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TripleCord Review
July 2020
 Market Update
As expected, the gradual reopening of Idaho brought about a gradual increase in sales for the Boise housing market.  In fact, the number of closed homes was up 37.5% from last month!  Pending sales were up 4.2% from last month, and more impressively, were up 17% from June of last year.  This increase in the number of homes under contract is not only a result of pent up demand created during the initial COVID-19 quarantine, but also due to the fact that the Boise region has been attracting out of area buyers both pre and, perhaps even more, post the onset of this pandemic.  

Though May statistics showed a small dip in the median sales price, June brought us back to a new record high of $375,000.  This is a 6.3% increase from the median sales price in June of last year.  It is anticipated that prices will only continue to rise, as inventory levels are still far below what is needed to keep up with demand.  In fact, the overall months’ supply of inventory (MSI) in June hit its lowest point since Boise Regional Realtors started tracking the metric in January of 2016.  Basically, 1 month’s supply of inventory means that if no more homes were listed as of today, it would only take 1 month for consumers to buy up all the homes available.  In a balanced market, on the other hand, it would take between 4-6 months. 

As is evidenced by the MSI as well as by our brokerage’s frequent, personal experience with extreme buyer competition and multiple offer situations, our market could certainly use more inventory in all price ranges.  If you are considering selling, we would love the opportunity to sit down with you.  Although hot markets like ours can make selling without out an agent more doable, we have valuable expertise in marketing and negotiation that can help you not just sell your home but sell it for the best price!   Additionally, if you are looking to buy in this competitive market, we are experienced in helping our clients make offers that give them the best chances of being the winning bid.   We’d love the opportunity to serve you, even if it’s just answering questions about the market and helping you determine if now is the right time!
If you're interested in knowing more about the current state of the market, check out the full Boise Regional Realtors Market Report HERE.
Boise Area Event Calendar

Though there are some upcoming local events to look forward to this month, many have been cancelled due to COVID-19 concerns and statewide safety protocols. Check out those that are still on HERE as well as some other fun things to do to stay connected in a time of social distancing!  
A Bit Of Clean Comedy to Bring You Laughs

Some friends of ours recently introduced us to the comedian, Nate Bargatze.  We watched his show, The Tennessee Kid, on Netflix and laughed so hard we cried.  One of the things I love about him is that he's not only incredibly funny but his comedy is clean and even suitable for kids!  Here's a little segment from his show.  I hope it brings you some laughs!  
Home Prices Remain Resilient Despite the Pandemic
VeroFORECAST by Veros
On July 7, 2020, Veros Real Estate Solutions, an industry leader in enterprise risk management and collateral valuation services, announced that Q2 2020 VeroFORECAST data indicates an average projected appreciation rate for residential real estate in the nation’s largest 100 housing markets has rebounded sharply from last quarter for an average of 3.5% through the second quarter of 2021. This forecast is in line with previous projections indicating positive average home price appreciation, despite economic uncertainty and unemployment, particularly in the leisure, hospitality and tourism industries, as a result of the global COVID-19 pandemic.

“With some exceptions, the vast majority of housing markets remain strong and resilient in contrast to the crash they fueled over a decade ago,” said Darius Bozorgi, CEO of Veros Real Estate Solutions. “This is a testament to the programs and policies implemented in the wake of the Great Recession. During this tragic pandemic, the current state of the housing market is proving to be a stalwart for the U.S. economy.”

Veros monitors home prices in relation to numerous economic factors, including employment trends. While economic indicators signal continued unemployment, the job losses are not consistent across the country, and in some areas, there has been a rebound from initial expectations. The fundamentals of the real estate market are still strong in most places.....CONTINUE READING
Per Veros' quarterly summary, Boise is predicted to be the top performing housing market over the next 12 months, with an estimated appreciation of 9.3%!
Contemplations from Katie:
He Knows, He Hears, He Answers

Though our family has not yet been personally hit by sickness, deep suffering, loneliness, or financial hardship during this pandemic, we have, along with many others, experienced disappointment.  The most recent disappointment came with the news that Camp Perkins, the kids’ highlight every summer, would not be able to host traditional youth camp this season.  Although we were expecting this, we had been praying and hoping there may be a way the kids could still go.  

The day we found out about the suspension of camp, I was talking with my daughter Taylor, who had been faithfully praying it would not be cancelled.  She couldn’t understand why God hadn’t answered her prayers. I could relate to her confusion, as I have wondered the same thing many times during this pandemic as well as in other troubled times in my life.  I pray for something I feel is a good thing, but it seems God isn’t answering, or at least not in the timeline I would want or the way I have requested.  

In moments like these, I have been comforted by the truth in a quote of Timothy Keller’s.  I used the quote to comfort Taylor and hope it may bring comfort to you as well.  God doesn’t always answer our prayers exactly the way we pray them, rather “God answers our prayers exactly the way we would have prayed them if we knew everything He knows.”  Our God can see it all--the present and future!  He can see everyone, and He knows how this virus will affect each of our lives.  He knows the pain, frustration, and suffering each person will experience, but He also knows the good that will come from it.  It is not out of cruelty or lack of care that He hasn’t brought about its end, but rather out of His love for us that He allows it to continue.

I recently had an experience that gave me a personal glimpse of this truth....
Available TripleCord Listings

Katie M. Miller
TripleCord Real Estate
Direct: 208-861-5639

Katie@TripleCord Real
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TripleCord Real Estate · 3635 S Weathered Ave · Boise, ID 83706-5466 · USA

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