What’s The Deal with The Idaho Real Estate Market
Before buying or selling a home you’d want to know the Idaho real estate market. More than that, you need to know where it is as well as where it is going. Prediction can be tough but, it’s necessary when you’re dealing with real estate. Luckily, there are people you can turn to who study these North Idaho real estate market trends and can offer some insight into your literal move.
First, though, consider if you’re looking to buy or sell because that will color these numbers differently for you. The housing market is always two-sided as what is good for those selling their home isn’t always good for people who are buying a home.
With that out of the way, let’s begin with where the market is now, where you’re starting from before giving you the info to decide how you want to proceed later.
Where We Are
Selling or buying, when looking around the Idaho real estate market you want to begin with the value of homes. Currently, the median home value in Idaho is $275,000 and has risen by 11.2% over the year. If you’re looking to sell, you should know that the median listing price is 329,900. Of course, these numbers depend on where you are and the kind of home you have as well as, if buying, where you’re looking and the kind of house you’re looking for.
It’s a great starting place, the Idaho real estate market, right now. The value of your home is up from where you most likely purchased it. Though, that may not be the greatest information if you’re shopping around. Unless you look at it as an investment.
Though the listings are promising if you’re looking to sell, always speak with a real estate agent or appraiser. Never assume the middle just because it’s the median. Though, it is a nice indicator. Speaking of indicators, where is Idaho real estate marketing going?
Where We’re Going
If you’re not looking to sell or buy now, it doesn’t mean you shouldn’t familiarize yourself with where the Idaho real estate market is going. You can make reasonable predictions based on trends and the North Idaho real estate market is especially promising.
Earlier it was mentioned that the median house value has risen by 11.2% this year. If you’re selling your home, you’ll be excited to know that the number is expected to rise even more in 2020. How much more? Well, by 7.1%! If you’re looking to buy a home in Idaho, then sooner is better than later if the value is rising. Then again, it all depends on your goals in homeownership and as always, speak with a realtor to discuss what is best for you.
If you’re looking at this and thinking to yourself that maybe you should look to buy outside of Idaho, the housing market throughout the United States is expected to rise by 3.7% at least. Which is great news for both buyers and sellers. On one side you get more for selling your home and on the other side, it’s a great investment. You want your home to grow in value and the trends are definitely in that direction.
The future is definitely bright in the Idaho real estate market, no matter if you’re looking to sell or buy.
Idaho Real Estate Market and You
The first step in buying or selling your home is knowing the time to strike and the Martinelli Realty Team can help you figure that out. It may look just like a numbers game when going over the Idaho real estate market and to an extent it is, but it’s a conversation about your goals.
Every city in Idaho has its own median value and that is a big factor, even though what has been discussed so far is how wonderful the overall Idaho real estate market is. Are you looking to stay in your city? Which city do you live in that you’re looking to sell? The market statewide is an indicator of the different counties and cities, not the literal number everywhere.
The details and a plan of action is something to iron out after knowing what you want in the end. So, give us a call and let’s get you moving.