Here are 5 things to know about our Boise Area Spring real estate market.
1) Low Listing Inventory
Finding the home you want in the Boise Area Spring real estate market will be challenging this year.
We’ve struggled with low listing inventory for the past 39 months in the Boise real estate market.
We currently have fewer than 1,200 homes for sale in all of Ada County.
Those listings include all price ranges and are spread over 17 MLS areas.
Roughly half of those listings are “to be built”, or “under construction” (phantom inventory).
Insider Secret: Some of those “to be built” listings are used as “bait” to lure buyers into build jobs and will not be built unless they get pre-sold.
2) Multiple Offer Bidding Wars
Don’t be surprised if you have to compete with other offers when you find the right home.
Multiple offers are common and often result in homes selling above the asking price.
Be prepared to act swiftly when you find the home you like.
If you like a home, someone else probably likes it too.
Don’t let yourself get swept up in an emotional decision and overpay in a bidding war.
Avoid waiving your home inspection rights, agreeing to pay more than appraised value, and agreeing to outbid all other offers.
There will always be another home if you don’t get this one!
3) Financing Pre-Approval
In our current market, you’re unlikely to have your offer accepted without pre-approved financing.
There’s a big difference between getting pre-approved and pre-qualified (pre-approved means underwritten upfront).
I recommend using a local, direct lender with all processing, underwriting, document preparation, and funding done locally vs. a large national lender with out-of-area processing.
Give me a call at (208)938-5533 if you’d like to know who I recommend.
4) More New Homes
We have a lot of new homes under construction throughout the Treasure Valley.
Considering new homes will provide more listings to choose from.
You may even be able to find the right home while it’s being built and choose your colors and other components.
A new home will have a warranty, be more energy-efficient, and have that enticing new home aroma!
5) More Real Estate Agents
Be prepared to encounter a lot of eager, new real estate agents.
The (mis)perception of easy money has resulted in nearly 6,000 real estate agents in the Boise Area.
We actually have ten times as many agents as existing homes for sale now, which means we have a lot of starving, struggling agents who are eager to make a sale.
Beware of agents who are learning on the job and have little, or no, real estate experience.
Find an experienced agent to guide you through the complex home-buying process.
You need a counselor/advisor; not an agent eager to “close the deal”.
Run away from agents who focus on overcoming objections and telling you every home you see is a great deal.
Give me a call at (208)938-5533 or e-mail me if you would like my help!