What does the current housing market look like?

“What we’ve seen over the last couple of years is obviously during a pandemic, we saw prices rise because everyone came here [Coeur d’Alene]. But now we’ve seen prices get back to normal. Not dive sharply down, but stabilize. They are at a much more normal appreciation rate.” Keith Wells of our team recently told KREM2 news.

According to the KREM2 report, prices stabilizing is the consensus across the board for the Spokane/Coeur d’Alene region. For home buyers, that breaks down to:

  • A median home price of $415,000 in Spokane and $515,000 in Coeur d’Alene
    • With a conventional home loan at 7% interest and a 5% downpayment, that means you would need to make
      • $74,400 – $91,200/year to afford a home
  • Home prices are not expected to jump up drastically, and most homes are going for around asking price instead of above like last year
  • Buyers have time to consider their options and find the home they truly want

But the numbers above assume a 7% interest rate on your loan. What if you could get a better rate?

For a limited time only, Architerra, through loanDepot, is offering a special 5.5% interest (5.625% APR)*, 30-year fixed interest rate loan OR $10,000 toward closing costs on our charming Cottages. We are also offering $15,000 towards closing OR a similar 5.5% fixed interest rate promotion on select move-in ready homes in both:

  • Our Parkllyn Estates neighborhood, which come with 1/4 acre lots and additional garages so you have plenty of room for all your toys and hobbies
  • Certain new builds in our Foxtail community which features a central park and close proximity to Treaty Rock elementary school

If you select one of the eligible homes and close by July 31st, you can lock in a great interest rate and get a beautiful, brand new home.

For additional details and specific homes this offer applies to, contact our new home consultants: [email protected] or 208-699-7101.

Please note: All pricing is based on 740 FICO and 20% down. Based on today’s rates and subject to change as rates change daily.  Offer includes $5k from loanDepot and requires financing through loanDepot. Offer is applicable to a limited inventory of homes and is not to be combined with any other offer. Offers, incentives, and contributions, if any, are subject to certain terms, conditions, and restrictions. Valid for buyers who sign a purchase and sale agreement prior to June 15, 2023, which must close before July 31, 2023. Architerra reserves the right to change or withdraw any offer at any time prior to execution of a purchase and sale agreement. Rate based on minimum 20% down and purchase price between $514,900 and $524,900 Cottages. APR may change with higher prices. Excludes FHA/VA or any loans not approved or funded through loanDepot. Financing provided by loanDepot: NMLS #1488388. (www.nmlsconsumeraccess.org) . This is not an offering where prohibited by law.

Explore one of our Cottages: