Couple takes on real estate in Shoshone County
The real estate market has been a wild ride for the past few years, but things are balancing out, especially in Shoshone County.
Realtors Kat and David Barron have been in the real estate game in one capacity or another for almost a decade and have watched the ebbs and flows of the market during that time. Utilizing an active social media presence, the Barrons have steadily grown their client base while also gaining a vast knowledge on the health of the Silver Valley market.
Real estate wasn’t always the plan, Kat specifically had built a successful career as a midwife and was a part of more than 750 births before burnout took hold.
“I was seeking a career I would love that I didn’t have to go back and do an additional seven years of education for,” Kat said. “It had to be service-related, and that’s ultimately what drew me to real estate. I found immediately I loved it and was pretty darn good at it. I was busy in that very first year, and I truly felt like it was because all of the skills I had developed as a midwife applied to real estate. They’re the same career basically; All of the education and informed consent, helping people navigate stressful times in their life calmly, and lots of paperwork.”
David got into the real estate game four years later and the husband-and-wife team have been tackling the industry together ever since.
Currently, the Silver Valley market is in one of its annual lull periods often tied to kids returning to school and families looking for as much stability as possible to begin the school year.
“Normally the market cools down around back to school times, and if you look at year after year statistics, this year is no different,” Kat said “It’s slow, most listings aren’t getting many showings, and most have to drop the price to sell. The only listings we’re seeing move quickly are either very unique/desirable or priced competitively. We have a slightly higher average days on market, and lower average sales price compared to this time last year, so you could definitely say overall the market has ‘gone down.’ If there is a rate drop, the likelihood of sales price being up this time next year is high, we will see how the next months unfold.”
Mortgage interest rates fluctuate daily, but the median rates have slowly decreased over the past month. This is good news for those looking to purchase a property. However, in Shoshone County and many other counties in Idaho, lower wages have made it a challenge for people looking to buy in their home state.
“The biggest struggle I see is low wages locally and high housing prices, making it really hard for people to afford homes who live and work in the valley,” Kat said. “But truth be told, this is a common issue in a lot of places, it’s sad really.”
Shoshone County currently has plenty of listings, with 210 active listings on September 10, according to Zillow. But Barron’s assertation of lower wages affecting purchase power has made selling a challenge, even with the average listing price decreasing by roughly $32,000.
“Buyers have options,” Kat said. “This isn’t always the case. I honestly feel like the market is normalizing after the 2021 craziness everywhere. I appreciate a balanced market, so I think overall we’re seeing some good changes.”
With recreation and the possibility of a more laid-back and rural lifestyle being a secondary draw for people to begin looking in the Silver Valley, price point is usually where the Barrons are seeing people pounce on properties, especially those coming from outside the area.
“I think the obvious reasons, ski/snowboarding and easy access to water are the biggest draw for out-of-towners,” Kat said. “Affordability being the biggest draw when people are moving from Coeur d’Alene. It’s an incredibly beautiful area and has so much small-town charm.”
From a growth perspective, Shoshone County has experienced a slight population increase, tipping the scales just over 14,000 residents — Those increases have forced communities to assess if and where they can grow.
Many of the communities in Shoshone County are geographically challenged as it pertains to new builds or expansion. However, according to Barron, there are some communities like Osburn, where growth could be experienced both residentially and commercially.
“I honestly feel like Osburn is the most likely to grow, it’s set up for it,” Kat said. “Especially commercially and we’re starting to see some of that.”
Even with all of the highs and lows that come with the real estate industry, Kat and David enjoy being able to help families through, what is oftentimes, a stressful, but important, chapter of their lives.
“I see how much the work we do impacts people’s lives, and it truly brings me joy,” Kat said. “I could never do work that I feel didn’t matter, so for that I am really thankful I found real estate. We value having a good work ethic and focus this energy on doing the best for our clients, marketing above and beyond.”
Kat and David Barron, with Best Choice Realty can be reached at 208-699-8522, or through their Facebook page, Kat & David Barron Realtors.
