July 2020 – State of the Housing Market

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COVID 19 Update

Increased cases have been reported in Idaho, particularly among young adults.  Ada County in particular is experiencing a rapid increase in spread, this probably due to gatherings in crowded recreational areas and bars. We have reminded tenants to exercise caution and follow state “stage 4 stay healthy” guidelines. https://rebound.idaho.gov/stage-4-stay-healthy-guidelines/.

For case data and COVID-19 official state resources please visit https://coronavirus.idaho.gov/.

State of the Housing Market: Looking Up

By Athena Savoglou

As the owner of an investment property, or properties, you undoubtedly have wondered about how this whirlwind of a year has affected your investment properties, and more so, your outlook as an investor.  If you are looking to maintain or expand your portfolio, is the Treasure Valley the right place to do it? 

Investment Property Values

March and April were really tough months for the economy, and as it follows, for real estate.  As we predicted in our April Newsletter, those were months where investments were best left untouched.  Below, please find an overall summary of the numbers in retrospective data, as well as some forward-looking data to give you an idea of what may be ahead for the value and viability of your investment properties…

As expected, closed sales in both Ada and Canyon counties in May were significantly down year over year.  As it takes some time for a sale to be closed, this is more indicative of activity in March and April, when stay at home orders were in place, obviously hindering the normal flow of transactions.  Boise Regional Realtors (BRR) notes, however, that “pending sales, or properties with an accepted offer that should close within 30-60 days, were up 4.7% in May 2020 compared to last year, and up 25.4% compared to April.”  This specific note refers to Ada county, but metrics are often comparable between Ada and Canyon.  Additionally, average sale price hit $360,450, an increase of 6.0% year over year!  This speaks well for your investments maintaining their value as time goes on – and potentially increasing.

The moral of the story is, the pandemic has not been great for real estate, but the rebound rate after restrictions were lifted was immediate.  The pandemic seems to do nothing more than freeze the market.  When it unfreezes, it comes back the same or stronger than before.

For more information, visit Boise Regional Realtors.

Maintenance Updates

We will be scheduling Summer Optional services in July. That will include Dryer Vent Cleaning, Crawl Space & Attic Inspections.

The maintenance updates only apply to those of you who have pre-ordered these preventative maintenance services. If you didn’t opt in for a service you read about in this newsletter, and would like to schedule a service, just email MacKenzie at maintenance@rentalsinboise.com to let her know.)

Other questions?  Please email maintenance@rentalsinboise.com or call: 208-514-4864.

Accounting Updates

A reminder for those who subscribe to our eviction protection program, you will be billed for the upcoming 12 months in July. (Some of our long-term clients may still be on a monthly billing schedule.)

If you ever have questions about your statement, please contact your property managers.
Spencer Henderson, spencer@rentalsinboise.com

DaNay Salas, danay@rentalsinboise.com

If you have trouble logging into your client portal, please contact your property managers or Brandy Ker at RMAinfo@rentalsinboise.com.

Tenant Update

This month’s tenant newsletter provides our tenants with information and tips on streaming services.

This month, we feature a crossword puzzle, the clues for which are hidden in our Reminders sections as well as the feature article.

Check out our tenant newsletter this month: https://www.rentalsinboise.com/property-management-blog/2020-july-tenant-newsletter/