Especially for first time homebuyers, it can be very disheartening to submit an offer to purchase a dream home, only to learn that the offer is just one of many being made for that property. In the increasingly competitive Boise real estate market, this is happening very frequently. Here are a few tips for buyers competing for houses.
1. Put Your Best Price Forward
Before you submit an offer, have your realtor perform a comparative market analysis. This analysis will help you determine what a truly fair price would be for the property, given Boise market conditions. Your realtor can help you determine an offering price that will be both attractive to the buyer, and fair to you, which could not only help you win a bid war, but may also reduce the negotiation process.
2. Make it Easier for the Seller to Move
Allowing the seller to have a penalty-free period after closing to move into a new house can be a very small detail that helps you win the bidding war. Sellers that are receiving multiple offers typically appreciate the opportunity to sell their homes quickly, but can be put under a lot of pressure to move quickly as well. They will often notice buyers who are willing to give some slack and postpone buyer possession.
3. Prove That You Are a Qualified Buyer
Listing agents and homebuyers are not just interested in finding multiple buyers; they want high-quality buyers. There are many different ways that you can prove to be a high-quality buyer, which include ensuring that you have included all necessary information within your offer, and including a preapproval letter from your financing source. Remember, a preapproval letter that is dated and shows preapproval for the full amount is much more persuasive than just a prequalified letter.