It is the end of Q3 and the start of fall. That means that real estate activity slows down a little but our neighborhood continues to be active!
In this version of Neighborhood News, you will see our neighborhood’s activity with updated stats, new opportunities, a list of open houses this weekend, an update on our sprinklers and Halloween decorations.
Are things slowing down?
You probably noticed the Speed Check Unit that was set up on Cayuse Creek. I am assuming this was in response to several requests for drivers to slow down in the neighborhood.
But is the market slowing down too?
Yes and no.
This time of year, we always see a seasonal change in real estate activity. Less people are inclined to move during the school year and colder weather. And according to the MLS, we have seen about a 5% drop in the median sales price in Lochsa Falls from August to September and homes were on the market almost twice as long.
The amount of inventory continues to tell us that this is a seller’s market. Lochsa Falls still has under 2 months of available inventory, well under the 4-6 months that most consider being a balanced market. Today, there are 9 homes available for purchase. On average (the last 3 months) we are seeing 6 homes go under contract each month.
And on the buyer’s side? According to the Washington Post, yesterday (October 4, 2018) interest rates actually dropped slightly. While analysts expect them to creep back up, there is still a window of opportunity for buyers to get approved at an affordable rate.
Could this be a chance to rent?
If you need to move but you are not sure you can sell your home fast enough or for enough money, you might consider testing the rental market. Based on the information I was able to dig up, there are currently only two rentals available today in Lochsa Falls. The asking rate in the subdivision is ranging from $1,550 to $2,100 per month.
Deciding to rent or sell comes down to your personal situation. If you have never rented before, but are curious about the possibilities, I’d be happy to walk you through my experiences including pricing, managing yourself vs. property management, and general dos and don’ts. Not only have I helped my clients with their rentals, but I have also owned my own rentals for over 10 years. I have seen a little of everything!
Open Houses This Weekend
In just this first week, we have already seen two new homes come on to the market. I have received word that another home will be back on the market this weekend over on Rattlesnake. And while Rattlesnake indicated they will not be hosting an open house, here are a few you may want to check out.
- 2566 W Ladle Rapids, Saturday and Sunday, 11am-3:00pm
- 1980 W Marten Creek, Sunday, 1-3pm
- 2126 W Boulder Bar, Saturday, 2-4pm and Sunday, 1-4pm
- I’ve toured this home, feel free to ask me for details
- 5973 N Flat Tail Way, Saturday and Sunday, 1:00-4:00pm
- New to the market this week
Other Market Notes
The home at 5793 N Teekem Falls Way just had a price change and is now listed at $414,900. I held an open house there a couple weekends ago. If you want to see a tour of the home, click here for the video I posted on Facebook. *Please note that this is not my listing, I just thought this would be helpful.
Irrigation Turning Off
According to the Settler’s Irrigation District website, our irrigation water will be turned off today (October 5, 2018). These dates can sometimes fluctuate, but the time is here. That also means that you should have your sprinklers blown out before winter hits.
I’m having my sprinklers blown out on October 13 by a company that I have used before. Since they will be in the neighborhood I’m sure they can hit your house as well. They charge me $30 so if you are interested, let me know and I can get you their information.
We are starting to see all of the fun Halloween decorations come out this month. There are some great displays already up and they range from the classics to the funny (you should take a minute to read some of the headstones).
The fall colors and the house decor always make Lochsa Falls a great place to walk your dog or ride your bike. I hope I get a chance to see you out there!