The KEY to All Your Real Estate Needs
|
|
I hope this newsletter finds you and yours well.
This newsletter may look a bit more wordy than some, but I wanted to share with you what we do and don't know about the impact of COVID-19 on the March, 2020 real estate market.
I also wanted to share with you how technology is supporting home buying and selling. While it doesn't replace our personal interaction, it is an effective alternative for viewing homes and handling the necessary paperwork.
How is your stay-at-home time going? Needing some new ideas to help relax? I found an article with six ways that have been scientifically studied as helpful ways to relax.
With spring here, many of us start working on our lawns and gardens. I've included in this newsletter a special offer from Zamzows to get you started on getting rid of those pesky weeds.
Stay Well, Stay Safe & Stay Home,
|
|
March Market Report
Boise Regional REALTORS® (BRR), has received a lot of questions on how the housing market might be affected by Idaho’s stay-home order, which went into effect on March 25th. Before jumping into the March numbers, here is some context. Real estate was deemed essential under the statewide stay-home order, allowing many home sales that were in process to close as scheduled. This minimized the short-term impact on sales.
When looking at the monthly statistics for March, it’s important to keep in mind that 70% of the homes that closed last month went under contract between November and March, well before any of the restrictions went into place. With that said, March 2020 showed an increase in sales, median sales price, and some improvement in inventory (typical for the spring selling season) compared to March of 2019.
- Pending sales, or the number of homes under contract, were down compared to the same month last year, which may impact the number of sales in future months; however, much of that can be attributed to record low inventory in January and February, down 19.7% and 23.4% respectively year-over-year, not necessarily a decrease in home buyer demand. BRR will continue to watch the market regularly, but until a bit further out from the stay-home order going into effect, it cannot be said what impact this may or may not have on our local housing market.
- There were 899 home sales in Ada County in March 2020 - up 7.9% compared to March 2019. With new construction continuing to make up a large portion of the total sales, the overall median sales price reached a new high of $367,000, an increase of 9.6% compared to the same month last year. In Canyon County there were 515 home sales in March 2020 - up 36.6% compared to March 2019. New homes typically sell at overall higher prices due to land, labor, and material costs, and the higher share of sales pushed up the county’s median sales price.
- In addition to a larger share of new construction sales, the median sales price also continued to be driven by a lack of existing/resale inventory compared to demand. This was particularly true for home sales last month as there were record low numbers of existing/resale homes for sale in January and February. In March, however, there was a significant improvement in inventory for the segment with 652 existing/resale homes available for sale in Ada County, an increase of 10.1% compared to last year. Of those homes, an estimated 69.8% were listed in March, a quarter of which were listed on or after March 25th.
While the local real estate market has not come to a full stop as some had feared, now more than ever, it is important for consumers to understand their financial and housing options based their own personal and unique circumstances. Through local, state, and national efforts, REALTORS® have been working to protect property owners and small business owners by advocating for them to be included in the CARES Act, keeping real estate essential to ensure ongoing transactions could be completed, providing information about mortgage assistance and how to avoid scams, and guiding those who have to rent, buy, or sell a home during this time on ways to keep themselves and their properties as safe as possible.
Please contact me if you have questions.
|
|
How Technology is Enabling the Real Estate Process
Today’s everyday reality is pretty different than it looked just a few weeks ago. We’re learning how to do a lot of things in new ways, from how we work remotely to how we engage with our friends and neighbors. Almost everything right now is shifting to a virtual format. One of the big changes we’re adapting to is the revisions to the common real estate transaction. Technology, however, is making it possible for many to continue on the quest for homeownership.
Here’s a look at some of the elements of the process that are changing (at least in the near-term), due to stay-at-home orders and social distancing, and what you may need to know about each one if you’re thinking of buying or selling a home sooner rather than later.
1.
Virtual Consultations
– Instead of heading into an office, you can meet with real estate and lending professionals through
video chat
. Whether it’s your first initial needs analysis as a buyer or your listing appointment as a seller, you can still get the process started remotely and create a plan together. Your trusted advisor is still on your side.
2.
Home Searches & Virtual Showings
– According to the National Association of Realtors (NAR), the Internet is one of the three most popular
information sources
buyers use when searching for homes. Your real estate agent can send you listing information and help you request a
virtual showing
when you’re ready to start looking. This means you can virtually walk through the homes on your wish list while keeping your family safe. As a seller, you can still have virtual open houses and virtual tours too, so as not to miss those buyers looking to find a home right now.
3.
Document Signing
– Although this is another area that varies by state, today more portions of the transaction are being done digitally. In many areas, your agent or loan officer can set up an account where you can upload all of the required documents and
sign electronically
r
ight from your computer.
4.
Sending Money
– Whether you need to pay for an appraisal or submit closing costs, there are options available. Depending on the transaction and local regulations, you may be able to pay by credit card, and most banks will also allow you to wire funds from your account. Sometimes you can send a check by mail, and in some states, a mobile escrow agent will pick up a check from your home.
5.
Closing Process
– Again, depending on your area, a mobile notary may be able to bring the required documents to your home before the closing. If your state requires an attorney to be present, check with your legal counsel to see what options are available. Also, depending on the title company, some are allowing
drive-thru
closings, which is similar to doing a transaction at a bank window.
Although these virtual processes are starting to become more widely accepted, it does not mean that this is the way things are going to get done from now on. Under the current circumstances, however, technology is making it possible to continue much of the real estate transaction today.
Bottom Line
If you need to move today, technology can help make it happen; there are options available. To learn about the specific regulations in your area, please contact me (
julie@homesinboiseidaho.com
~ 208.870-9563) to discuss your situation, so you don’t have to put your real estate plans on hold.
Courtesy of Keeping Current Matters
|
|
Six Science-backed Activities to Help You Relax While You’re Home
|
|
March 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 March 2020, Nationally, Homes for Heroes...
- gave back over $1,140,289 in Hero Rewards.
- connected 4,022 People with Homes for Heroes affiliated real estate professionals.
- helped 622 Heroes save money when buying, selling or refinancing a home.
- enriched 444 Communities with Hero related real estate transactions.
- awarded Grants to the HealthWell Foundation's COVID-19 to support healthcare professionals who are at risk or quarantined due to COVID-19.
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.
|
|
Before heading out to Zamzows, please check their website for the latest on their shopping and social distancing requirements.
|
|
Julie Cendejas | Cendejas Group Real Estate, Keller Williams Realty Boise
|
|
|
|
|
|
|
