on Wednesday, July 10th, 2013 at 10:49am.
If you're finally ready to hit the Idaho real estate market this summer, you'll need to get acquainted with the rules of the game.
If you want a new home in Boise, Idaho this year, you'll need to jump on new listings at a faster pace than previously. The trend of tight inventory and slim pickings across the country has heated up various markets, and Boise is no exception. So, if you're ready to find the home of your dreams this year, whether you're looking to Boise, Meridian, Nampa, Kuna, Caldwell, or any of the other communities in and around the Treasure Valley – prepare yourself with a strategy.
Amidst bidding wars and low mortgage rates, the market today is red hot. As you prepare to do a little Idaho home shopping, as with anything, it's important to have the right tools in your belt to tackle the job successfully, and we can help get you there. The good news is that the 30 year fixed mortgage rate is still hovering at lower levels despite rates that have been slowly inching upward. But the American housing market, especially throughout the west and mid-western states, hasn't been negatively impacted. According to the most recent report from the Standard & Poor's Case Shiller home price index, a 12 percent increase in prices across 20 cities from April of last year to April of this year showed the largest gain since 2006.
Rates still remain at historic lows, but because of the upward trend, it means that many home buyers will feel encouraged to make a deal on a home before further increases come their way.
It is not uncommon in Boise Idaho's market for a well priced home to receive multiple offers on the first few days of its listing. But don't let this deter you – with the confidence and the right know-how, you can beat your competitors. To compete in a bidding war with any chance of success, you first must educate yourself with property values in the neighborhood you're interested in, as well as be financially prepared to take on the home. The number one thing that's going to get those keys in your hand is to have every bit of the financial legwork done before you even begin to look. When you're ready to take on a bidding war, you'll have everything the lender requires completed, as well as a pre-approval letter in hand.
To further compete and stand out among other eager buyers, make a fast, personalized offer. The best way to do this is to have your eyes peeled on the Idaho market. With our quick and easy home search, you can gain quick access to the latest properties added. Take a look at listings the day they become available so you can move faster than the competition. Also, find out the things that are motivating the seller and be willing to work those into your offer. Even a personal note stating all the reasons you love the home can be a big help. If it means that your offer stands out above five or ten others – it's well worth any sacrifice you may have to make.
The pickings aren't what they used to be. According to Forbes, as of this past February, a little less than 2 million homes were available on the market nationwide, which represents a supply of less than five months. When a 6 months' supply of homes is considered normal, we've come up short – and that means it's harder to nab the home you want. Some markets even have a supply of fewer than 3 months. But the good news is that rising home prices will likely pave the way for new construction homes and urge sellers who are sitting on the fence to finally emerge. If you're among the serious buyers out there, this is the time to be more prepared than ever before and be ready to move fast. When it's all said and done, sellers always choose the buyers who lay down the best offer with the least amount of hassle involved.
And for sellers, there is still caution when it comes to naming any price they want – there are still guidelines to be followed. Even in a market with tight inventory, the homes with higher listing prices risk staying on the market longer, and homes with low prices risk crowds with low-ball offers.
With such a tight inventory with existing, move in ready homes throughout the valley, it means that more folks are turning to new construction. There's nothing quite like the experience of having your own home built – the feeling that comes with knowing you're the first to use the property is one of the greatest benefits of new construction. In Boise and the surrounding area, new developments are cropping up with beautiful and affordable options. Because of the exciting and sometimes overwhelming process of building your own home, our team of new home specialists are here to help you jump through the hoops and ensure you have a wonderful experience.
With just a slight supply of properties for sale it's more important than ever to enlist the services of a resourceful Realtor to experience a successful home purchase or sale. Real estate carries its own language even when the market is flourishing with available homes, and unless you speak the language it can be very difficult to navigate it alone. Also, some properties may be available but not actively advertised. If the best home for you falls under this category, your agent will be able to find it, all while providing you with his/her talented negotiating experience.
Looking for the right home for sale in Boise, Meridian, or Nampa? We specialize in helping you buy or sell homes anywhere in the Treasure Valley with an outstanding and talented team of professionals. Give us a call at (208) 571-7145 anytime to begin your search.