Coeur d’Alene
Meridian
Twin Falls
Closing Conducted by: | Escrow |
Conveyance: | Warranty Deed |
Primary Foreclosure Method: | Non-Judicial |
Process Period: | 5 - 6 months |
Notice of Sale: | Trustee |
Redemption Period: | None |
Income Tax: | 1.6% - 7.4% |
Corporate Tax: | 7.60% |
Sales Tax: | 6.00% |
Estate Tax: | No |
Inheritance Tax: | No |
Median Property Tax: | 0.69% |
Property Taxes by County: | http://www.tax-rates.org/idaho/property-tax#Counties |
Closing Cost: | $2,440.00 |
Transfer Fee: | No Fees |
Origination Fee: | $1,800.00 |
Median Home Value: $270,900
1-Year Appreciation Rate: +13.3%
Median Home Value (1-Year Forecast): +6.2%
Median Rent Price: $1,450
Price-To-Rent Ratio: 15.56
Average Days On Market: 50
Unemployment Rate: 2.9% (latest estimate by the Bureau Of Labor Statistics)
Population: 1,754,208 (latest estimate by the U.S. Census Bureau)
Median Household Income: $50,985 (latest estimate by the U.S. Census Bureau)
Percentage Of Vacant Homes: 12.58%
Foreclosure Rate: 1 in every 4,644
Washington (1 in every 2,311)
Gooding (1 in every 3,085)
Kootenai (1 in every 3,088)
Payette (1 in every 3,088)
Tax Lien or Deed: Tax Deed State
Interest Rate: N/A
Redemption Period: 3 Years (Then county takes property and sells it at auction.)
Boise, ID - July
Demand will continue to drive prices higher: The Idaho real estate market continues to draw buyers from across the country. That said, there aren’t enough listings on the market, which creates an inordinate amount of demand. The same demand that facilitates activity will continue to drive up prices until more inventory is brought to the market. It’s reasonable to expect prices to increase as much as 6.9% over the course of the next 12 months.
Several factors will continue to promote homeownership: Demand will continue to grow in the face of rising prices, as there are simply too many things working in favor of buyers. Historically low mortgage rates, in particular, will continue to push more buyers to act sooner rather than later; that, and the relative affordability witnessed across the state.
Idaho will do its best to alleviate the inventory crisis: Idaho has fallen victim to a distinct inventory shortage, which is predominantly to blame for historically high prices. However, the state has already started to address the issue. Construction activity is growing and large-scale housing projects are in the works to increase housing inventory. That said, it will take some time until the projects are finished. As a result, prices will continue to rise until the assets are bought to market.