We all know that the financial market is going through a rough time right now, with stock prices down and lending money tight. The good news is that it’s bound to recover. The better news is that there are still home loans available and many of our local banks are making loans at low rates. They’re also keeping quite a few of these loans in their own portfolios rather than farming them out on the secondary market where the current log jam is causing problems for the large lenders.
The best news is that with the slow-down in sales, real estate inventory is way up, with lots of choices in all categories – over 3,500 listings in our MLS area! The large inventory is driving prices down to their lowest in years. The best buys go to cash buyers or those with approximately 20 percent down and good credit. Investors are now coming in to our market.
Are real estate prices bottoming out in our area? Not yet, but we know from experience that the only way to recognize the bottom is after the market has turned and prices start going back up. In a beautiful place like North Idaho, this can happen swiftly. Now is a great time to buy real estate!
Tom
