THE HIDDEN COSTS OF COVID:
Homebuilding in a Pandemic
BY HEATHER HAMILTON-POST
“P
eople are willing to pay more for a home, so the price is going up–so willing that they’ll start a bidding war, they’ll pay cash. But as we start the conversation, there’s a number of other items that aren’t so obvious,” says Bill Raur, Executive Officer at Building Contractors Association of Southwestern Idaho. The conversation is happening around Idaho, and especially in the Treasure Valley, where home prices are increasing at unprecedented rates and inventory remains exceedingly low.
38
Since 2011, Zillow reports that the Boise metro area housing market has tripled in value, marking the largest increase of any of the top 100 largest metro areas. The value of Idaho homes is on the rise too, up 149% since 2011, with a median sales price of $425,000 in Ada County in November
www.idahomemagazine.com
of 2020. High demand, diminished supply, and preposterously low interest rates are making the Treasure Valley a focal point for homeownership– and all of this, despite an ongoing global pandemic. So what’s driving demand? Dan Richter, General Manager at Avimor Partners notes that recent interest rates are actually allowing first time buyers, who may otherwise be priced out, access to a competitive housing market. Zillow adds that millennials are also aging into homeownership and work-from-home protocols are creating a need for more functional living spaces amidst the pandemic. Avimor is especially uniquely positioned for socially distanced life, given the abundant space and community within. “People live and recreate here.
