While we may still be in a buyer's market overall-there is no question that Boise homes in the less than $150,000 range are a seller's dream. While home prices may not be rising substantially yet, low end Boise real estate is moving so quickly it's hard to buy without paying higher than listing price.
Since 2005, I have been one of Boise's busiest buyer representatives. The last four months have been the hardest months my buyers have endured since the national real estate market peaked in 2006.
Five of my past seven home buyers have had to compete in multiple bids. In real estate, a multiple bid request is issued when two or more potential homebuyers put in an offer virtually simultaneously. Most listing agents will ask all bidders to submit their "highest and best offer." Typically in those situations, the final home price ends up above list price.
In one case, my buyer ended up being one of 13 bids. (With a bit of strategy and a lot of luck, we won that bid-beating out the next bidder by only $300.) In another case, the winning home buyer ended up paying $16,000 above list price (while still paying under $100,000.
Don't be surprised: If you're buying a Boise starter home plan on a bidding war. While that usually makes homebuyers pretty upset, it's better to know what to expect than to be caught unaware. On the listing side, two of my last three homes sold at or above full price and were under contract within two days. Things are definitely cooking'-at least in the Boise starter home market.
Why are Boise home sellers in the driver's seat while home buyers find themselves in the real estate gladiator pit? Three reasons the Boise real estate market is so hot for new buyers: 1. Interest rates are very low. 2. It's Summer-In the Boise real estate market summer is always a seller's market because lots of families want to buy before school begins. 3. The Boise real estate market is so choked by short sales and foreclosures that the whole market is now at the "distressed" home price.
So what do you do if you are a buyer? First, remain persistent and work smart. Register for a service that emails new listings your way on a daily basis. Secondly, don't dawdle. Right now, you can't expect to win while waiting a few days to make a final decision.
Todd McCauley is an owner/agent of Eagle Rock Properties, a brokerage servicing the Boise real estate market. He has been a top producer for several consecutive years and, in addition to closing hundreds of traditional real estate transactions, he is very experienced with rent to own and lease purchase contracts.
Since 2005, I have been one of Boise's busiest buyer representatives. The last four months have been the hardest months my buyers have endured since the national real estate market peaked in 2006.
Five of my past seven home buyers have had to compete in multiple bids. In real estate, a multiple bid request is issued when two or more potential homebuyers put in an offer virtually simultaneously. Most listing agents will ask all bidders to submit their "highest and best offer." Typically in those situations, the final home price ends up above list price.
In one case, my buyer ended up being one of 13 bids. (With a bit of strategy and a lot of luck, we won that bid-beating out the next bidder by only $300.) In another case, the winning home buyer ended up paying $16,000 above list price (while still paying under $100,000.
Don't be surprised: If you're buying a Boise starter home plan on a bidding war. While that usually makes homebuyers pretty upset, it's better to know what to expect than to be caught unaware. On the listing side, two of my last three homes sold at or above full price and were under contract within two days. Things are definitely cooking'-at least in the Boise starter home market.
Why are Boise home sellers in the driver's seat while home buyers find themselves in the real estate gladiator pit? Three reasons the Boise real estate market is so hot for new buyers: 1. Interest rates are very low. 2. It's Summer-In the Boise real estate market summer is always a seller's market because lots of families want to buy before school begins. 3. The Boise real estate market is so choked by short sales and foreclosures that the whole market is now at the "distressed" home price.
So what do you do if you are a buyer? First, remain persistent and work smart. Register for a service that emails new listings your way on a daily basis. Secondly, don't dawdle. Right now, you can't expect to win while waiting a few days to make a final decision.
Todd McCauley is an owner/agent of Eagle Rock Properties, a brokerage servicing the Boise real estate market. He has been a top producer for several consecutive years and, in addition to closing hundreds of traditional real estate transactions, he is very experienced with rent to own and lease purchase contracts.
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