Boise, ID (Reuters) Boise, Idaho (Reuters)- If you are searching for a home you can afford and you want to be sure you can get a loan, you may be on the right track.
That is the message from Idaho Real Estate Association (IDREA) president Joe Nesbitt, who says in an article for the group’s quarterly publication Real Estate Investor that “there are now more than 4 million mortgages for sale in Idaho.
There are more than 1 million properties available for sale right now.”
Idaho’s population is about 13 million people and is expected to grow to about 21 million by 2035.
IDREA is the group that includes Nesbit.
Nesbit says there are more homes for sale than there are properties available, a number that could increase even more if the federal government approves tax incentives for homes that are bought at the time of the mortgage.
“There are more people who want to buy homes than there is inventory, which means we are now seeing a greater demand for properties,” Nesbits said in the article.
In recent years, many buyers have been taking out more than one mortgage, but Nesbs comments on how buyers are buying and selling their homes and their properties in the same week could have an impact on the number of mortgages available.
“It may be more expensive, it may be less expensive, but people are buying multiple homes and that means that they are buying in a market that is less efficient and less efficient for lending money, and it means that there is a greater need for loan approvals and financing for home purchases,” Nsbits said.
According to IDREa, the average price of a single-family home in Idaho is about $175,000, and according to Nesbbts figures, a single family home can be purchased for about $300,000.
There are three types of mortgages: fixed, variable and adjustable rate.
The fixed rate mortgages, which are offered to borrowers in Idaho, are designed for people with incomes above about $60,000 a year, Nesbaitt said.
The variable rate mortgages are offered by the National Association of Realtors, and the adjustable rate loans are offered at different interest rates.
For a $1,000 down payment, borrowers must have a down payment of about 10% of their adjusted gross income (AGI).
“If you are in a lower income bracket, you could have to pay $100,000 for your first home and that would make it more expensive,” Nuesbs said.
“If you’re in a higher income bracket or if you’re younger, it could make it even more expensive.”
The average cost of a home in the state of Idaho is $175 per square foot, according to the IDREB website.
The average cost per square meter is about 1,200 dollars, according the Idaho State Office of Real Estate, which is the official arm of IDRE.
The median home price in Idaho was $202,500 in January, according U.S. Census Bureau figures released on February 12, and Nesbets estimates that number could rise to $300 or more by 2034.