Sandpoint Foreclosures Powered by Community?
Panhandle State Bank has four “Powered by Community” programs in Bonner and Boundary County. Last month PSB made a great pick by adding Kim Diercks to the team as a commercial loan officer and community development officer for the two northern counties.
Many of us know Kim from her tireless efforts on behalf of Kinderhaven where she is President and served on the Board of Directors. She has over 20 years of financial field experience and will need every bit of that experience to work with Sandpoint businesses.
The numbers are in for March 2009 and overall existing home sales which include co-ops, townhomes, and condos dropped three percent nationally. Sales across the country were 7.1% lower than March of 2008.
We caution buyers not to not react to every up and down in the marketplace. Investors and first-time home buyers are driving the market up in many areas due to the inventory of affordable homes and foreclosures coupled with stimulus inspired tax credits for the first time buyers.
Looking back at the available data from March it is noteworthy that distressed properties were the star of nearly half of March 2009’s transactions. Not a surprise considering that they typically sold for 20 percent less than traditional homes according to the National Association of Realtors (NAR).
One reason for this segment of the market leading the way is due to the higher interest rates on jumbo loans where completed transactions have come to a crawl around the country. The opportunities for investors in Sandpoint are expanding from pre-foreclosures and foreclosures to include a spectrum of distressed properties.
Before you make a move make sure you talk to a Consultant and Realtor that knows the details of the local market in and around Sandpoint, Idaho.
