We all knew that the month of July things were going to change for the North Idaho Real Estate market and they sure did!!
We saw more homes on the market for the month of July than we have seen in a while. We also saw more homes expiring, canceling or withdrawn from the market. Some of that is because the seller’s changed their minds or a seller may have had different expectations of the current market vs how it was last year.
A few take away for this month.
– Buyers are able to ask for a lot more contingencies, i.e. financing/appraisal, inspection and home sale contingencies.
– Buyers are able to negotiate repairs or terminate the offer should something come up during the inspections.
– Buyers are able to think about writing an offer over a few days vs a few hours.
– New constructions sales have gone down by 30.5%
– Sellers are now more open to FHA, VA and other loan options then just cash or conventional.
– There are more options for buyers.
– There are price ranges that are a Seller’s market, some that are a balanced market and some that have changed to a buyer’s market.
If you have any real estate questions about the market in North Idaho – feel free to reach out anytime. Amanda Kuespert- Phenix Agency, Inc 208-755-6551