➡️New Listings: 284 Up 6%

➡️Pending sales: 212 Up 11%

➡️Closed Sales: 182 Down .05%

➡️Days on Market Until Sold: 82 Up 9.3%

➡️Percent to List Price Received: 97% Down .6%

➡️Months of Inventory: 4.4% Up 7.3%

➡️Average Sales Price: $752,380 Down 5.5%

👉Stats are compared to September 2023- Previously owned properties only in Kootenai County.️

For more Coeur d'Alene Idaho Real estate market information, please call, text or email me.

Laurel Jonas

208-758-9000

208HomesForSale@gmail.com

Northwest Realty Group

What Is Escrow?

When it comes  to where mortgages are concerned, "escrow" and "escrow accounts" refer to two slightly different concepts. Escrow is the process by which a neutral third party mediates a real estate deal, holding money and property "in escrow" until the two sides agree that all the conditions are met for a sale to close. By contrast, an escrow account is usually an account that helps to manage a mortgage borrower's annual tax and insurance costs.

What Does Escrow Mean?

Escrow refers to a third-party service that's usually mandatory in a home purchase. When a buyer and seller initially arrive at a purchase agreement, they select a neutral third party to act as the escrow agent. The escrow agent collects what is known as "earnest money" from the buyer: a deposit that is equal to a small percentage of the sale price. In exchange, the seller takes the property off the market. Until the final exchange is completed, both the buyer's deposit and the seller's property are said to be in escrow.

Escrow "accounts" have more to do with your monthly mortgage payment than the initial home purchase. When you borrow money from a bank or a direct mortgage lender, you'll usually be given an escrow account. This account is where the lender will deposit the part of your monthly mortgage payment that covers taxes and insurance premiums. By collecting a fraction of those annual costs each month, the escrow account reduces the risk that you'll fall behind on your obligations to the government or your insurance provider.

How Do Escrow Accounts Work?

When you obtain a mortgage loan from a bank or direct lender, you also receive an escrow account that helps you pay your property taxes and homeowner's insurance premiums on time. Even though these costs are paid on an annual basis, your lender will require you to pay a monthly fraction towards each cost and accumulate the balance in your escrow account. This ensures that these expenses get paid on time every year.

Mortgage lenders require borrower escrow accounts in order to minimize the risk that you fall short of your financial obligations as a homeowner. In a foreclosure, unpaid taxes or insurance can result in liens that make it harder for the mortgage lender to recover the original loan. This creates a strong incentive for lenders to keep their borrowers on track with escrow accounts that smooth out the non-mortgage costs of owning a home.

Although escrow accounts conveniently allow lenders to pay the relevant taxes and insurance premiums on your behalf, they do have some drawbacks for the borrower. Lenders often require you to a keep a minimum balance in your escrow account to protect against any unexpected cost increases. The usual rule requires a minimum of two months' expenses on your mortgage escrow account, though the limit can be higher on riskier mortgages. Lenders usually review your escrow account once a year to make sure that the calculated payments are keeping up with costs.

How Much Do Escrow Fees Cost?

Just like any other service provider involved in a real estate deal, the escrow agent will need to be paid a fee. Escrow services for a home purchase typically cost 1% to 2% of the final price. Based on national median home values, this translates to a fee of $2,000 to $4,000, which is added into your other closing costs. However, escrow fees are one of the many expenses that are negotiable between the buyer and seller. This means that you can try asking the other party to foot part or even all of the escrow fee, depending on local rules or the current market conditions.

If you're buying, you'll also need to deposit between 1% to 3% of the final sale price in a joint escrow account with the intended seller. This earnest money serves as proof that you're serious about following through with the sale, and it obligates the seller to take the property off the market while the transaction gets finalized. When you complete the transaction, the earnest money you put into escrow will be applied towards your down payment on the house. Earnest money in escrow isn't a fee, but you should be wary of the fact that it's possible to forfeit that money if you can't come to a final agreement with the seller.

When is Escrow Needed in a Mortgage?

Escrow plays a role in both your initial home purchase and the ongoing monthly mortgage payments that follow. In a purchase, the escrow process provides certain guarantees to both the buyer and the seller. Once the two parties agree on a sale, a neutral third party—a bank, title company or attorney—will receive the signed purchase agreement so that it act as the escrow agent. Escrow agents exist to monitor and help fulfill the conditions of the sale, such as the buyer's "earnest money" deposit for a percentage of the sale price.

