Disclaimer, I am not an economist, I am not a statistician. I'm just a Realtor who's been in the business for a long time....
It's a crazy market right now. There is good news and bad news in that.
Having been in the real estate profession as many years as I have, I've seen this several times before. It's the nature of the industry/economy.
We have minimal inventory right now, unfortunately. It was reported internally in our office there are less than 500 single family homes for sale in our entire 3 nearby counties. Bonner, Boundry and Kootenai Counties which cover 4,329 square miles.
I am writing offers that end up being multiple offers within hours of properties coming on the MLS.
There is some good news in that.
If you can get in, now is the time to jump in.
If you aren't ready to buy now, wait it out. It will turn around, but it may take awhile.
I believe the metropolitan areas are still strong and we are always six months to a year behind what happens there. Further, a lot of people are leaving the West Coast and finding the solitude, beauty, and affordability here in North Idaho which likely surpasses where they are presently living.
There is still time to get a foothold. I don't think we will see a crash as we did 2007-2008 because lender fraud was a significant factor then, which is not the case this time. Therefore, I believe the foreclosures won't be like they were during the last round, but prices will stabilize and slow for probably 2-4 years (if history repeats itself).
If you're on the fence because you don't know if you are qualified to buy, talk to a lender, you may be surprised what you can qualify for, sometimes with no money down.
If you're on the fence consider both options, jump in or wait it out. Sometimes no decision is a decision!
If you're thinking of North Idaho, check out the inventory. www.sandpointhomefinder.com. Covering all North Idaho.