March 07 North Idaho Real Estate Update

Hello everyone!

If you are thinking of moving to a small city in the Northwest, think Coeur d'Alene! Nestled on the Northern end of Lake Coeur d'Alene, this is the quiet but cosmopolitan hub of North Idaho. With approximately 90,000 people, this metro area includes many small towns within minutes of each other including Coeur d'Alene, Post Falls, Hayden and Hayden Lake, Rathdrum, Spirit Lake, and Dalton Gardens.

North Idaho College is located in Coeur d'Alene as are branches of University of Idaho, & Lewis and Clark State College (very highly rated). Lots of local and many national retail businesses are located here. And if you crave more big city ammenities such as professional theatre, museums and the like, Spokane, with almost 400,000 people, is only one half hour to the west.

Being on the juncture of Lake Coeur d'Alene and the Spokane River, & near the Coeur d'Alene River, the St Joe River, water and snow sports plays a very big part of the attraction here for residents and vacationers alike! Real Estate is affordable here compared to many of the Northwest cities.

Last year it was hard to sell a home as there were more sellers than buyers. This year we are seeing a bit of a change. Most buyers will be able to find a home they like and not have to compete against other buyers.

THIS IS A GREAT TIME TO BE A BUYER HERE!! There is a large inventory of homes to choose from, sellers are still negotiable on their prices, and the interest rates are still very reasonable (approx 6.1% interest). This is a buyer's market as there is an 13 month supply of single family homes on the market. The AVERAGE sales price is $269.504 and the average days on the market is 100. The median sales price is $200,000, and there were 175 homes sold in the month of February, 2007.

The starting point for a house now is about $175,000 for 1000 sf and $2200,000 for a 1500 sf home.

Coeur d'Alene received news coverage as a hot economic place to work!! Use the link below to view the article:
http://www.bizjournals.com/edit_special/30.html

Feel free to browse my website for more information and don't forget to be using the Home Buyers Marketing program to shop for you new home!

Let me know if you have any questions as I am here to help!

SARA
http://www.BuyAndSellNorthIdaho.com

Questions you should ALWAYS ask when Buying Land

Is the property surveyed?
With a surveyed parcel, you'll have greater assurance that the acreage will be exactly what you contracted for, and the boundary lines are properly shown on the survey map. Without a survey, you can only guess at the number of acres and the exact boundary lines.

Is financing available?
Financing on unimproved land is sometimes difficult to find, especially on property that's located out-of-state. It's not unusual for banks to require a down payment as much as 50 percent of the total purchase price.

Is Title Insurance available on this property?
Title Insurance is a guarantee that, in the event of title disputes, the insurance company will attempt to correct the problem, and if unable to, they will defend your right to title.

Is the title to the property clear?
The title should be free of "liens, easements and encumbrances." Look for property on which 'clear title' is guaranteed with a Warranty Deed.

What services are available in the area?
The answer to this question should directly relate to your use for the property. Be sure you know all services provided by local government or public utilities. Obtain estimates of costs for wells, septic systems and utility extensions.

What are the current taxes on the property?
We all wish taxes were lower, especially when we're buying property for the long run. Low taxes help reduce carrying costs. Taxes usually relate to services provided by the town, as well as the tax structure of the state. Make sure you understand what the taxes are.

What are the zoning and/or deed restrictions on this property?
Each state, county and town follow different regulations regarding subdivision and zoning. It's VERY important that you understand what uses are permitted or not permitted on any given property, in order for you to decide which parcels meet your requirements for use.

For more information visit http://www.BuyAndSellNorthIdaho.com/

Key Cost Factors to Consider for Purchasing Land

Land ownership is within your reach. Away from population centers, a sizable parcel of real estate is a definite asset. Accurately assessing your financial capabilities, your lifestyle and your goals are essential to making the right buy.

Four Important Considerations:
Property very close to a popular vacation area or a major city is expensive. A property's location will determine its price, and may be a factor in how much property you can actually afford to purchase. You might want to consider purchasing property further away from a major city, ski area or lake in order to maximize your investment dollars.

If you're looking for a home site, consider both potential values AND privacy requirements. While one or two wooded acres will provide privacy, a better buy might be a larger area of land. For example, your cost per acre on 10 acres will probably be much less than the cost per acre for just a single acre or two. However, finding 10 acres on a lake may be next to impossible.

Make sure your property will support what you want to do with it! There's nothing more frustrating than learning you can't use your property as intended, therefore making it literally worthless for your purposes. Inquire about zoning and deed restrictions, building codes and any other requirements before you buy. (See the next section for more information.)

