Is Idaho a valid option anymore?

[Sutcliffe]

We bought in June 2020. Per Zillow, our place has almost doubled in value.

Our neighbors just sold their three yr old, 3,000 sq ft home on one acre for 1.1 million.

While people are still desperate to leave California the value that made it a no brainer no longer remains.

Are other states seeing this insane escalation of home prices?

[anthonyca]

I own some commercial property in Idaho. People from California and even foreign buyers are contacting us constantly wanting to pay stupid high prices that don't make sense with current rents. It's almost impossible to find good contractors because they can't afford to pay employees enough to live there.

Recently, the construction workers have been illegals. A friend of a friend just moved his company to Idaho brought 30 workers, ( I suspect most are illegals) who all have multiple kids. A friend of mine is a high school principal and his school went from primarily English speaking to mostly Spanish speaking in a couple years.

The high appreciation in real estate prices is the death nail of conservatism. Name a place with crazy high real estate prices that is conservative.

Idaho has a way to go but look at how they have already turned the biggest city and county. Soros is active working to exploit the laws in other counties to make currently elected positions appointed by the 3 County board members. That way he only needs to bribe 2 people per county and win 2 more counties with population to take over the state.

Idahoans, fight like your life depends on it because it does.

I know, most people moving there are wealthier than average amd more red, that is true. The problem is they want Gardners, roofers, housekeepers, etc and those people are not conservative.

The increase in housing prices is a self fulfilling prophecy.

[DaveInOroValley]

Friend and his soon to be wife bought a water front place in Coeur d'Alene a bit over a year ago for a bit over 500K, got an offer less then a year later for 1 million.

Sold it and moved to a more remote area.

Our home we purchased back in August 2020 if we wanted it now we couldn't afford it. Our realtor told us she could list it for just under 300K more then we paid for it. Moving again? no thanks and finding a new place similar would have no cost benefits since prices are so stupid.

[NoHeavyHitter]

I'm always passively shopping for land. Had I not bought my place back in 2018, I might still be looking because properties get snatched up practically overnight - if it's any kind of good deal. The affordable properties that I've checked out, generally have some kind of "issue". If it's it's not utilities, then often times access to the affordable properties are a mile or more from a county road. Some places require 4-wheel drive in the summer and force you to park your vehicle possibly a few miles away in winter and use a snow machine to reach it. That complicates things like mortgages or loans when you are out of range from firefighting or medical services.

[Senko]

What would "three yr old, 3,000 sq ft home on one acre for 1.1 million"
cost in the Bay Area or Orange County?

The cost of RE in desirable states went through the roof during the vid. Utah saw a huge run up in prices as well. Have several contacts that live there and another that was looking to purchase in the $2M range. Very competitive.

In a nice family neighborhood in Meridian a +/-2100 sf house, on +/- 8K sf lot, 4/2.5, 3 car garage built in 2003-2006 is in the mid $500K ( double what it was 3-4 years ago). Same house built in 1970 with a 2 car garage, in a lower socioeconomic neighborhood with crap schools is $1.6M.

ID is crazy expensive compared to what it was in 2018 and saw a dramatic increase after June/July of 2020. The prices in the suburbs of the BA also saw a big increase in values during the vid shutdown from buyers coming from the cities.

My broker from the BA called the other day and said things are tighter than when we sold in '20 and prices are still climbing. The rate increase is starting to take an effect and he thinks the market should change mid summer if the fed raises rates a few times.

[Danodog]

I have two homes in Idaho. One in Eagle and the other in Star. I am getting so many calls asking if I want to sell. Some of them have been families looking for a house without the use of a realtor. I have good rental money coming in from both of them. Not interested.

[Gryff]

We were hoping to retire to CDA. But tripling of prices in the last 10 years? In a region where the job market can't support those values?

Fortunately, there will be a crash once the stupidity ends. Not sure how much prices will fall, but we're hoping.

[GW]

We bought in June 2020. Per Zillow, our place has almost doubled in value.

Our neighbors just sold their three yr old, 3,000 sq ft home on one acre for 1.1 million.

While people are still desperate to leave California the value that made it a no brainer no longer remains.

Are other states seeing this insane escalation of home prices?

Yep! Our house in Washington is valued 50%+ over what we paid for it in 2016.
But seriously, the real value of the move is getting the hell out of California. That makes the move cheap at any price.

[mojo goat]

We bought a house in Idaho Falls 6 most ago, since then it has appreciated, according to real estate.com, 8%, (following the same track as the dollar devaluation). Retired, we are saving in taxes, fees, utilities, services, dining, fuel, insurance, etc... General living expenses are 20-25% lower here. Idaho is currently in the process of lowering there already low, by comparison, taxes. Idaho prosecutes all crimes. It is safe and clean here and the people are normal and friendly.

[anthonyca]

We were hoping to retire to CDA. But tripling of prices in the last 10 years? In a region where the job market can't support those values?

Fortunately, there will be a crash once the stupidity ends. Not sure how much prices will fall, but we're hoping.

This. The jobs in Idaho are woefully underpaid compared to the cost of living. Native Idahoans are experiencing what bay area people have experienced, thier kids can't afford to move out and start a family.

This is not a good situation.

[mojo goat]

I suggest you move to the area you want to live soon because the "Crash" will not be limited to housing prices, which could make it more difficult to relocate.

[cz74]

"Roaring Twenties" ending in a big crash next decade a great depression. Just might be possible every hundred years this happens. We should all prepared for this scenario.

[ProfChaos]

Anyone's thoughts on this guys videos?

https://www.youtube.com/watch?v=sobeuiJ_QBk

[Capybara]

This. The jobs in Idaho are woefully underpaid compared to the cost of living. Native Idahoans are experiencing what bay area people have experienced, thier kids can't afford to move out and start a family.

This is not a good situation.

I was completely intending to buy in Idaho asap, keep it as a rental and then move there in a couple of years. My ex in laws live in Eagle and I like Idaho, at least the Boise area, a lot. Two other friends have mentioned what you mention though, Californians and others who have flocked there have started what seems to be a bad trajectory for the local economy. Californians who move there and don't work or need to worry about local jobs and the locals affording to live there isn't a good thing. Economy going down in flames with an unsustainable financial landscape is not good for anyone.

For those of you who live there or own rentals there, what are your thoughts on this happening? Is that what you see on the ground? I was set on Idaho for myself but I don't want to move to an area that is mainly just filled with out of state wealthy semi or fully retired where locals can't afford to stay, the job market is bad. We need local families to be able to afford a home, have a job that allows them to thrive. Without those, crime will skyrocket and jobs and the local landscape will fall and we end up with most of SoCal. Uber rich own, everyone else barely scraping by. Not good.

[mojo goat]

Banks, corporations and hedge funds buying up single family homes for rentals and investments to hedge the falling dollar has allot to do with the housing price insanity. If the Fed will gives you trillions with little or no interest, "Quantitative easing" or "printing money", you invest in property. If you have been paying attention to cost of things over the last couple of years, you might have noticed what the real inflation number is. Im guessing at least 25% so far.