Well my last blog told of my recent experience getting a Boise home that had 20 offers on it! Today I found some more encouraging news for the Boise Real Estate trend. Realtor.com listed Boise SECOND on its list of the top ten turn around cities for real estate. It says: "
"Boise City, ID: Number eight on the turnaround report, Boise has seen a year-over-year inventory count decrease of more than 40 percent, according to Realtor.com October real estate data. Also, the market has experienced a median list price increase of more than 14 percent, and a more than 23 percent drop in median age of inventory. Further, new foreclosures counts have decreased since January." (Realtor.com)
For the full report see http://www.realtor.com/blogs/2011/11/17/top-ten-turnaround-towns-midwestwest-edition
Although this is encouraging it is getting frustrating for first time home buyers trying to buy a Boise home! It is more important than ever to have an experienced Realtor to help you find and buy a Boise home. As I said in my last blog, the house we got had a list price of $82,650. On the forth day on the market there were over 10 offers. Ours was the 10th. There were 20 by the time it was done! There were several factors that made or offer successful. 1. We did a thorough market analysis. 2. We were realistic and made an offer that was still a good deal for us but it was substantially higher than the asking price. 3. It was a clean offer with no closing costs asked for. 4. We had a loan commitment letter from a LOCAL lender who is well know and reliable and doesn't send pre-approval letters before consulting with an underwriter. 4. We had a good earnest money deposit. 5. We had proof of funds for the down payment.
Realtors and buyers alike get frustrated after several failed offers. They are bewildered because this is suppose to be a buyers market. But Boise home inventories are dropping. Interest is low and there are a lot of investors competing for property.
If you are a buyer you need a top notch easy to use web site. That would be www.BoiseMeridianRealEstate.com. And you need a good experienced Realtor. You need to chose a Realtor who you trust and stick with him or her. You will get top notch service if your agent knows he or she will be your agent when you pull the trigger.
So get ready. Everything that I have experienced recently makes me believe this article. Boise expected to be a top turn around city is probably very true. It is a great place to live, low property taxes, potential for the economy to start roaring back and pro growth politicians.
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