Want waterfront property? Buy now! Waterfront properties are quickly becoming the finest things money can't buy. Riverfront and lakefront properties are becoming difficult, if not impossible, to find. Even properties with small ponds, brooks and streams are becoming less abundant, and therefore the demand for desirable parcels is increasing quickly.

Visit http://www.BuyAndSellNorthIdaho.com for more information.

Fall is a time of change...

Hello Everyone!

I hope this time of year is finding everyone well – gosh I can’t believe we are in October already! Fall is a beautiful time of year and brings about many changes. I wanted to drop you an email to let you know I have made a change. I am now with Keller Williams Coeur D’Alene Realty. J Keller Williams is a great company. Voted the "Most Innovative Real Estate Company" by Inman News, Keller Williams® Realty takes a different approach, one that is built on personal touches, a professional approach and positive results. I am very excited about my switch!

Thank you all for your continued support, friendship, and business.

Please feel free to contact me for all your North Idaho Real Estate needs!

SARA LAMSON
Keller Williams Coeur D'Alene Realty
http://www.BuyAndSellNorthIdaho.com

May Market Update

Hello everyone!

Summer is here! Ironman is just around the corner as well as Hoopfest and many other wonderful events! It is a great time to check out North Idaho!

Here are the stats from the month of May:

Year to date figures for 2006 show the highest percentage of sales in the $200-249,999 range, with approx. 19.6% of sales falling in that range.

Overall sold volume reported to the Coeur D'Alene MLS increased by 3% from end of May 2005 to end of April 2006. Vacant Land volume as reported to Coeur D'Alene MLS decreased by 23%; investment sales volume as reported to Coeur D'Alene MLS increased by 23%. Overall residential sales volume increased by 9%.

Inventory levels for the number of active listings over the last 12 months shows an increase of 113% for all listing types from May 2005-May 2006. There is a 28.5% increase in inventory levels for all listing types from April 2006 to May 2006.

Residential Inventory shows a 25% increase from April 2006 to May 2006. There is a 122% increase in residential inventory levels from May 2005 to May 2006.

The overall residential average price total includes all residential listings in all areas, comparing previous year with current year. The average price was $201,685 in 2005. The average price for 2006 is $262,922 showing a 30.4% increase. Again this is all residential in all areas.

Let me know if I can help with your North Idaho Real Estate needs!http://www.BuyAndSellNorthIdaho.com

April Market Update

Hello everyone!

We are nearing our summer selling season here in Idaho and here are some of the stats from the month of April:

Year to date figures for 2006 show the highest percentage of sales in the $200-249,999 range, with approach. 19.8% of sales falling in that range.

Overall sold volume reported to the Coeur D'Alene MLS increased by 6% from end of April 2005 to end of April 2006. Vacant Land volume as reported to Coeur D'Alene MLS decreased by 30%; investment sales volume as reported to Coeur D'Alene MLS increased by 48%. Overall residential sales volume increased by 13.5%

Inventory levels for the number of active listings over the last 18 months shows an increase of 68% for all listing types from April 2005-April 2006. There is a 10% increase in inventory levels for all listing types from March 2006 to April 2006.

Residential Inventory shows a 12.6% increase from March 2006 to April 2006. There is a 83% increase in residential inventory levels from April 2005 to April 2006.

The overall residential average price total includes all residential listings in all areas, comparing previous year with current year. The average price was $195,520 in 2005. The average price for 2006 is $260,598 showing a 33.3% increase. Again this is all residential in all areas.

Let me know if I can help with your North Idaho Real Estate needs!

http://www.BuyAndSellNorthIdaho.com

Cd'A ranks 4th as hottest small city

The Lake City is again in the national spotlight, with Inc. magazine ranking it No. 4 on its list of the Hottest Small Cities along with a cover story on Buck Knives in its May "2006 Boomtowns" issue.

Click here to view:
http://www.inc.com/bestcities/best.html?size=3&year=2006

Coeur D'Alene ranked No. 5 overall - click here to view:
http://www.inc.com/bestcities/best.html?size=0&year=2006

Click here to view the Buck Knives article:
http://www.inc.com/magazine/20060501/buck-stopped-here.html

April Market Update

With spring upon us we are starting to see increased activity in the housing market. More and more inventory is becoming available daily and now would be a perfect time to take advantage of the number of homes to choose from if you are in a position to buy.

