How to Buy in Boise's Hot Market
Updated: Dec 26, 2020
The market in Boise is still going strong and definitely in the Seller's favor. With historically low existing home inventory and remaining one of the fastest-growing cities in the US, home buyers are finding themselves frustrated in the Boise home buying experience.
Bidding wars, rent backs, cash offers, and short closings have become the norm in the Valley. Many buyers can become quickly disappointed after making an offer, and a good one, only to find out they were outbid or didn't get their offer in on time.
This short tutorial outlines some of the best practices when buying a home that can make one offer stand out from another when multiple offers are at play. After watching the video above come back to the article for some helpful home buying in Boise tips:
1. Get your financing in order before you start home shopping. This is essential and can save you a lot of time and frustration. True, it's not as fun as looking online at Zillow or your realtor's MLS portal, but its a must. Once you know how much you can afford then the shopping begins, but make sure to go with a local Idaho lender when possible. Seller's and their Real Estate Agents often feel more confident accepting an offer of a buyer that is using a reputable local lender for their financing. You may have a great offer, but with an out of state lender or large corporate financial institution as your lender you risk having your offer passed over.
2. Narrow down your search. With all the technology today and due to the COVID-19 situation touring a home online has never been easier. Study the home features and what you must-have in your future home and what you can live without.
Visiting homes can be fun, but it can be overwhelming and soon one home begins to look like another. With your realtor sit down and pick your favorite 5 or 10 homes and discuss what you love and what you are not sure about for each home. This will save you time and help keep you focused when you finally get out to visit the homes.
3. Prepare to make an offer quickly if you like a home. Homes in this market at the average price are selling within a few days, some go in the first 24 hours. Plan on visiting the home as soon as it hits the market and being prepared to write an offer the same day/evening.
You will need to have discussed earnest money, or a deposit you feel comfortable putting down and have it readily available. Typically earnest money is 1%, but to be competitive putting a little more skin in the game can make your offer stand out.
Have a personal letter template prepared to tell the sellers why you are looking for a home in the area (make sure your letter is within the Fair Housing Act guidelines). Explain your employment or some details demonstrating why you are a solid financial buyer. Due to COVID-19 and the financial situation, many are concerned about buyers losing their job while trying to purchase, so a letter can go a long way. Once you pick the house add a few features about the home that you love and tell the seller why you love them. Pulling those heartstrings can make a big difference to a seller when reviewing multiple offers. Personally, I've had multiple clients get their offer accepted over a higher-priced offer because of a personal letter.
4. Hire a real estate professional with experience helping Buyers be successful. You may have everything in order, but if your agent doesn't find out the right information about what the sellers are looking for you may end up not making the right offer. As a realtor working often with buyers I dig as much as possible, before writing an offer, to try to really understand what the seller is looking for in an offer. Is timing the key factor? Price? Do the sellers need to rent back the house while they shop for their own house? There are a lot of little things that you can include in an offer to make your offer the best choice for the seller.
Would you like to know how to start your own home buying process in Boise and the surrounding area? I've been successfully helping individuals and families buy in the area for several years and have a fantastic success rate of getting buyers offers accepted on their first or second attempt. Give me a call and let's start your search. (208) 509-9122.