When deciding whether to rent or buy a home in North Idaho, it’s crucial to consider the long-term financial benefits of homeownership. While renting provides flexibility, it often limits your ability to build wealth compared to owning a home. According to Mark Fleming, Chief Economist at First American, “the wealth-building power of equity accumulation” makes homeownership a significant driver of financial growth. Why Homeownership Matters in North Idaho North Idaho is experiencing growing demand for real estate, driven by its stunning landscapes, desirable quality of life, and increasing economic opportunities. As home values rise, homeowners benefit in two key ways: Mortgage Paydown: Every mortgage payment contributes to building equity, which is like a forced savings plan. Appreciating Home Values: As property values increase, so does the homeowner’s net worth. In contrast, renters don’t have the opportunity to build equity. Their monthly payments go toward someone else’s investment, not their own. This difference adds up significantly over time. Homeownership vs. Renting: The Net Worth Gap The data shows that, on average, a homeowner's net worth is nearly 40 times higher than a renter's. As of 2022, the average homeowner's net worth was $396,200, compared to just $10,400 for renters. In regions like North Idaho, where real estate has been appreciating, this gap is likely even more pronounced. Renter vs Homeowner Equity Gain   The Growing Advantage of Owning in North Idaho North Idaho’s housing market has been steadily appreciating, especially in areas like Coeur d'Alene, Sandpoint, and Post Falls. This makes homeownership not just a place to live, but also a smart investment. By purchasing a home now, you could position yourself to benefit from: Rising property values as demand continues to grow. Potential tax advantages specific to homeowners. The pride and stability that come with owning your space. Growing Wealth Gap As Home Values Rise in North Idaho   Is It Time for You to Buy? If you're financially ready to make a move, buying a home in North Idaho can set you on the path to greater financial security and long-term wealth. Even if affordability seems like a challenge, there are programs available to assist first-time buyers or those with moderate incomes. By working with a local North Idaho real estate agent familiar with the market, you can explore opportunities that fit your needs and budget. They can also guide you through financing options to make homeownership achievable. Start Building Wealth Today In a region as beautiful and dynamic as North Idaho, owning a home offers not only the chance to enjoy its natural splendor but also the opportunity to secure your financial future. As property values continue to rise, every moment spent renting could be a missed chance to build equity and grow your net worth. Connect with a local agent today to learn more about the benefits of homeownership in North Idaho and the programs that can help you make the leap from renter to homeowner.

If you’re considering buying a home in North Idaho, now could be an ideal time. With more homes available on the market than in recent years, the dynamics in this region are shifting in favor of buyers. Let's dive into what this means for North Idaho, where unique factors like scenic beauty, small-town charm, and a growing population make the real estate market especially interesting. Here are two key reasons why this could be a game-changer for potential buyers in this area. 1. More Housing Options to Choose From in North Idaho The inventory of homes for sale in the U.S. has been growing, and North Idaho is no exception. According to recent data from Realtor.com, the number of homes on the market increased significantly in 2023, with 29.2% more active listings on a typical day in October compared to the same time last year. This marks the highest count since December 2019 and signals a shift toward a more balanced market. In North Idaho, where the housing market has been exceptionally tight due to a mix of high demand and limited supply, this increase in inventory means that buyers have a wider selection of homes to choose from. This is especially beneficial in popular areas like Coeur d'Alene, Post Falls, and Sandpoint, which have seen significant demand from both local and out-of-state buyers in recent years. While the number of homes on the market still hasn’t fully returned to pre-pandemic levels, the growth in inventory is a positive sign. It offers buyers in North Idaho more flexibility, as there’s a greater chance of finding a property that meets their needs, whether it's a lakefront property, a mountain-view cabin, or a family home in town. Hannah Jones, Senior Economic Research Analyst at Realtor.com, highlights this shift: “Though still lower than pre-pandemic, burgeoning home supply means buyers have more options…” For North Idaho, which has been characterized by competitive bidding wars and limited inventory, this growing supply provides much-needed relief. In practical terms, this means buyers might feel less pressure to rush into a decision, knowing that more homes are likely to come onto the market in the coming months. And with fewer bidding wars, buyers are more likely to secure a home that fits their needs, lifestyle, and budget without as much stress. North Idaho’s diverse options—from rural retreats to bustling community neighborhoods—make it a unique region where more options mean a better chance of finding a home that aligns with your ideal lifestyle. Number of Homes for Sale on the Rise in North Idaho   2. Home Price Growth Is Slowing Another important trend that could benefit North Idaho homebuyers is the slowdown in home price growth. In the past few years, limited inventory drove home prices up as buyers competed for the few homes available. However, as inventory grows, this competition is easing, and home prices are starting to stabilize in many areas. In some markets, prices are beginning to reflect pre-pandemic trends, which could soon be the case in North Idaho. Lance Lambert, Co-Founder of ResiClub, points out: “Generally speaking, housing markets where active inventory has returned to pre-pandemic 2019 levels have seen home price growth soften or even decline outright from their 2022 peak.” North Idaho may be on the verge of a similar shift, particularly as the region’s inventory rises and more options come onto the market. For areas like Coeur d'Alene, known for its natural beauty and appeal to retirees and remote workers, this could mean more affordable price points for buyers. According to Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), the slowdown in price growth has been consistent for three months in a row, suggesting a national trend toward stabilized prices. “Relatively flat house prices may improve housing affordability,” Dr. Vajja explains. In North Idaho, where affordability has been a growing concern, this trend could open doors for more potential buyers, allowing them to find homes that fit their budget in desirable locations. North Idaho Home Price Growth is Moderate   Navigating North Idaho’s Real Estate Market with a Local Agent Because real estate trends vary by region, a knowledgeable North Idaho real estate agent can make a significant difference. Each community within North Idaho has its own nuances: Coeur d’Alene is popular for lakefront properties, Post Falls offers suburban appeal, and Sandpoint is celebrated for its proximity to Schweitzer Mountain Resort. A local agent can provide insight into these micro-markets, helping you understand the unique advantages and challenges in each area. Moreover, as seasonal demand fluctuates, North Idaho’s market can have particular rhythms influenced by tourism, vacation home sales, and year-round outdoor activities. Agents familiar with these patterns can guide you on the best times to buy and help you make informed decisions about the neighborhoods that align best with your lifestyle goals, whether you’re looking for outdoor adventures, quiet living, or investment potential. Exciting Possibilities for North Idaho Homebuyers In North Idaho, more housing options and a slower pace of price growth are opening up exciting possibilities for homebuyers. If you’re ready to explore the opportunities this market shift brings, reach out to one of our local real estate agents and we can help you navigate these changes and find a property that fits both your budget and lifestyle. With the scenic landscapes, friendly communities, and now a more favorable housing market, North Idaho could be the ideal place to make your next home purchase a reality.

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.