Already I am seeing more activity in the market. The average home price for March was $244,090 and the median price was $195,597. 2005 appreciation was 29.88%. 2006 predicted slower appreciation, but definitely on an upward cycle. According to the latest housing price forcast from Fiserv Lending Solutions, The Coeur d'Alene area is # 2 amoung 379 Markets and prices will continue to rise 12.8% from 2005.

Inventory levels for the number of active listings over the last 18 months shows an increase of 55% for all listing types from Mar 2005 to Mar 2006 .There is a 3% increase in inventory levels for all listing types from Feb 2006 to Mar 2006. Residential inventory shows a 4% increase from Feb 2006 to Mar 2006. There is a 75% increase in residential inventory levels from Mar 2005 to Mar 2006.

Again things are picking up; however, it's not last Spring when one could stick a For Sale sign in the ground and get multiple offers within a day. Fair market value means that your house is priced from a Comparative Market Analysis (CMA) using at least 3 comparable properties SOLD within the past 3 months- ideally. An over priced home is not selling. Also keep in mind Days On Market are increasing and you are not seeing that quick turn-around like last year.

If you are new to the area, Coeur d' Alene is definitely a place for people who love to play in the outdoors. With city beaches, parks, boating, fishing, hiking, picnicking, golf, skiing and just about any other outdoor activity you can think of Coeur d' Alene has everything a person could want in a community. It's a wonderful place to live and raise your family.

CONTACT ME FOR MORE INFORMATION ON NORTH IDAHO!

How To Sell A Home That Didn't Sell

If your home has just come off the market and hasn't sold, don't be discouraged. The reason it didn't sell may have nothing to do with your home. Your home may have been one of the more desirable properties for sale. If your listing has expired and you still wish to sell, take a moment to review your situation.

Selling your home can be very inconvenient, but make the commitment to do what it takes to get your home sold the next time. With the right agent and your cooperation, your home will sell.
Why didn't your home sell? Honestly assess your listing history. Your home probably did not sell for one of the four most common reasons:

Availability
Is your home easy to show? Your home must be easily accessible, if you don’t have a lock box, consider installing one. Be flexible, and allow showing times that are convenient to buyers and their agents. Do not follow the buyer and their agent around the house; go for a walk, or at the very least, step outside. The showing agent is compensated only after they sell your home – they are motivated to get paid. Buyers need the freedom to voice objections and only then, can their agent solve the issues raised. Allow the buyer and their agent the “freedom” to discuss your home, without worrying about hurting your feelings.

Make a good first impression
Make the Buyer fall in love with your home. Typically a buyer’s decision to purchase a home is based on emotion, not logic. A house in move-in condition invites a sale. Consider: fixing all the readily apparent defects that a buyer will discover during their first ten to fifteen-minute walk thru. Keep it clean for all showings, declutter, brighten up (open the curtains, turn on the lights). Enhance the curb appeal. Most buyers make up their mind in 2 minutes whether or not they like a home. Discuss with your agent about taking care of other repairs and improvements such as paint, flooring, etc. Because a buyer envisions only their inflated idea of the cost of the improvement, offering an allowance to your prospective buyers, is not always as desired as having the work completed. A house that makes a good first impression, sells for the best price because it outshines the competition.

Pricing
The proper price depends on current market conditions, competition, location and the condition of your home. If your home doesn't compare favorably with others in the same price range, buyers and their agents won’t give your home serious consideration. Ask your Realtor to provide you with a current market analysis (a summary of comparable homes: recently sold, for sale, in escrow and expired).

Marketing
The first step in your marketing plan involves finding an agent who will best represent you. When interviewing agents, ask each to demonstrate how they marketed other similar homes and discuss a specific marketing plan tailored to your home. Compare, too, how much money each spends on marketing? Ask them how they advertise (newspaper, internet, call capture hotline, etc.). Your Listing Agent, not only needs to spend money, but also must spend it effectively. Not all agents are “created equal”. To sell your home for top dollar in any market, you must have an agent who uses an innovative marketing approach. Eliminate any real estate agent using tired, traditional methods to sell your home because they don't work in today's market!

BUYERS ARE OUT THERE ...AND WITH THE RIGHT AGENT, THEY WILL COME IN DROVES. Before You Put Your Home Back on the Market, remember:
1. Honest communication is vital between you and your agent.
2. Price your home according to market conditions, competition and the condition of your house.
3. Be sure your house is in show condition, some agents, offer assistance in staging your home for sale.
4. Have an innovative marketing plan firmly set in place.

