All About North Idaho Real Estate

Pronunciation Guide for the five North Counties of Idaho

Below are some words that may come up in casual conversation that when pronounced phonetically will give up the fact that you are from somewhere else.

Kootenai (Koota-knee) County is the largest in population of the five northern counties.
It’s most populous City is Coeur d’Alene (Core da lane).

Here is how to pronounce some of the more difficult names like a local:

Tips for Buying Real Estate:

Much has been written about mortgage rates and the availability of affordable homes in the local market. It occurs to us that many of the people who could benefit from this environment may not know how to go about purchasing a home. Here is a step by step look at the process.

1) Find a lender you can work with.

First you will need to know how much you can spend on a home. Any local lender will help you learn about the various loan programs – some even require nothing down – and show you how you can use your loan to help with closing costs or for help when a down payment is required. If you are uncomfortable talking with someone about your financial situation initially you can visit the Idaho Housing and Finance Association website (ihfa.org) where you will find information about the various loan programs and choose one that suits your needs. When you find a loan program that suits you, you will want to meet with a lender to get pre-qualified so that when you do find a home you will have a head start.

2) Begin your home search.

Once you have decided on your loan type and you know what monthly payments you can afford you can begin your home search. If you are like 83% of home buyers you will use the internet to find a home. This website is linked to the Multiple Listing Service and will provide a mortgage calculator feature to show you your monthly payment. Be sure to consider the additional dollars needed for property taxes and hazard insurance when calculating a payment within your budget. Of course, once you know the payment you can afford you will be able to narrow your search for a home.

3) Try on the neighborhoods.

Now that you have a list of homes you think you like, you will want to check them out. You can print out driving directions with the addresses and front photos of the houses and make a fun day out of touring for your new home. Pay attention to the neighborhood to make sure it fits you. Is it close enough to work, school, church, shopping? Will the home that is for sale suit your lifestyle? If you have pets, is the yard fenced? Does it have a garage or shop for your handyman projects? Remember that a home is an investment in your quality of life as well as a way to build wealth. Once you are committed it is not as easy to pick up and move as it may be with a rental property.

4) I will set up the showings.

REALTORS® refer to previewing homes as “showings”. Once you find homes that seems to suit you, you’ll want to see inside and check their condition. Kim Cooper will be able to get permission to access the homes you would like to see. He will also advise you about home inspections and how to prepare and negotiate an offer contingent upon a good inspection once you find the perfect home.

Tips for Selling Your Home or Property:

In today’s brisk real estate market you have likely considered selling your real estate yourself. This is not a bad strategy when you are well prepared. Let me help you through the process.

1) Get rid of the clutter.

Before allowing anyone to see your home get rid of clutter. Since you plan to move, start packing up anything you don’t need on a daily basis and store the boxes out of sight. Even in your garage is O.K. This demonstrates you are serious about selling and shows the amount of space that the home truly offers.

2) Find a qualified appraiser.

If you want a scientific valuation of your property, you may decide to hire a qualified appraiser. You can find a list online. Just search for “Appraisers” and type in your zip code.

3) Hiring an inspector.

Consider hiring a home inspector. Your inspector will find defects that you are likely unaware of. This gives you an opportunity to correct these defects prior to putting your home on the market. Most buyers will require an inspection prior to purchase so having an inspector’s report and receipts for repairs will go a long way toward providing a buyer with peace of mind.

4) Prepare a Seller’s Property Condition Disclosure.

Idaho Real Estate Law requires all sellers of real estate to disclose adverse material facts regarding the property they are selling. An adverse material fact is anything about the property that may affect marketability. Additionally the seller must disclose if the property is within City limits or an area of impact or if it receives any city services. I have provided a copy of the Statute here. This will detail the information required.

5) Develop a marketing strategy.

Find out what methods are available to market your property and what the costs associated with them are. Then set a budget amount you will invest to promote your real estate for sale.

6) Determine a schedule for when the property will be available to show.

Putting your home up for sale prior to a scheduled holiday or vacation will be disruptive at best, frustrating at least. Decide what days and what hours you will have your home “show ready” and determine how much advance notice you will need before agreeing to show your home.

7) Showings

To prepare to welcome strangers in to your home I offer a Seller’s Showing Checklist here.