According to an article in the wall street journal world-wide house prices are rising due to pandemic-related stimulus, low-interest rates, and changes in buyer behavior.
Although some fear another 2006 bubble, in most countries, economic policy has been manipulated to keep interest rates low in order to assist recovery. Efforts to increase interest rates and tighten lending policy have had little influence as housing demand continues to outpace supply.
Unlike in the big recession, Buyers have good credit, pandemic generated savings, more cash to put down and lending policies are tighter. Loan portfolios are stronger.
Quarantine requirements, home offices, and classrooms have led folks to revisit their housing needs. Families can often be more flexible to live outside of metro areas. As Covid cases start to lessen and vaccinations increase, consumers are more optimistic and after a year of reduced spending, they have cash in hand.
Hot markets may stable out naturally, especially in Idaho, where out-of-state buyers are fast approaching a saturation level in their equity compared to prices in Idaho.
You may have observed that land listings have been selling in days. However, in recent weeks as prices have risen, some of those listings are starting to sit a little longer. The 2020 double digit price increases are expected to soften to single digit increases as interest rates begin to rise.
Lead HousingWire economist Logan Mohtasham, on the RESource (here is a link to his interview https://www.facebook.com/watch/?v=173996237650184) predicts a very strong housing market over the next 3-4 years.
He believes, between low-interest rates and demographics there will be no shortage of demand in the coming years. As the age group, 27-33 are the up and coming generation to need housing, representing 32.5 million Americans
"The recession is over" there is no economic evidence that we will be facing damaging inflation rates. According to Logan, an increase in interest rates is to be expected since the dramatically low rates were influenced by unnatural market conditions (pandemic). A slight rise in interest would work toward stabilizing the housing market which would be good for everyone.
10 years ago, the average homeowner stayed in their home for 6-7 years. That has increased to 10 years. Between the increasing longevity and the fact that builders cannot keep pace with demand, supply is expected to remain diminished.
"Emerging technologies and the demographics are only two of the factors supporting a strong economy. Americans have been saving more strongly in the past year and now that the economy is opening up those folks will start spending."
Want to know the latest trusted source information on real estate? Garden Valley Properties has its pulse on the market - We can help !
As you get ready to start the decluttering process, it helps to have a system in place that you can use as you clean and reorganize. The super simple, straightforward option is the “Four-Box Method” — using four boxes or storage bins, you can streamline your decluttering job. Here’s a breakdown of how just four boxes can make tackling a cluttered room a breeze.
Box 1: Trash
Any items you want to get rid of that aren’t worth donating or selling go here. Pro tip: to save yourself a step, go ahead and use a Trash Bag instead of a box so you can take your trash straight to the dump after cleaning up.
Box 2: Give Away/Sell
Next, designate a box for items that are still in OK condition, but that your household could do without — like old books or toys, for example. Whether you want to give these things away to family/friends, donate them to Payette Forward, or sell them in a yard sale or on a local buy, sell, trade Facebook page to make a little extra money is totally up to you.
Box 3: Storage
This box is for things that you can’t or don’t want to get rid of, but that you aren’t in need of on a day-to-day basis (think things like seasonal decorations). It’s also a good idea to make an inventory of items that you’re putting in storage as you go — that way, you won’t be left wondering what exactly is taking up space in your garage or attic down the line.
Box 4: Put Away
Lastly, have a box ready to place any items that need to be kept in your house, but relocated to their proper place. If you want to get really organized, you can have a few smaller boxes — one each for places like your bathroom, kitchen, or bedrooms — and sort misplaced items into their “homes” to save yourself the hassle later.
Want one last decluttering pro tip? If you have the need for it, you can add a fifth box to this method: one for items that can be repaired/replaced rather than tossed out or donated, like a watch that needs a new battery.
In addition to being in the heart of some of Idaho's most beautiful mountains, Garden Valley is home to an abundant wildlife - this includes all kinds of birds, bears, cougar, deer, and even ELK.
Whether you like view wildlife or enjoy hunting, Garden Valley has plenty of elk to offer. Did you know elk are also known as Wapiti, a Native American word that means light colored deer?
They are one of the largest species within the deer family and one of the largest terrestrial mammals in North America. Did you also know at one time Garden Valley had a famous elk name Elvis! Enjoy this little video to learn more about one of our local wild celebrities!
Congratulations Garden Valley Properties!
2020 proved to be another pedigree year for Garden Valley Properties!
Established in 2001, The Garden Valley Properties team has led the West Boise County Real Estate market since 2002.
The Company maintained a dominant market share despite an increase in competition.
Of over 8000 real estate agents, in the Intermountain MLS, Garden Valley Properties placed in the show ranking.
Kathy Vaughan jumped to the top 6.8%, Toni Palmiotto the top 9%, Julie Leslie the top 16%.
All three have been tagged with the annual Circle of Excellence Award by the Boise Regional Realtors.
Garden Valley Properties devotion to a higher standard of professional excellence and ethics has earned them some of the highest accolades in the southwest Idaho Real Estate industry. None of this could have been accomplished without the loyalty and support of Garden Valley Properties clients, friends and family!
You all deserve a pat on the back!
Owners: Julie Leslie and Kathy Vaughan
Broker: James Jardine
Wednesday, March 17,2021 is St. Patrick’s Day. How many of you celebrate and what do you do? Do you just wear green so no one will pinch you? Do you wear red so you get kissed? Or, do you just not celebrate?
My 5 year old granddaughter was so excited last night to tell me all about what she is going to do. They had a big discussion about it in pre-school. I think I got everything she was saying, but she was talking so fast I’m not sure. Here is what I think was said.
? You need to wear green so you don’t get pinched.
? If you wear red, someone will kiss you.
? She is going to wear red with green underneath so she can trick everyone!
? She needs to build a trap to try and catch the leprechaun, I think Lucky Charms may be involved in this, but I am not positive on that one.
? Somewhere along the lines I found out that at her house, the naughty leprechaun turns their milk green and he pees green into the toilet. They must have a very naught leprechaun at their house.
She is very excited for all of this to happen – I think tricking the leprechaun with the 2 different colored shirts is her favorite idea.
I know a lot of people celebrate with green beer and corned beef with cabbage. This isn’t my favorite, but I’m always willing to cook it up for my husband. I’ve included a link to Allrecipes for corned beef and cabbage https://www.allrecipes.com/recipe/16310/corned-beef-and-cabbage-i/ They are my go-to when I’m looking for a recipe.
And if you want to know why we celebrate, here is a little information for you.
St. Patrick was born in Roman Britain during the 5th century and brought to Ireland as a slave when he was 16. He escaped but returned to Ireland and was given credit for bringing Christianity to the people.
While you are here, check out what properties are available, maybe you’ll find your pot of gold at the end of the rainbow in Garden Valley! Or call us at 208-462-4620