2020 was a rough year; there’s no denying it. Getting through COVID-19 has been difficult for families and businesses alike. That said, it’s also important to recognize some of the good things that have happened this year. The stock market slump that appeared in April proved to be short-lived, a vaccine is on its way, and Idaho’s real estate market is continuing an established trend of increased value and competitive sales!
Understanding ongoing trends and new business practices will improve your business strategy, especially as you respond to the ongoing changes we’ve seen since 2020. Here are some of the most important trends from 2020 in Idaho that can give you a leg up in 2021!
Internet Outreach is More Important than Ever
It’s easy to take the outdoors and social contact for granted, but social distancing has brought many changes—both to personal lives and to business practices!
More people have been spending increased time online than ever before. 76% of adults in the US relied on email and other digital communication services to stay in contact with others in 2020. That’s a huge percent of the population spending time looking at their inbox and media platforms, and marketing has adapted. Email marketing saw an increase in click rate by over 20%, while unsubscribes dropped by nearly 10%.
Idaho is currently at stage two of re-opening and still has two more stages to go. Individuals are still required to self-isolate, and gatherings are limited to no more than 10 people. Early stages of vaccination have begun, but we are not expected to see 80% vaccination until June. Making full use of online materials—whether communicating with clients, marketing your business, or participating in courses—would be wise until further developments show it is safe for offline activities to resume.
Virtual Tours, Virtual Open Houses, Virtual Sales
Social distancing hasn’t stopped realtors from (safely) showing off their properties and talking to leads. The National Association of REALTORS® has released best practices and strategies to assist realtors just getting started with virtual tools for home showings and open houses.
And it’s not just tours that are going virtual! Buying virtually has become more popular as well. By July of 2020, 36% of Americans stated they would be more likely to buy a home online, and 43% said they would be more likely to sell a home online. With Idaho seeing continued growth, virtual purchases and sales could continue to play an essential role in the expanding Boise metropolitan real estate market. Between March and August 2020, Idaho saw 194% more people move in than move out, and the market is likely to get more competitive.
Idaho Breaks Real Estate Records
The Gem State real estate market has not only weathered COVID-19 but has continued to thrive. Forbes ranked Boise the No. 1 fastest growing city in America in 2018, and it’s living up to the title with 55% of inbound moves in the US being in Idaho and Arizona alone. Idaho saw the largest year-to-year home price increase in the US, with a total increase of 14.4%. Not only are prices going up, but there’s the demand to match. Boise’s homes are staying on the market for only five days before being bought up, and Ada county saw the number of homes for sale drop from 1,697 in October 2019 to 355 in October 2020.
Real estate agents should pay close attention to the low mortgage rates and the limited supply of homes on the Idaho market. The Boise Metropolitan Area—including Boise, Nampa, and Meridian—is one of the hottest sellers’ markets in real estate right now and is expected to see another rise in home value of almost 10% by November 2021. New and experienced real estate agents in the area should be ready to emphasize their specializations and brush up on their legal knowledge to stay competitive in this growing seller’s market.
There have been plenty of changes in the real estate business since 2020, but Idaho has continued to see growth and increased home values. Whether you are an experienced realtor in the Boise area or are just starting to get involved with the Idaho real estate market, Boise Real Estate School offers all the courses you need to thrive in the Gem State market. From appraisal to fair housing law, as well as the current Idaho Real Estate Commission Core Courses, we can help you continue your real estate education into new specializations. Not sure where to begin? Reach out with a question today!