TYPICAL COMPONENTS OF ESCROW IN REAL ESTATE

Buyer Must Provide…

• earnest money towards down payment
• proof of mortgage loan approval

Seller Must Provide…

• access to property for inspections
• required repairs or renovations
• inspection of title

Once a property is "in escrow", neither the buyer nor the seller will receive anything from the escrow company until all the conditions of the purchase agreement are met. For example, you might agree to purchase an older home on the condition that the building pass a safety inspection. Other common escrow conditions include repairs and property tax audits. Meanwhile, the buyer's earnest money proves to the seller that the buyer has both the intent and the ability to complete the purchase. Earnest money can be forfeited to the seller if the buyer backs out or fails to hold up the terms of the contract.

Escrow agents are also responsible for distributing money to parties other than the buyer and seller. These can include commissions to the real estate agent, prepaid mortgage interest to the lender, recording fees to the county office of records and the escrow agent's own fee. In this sense, escrow greatly simplifies the homebuying experience: without it, you'd be held responsible for sending timely and accurate payments to each and every party involved in the transaction.

Laurel Jonas

Northwest Realty Group

208homesforsale@gmail.com

208homesforsale.com

➡️New Listings: 349 Up 3.9%

➡️Pending sales: 208 Up 11.8%

➡️Closed Sales: 207 Down 3.3%

➡️Days on Market Until Sold: 74 Up 10.4%

➡️Percent to List Price Received: 97.9% Down .1%

➡️Months of Inventory: 4.7% Up 6.8%

➡️Average Sales Price: $723,026 Down 5.5%

👉Stats are compared to August 2023- Previously owned properties only in Kootenai County.️

For more Coeur d'Alene Idaho Real estate market information, please call, text or email me.

Laurel Jonas

208-758-9000

208HomesForSale@gmail.com

Northwest Realty Group

5 Painting Mistakes to Avoid

DIY interior painting can be a money-saver if you know what you’re doing. While saving a few dollars is definitely worth trying out painting yourself, it is important to avoid mistakes often made in the process. Here is how to avoid them!

Mistake #1: Not Using The Correct Applicator

If you are willing to pay for premium paint, you should be willing to invest in a good applicator. Invest in good brushes or rollers up front to avoid hair on the wall or lumps of roller lint under the paint.

Mistake #2: Not Preparing Correctly

You always want to do repair work first so that your walls are smooth, clean, dry and free of loose debris before you begin painting. A repair will be much less obvious if it is done before a new coat of paint!

Mistake #3: Overextending Your Brush Dips

One of the most frequently made mistakes by DIYers is that they often continue applying a dip of paint until the brush or roller is dry. When you overextend each dip, the paint can dry in the brush bristles, and the fabric on rollers can mat down. You want to maintain a smooth line of paint. Once you can see the paint starting to break up, it’s time to re-dip.

Mistake #4: Breath Interference

Your breathe when painting can impact the steadiness of your hand. When cutting in near edges or other times when you need to be precise, you should hold your breath or breathe out to limit your movement as much as possible.

Mistake #5: Allowing Paint To Dry Out

Touch-ups are not ideal if your paint has dried out. To extend the life of water-based paint, place a piece of clear plastic wrap directly on the surface of the paint, then reseal the container. For oil-based paint, add about a half-inch of water on the surface before resealing.

Laurel Jonas

Northwest Realty Group

208homesforsale@gmail.com

208homesforsale.com

What Are Accessory Dwelling Units and How Can They Benefit You?

Accessory Dwelling Units (ADUs) are secondary residential units that are either attached to or located on the same property as a primary single-family home. They are also known as granny flats, in-law suites, or backyard cottages. ADUs can be converted garages, basements, separate units within the existing home, or standalone structures.

ADUs offer several benefits for homeowners:

1. Rental income: ADUs provide an opportunity for homeowners to generate rental income by renting out the unit to tenants. This can help offset mortgage payments or provide additional cash flow.

2. Multigenerational living: ADUs allow homeowners to accommodate aging parents, adult children, or extended family members while still maintaining privacy and independence for both parties.

3. Increased property value: Adding an ADU to your property can increase its market value and appeal to potential buyers. ADUs are in high demand, especially in areas with housing shortages or high rental costs.

4. Flexibility: ADUs can serve various purposes, including a home office, guest suite, or space for hobbies and recreation. They offer flexibility in how homeowners utilize their property.

5. Affordable housing: ADUs can help address the housing affordability crisis by providing smaller, more affordable housing options within established neighborhoods.

