The outbreak of COVID-19 has significantly affected everyone’s lives. Because of the pandemic, people around the world have had to adapt to new work schedules, study arrangements, and even day-to-day interactions. How one acquires goods and services even changed because of the pandemic — but its impact doesn’t end there.
COVID-19 has also affected the Idaho real estate market in several ways. The state of Idaho enjoyed a housing boom for the past five years, but because of the pandemic, the industry had to make changes or adapt to certain changes to ensure that it continues to progress in the long term.
To paint a clearer picture of how COVID has affected the Idaho real estate market, take note of the points below:
1. Higher Demand for Homes
To prevent the spread of COVID-19, political leaders required their citizens to stay at home. Spending time outdoors for leisure and even for work is prohibited during the pandemic. This status quo is one of the reasons why there is a higher demand for homes in Idaho.
Locals are seeking to expand their property to accommodate remote workplaces and online home-schooling set-ups. Aside from this, continued lockdowns in neighboring states have increased relocation rates as more Americans are choosing to move to Idaho. Americans are now considering a move from urban centers to more relaxed atmospheres offered by the state.
Americans are moving to Idaho for a variety of reasons. Idaho is the fastest-growing state in the country because the cost of living is way cheaper. Moving in this state during the pandemic will make it easier for locals to survive even if they lost their jobs or have to make drastic adjustments to their budgets because of the pandemic.
2. Increase in Real Estate Prices
As more and more people move to Idaho, there has been a shortage of properties in the state. The inability of developers to construct new properties because of the restrictions imposed as a response to the pandemic is also a factor why properties in Idaho can no longer meet the demand of people moving and living in the state. All of these factors lead to an increase in real estate prices in Idaho.
By October, the median sales for single-family homes improved in the following areas:
- Canyon County: $321,000 with 24% increase
- Ada County: $410,000 median price and 17% increase
- Boise: 20% increase
- Meridian: 16% increase in prices
- Eagle: decreased in price by 10% with a median price of $561,450
Given the scarcity of properties and the high demand, expect that you’ll be able to earn more profit when you decide to sell your home on your own or have the pros, such as Boise cash house buyers, sell your home on your behalf.
3. Popularity of Virtual Tours
The COVID pandemic has also altered how people view homes on sale. Given the enforced lockdowns and social distancing requirements, buyers now view Idaho properties online. This new trend serves as an advantage since it expanded the market to include people from neighboring and even distant areas. Virtual tours showcase homes, making it easier for sellers to advertise their properties without sacrificing their own and buyers’ safety.
Instead of inviting potential homebuyers for open houses, sellers in Idaho today are creating virtual tours of their properties. Home sellers usually do this by investing in the right equipment and software, planning their shots carefully, and staging each room. There are many software for creating and publishing virtual tours, allowing home sellers in Idaho to showcase their properties with ease.
If a personal visit goes through with prospective buyers, real estate agents practice precautionary measures such as handwashing, sanitizing, and even leaving shoes outside the property for everyone’s safety.
4. Rental Properties Continue to Thrive
Aside from requiring citizens in Idaho to stay at home, travel restrictions were also imposed as a response to the pandemic. Nowadays, people aren’t allowed to travel outside of the state as borders are closed in an attempt to contain the virus. This status quo is one of the reasons why rental properties in Idaho continue to thrive.
For people who aren’t from Idaho but are stuck because of the pandemic, they are encouraged to stay and pay for rental properties in the state. Rental properties, such as vacation homes, are cheaper than hotels, which is why more people would choose to stay there. This can result in higher profits for individuals who own and manage rental properties in Idaho.
Knowledge Is Power
The pandemic has affected the Idaho real estate market in a relatively positive way. Because more and more people are now staying indoors, the demand for properties in the state has significantly increased and has become the reason why properties are getting expensive.
If you’re planning to enter the Idaho real estate market, either as a buyer or seller, it’s vital that you consider this information. It’ll be easier for you to come up with an educated decision and succeed in the industry if you know the current status of the Idaho real estate market.
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