Tips for Preparing Your Home for Sale

Detach your emotions
Remember, you are about to sell this house and the goal is to create a space in which as many people as possible will be able to envision as their potential home. To properly prepare your home for sale you will have to pack away many of your personal items, including photos, souvenirs and other mementos.

Clean and reorganize
Clean your home from top to bottom and make sure all appliances are spotless. Reorganize the closets and pack away some of your belongings. Storage room is a priority for buyers and a full closet does a poor job of showcasing the amount of storage room available. If you’re using a spare room for storage, pack away the clutter and ensure the space is properly furnished. .

Furnish empty properties and rooms
People buy homes not houses. Empty rooms make it hard for buyers to get a good sense of the space. Large rooms look cavernous and small rooms look even smaller when empty. Oddly shaped rooms make it especially hard for buyers to visualize how to arrange the room. Staging your empty property with the right furniture is key to ensuring that buyers will be able to visualize living in the space.

Brighten and lighten
Light-filled rooms are always appealing. Open blinds and make sure your windows are sparkling clean. If there are no windows in the room, make sure the lighting is adequate and keep all the lights on when showing the property, even during the day. A fresh coat of neutral coloured paint goes a long way to brighten up the space.

Spark your buyer’s imagination
Set the dinner table for a formal dinner, light the fireplace on a cold day, and add some fresh flowers to your décor. Creating the proper atmosphere helps buyers envision themselves living in your home.

Fix minor repairs
Buyers prefer to see a home in move-in condition, even small things such as a dripping faucet can detract from the value of your home.

Don’t be too unique
Keep your décor simple and modern with neutral wall colours. Unusual accessories and strong wall colours will limit your pool of buyers. This is also true for renovations. The right renovations can often boost the price of a home but be careful not to do it with too much flair. Your unique style may set you apart but it will also shrink your potential pool of buyers. Remember to keep it simple and modern.

Keep your neighbourhood in mind when renovating
Actual returns on renovations depend not only on the renovations itself but also on how your home compares to your neighbours’. If your home is already above market value for your neighbourhood, your renovation may not yield a higher return. Buyers looking at moderately priced homes won’t be able to pay a premium for luxury finishes. Ask your Realtor to give you an assessment of homes in your area before embarking on costly renovations.

Improve security
Household security is a sought after feature in homes and simple measures such as adding window locks and motion sensor lights outside can boost the attractiveness of your property. In densely populated urban areas, simple additions such as blinds and shutters are good additions to provide privacy.

Leaving Town? Securing Your Home While You're Gone

It's only March, but not too soon to start thinking about your summer vacation plans. For many people that means relaxing, fun-filled trips away from everyday routines. But it can also mean being gone from your home for an extended period of time, which has one reader asking, "What are recommendations for the best way to safely and efficiently close down a home for several months at a time?"

Even if you live in a gated community, leaving your home vacant for an extended period of time can be a huge risk, a costly lesson and an emotional heartache. So the best way to close down a home is to make it look like it is being lived in daily, even though you're away.

Here are some security tips compiled from insurance companies, homeowners and law enforcement agencies.

1. Stop all deliveries such as mail and newspapers -- this is a very simple thing to do, but it is frequently overlooked by homeowners. When they're gone papers pile up indicating that no one has been home for a while.

2. Set indoor and outdoor lights and even TVs on timers to come on and light up rooms of your home and exterior surroundings. Nothing says nobody is home like a dark house. A television or radio that's set to come on periodically makes anyone lurking around think that someone is home.

3. Turn down the telephone ringer on your phone and the volume on your answering machine.

4. Unplug automatic garage door openers. Burglars can sometimes figure out the code and gain easy access to your home. Also lock any doors from the garage that give access to the house.
Do not close all the blinds, shutters or curtains; leaving them partially open gives an everyday-lived-in look.

5. If you have a willing neighbor, ask him to occasionally park in your driveway. Burglars will often survey a home at different times and on different days to study traffic patterns.

6. Keep your landscaped trimmed back. Overgrown trees and shrubs are not only a fire hazard but also a great hiding spot for burglars. While you're gone have a gardener maintain the landscape.

7. Install extra safety fastening devices on sliding doors, windows and other openings.

8. Use your security system. If you don't have one, buy one. A good security alarm system that is connected to a dispatch center usually will qualify you for a discount on your homeowner's insurance.

9. Put a "beware of dog" sign on your fence; even if you don't have a dog, this can be a good deterrent.

10. Never leave a key under the mat, in a nearby planter, etc. -- or any other common, well-known hiding places. Many burglars don't have to force entry into a home; instead they enter through open/unlocked doors and windows or even with a key, if it's left out for them!

