Parade of Homes – February 2024

  • 5 months ago
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1390 BRISTOL, MOSCOW ID

$359,000

Well-maintained home in the Green Acres Community! This 3 bedroom/ 3 bathroom home has all the amenities you’ve been looking for with granite countertops, stainless steel appliances, a farmhouse sink in the kitchen, engineered hardwood floors throughout the main area, and mini splits for efficient heating and cooling. Upstairs includes a master bedroom with a walk-in closet and a tiled walk-in shower. You will also find the laundry, 2 additional bedrooms, and a full bath on the 2nd floor. Don’t miss out on all this home has to offer!

TBD MIX ROAD, MOSCOW ID

$349,000

Ready to build acreage just a couple of minutes from Moscow! A 15 GPM well was drilled last year. Perc test completed! Underground electrical was brought into the back corner of the property with a transformer installed. 4.46 acres. Room for your house, garden and a large shop. There is a graveled driveway off the paved road that goes all the way to the back of the property. Build on the large graveled pad for protection from the elements or build your house on the hilltop for a view of the surrounding wheat fields and mountains.

1214 S LOGAN ST, MOSCOW ID

$369,000

Adorable, conveniently located, 3 bedroom, 1 bath home with an oversized, one car garage with power. If you are looking to get into the housing market, this is a wonderful chance! You’ll find plenty of storage in the many closets and built-ins, and there is brand-new carpet in two of the three bedrooms and new flooring in the living room and hallway. The third bedroom has an parquet oak floor. All windows have been updated in this 1946 home. The roof is estimated to be about 15 years old, so there is plenty of life left. The cute backyard is almost entirely fenced and has a concrete patio for your summer barbecues and gatherings.
  • One World Café, Moscow
  • The Savory Bee, Potlatch
  • Pie Safe Bakery, Deary
  • Moscow Contemporary Gallery
  • Craft Art Bar, Moscow
  • Essential Art Gallery, Moscow
  • Virtuedome, Moscow
  • Lost Key Escape Rms, Lewiston
  • Axe Throwing, Moscow

 

MARKET UPDATE


“In Moscow and Latah County there is still pent-up demand in the residential sector because of the following factors:

  1. People still want to move here and live here but they don’t have either as much liquidity, meaning they are not able to as easily sell the home where they are presently living.
  2. Rental properties are still in high demand because of record enrollment at UI and our local workforce is growing. That is tempered by the fact that we have not been able to build rental housing as fast as it is needed.
  3. People looking to buy and people looking to sell don’t want to trade their low fixed-rate mortgage with a higher rate. That means less sellers locally who are willing to sell and less buyers willing to buy.

30-year fixed interest rates were creeping up all fall and in December 2023 they kissed 8% for a brief moment. Between that and winter on the Palouse, the market activity has significantly decreased when compared to what it has been in years past. Today, however, interest rates are hovering in the mid to high 6% arena and by paying one point a buyer can buy down that rate to right around 6%.

Rate predictions are showing that over 2024 we might see rates for a 30-year fixed loan go down to 6% or perhaps even a little lower. I know a lot of people are waiting for the day when rates go back down to 3 or 4%, but those days are a long way away and likely in the rearview mirror for years to come. I suspect people are going to have to get used to the new normal of higher rates, which should thaw the market a bit whenever that realization hits home. People looking to wait it out will likely get tired of waiting.

I believe that this spring will be off to a strong start but perhaps not as “crazy” as years past. This will mean sellers might get multiple offers in the spring but perhaps not with high escalations as we’ve seen in the past. Also, softened prices over the winter will help buyers get a bit more value than last fall.”

Sean Wilson
01/31/2024

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