Overall the news regarding COVID-19's impact on our real estate market remains positive, but as more data becomes available we will provide additional information. The main thing to remember is that real estate is not like the stock market, it will take much longer for us to see the impact this will have. Boise already had a housing shortage, so if anything this provides the new construction sector to catch up on providing more inventory. Here is an interesting article from the Idaho Business Review we would recommend reading:
The transfer and sale of real estate was listed as part of the essential business category, which means if you currently have a property under contract this order should not affect our ability to close. According to the Idaho Association of Realtors, we are still able to show properties on an individual basis provided we adhere to the social distancing requirements and CDC guidelines. However, there are many services we can still provide electronically including virtual tours, so we do not have to halt your search. In fact, we recommend using these tools as much as we can to help do our part to minimize the spread.
Here is a link to our blog which outlines the virtual services we provide: Virtual Home Buying Program.
We also wanted to inform you that the team members of the Callison Group are following the state's recommended guidelines and working from home unless they are scheduled for an appointment where a virtual or remote alternative is not available.
Please schedule an appointment for additional information.
Here are some of the housing-related relief efforts we are aware of. As we learn more we will update this page with additional resources.
2. HUD Foreclosure & Eviction Moratorium (Suspending Foreclosures & Evictions)
3. Federal Housing Finance Agency (Freddie Mac & Fannie Mae Suspending Foreclosures & Evictions, Forbearance Options, & More)
4. Idaho & Federal Tax Deadlines Extended to July 15th, 2020
5. Deadlines for 1031 like-kind exchanges and Opportunity Zones for investors were both extended to July 15th, 2020.
7. The Idaho Association of Realtors has developed a new addendum to address the unique circumstance arising from the COVID-19 pandemic. This optional form can be used to delay performance deadlines outlined in a purchase and sales agreement in the event a COVID-19 related event prevents parties from being able to perform.
If you are concerned about paying your mortgage, we recommend being proactive and contacting your mortgage company right away to see what relief programs or options they can provide you. Below are links to some of the mortgage departments of local, regional, and national lenders typically used in our area.