Tidbits of of Kootenai County, Issue #7 Feb 10th. 2014 ForÂŽ Advertising CallIdaho (334) 505-0674
REAL ESTATE TALK
Heating up for a a Sellers' Market Continued talk about rising mortgage rates has motivated buyers to gel of! the fence and buy their home. buyers are entering the housing market in fear they may "miss the boat" an affordable housing. This has sellers finding that they have more leverage in negotiating the going prices of heir homes. Due to the lack of inventory, More and more we are hearing of bidding wars. Local!y we have seen more total homes sold and homes selling faster, Just this last month Additonally, Studies show that existng home sales have a 20% cumulative increase over 2 years. Some sellers may want to hold off selling to see if home values increase more but there is the risk that the price gains will slow or even slip back, depending an the mortgage rates and job economy.Also the increase in new construction will help supply the market, creating more compeltion and competttive prices for existing homes.mortgage experts predict the mortgage rates to rise further wtthin the year. This is based on the government beginning to slow its bondbuying program. The impact on buyers will be twofold: Some will likely pick up the pace of their home search so that they can lock in a mortgage before rates get too much higher.Separately, as rates rise, they won't be able to qualify for as large of a mortgage as theycan now, this could push the buyer outside of their budget, since higher rates create higher mortgage payment. "The expectation is that costs to buy later will be higher than they are now•
Candy InbodyKeller Williams Realty CRS,e-pro, SFR,BPOR, SRS 208-755-4885 Candyinbody@Kw.com www.candyinbody.com
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