The Buzz Word from real estate buyers around the Treasure Valley is “Frustration”.
Buyers are really frustrated. They are finding amazing deals, making offers, and then find out a couple of days later they were out bid.
This cycle continues for many buyers 3,4,5 or more times before they decide to make an offer well above the list price.
Ask any buyer who is shopping for homes in this Valley and they talk about bidding wars, and multiple offer scenarios.
It is frustrating for buyers to have make decisions as if they were in a seller’s market. Where they have to rush out to see a home AND have to quickly decide if they will make an offer over asking price.
Well the reason it feels like it is a seller’s market, is because it is a seller’s market for these well priced foreclosure deals.
Most ALL of the home buyers are focused on the best foreclosure deals in each price range.
To make it worse, many foreclosure listings are priced far below the market value, which incites a riot of offers on the property, and ultimately pushes the sell price of the home back up to where it should have been listed in first place.
My recommendation to all the home buyers out there right now is that when you find that perfect home for you and your family, don’t mess around, take swift and bold action, make an offer based on what you think it is worth, and not what it is listed at to have the best chance of success in this market.
Until next week, I am Mike Turner, with Front Street Brokers, and this has been your Real Estate Minute.