HAPPY NEW YEAR!
Below are some graphs from the SW Idaho Chapter of National Association of Residential Property Managers’ 4th quarter vacancy survey results. Immediately, I noticed that the sample size was much smaller than usual and I was told that fewer property managers participated and reported that they were too busy to complete the survey. It gave me some relief knowing that I was not the only property manager to find December, which historically is a very slow month, to be extremely busy due to vacating tenants.
If you wanted to buy a million dollar home in Eagle, they are going for as low as 35 cents on the dollar. Four plexes values continue to drop and have me convinced that they are the best buys out there. Conventional financing still has attractive interest rates and the properties are cash flowing with the minimum amount down. To me, its time to buy these.
Why on earth would I try to predict the future on real estate that has been so volatile in recent years? We all knew that at some point, the bubble would burst, or maybe we thought it would just slowly deflate. But that is not what bubbles do. Well I am making these predictions because everyone keeps asking me? Is now a good time to buy? Are rents going to recover? Are vacancies going to continue to climb? So, not having a clue on what the government will do next to stimulate our economy, here we go. (it will be interesting to see how I did a year from now)
Single family homes
- Rental vacancy rates become stable and we see a slight increase in rents
- Sales prices continue drop until distress sales taper off. Large homes continue to offer the biggest bang for your buck.
Multi-family (2-12 units)
-Rental vacancy rates hang in that 10% range and rents stabilize, although that stable rent amount is probably going to be less than what most desire.
Sales prices continue to drop but level off. I do not believe that we will know that we hit bottom, until months after we have done so. But I think that bottom will be hit this year. These smaller muti-family buildings will continue to be awesome buys.
- Property Management
- Boise Area Rental Market
- Interest Rates
- Boise Area Real Estate Market
- Boise Real Estate Market
- Boise and Idaho in the News
- Deferred property maintenance
- Rental Property Maintenance
- Fair Housing
- What potential Rent Control in California means for Idaho
- Property Taxes! What to Expect
- FRPM Metrics
- 1st Quarter Vacancy Survey
- Federal Reserve Interest Rate Trends
- Jim Sharone
- Tony Drost
- Melissa Sharone
- Julie Tollifson
- Tyler Selee
- Kurtis Tarbet
- Kristen Curtis
- Tyler Brown
- Tara Pecora
- Marie Swanson
- Lizz Loop