Market Report 2023
How ‘bout that, it’s already 2023 and I trust you’re almost getting used to writing 2023 instead of 2022! Here at Kestrel we are already getting busy with customers, clients, and folks just curious about Palouse real estate. And perhaps we need to remind you all that we are active throughout the entire area … in town, out of town, residential, investment, agricultural, recreational, and commercial. Sure, it keeps us busy juggling the various types of real estate but we have a great team to cover all those needs.
Now to the current market. Nationally, the market is adjusting to higher interest rates with prices softening. The good news is that interest rates are down from their peak in October. Local inventory (available property) is still slim but that is usually the case this time of year. Generally, the market, for both buyers and sellers, picks up dramatically around mid-February as people start to think ahead to spring. Already we are talking to many buyers and soon we’ll see more sellers responding.
Some of you may be wondering where to start as you think about buying a home or property. First off, it’s never too early to start looking and learning about the market. And as well as contacting us to help you look at and understand the market, we recommend talking with a lender to find out how they can help you too. If you’re proactive with a lender early in the process, they can help you do the right things to get the best possible loan if you need one. The news reports on interest rates may scare some of you off, but from my experience interest rates go up and down so don’t let that discourage you. After all, if you’re buying a house to live in, it’s not just a financial decision but rather something that will involve your whole life. It’s not just a roof over your head, it’s a home. So, jump in and see what the water is like! Remember your home or land purchase is a long-term acquisition so don’t get overly concerned about the weekly or monthly market news.
One thing that is very evident about the Palouse is that it’s a place people are moving to and not from! This from Forbes, “Right next door to crowded, expensive west coast states sit Idaho. With its low cost of living, Idaho is a state that’s close enough to the water without the real-estate woes of living right on the coast. In both agriculture and medicine, booming job markets are also driving the population increase in and around Boise. Nearly 1,800 more households came in than left last year.” And it’s not just people moving here to live, but locally we’ve seen a number of businesses move, expand or start up here in recent years.
2023 looks to be an exciting new year for Kestrel and we are eager to help you navigate your way around the Palouse real estate market.
-BILL CHURCH