This is not 2008. An economic recession does not equal a housing crisis.
A lot of people are wondering what the stay home-save lives order from the Governor mean for Boise homeowners, buyers and sellers?
The good news is that homes in Boise and the surrounding communities are still selling. Buyers are still finding homes and sellers are still moving.
How is that possible? Idaho real estate has been deemed an essential business by Governor Little with very strict guidelines.
I can’t say this enough. This is not like 2008. That was an issue with sub-prime lending not a global health pandemic. The Boise housing industry entered this health crisis underbuilt, not overbuilt like in 2008.
Boise’s popularity hasn’t dropped. If anything, people in larger cities with big populations want to get to a smaller community even faster. Amazon is still building a facility in Nampa bringing in jobs. Other companies are still moving here. The growth is still occurring in our area.
If your financial situation is solid and you had plans to buy or sell this year, my advice to you is to not give up on that dream. Stay the course.
Interest rates are still low. Real estate is a hard asset. It’s not fluid like the stock market. For home prices to drastically drop or "fall off", it takes about 18 months. It’s not the same as the stock market that takes months and months no activity. And from everything the experts are saying, this health crisis will be over way before then. And we still have activity.
In 3 of the last 5 economic downturns, housing prices actually increased - between 1.9% and 4.8%.
How can there still be demand right now?
PEOPLE STILL NEED TO MOVE. And there are ways to do it while social distancing.
If you’re thinking of buying in Boise or the surrounding communities, now is the time. There are naturally less buyers out because of the stay-put order. The buyers that are out searching are finding they have less competition and are able to get an offer accepted vs having to compete in a multiple offer situation like they’ve been doing. And there are strict precautions being taken by realtors to keep buyers and sellers safe during this time. This is also a good time to talk to a lender and get pre-approved. Get all your paperwork in order so you are ready to make that offer when you find your home. All of that can be done online.
If you had plans to sell your Boise home this year. Stick with that goal. Now is a great time to have me run a detailed market analysis on your home and find out what it can competitively list for. This is also a great time to get marketing materials ready. I can create a virtual tour of your home and open houses can be done online as well.
There are more people than ever right now online. They could be looking at your home, falling in love and making plans to purchase.
The National Association of Realtors states that over 50% of people first saw their home online!
If you’re thinking of buying or selling – this is the time to get ready! When the governor lifts the stay-put order, the competition is going to return quickly to the Boise real estate market.
As always, feel free to message, call, text or email me.
Stay safe and stay healthy and practice social distancing!
