but the decline is more significant in an election year. In a typical year, sales drop by about 9.8%, while in an election year, that drop increases to 15%. This trend reflects the uncertainty many buyers and sellers feel as they wait for post-election economic clarity. In North Idaho, where interest in real estate has grown significantly, many potential first-time buyers may delay purchases until after election results are settled. This year, around 23% of first-time buyers nationwide plan to wait until after the election to buy—a trend that may echo in North Idaho, where affordability and interest rates remain primary concerns. 2. Do More Homes Sell After an Election? Do more homes sell after an election? Yes, home sales historically bounce back after elections, with sales rising in 82% of post-election years. This could be beneficial for the North Idaho market, where demand is often high due to the region's appeal to remote workers, retirees, and those seeking a quieter lifestyle. Experts predict national home sales will increase from 4.6 million in 2024 to 5.2 million in 2025, suggesting that North Idaho could also see an uptick in activity, particularly from out-of-state buyers. For North Idaho sellers, this trend might mean a busier and more competitive market in the months following the election, as buyers regain confidence and make their moves. North Idaho real estate agents often see increased demand from buyers ready to invest in the area’s appealing lifestyle, which may lead to more competitive offers in early 2025. 3. What Happens to Mortgage Rates During Election Years? What happens to mortgage rates in an election year? Mortgage rates typically decline in election years, especially from July through November. In fact, rates have decreased 72% of the time during these months in previous election years. This year, rates have been volatile, with some drops as low as 6.08% in September—a potential relief for buyers. However, recent fluctuations, with rates previously nearing 8%, have affected affordability, especially in high-demand markets like North Idaho. For North Idaho, any easing in mortgage rates could be especially helpful, as rising interest rates have limited affordability for some buyers in the region. Lower rates could open up more buying opportunities, allowing prospective homeowners to make offers on homes in desirable locations like Coeur d’Alene, Sandpoint, and other scenic areas. 4. What Happens to North Idaho Home Prices After an Election? What happens to North Idaho home prices after an election? Historically, home prices tend to increase in the year following an election, rising 88% of the time. Experts project a 2.5% national home price increase in 2025, which could signal a similar trend for North Idaho. The area has been experiencing price growth due to high demand and limited inventory, and a post-election boost in home prices could further this trend. If prices rise, North Idaho homeowners may gain additional equity, while buyers might face steeper prices in 2025. For buyers, this means it might be wise to act sooner rather than later if they’re considering a move to North Idaho, especially if they want to capitalize on potentially lower mortgage rates and current home prices before they climb. Key Takeaway for North Idaho’s Real Estate Market While presidential elections can introduce temporary uncertainty, they typically don’t have lasting impacts on the housing market. North Idaho’s unique appeal, growing interest from out-of-state buyers, and attractive lifestyle offerings mean that local market conditions may still drive demand, regardless of national election cycles. For prospective buyers, the months following the election may bring more opportunities, while sellers may see renewed activity and competitive offers. Keeping an eye on mortgage rate trends and market dynamics will be essential for anyone planning to buy or sell in North Idaho in 2024 and beyond. Final Thoughts for the North Idaho Real Estate Market Presidential elections often bring a short-lived slowdown, but historical trends suggest that the North Idaho housing market will rebound. If you’re considering buying or selling in the area, it’s essential to stay informed about interest rates, economic shifts, and local trends that can impact your decision. Ultimately, North Idaho’s market is driven by more than national events; the region’s unique qualities and lifestyle appeal will continue to draw demand, election year or not. Source: Data compiled from BTIG, Fannie Mae, Freddie Mac, NAR, Redfin, ResiClub, and others.

This week’s Federal Reserve meeting is drawing attention because the Fed’s decisions on the Federal Funds Rate indirectly impact mortgage rates and, by extension, the housing market. Although the Fed doesn’t set mortgage rates, its influence over borrowing costs, inflation, and employment shapes the broader financial environment, including North Idaho's real estate market. How the Fed's Rate Decisions Influence Mortgage Rates and the Market When the Fed adjusts the Federal Funds Rate, it affects the cost for banks to borrow from one another, which then ripples through the economy. As borrowing becomes more or less expensive, lenders adjust interest rates on consumer products, including mortgages. For North Idaho, where both buyers and sellers are sensitive to rate changes, these decisions are key. For example, as mortgage rates decrease, homes become more affordable, which can lead to increased buyer interest and competition in the market. If rates remain high or increase, however, buying power reduces, often slowing down market activity and stabilizing prices. Key Economic Indicators the Fed Watches The Fed bases its decisions on three core economic indicators: inflation, job growth, and unemployment rates. Here’s how each of these affects North Idaho’s housing market: Inflation TrendsInflation measures price changes for goods and services. To support sustainable economic growth, the Fed’s inflation target is around 2%. While inflation has dropped from recent highs, it remains slightly elevated. A continued decline could prompt the Fed to reduce the Federal Funds Rate, creating a favorable environment for lower mortgage rates. In North Idaho, lower mortgage rates could make housing more affordable for buyers, boosting market activity and price appreciation. Fed Inflation Index   Job Growth and the EconomyJob growth reflects economic health, but the Fed prefers it to moderate to avoid inflation spikes. Recent reports indicate U.S. job growth is slowing, which suggests a cooling labor market. For North Idaho, slower job growth across the country could mean that the Fed feels comfortable easing rates. Lower rates would allow prospective buyers to afford higher-priced homes, expanding the buyer pool. This would benefit sellers as well, as demand might increase. Unemployment RatesUnemployment indicates the percentage of people actively seeking jobs but unable to find them. A low unemployment rate means a robust job market, which can boost consumer spending and drive inflation. With the unemployment rate currently around 4.1%, the Fed sees stability in employment, which gives them room to consider rate cuts. In North Idaho, stable employment, combined with easing mortgage rates, could increase demand for homes, giving sellers more leverage while providing buyers with the confidence that the local economy remains strong. Unemployment Rate Still Low   Implications for North Idaho’s Real Estate Market For North Idaho buyers, any decline in mortgage rates could improve their purchasing power, potentially allowing them to afford homes that previously felt out of reach. This is particularly impactful for first-time buyers or those looking to invest in the region, where demand is high due to the scenic surroundings, quality of life, and influx of remote workers. On the other hand, sellers might see more competitive offers as lower rates open the market to a larger pool of buyers. However, the Fed’s actions are only part of the picture. Mortgage rates may not immediately drop following a Federal Funds Rate cut; they typically decline gradually. Additionally, mortgage rate changes are influenced by various factors, including inflation projections, global economic trends, and market sentiment. What’s Ahead? Experts forecast that, as long as economic indicators like inflation and job growth continue trending favorably, the Fed will continue reducing the Federal Funds Rate incrementally. This gradual rate reduction suggests that North Idaho’s housing market could experience steady, rather than sharp, changes. As Ralph McLaughlin, a Senior Economist at Realtor.com, noted, the outlook for mortgage rates depends on labor market performance, political events, and potential inflationary pressures. For North Idaho buyers and sellers, this may mean preparing for potential rate fluctuations while anticipating overall rate stability by late 2024 or early 2025. Final Thoughts for North Idaho For North Idaho’s housing market, the Fed’s current economic direction could gradually bring some stability after a period of rate volatility. Both buyers and sellers should keep an eye on the Fed’s actions, especially as North Idaho’s popularity grows and demand remains high. Lower mortgage rates could present new opportunities for buyers and potentially spark more competitive listings in this highly desirable region.