Idaho has a booming economy and a rapidly-climbing housing market. Timing the market can be tricky when looking to purchase a home, but plenty of options can be found during the spring buying season throughout the state. In winter there are deals to be found.
Timing the perfect opportunity to buy a home in Idaho can be difficult. Seasonal fluctuations in inventory on the market, home prices, and amount of days listed will result in market dynamics that can change drastically throughout the year.
Connecting with an experienced, local real estate agent, who can educate on the local housing market, is the best way to get started should you be looking to purchase a home in Idaho.
More homes are usually on the market during the spring season, as buyers look to sell by the end of the school year. More homes on the market tend to bring out more buyers and competition for homes tends to drive home prices to their highest point in the year.
Spring is when sellers tend to get top dollar for their home, but also when buyers have the most buying options available to them, but local weather patterns and other events can cause the exact timing of this to fluctuate.
Conversely, in the late fall and winter months, when inventory is low, home prices tend to be lower and fewer buyers are in the market. This creates more of a buyer’s market, but there are fewer homes to choose from.
Seasonal Fluctuations When Buying in Idaho
Home values in Idaho really shot up in 2018, and are expected to be strong again in 2019. The state saw an increase of 13% last year, and its capital Boise was one of the hottest markets in the country with over 15% increase in prices according to an FHFA report. Zillow data saw home values rise even faster, 17% across the state and predicts another 9% increase in values for 2019.
On a seasonal basis, list prices tend to shoot up in May and June by several thousand dollars over the preceding months. However, the housing market has been so strong over the past five years that only a few months actually see a decline in listing price.
Where seasonality does show up clearly in the data is when looking at the number of days listed. Days on market drops an average of 44% from February highs to late spring lows, which lasted only 48 days in May of 2018.
Keep in mind the spring buying season can differ throughout the state. Housing markets in more remote locations, or farther north, such as in Coeur D’Alene, can behave much differently. The rapidly increasing market can also be quite regional as well. For example, homes in Kellogg, a more remote and rural community, only saw a .8% increase in value over the past year.
The bottom line is that buying during the peak spring season will bring more options to the market, but prices will be higher. If you wait until later summer or even the winter months you will have more purchasing power, but less options.
Top Markets to Consider When Purchasing in Idaho
The state capital and largest city has seen incredible growth in its housing market over the past year. Even better is the livability of Boise. Crime is now, nature is close, the schools are great, and Boise is the fastest growing metro in the U.S.
The third largest city in Idaho, it has over 60,000 residents who have access to some of the most gorgeous country and outdoor amenities there are. Yellowstone National Park is close and the Grand Tetons are even closer. Wages are growing quickly and the cost of living is about 10% lower than the national average. It is no wonder home values rose 15% in Idaho Falls over the past year.
While known more as an escape for Californians and others looking to flee expensive west coast cities, Coeur d’Alene has something for everyone. It is a tight-knit community located in the far north of Idaho, but with close proximity to Spokane, there are nearby options for city life. Because of its desirability, the housing market has climbed 15% in value over the past year.
Not the capital of Russia, but home to the University of Idaho. Moscow is a thriving town that burst with energy from students at several nearby colleges and universities. Median home prices are strong because of the demand-driven from university professionals and the commerce it provides. With Washington State University only 15 minutes away, sports fans will also find plenty of opportunities to partake in the rivalry.
4 Ways to Get a Great Deal on a Home Anywhere in New Mexico
1. Find a Great Real Estate Agent
Many different factors can influence local real estate markets, so it is important to work with a local expert. An experienced real estate agent will keep you apprised of local inventory conditions, help you locate the ideal neighborhood, and uncover deals and opportunities that may not even be on the market.
A great agent will also walk you through the entire purchasing process and help recommend local movers, renovators, or anything else you may need to make moving into the home of your dreams a smooth process.
2. Assess Your Needs and Layout Your Goals
You will need to take time to come up with a purchasing plan that keeps in mind what type of home, the type of neighborhood, and in what price range you are looking to purchase. Have your agent check local zoning codes if you want to make modifications, look into school districts if you have children, and check comparables sales to get an idea of what realistically meets your needs and price range.
3. Find a Lender and Secure Financing
Evaluate different lenders and come up with a financing option that works for you, given your goals and current financial situation. The pre-approval process is crucial to acting quickly when the perfect home becomes available. Those working on a shortened timeline will need to take extra steps to do so and be realistic and flexible when going about the purchasing process.
4. Negotiate the Best Possible Price
Once you’ve found the right property, your agent will help you submit an offer and then negotiate following inspections to ensure you’re getting the best deal possible. A good agent will have knowledge of the local market, know what repairs are still necessary, and be aware of any other limiting factors that could impact the final price.
If you are looking for a home in New Mexico and need a quality local real estate agent by your side, a Clever Partner Agent can help you. Clever connects you with the top agents in your area, and guides you through every step of the home search, negotiation, and closing process.