The vital element to keeping your home burglar proof is making it as difficult as possible to break into. Burglars look for easy targets -- leaving a home unattended for a long period of time can put your house in the easy-target category. However, if you take precautions to secure your home before you leave, you'll have greater success keeping a burglar out of your house.

Coeur D'Alene Market Update

Here is an interesting article through MSN. Make sure you click on the link to show Akron, OH through Los Angeles Sales. Coeur D’Alene ranks #8.

http://moneycentral.msn.com/content/Banking/Homebuyingguide/P85323.asp?GT1=7925

If you are looking to buy or sell, make sure you give me a call!

Buyer Responsibilities

We hear a lot of talk about real estate agents--what they should and shouldn't do and say, whether they represent buyers or sellers--but we don't hear too much about buyer responsibilities.

A successful real estate transaction requires cooperation from everyone associated with the sale. There are things you can do to help your agent, which in the long run gets you to closing faster and with fewer bumps along the way.

Get pre-approved by a lending institution.
You won't waste your time or the agent's looking at houses out of your price range.
If you find a house you like, you'll feel confident making an offer. If you have written proof, your agent can present it with your offer, making a powerful statement that you can truly buy the home. You'll have a better idea how much to expect in closing costs.

Think seriously about your needs and wants.
It's sometimes difficult to find the ideal home. Evaluate your needs and wants to determine which items are most important to you. Convey that information to the agent.

Be honest with the agent.
How much personal information you give a real estate agent depends on your relationship with him/her, but no matter what the relationship is... be honest. Find an agent you like and stick with them!

Don't ask your agent to do anything illegal.
That includes obvious tasks that might relate to fraud or deception. It also includes fair housing issues. Your agent must comply with fair housing laws.

Cooperate with the agent.
Don't judge listings by looking at MLS sheets. Sure, choose some of the houses you want to see, but let your agent make choices, too.

Don't refuse to keep a listing appointment just because you don't like the exterior.
It's rude to drive away and it creates hard feelings. You don't have to spend a lot of time in the house, but do a walk-through.

Don't blindly follow an agent's directives, but do cooperate.
If contracts must be signed, don't let them linger. Your verbal acceptance of a counter offer might be discarded if you take your time to sign.

Attend your home inspection and pest inspection if possible.
You should be there to see and hear things firsthand.

Gather all paperwork needed to process your loan.
Meet with the loan officer as required.

Work with your agent to make sure everything's ready for closing (switching utilities, obtaining insurance binders, etc.)

Closings don't just happen. They happen because at least one person is following through. The road to closing is a lot smoother if everyone involved cooperates.

20 Low-Cost Ways to Spruce Up Your Home

Make your home more appealing for potential buyers with these quick and easy tips:

1. Trim bushes so they don’t block windows and cut down on light.

2. Buy a new doormat.

3. Put a pot of bright flowers (or a small evergreen in winter) on your porch.

4. Put new doorknobs on your doors.

5. Put a fresh coating on your driveway.

6. Edge the grass around walks and trees.

7. Keep your garden tools out of site.

8. Be sure kids put away their toys.

9. Buy a new mailbox.

10. Upgrade the outside lighting.

11. Use warm, incandescent light bulbs for a homey feel.

12. Polish or replace your house numbers.

13. Clean your gutters.

14. Put out potpourri or burn scented candles (fruit/spice scents).

15. Buy new pillows for the sofa.

16. Buy a flowering plant and put it in a window you pass by frequently.

17. Make a centerpiece for your table with fruit or artificial flowers.

18. Replace heavy curtains with sheer ones that let in more light.

19. Buy new towels.

20. Put a seasonal wreath on your door.

Does Moving Up Make Sense?

Answer these questions to help you decide whether moving up makes sense:

How much equity do you have in your home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of paying a mortgage, but if you’ve owned your home for a number of years, you may have significant unrealized gains.

Has your income increased enough to cover the extra mortgage costs and the costs of moving?

Does your neighborhood still meet your needs? For example, if you’ve had children, the quality of the schools may be more of a concern now than when you first purchased.

Can you add on or remodel? If you have a large yard, there might be room to expand your home. If not, your options may be limited. Also, do you want to undertake the headaches of remodeling?

How is the home market? If it’s good, you may get top dollar for your home.

How are interest rates? A low rate not only helps you buy more home, but also makes it easier to find a buyer.