Boise Real Estate market is changing for buyers >> Is your offer safe?

George Tallabas — Fri, 05 Mar 2010 01:22:00 GMT

The Boise Real Estate market and the surrounding Treasure Valley has been hit by something that we have not seen for a few years. All of a sudden we have been hit by the "Multiple Offer Effect". Many of the REO's or "Real Estate Owned" by mortgage lenders have hit such low prices that it has attracted many Idaho Home Buyers after the same property and it has caused a bidding war on many of these homes. Not only has the low prices of many of these homes caused such a frenzy but the Federal Tax Credit is in it's final months of existance has caused many Idaho Home buyers to take action because of the looming deadline.

So how do buyers handle this new market that has seen the Boise Real Estate market and the Treasure Valley real estate market change from what was a depressed real estate market flooded with Idaho Short Sales and Bank owned properties to this new multiple offer frenzy? First make sure that when you obtain a list of homes from your Idaho Real Estate Professional that you have your agent call in advance on all listings that say "Active". The reason for this is that many banks will accept offers but the change may not go into the computer for several days later. This is because banks have their own documents that need to be signed but it make take them days to get those documents to the buyer. Regardless, when the banks commit to an offer verbally in their mind the property is sold. I recently phoned on an REO home that was advertised as "Active" in the MLS but had 4 offers on the table and one of the offers had been accepted by the bank one day prior.

I have also recently seen many buyers that have been exposed to great deals on some of these REO homes but still want to "Bargain" because everyone wants a good deal right? The problem with this is that if the home is already a great deal several other buyers will see that it is a great deal as well and will submit reasonable offers. If one or more buyers submit reasonable offers and you submit a low ball offer who do you think will win out? If buyers play this low ball offer game too long they could easily get discouraged and feel they are never going to buy a home. So how do you know if a home is a good deal or not? Have your Idaho Real Estate Professional run comparable sales for the past 6 months on any home your are interested in. This report will show you the average days on the market, average selling prices and average selling prices per square foot. By looking at these reports you can easily see if you are paying a fair market price for any home.

Theare are many Boise ID homes for sale that are still a great buy and these great buys extend across the Treasure Valley. Just do your homework, be patient and smart and you will find one of these great deals that still exist. To get started on your own home search click Boise Real Esate Search

Questions? Call me directly at 208-880-2333

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Boise Real Estate market is changing for buyers >> Is your offer safe?