Boise, Idaho is experiencing a seller’s real estate market, meaning that there is a good chance that the Boise home you would like to live in may receive multiple offers. When purchasing a home in a seller’s market, it is important to keep the following tips in mind:
Do Not Offer Less Than the Listing Price
In a seller’s market, the seller does have more negotiating power and, with multiple offers being made, bidding too low may be the factor that causes the buyer to ignore your offer. Have your real estate agent help you determine the fairest bid price.
Include a Preapproval Letter with Offer
Sellers are typically most interested in buyers who can close quickly. They do not want the transaction to be held up due to financing problems. You can make your offer much more appealing by including documentation that shows proof of funds, as well as a preapproval letter from your lender.
Have Your Agent Contact the Listing Agent
Your real estate agent can contact the listing agent and learn details regarding what the agent and seller are looking for in an offer; this would include how the listing agent would like the offer prepared. The listing agent will appreciate that you and your agent have taken the time to prepare an offer that best meet the seller’s expectations. This very simple correspondence can help you determine the fairest offer that will still be highly appealing to the buyer.
Realize That the Markets Change
Real estate markets change fairly frequently, sometimes subtly or drastically. The buyer’s strategy must be ready to change in response to these fluctuations. Since buyers typically only monitor the markets during the immediate time when they want to purchase a property, they may not be aware of the larger trends. This is why it is essential to communicate with a realtor in order to be able to better understand how to optimize opportunities in the market.