AUG NIBJ: Starlink revolutionizes land value in North Idaho

North Idaho is experiencing a significant shift in its real estate landscape, thanks to groundbreaking advancements in technology and changing living preferences. Here is a breakdown of what these changes mean for local landowners.  

It's no secret that North Idaho has become a beacon for people looking to escape the hustle and bustle of city life. "We're still seeing an influx of new residents who are motivated by political and social factors to move out of urban areas," said Jaclyn Wakefield, Broker/Owner of Northwest Land Group Wakefield Realty. However, what is new is that homebuyers who were once turned off by the idea of off-grid living are now reconsidering and investing in off-grid properties and land. This change is largely due to the accessibility of the internet provided by Starlink and the growing acceptance of remote work by employers.

This shift is swaying people to consider remote properties, but there are even more reasons why people are moving in this direction. Permitting restrictions are preventing buyers from building new homes within city limits. “Cities are imparting moratoriums that don’t allow any new builds to tap into city water or sewer until they can bolster the infrastructure," Jaclyn explains. Modern off-grid options now include efficient solar solutions, propane and DC appliances, and reliable internet access through Starlink. The increase in technology has been a game-changer for prospective home buyers.

For landowners, this trend means an opportunity to capitalize on their investments. Land prices in the area are rising, making it an attractive time to sell. "If you have money tied up in land that is not doing anything for you, now is a good time to sell and reinvest that money into an income property," Jaclyn advises. Utilizing a 1031 exchange can make this investment strategy even more beneficial.  

Many buyers are also looking for a "get out of Dodge" backup plan in the form of a second home. This trend, combined with the buyer mindset and flexible off-grid options, enhances the value of land in rural areas.  

Additionally, with the rise of off-grid consultation companies, like Off-Grid Unlimited in Boundary County, more people feel comfortable making the transition. These companies offer guidance and solutions that make living off the grid not just viable but attractive. This newfound confidence among buyers has driven up the value of rural land significantly. Jaclyn shared a compelling example: "A client bought a piece of land for $70,000 six years ago and just sold it for $250,000.” She adds, “The opportunity to capitalize on land value in North Idaho is unprecedented." 

Living off the grid does require some lifestyle adjustments, but the rewards are plentiful. "The way you do things in your home is going to change, and if you're willing to adapt, you’ll be happy," Jaclyn assures. Off-grid systems can come with built-in redundancies and backups, making them surprisingly reliable.

In conclusion, for landowners in North Idaho, the evolving real estate market presents a unique opportunity. With the rise of off-grid living supported by technological advancements like Starlink, now is an opportune moment to consider selling and reinvesting in income properties. The once-overlooked rural land is now in high demand.  

For more insights and professional advice on buying or selling land, visit Jaclyn Wakefield at Northwest Land Group Wakefield Realty (http://northwestlandgroup.com).