Idaho is now the hottest real estate market in the country!
“Why couldn't I have bought in North Idaho three years ago!”
At The Martinelli Realty Team we hear this almost on a weekly basis.
In a recent study by Refiguide.org Idaho was ranked #1 hottest real estate market in the country with a year over year average price increase of 17.2%.
This is great news for homeowners in North Idaho because it means increased value in their homes.
This is not so great news for locals or out-of-stater buyers trying to enter the North Idaho and greater Coeur d'Alene housing market.
Naysayers are quick to respond, "I will just wait for the bubble to burst, because Idaho prices are over-inflated!”
Actually, prices in Idaho are not over-inflated, they are just now rising to their value.
Truth be told, North Idaho is one of the most desirable places to live in the country!
Historically, properties have been under-valued for what one gets in overall cost of living and an unmatched outdoor lifestyle in a strong conservative culture!
Simple economics bears this fact out. Recent hyper-demand to live in Idaho shows plenty of people see the prices are worth the cost!
And that demand does not appear to be slowing anytime soon with multiple bids on almost every property being sold!
Two- thirds of those relocating from other states to North Idaho counties are retirees:
Retirees are buying with all cash, or a lot of cash down, resulting in a housing market that is not over-leveraged on credit.
The result is a solid housing market where people will not walk away from their homes when tough economic times hit, thereby flooding the market with homes and causing a “crash!”
The reality is evident…those who wish to buy a home in North Idaho will need to pay more for it now than in the past. Nevertheless, the value is still there and worth every dime!
For more info on Why North Idaho is worth the money see our VIDEO: Idaho Real Estate Prices: The Proper Perspective
Written by Kory Martinelli Owner/Realtor of The Martinelli Realty Team