6. Sustainability: ADUs promote sustainable development by making efficient use of existing infrastructure and reducing the need for new construction. They can also be designed with energy-efficient features.

Before considering building an ADU, it's important to check local zoning and building regulations, as well as consult with professionals such as architects, contractors, and real estate agents to ensure compliance and maximize the benefits of adding an ADU to your property.

Laurel Jonas

Northwest Realty Group

208homesforsale@gmail.com

208homesforsale.com

➡️New Listings: 313 Up 1%

➡️Pending sales: 235 Up 6.3%

➡️Closed Sales: 202 Down 15.5%

➡️Days on Market Until Sold: 65 Down 1.5%

➡️Percent to List Price Received: 97.9% Down .1%

➡️Months of Inventory: 4.5% Up 12.5%

➡️Average Sales Price: $789,234 Up 10%

👉Stats are compared to July 2023- Previously owned properties only in Kootenai County.️

For more Coeur d'Alene Idaho Real estate market information, please call, text or email me.

Laurel Jonas

208-758-9000

208HomesForSale@gmail.com

Northwest Realty Group

Why Should You Stage Your Home To Sell?

As the real estate market turns sluggish, you may have to take steps to set your home apart from others. It won't be enough to just put out a for-sale sign and wait for potential buyers. One way that homeowners can sell their homes more speedily is by home staging, which can have the added benefit of pushing up the selling price of your home. Basically, staging consists of arranging your home's décor and furniture in such a way as to make the home have more of an appeal to prospective buyers.

In some cases, home staging can be a relatively simple and inexpensive undertaking. You may be comfortable with just cleaning up your home and removing all day-to-day items. On the other hand, you may want to consider investing a more substantial amount of time and money into your home staging project. The main benefit of investing in landscaping, painting and new furniture is that a potential buyer will come away from a visit to your home with a better idea of how his or her new home will look.

Home staging has been around since the 1970s. Although it began on the West Coast of the United States, the concept eventually spread to the rest of the country. There's more to home staging than just decorating. The general idea behind home staging is to depersonalize your home so that a prospective buyer will be able to imagine him or herself living in it. By removing piles of newspapers and family photos, you'll be able to increase your home's appeal. Another tip is to choose neutral colors for your home's carpet and paint. If it's within your budget, you'll also want to think about buying new appliances. Although many people do a good job of staging their own homes, you can also hire a professional to do the job for you.

Laurel Jonas

Northwest Realty Group

208homesforsale@gmail.com

208homesforsale.com

➡️New Listings: 381 Down 7.3%

➡️Pending sales: 237 Up 3.5%

➡️Closed Sales: 187 Down 27.2%

➡️Days on Market Until Sold: 61 Down 6.2%

➡️Percent to List Price Received: 98.2% Up .2%

➡️Months of Inventory: 4.4% Up 10%

➡️Average Sales Price: $669,659 Down 12.4%

👉Stats are compared to May 2023- Previously owned properties only in Kootenai County.️

For more Coeur d'Alene Idaho Real estate market information, please call, text or email me.

Laurel Jonas

208-758-9000

208HomesForSale@gmail.com

Northwest Realty Group

Long-Distance House Hunting

Regular house-hunting isn't always easy, but adding distance into the mix can present challenges you don't have when looking a few neighborhoods over for a new home. While it may not be a walk in the park to buy a home from far away, it is possible. If you find a great agent and follow these steps, you can take away some of the stress that comes with moving long-distance.

1. Start Your Research

Knowing what is in your neighborhood is something we tend to take for granted. You know where the best sushi place is and exactly what grocery store is closest to your home for those last minute runs. When moving to a new neighborhood, especially in a new state, it is key to decide what is important to you when it comes to proximity. Does your new house need to be near a park for your kids? Do you need to be 5 minutes from the closest Starbucks? You'll also want to look into crime rates and school ratings if you have children. Researching your potential neighborhoods will help you feel better about choosing a new home that may be far away.

2. Use Technology To Your Advantage

Google Maps may not be constantly updated, but checking out an aerial view can give you an idea of what your neighborhood looks like if you don't have the opportunity to travel right away. Getting the lay of the land is just another way to feel comfortable about your new neighborhood.

3. Have a Travel Budget

Even if you have a great agent showing you as many homes as possible, you need to plan for the possibility of making more than one trip to your future home state if you want to see it in person. While you may have adjusted your budget already to purchase a home, consider factoring in travel costs so you aren't stressed about eating out or gas money during your trips - that way you can focus on finding your dream home.

