In Boise, Meridian & Nampa, Idaho it is a "Nobody's Market"
It's funny - I saw a news report a few weeks ago on our local television advertising it being a "Buyers' Market" here in the Treasure Valley. I thought that was funny, as about 75% of the offers I submitted this year proceeded into multiple counter offer and "highest and best" situations. That shouldn't happen in a "buyer's market." I have also had a number of offers that were put in for less than asking price and the sellers were sticklers and wanted full price. That also isn't typical for a "buyer's market." Plus, the time and frustrating of offering on short sales and waiting for bank approval certainly doesn't seem ideal for a "buyer's market."
I have had some frustrated buyers who had the misconception that it was a "Buyers' Market."
Then, about a week later I heard a report that said that inventory was at all time lows and that historically the amount of homes for sale indicated a strong "Sellers' Market." That's funny because nearly 50% of all sales in the Treasure Valley are distressed properties whether short sale or foreclosure. If it were indeed a "seller's market" I would think that less homeowners would be losing their homes to foreclosure, or having to short sell their homes. Or, for the traditional seller, they wouldn't have to put their homes on the market for rock bottom prices to compete with the distressed properties.
I can tell you for certain that sellers right now do not consider this a "Sellers' Market."
About a week after that I read an article that called the market here in the Treasure Valley "Nobody's Market." I actually thought that was a fantastic way to describe it. And if a buyers and sellers could think of it that way instead of having the preconceived ideas of what comes along with a buyer's market or a seller's market it would be easier for them to swallow the pill of how to deal with this market.
The truth is this:
Everybody wants a "deal" and there are a lot of buyers out there that don't feel like if they are paying full price for a home they have gotten a good deal. The fact of the matter is, home prices are low here in the Treasure Valley. There are some darn good deals to be had, even if you pay full asking price. And if there are 6 other people offering on the home at the same time, that can be a pretty good indication that the home is a decent price.
If you like a home, I will do a Comparative Market Analysis on it for you and we can determine how it is priced based on the comps. If it is overpriced or average and there are no offers, yes, a lower offer may be acceptable. If it is under-priced or priced really well to begin with and there are other offers on it, the chances of you winning the bid if you offer under asking price (even if you have cash) are pretty low.
On the other hand, look at it this way. Houses are priced really low and interest rates are too. Check out my other posts on these topics here and here. While you may be getting in the middle of multiple offer scenarios, do you really want to go back to renting? If not we will have to seriously discuss properties, their price based on comps and put in decent (and sometimes aggressive) offers to get you the home you want.
Sometimes short sales are priced really well (remember, often this price isn't "approved" yet), but you have to know what you are getting into waiting for short sales to be approved. I am very seasoned in selling short sales on both the listing side and the selling side so I can help you navigate the entire process.
This market is still tough, for both buyers and sellers. But, deals can be had if you have the right expectations. I can help you with that.
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