Idaho market is on FIRE so what are all the investors doing?
So the great news is that the real estate market in Idaho for single family is on fire and shows no signs of stopping. In fact it appears that the hotter it gets,the more it attracts people from out of the area. And as a resident of Idaho for the last 40 years, I can honestly say I have never seen it like this, yes even in 2007 and 2008 it wasn't this hot. On top of record transactions happening we are seeing inventory at the lowest levels in years and no real silver bullet to fix this. Not only are lumber prices at 135% in comparison to last year, the PNW is literally on fire while Canadian lumber industry is being devastated by the pine beetle and labor is nowhere in site because rental supply is non-existent.
So if you are selling to actual home owners, you are up to your eyeballs in buyers and y'all are chasing sellers with multiple offers and 4 hour pending on listings becoming the norm. Multi family has been a rare find for the last 3 years here in Idaho and what does hit the market is not pretty. So what does that mean for investors trying to deploy capital? What are you seeing with the opportunities for cash flow? What is happening to the seller who bought in 2011 sitting on a pile of undeployed equity? Is everyone just standing around and clamoring about the need for product in an asset class overburdened with buyers or are people doing different things?
Inquiring minds want to know!