The KEY to All Your Real Estate Needs
|
|
The real estate market in the Treasure Valley is still active, despite the impacting effects of COVID-19 on our day-to-day lives.
Home sales in April were down 19.5% in Ada County from the same month last year. This decrease was expected due to stay-at-home orders. As restrictions are lifted, it's anticipated homes sales will begin to increase.
As a response to imposed restrictions, home buyers sought out new resources to learn more about prospective housing and neighborhoods. Below is an article that outlines many of these tools and resources... resources that everyone one can use to learn about any area at anytime.
Recently, I had the pleasure of working with Debbie and Mike who were buying and selling a home. They've graciously shared their experience in doing so in the midst of this pandemic.
Check-out the history of interest rates since the 70's... And, then check-out the historic low rates we're experiencing now!
Stay Well & Stay Safe...
|
|
April Market Report
In Ada County there were 761 home sales in April 2020, down by 19.5% compared to the same month last year. This dip in sales was expected as REALTORS® and consumers heeded Idaho’s stay-home order for any non-essential transactions. However, in Canyon County, home sales were 483, an increase of 6.6% compared to the same month last year.
Keeping real estate essential during this time ensured that transactions in progress were able to close, avoiding potential financial hardships for many families. And we’ve heard from many of our REALTOR® members that clients who didn’t have to buy or sell immediately were able to “press pause” for a bit, limiting unnecessary in-person interactions as the order had intended. Sales are expected to rebound over the coming months as the state moves through its phased re-opening plan and people restart the home search or sales process.
- Despite April’s dip in sales, the overall median sales price in Ada County reached a new record of $374,900, up 13.6% year-over-year and up 2.2% from March 2020. In Canyon County, the median sales price increased to $273,234, an increase of 10.2% year-over-year.
- As we’ve been reporting, when the share of sales that are new construction increases, the overall median sales price rises, as well. In April, 35.0% of closed sales were for new homes and the segment had a median sales price of $416,287, compared to $345,000 for existing/resale.
- With the overall months’ supply of inventory sitting at just 1.7 months, we do not expect any downward pressure on home prices, as home buyer demand continues to outpace supply. A balanced market is between 4-6 months of supply.
While the association reports on county-wide real estate trends, we recognize that there are real people behind each one of these transactions — people with unique situations and personal reasons for buying or selling. No matter what your circumstance, trust a REALTOR® to provide you with personalized service and expert, local knowledge, especially during this time.
Please contact me if you have questions.
|
|
Buying & Selling During COVID-19
A Firsthand Account...
|
|
In the midst of the COVID-19 pandemic, I worked with Debbie and Mike to buy a new home, and sell their current home. Debbie and Mike are an example of how the real estate market has continued to be active in the Treasure Valley during this crisis.
Here are their personal observations and experiences, shared in the answers to a few of my questions.
|
|
What were your reservations, if any, about buying/selling during the COVID-19 crisis?
We bought before we sold. We were concerned the market could take a sudden turn and that home prices would drop when we listed our house for sale. But what we found out is there were motivated buyers even during the height of the shut-down.
What were the challenges?
Open houses weren’t allowed when we listed our house for sale. But we realized that those who did view the home were serious buyers interested in our home.
What worked well?
Great listing information and pictures were especially important to entice buyers to view the home. Julie hired a professional who took aerial pictures to capture the area surrounding our house.
What would you like to share with others considering buying, selling (or both) during this time?
There are definitely motivated buyers and the Boise market is still going as strong as ever.
|
|
Some Highlights:
- Mortgage interest rates have dropped considerably this spring and are hovering at a historically low level.
- Locking in at a low rate today could save you thousands of dollars over the lifetime of your home loan.
- Contact me to determine the best way to position yourself for a move in today’s market. I also work with fantastic lenders!
Courtesy of Keeping Current Matters
|
|
Checking-out the Neighborhood
From Afar...
|
|
I was reading an article about the challenges of searching for a new home during this time of COVID-19 and the associated stay-at-home orders. I realized that many of the suggestions were actually things I've been recommending to out-of-area buyers for some time now. Whether complying with stay-at-home guidelines, searching away from your current living area, or exploring new local neighborhoods, this article contains some helpful suggestions to help support your home buying search.
The coronavirus is completely changing the real estate industry, and stay-at-home orders have presented unique challenges for buyers. Not only are they unable to tour properties in person, but, in some areas, they also can’t walk around the neighborhood and get a feel for whether it’s the kind of neighborhood they want to call home.
But just because you can’t explore an area in person right now doesn’t mean you can’t get a feel for a potential neighborhood—and whether it’s the right fit for you, your family, and your new home.
- Check out local publications and social media. Many neighborhoods have their own newspapers, magazines, or other publications, which can give you insights into the neighborhood vibe. You can also search Facebook groups or use neighborhood-specific social media apps like NextDoor to get a feel for the area.
- Take a (virtual) walk. You may not be able to visit a neighborhood in person right now, but thanks to Google Street View, you can take a virtual walk and explore the area.
- Call a real estate agent. A real estate agent that specializes in the area can give you key insights and details about the neighborhood, and help you determine whether an area is the right fit for what you’re looking for.
So, what does this mean for you? If you’re in the market for a new home and want to get a feel for the neighborhood, stay-at-home orders don’t have to stop you. With a little bit of creativity, you can explore neighborhoods near and far—without ever leaving the comfort and safety of your home.
|
|
April Circle of Giving...
We at Homes for Heroes, Treasure Valley are so proud to be part of this Circle of Giving and give back to those in our community who give so much.
In April 2020, Nationally, Homes for Heroes...
- gave back over $1,269,969 in Hero Rewards.
- connected 5,973 People with Homes for Heroes affiliated real estate professionals.
- helped 649 Heroes save money when buying, selling or refinancing a home.
- enriched 474 Communities with Hero related real estate transactions.
- awarded Grants to Journey Award Service Dogs.
Join the circle by sharing this email and GIVING your HERO friends and family the gift of BIG SAVINGS on the sale or purchase of a home.
|
|
Julie Cendejas | Cendejas Group Real Estate, Keller Williams Realty Boise
|
|
|
|
|
|
|