4. Decide Your Non-Negotiables

Choosing a home from out of town already comes with challenges. If you're heading in to check out houses and have a weekend filled to the brink with potential home tours, it will make your life easier if all of those homes meet your requirements. Instead of seeing all homes that 'might' fit, have your agent remove any houses that have a non-negotiable feature - whether that is no backyard or not enough bathrooms. It will make the most of your time and remove some of the stress of seeing homes that aren't for you.

Laurel Jonas

Northwest Realty Group

208homesforsale@gmail.com

208homesforsale.com

Discover the perfect home in North Idaho with the most up-to-date listings at

208homesforsale.com. Start your journey today by visiting our interactive map

search and connect directly with expert realtor Laurel Jonas.

Maximizing Your Investment: Financial and

Practical Aspects of Renting vs. Selling

Written by Seth Murphy

Photo by Pixabay

Deciding whether to rent out or sell your newly renovated property is a significant

financial and practical decision. Both options have their unique benefits and

potential drawbacks, and the right choice depends on various factors including

market conditions, personal financial goals, and long-term plans. In this article,

we will explore the key considerations you should take into account when

assessing the financial and practical aspects of renting versus selling your

upgraded home.

Understand the Local Rental Market

Begin by researching the current rental rates in your neighborhood to gauge what

similar properties are fetching. Exploring online listings and consulting with local

real estate agents like Laurel Jonas can provide insights into what tenants are

currently paying. This knowledge is vital for accurately assessing the possible

revenue from leasing your property. If your area is experiencing high demand and

competitive rental prices, opting to rent could be the more lucrative choice. This

preliminary research is essential for making an informed decision on whether to

rent out your home.

Analyze the Costs

Evaluate the costs associated with both renting and selling your home. When

renting, consider ongoing expenses like property management fees, maintenance

costs, and potential vacancies. Selling involves closing costs, real estate agent

commissions, and potential capital gains taxes. Calculate the potential profits

and losses for both scenarios. This analysis will clarify which option offers better

financial returns based on your unique situation.

Gauge the Current Housing Market

Take stock of the current housing market. A seller's market, where demand

exceeds supply, can yield higher sale prices and quicker sales. Conversely, in a

buyer's market, you might struggle to get the desired price. Understanding

market trends and economic factors influencing property values will help you

decide if selling now is advantageous. Renting might be more viable if the market

conditions are unfavorable for sellers.

A Home Sale Requires Preparation

If you decide to sell, preparing your home for the market is essential. Start with a

thorough cleaning and decluttering. Consider making any additional minor

repairs and updates to enhance the properties appeal. Staging your home can

significantly impact buyer's; perception and increase the likelihood of a quick

sale. Professional photos and a compelling listing description will attract 

potential buyers. Collaborate with real estate agent Laurel Jonas to ensure your

home is priced competitively and marketed effectively.

Renting Requires Marketing

Marketing your home effectively when you decide to rent it out is crucial for

attracting quality tenants. As a landlord, this becomes a small business, and

leveraging cost-effective marketing tactics can significantly benefit your efforts.

Utilizing online platforms, social media, and local advertising can help you reach

a broader audience without breaking the bank. Additionally, DIY marketing tools

like online logo creators allow you to create your own logo for free, giving your

rental property a professional and appealing identity. Simply select a style and

icon, then add the necessary text to complete your logo.

The Challenges of Being a Landlord

Becoming a landlord involves various responsibilities. You need to manage

tenant relationships, handle maintenance requests, and ensure timely rent

collection. Consider if you have the time and temperament to deal with these

tasks. Being a landlord can be rewarding, but it requires patience, organization,

and problem-solving skills. Assess your readiness to take on these duties before

deciding to rent out your home.

Streamline Property Management with Pros

If renting is a go but managing the property yourself seems daunting, you can

hire help. Property management companies can handle tenant screening, rent

collection, and maintenance issues. This service reduces your workload and

ensures the property is managed professionally. Additionally, hiring a real estate

attorney can help with lease agreements and legal matters. These professionals

provide peace of mind and make renting a more feasible option if you lack the

time or expertise.

Choosing between renting and selling your fixer-upper requires a thoughtful

assessment of several critical factors. If selling, ensuring your property is well-

prepared and effectively marketed is crucial for a swift and profitable

transaction. For those considering renting, understanding the responsibilities of a

landlord and possibly engaging professional management can make this option

more viable. Ultimately, your decision should support your financial security and

lifestyle preferences, guided by informed evaluations and strategic planning.

Laurel Jonas

Northwest Realty Group

208-758-9000