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North Idaho housing market continues to cool off

The housing market is changing once again. Realtors said rising inflation and interest rates are creating a standstill for today's home buyers and sellers.

SPIRIT LAKE, Idaho —

North Idaho realtors told me this single family home in spirit lake would have gone under contract within a week if it was listed in february or march of this year. 

But now, that’s not the case. 

Homes like these are being listed for longer.  

Realtors say its not a bad thing, but buyers and sellers are having a tough time adopting the change. 

Realtors said the housing market is returning to more familiar, pre-pandemic trends, but market trends over the last few years have changed how people navigate buying or selling a home. 

Realtor Kellie Hanna said today’s market is at a stand still. 

“Buyers are losing their power," Hanna said. "Sellers aren’t quite ready to drop the prices.” 

Hanna has been a north Idaho realtor for seven years. She said rising interest rates make the home buying process more difficult for first-time buyers 

“This house is listed at $445,000," Hanna explained. "If someone was going to purchase it in January with a 10% down, their mortgage would be $2,000. Now because of interest rates, the mortgage is about $2,500. For a first time homeowner, that can be tough coming up with additional $500 a month.” 

Hanna recommends buyers consider different loan options to combat interest rates.

On the flip side, Hanna said sellers are also struggling with change. 

“Sellers are panicking a bit," Hanna said. "Compared to even in January, a home would go on the market, we would get multiple offers, above asking and the home would go pending in a week. We’re not seeing that now.” 

She said sellers need to continue to adjust to the reality of the market and price their homes accordingly. 

“People are starting to realize that they can’t get that and they’re dropping and dropping their prices," Hanna said. 

She said looking at housing data Tuesday, she saw over 100 price changes.  

According to the Coeur d’Alene Association of Realtors, between April and May 2022, the number of home listings increased by 58%. 

Despite this, the number of homes sold is down 15%, compared to May 2021.

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