Now is the Best Time to Sell Your Real Estate - Why?
The spring real estate market is here. I know that Phil,
everyone’s favorite weather predicting groundhog, saw his shadow, meaning six
more weeks of winter. However, buyers in the housing market are not waiting for
the snow to melt to find their next home.
The news media has
reported that the housing market has cooled in the last year due to inflation,
which is somewhat true as mortgage rates have increased to fight inflation. The
prediction was that inflation was also going to drive home prices down and the
demand for new homes with it. The financial prediction did not take into
account that we have an inventory shortage and buyers are still migrating to
rural areas in America. Idaho remains high on the list of places people
would like to move.
We currently have 68 homes
on the market in Idaho County and even less in Clearwater County, with 23 homes
for sale. Active land listings are at a low, with only 96 properties available
in Idaho County and 39 properties in Clearwater County. Coeur d’Alene MLS is
reporting a decline of 3.9% in inventory.
Redfin, a Northwest real estate company, is predicting that the median
U.S. home price could drop close to 4% in 2023, posing the first year-over-year
decline in a decade. Home sales will also decline, falling to the lowest level
since 2011, a drop of 30% from 2021. For home sales in the North Central Idaho
region, we have seen a decrease in sales price of 2.8% this year to date.
What does this mean for you if you are thinking of selling your
property in 2023? “Sell now before the price drops and before interest rates
increase more. Your property will sell because inventory is very low!” says
Mike Duffy, President of United Country Real Estate.
If you are thinking of selling, now is the time to get your home
on the market! The average time on market is 157 days to close. If you
would like to get the most value for your home and move in the warmer weather,
list your property now!
Call our team of local experts today! (208) 476-1950