Coeur d’Alene’s housing market tops the list in the U.S.
COEUR D’ALENE, Idaho — The housing market in Coeur d’Alene has never been hotter, but it is causing trouble for locals looking to buy.
Realtors said homes sell as soon as they hit the market and many who are moving to the city are from out of state. However, this is making it a struggle for some long time residents to find an affordable home.
Several realtors in the area all said the same thing; it is a struggle trying to purchase a home in Coeur d’Alene right now.
One realtor said they had a client who bid and failed on 24 homes before they finally came out of top. The Coeur d’Alene Chamber of Commerce said, “The word is out, Coeur d’Alene is the place to be.” And this is the place to be for anyone with the money to throw around at some of the asking prices for homes.
According to realtor.com, among the 102 homes for sale in the city, the median listing price is $500,000. That kind of money is causing problems for locals. Members of the chamber of commerce say this is impacting local businesses as well. Many people accepting new jobs have had to live in trailers and hotel rooms for months as they continue to competing with so many others putting bids on houses.
“When you can sell a home in California, Oregon or Washington for $800,000 – $900,000 come here and look for something that’s just as comparable which is probably an apartment or condo there, come and look at a house here that’s $600,000 – $700,000 and they buy it cash and they get to put a little in their pocket is what it is,” said Derrell Hartwick the president and CEO of the Coeur d’Alene Chamber of Commerce.
Sherry Tavares has lived in Kootenai County for seven years now. A couple of years ago, her family sold their home in Post Falls and had been renting ever since. But when monthly payments got too high, she knew it was time to find a place more permanent.
“We put in bids on a couple of different place and those bids were not accepted because there’s many bids coming in and most of the time what were put out by was somebody offering tons more money than what the asking price even was,” Tavares said.
But just how high were some of these offers above asking price? Not $5,000, not $10,000, but $50,000.
The chamber of commerce said there are a lot of buyers coming in from other states paying in cash and driving up the price.
Tavares said they haven’t finalized on the house just yet, but they are scheduled to do so tomorrow. So, once that is all done, it will be a huge stress off of her shoulders.
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