Buying a home in Boise? Don't be surprised if you find yourself competing with multiple offers.
Boise's low inventory levels are causing a market conundrum. A slim selection of homes matched with a much fatter demand from buyers is leading to some not so fun competition for those looking at buying a home in Boise.
If you follow my blog, you may have noticed it has been over a month since I have written any new content This was not due to lack of ideas or lack of desire to write, but simply a lack of available time to blog given the busyness created by this month's market conditions. Over the past month I listed three homes. All three were pending within 11 days with multiple offers. Also this month, I have been working with four buyers, all of whom have had to rush out to look at a home within a day of it coming on the market just to give themselves an opportunity to see the property and determine if they want to make an offer before it is already sold. In both scenarios, the increased frequency of multiple offers has definitely been keeping me on my toes.
While competing offers excite me as a listing agent, they can be a huge frustration when working with buyers. If you are buying a home in Boise and are becoming flustered by the competitive nature of the process, here are a few tips that will hopefully help you in your fight for a home:
Watch the market and act fast! Make sure you are receiving daily listing updates of new homes on the market that match your criteria. (If you don't have that setup, contact me and I'd be happy get it going for you). When you see a listing come through that you like, let your agent know right away and get out to see it promptly. If you decide it is the right home, get your offer in quickly before other competing offers enter the scene.
Make your offer attractive from the start. In a market where well maintained and well priced homes are a hot commodity, sellers aren't as eager to jump on the first offer that comes across the table. In fact, in some cases, sellers are delaying their response to the initial buyer in hopes that another offer comes in and creates a multiple offer bidding war. To combat this, I suggest making a strong offer with a short response time as quickly as possible when the home you want comes on the market. If your initial offer provides the seller with what they want, they are more likely to accept your terms quickly and close the door to later offers that may have bid you up or out of the home.
Don't get over antsy or discouraged. There will be another opportunity. Competing with multiple offers when buying a home in Boise can create unnecessary stress and lead to expensive mistakes. If you miss out on a couple of properties, try not to become discouraged or to get over antsy about the next one that comes available Inventory will uptick as we move into Spring. The graph below shows this phenomenon already beginning. Although homes may continue to come on and off the market rather quickly (as depicted by the decreasing Days on Market presented in the graph), the increasing selection will present more opportunities for you to get a home. At the right time, things will come together, an offer will go through, and after a few days under the roof of your new abode, you'll find the frustrations of today's home search to be a dim and distant memory.
For more information on today's market conditions or on how I can help you navigate your way into a new home, give me a call at 208-861-5639 or send me an email. I'd love to visit with you more about your particular situation and encourage or assist you in your journey to accomplishing your real estate goals.