APRIL 2021 LUXURY MARKET REPORT

NORTH IDAHO LUXURY MARKET REPORT FOR APRIL 2021
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer’s < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
The Northern Idaho single-family luxury market is a Seller’s Market with a 75% Sales Ratio.
• Homes sold for a median of 100.00% of list price in March 2021.
• The most active price band is $650,000-$699,999, where the sales ratio is 233%.
• The median luxury sales price for single-family homes is $860,000.
• The median days on market for March 2021 was 48 days, down from 77 in March 2020.
  1. Do VA loans require a down payment?

No! One of the biggest benefits of a VA loan is that no down payment is required for eligible buyers.

  1. Do VA loans require private mortgage insurance (PMI)?

No, VA loans do not require PMI, which can save you hundreds of dollars per month compared to conventional loans.

  1. What is the VA funding fee, and do I have to pay it?

The VA funding fee is a one-time fee that helps sustain the VA loan program.

  • First-time use: 2.15% of the loan amount (if putting 0% down).
  • Subsequent use: 3.3%.
  • Exemptions: If you have a service-connected disability, you may qualify for a waiver.
  1. What credit score and debt-to-income (DTI) ratio do I need?

There’s no official VA credit score requirement, but check with your lender. 

  • DTI ratio should generally be 41% or lower, but exceptions exist for strong borrowers.
  1. Can I use a VA loan to buy a vacation home or rental property?

No, VA loans are only for primary residences. You must live in the home you purchase.

  1. Does the home need to meet specific requirements?

Yes, VA loans have Minimum Property Requirements (MPRs) to ensure the home is safe, sound, and sanitary.

  • Common issues: peeling paint, broken windows, roof damage, or exposed wiring could cause delays.
  1. What’s the difference between a VA appraisal and a home inspection?
  • VA appraisal: Required to determine value and basic safety.
  • Home inspection: Optional but recommended to check for hidden issues.
  1. Can the seller pay my closing costs?

Yes! Sellers can contribute up to 4% of the loan amount toward your closing costs and concessions, which can help cover expenses like property taxes or discount points.

  1. Can I transfer my VA loan to someone else?

Yes! VA loans are assumable, meaning another qualified buyer can take over your loan’s terms—this can be a huge advantage if interest rates rise.

  1. Can I use my VA loan benefit more than once?

Yes! Your VA entitlement can be restored if you pay off or transfer your previous VA loan, allowing you to use the benefit again.

 

Thank you to Jaclyn Scotch for sharing her insights and expertise on VA Home Loans. Here is her contact info:

Jaclyn Scotch

Home Loan Officer

Location: Coeur d’Alene

Cell: (208) 215-1814

If you have questions about navigating today’s market or need a recommendation, reach out! I’m here to help you make smart, confident moves.

Michelle Rene

Real Estate Associate Broker, REALTOR

Cell: (208) 699-5350