There are absolutely fabulous deals right now if you are looking to buy a home or investment property in Boise, Idaho. Prices are down, and sellers need to compete with short sales and REOs (bank-owned properties) if they want to sell. The question is how do you compare homes and find the real deal?
First, decide exactly what you are looking for. This "dream list" should include area, home features and size. Realize that you may not get everything on your list, but it is a place to start. Enlist the help of an experienced Realtor® who can help you find the homes you'll want to look at and begin your search. Your agent should also refer you to several lenders to get pre-qualified for a loan. The best deals definitely go to those who are prepared.
When comparing properties and prices, there are many things to keep in mind. Every home is different, and value must be measured keeping those differences in mind. Two 1500 square foot homes may have wildly different prices, but it doesn't mean that the less expensive of the two is the better deal.
The biggest factor affecting pricing is location. You will pay much more per square foot in East Boise or the North End than you will in West Boise. The next thing to consider is what updates have been made. If you are looking at an older house, have the electrical & plumbing systems been improved? Is the kitchen remodeled? The bathrooms? How old are the roof and the HVAC system? How much work (read money) will you need to put in to get the home into the shape you want? There are other factors that need to be considered as well. Your agent can help you identify and research these.
Once you have found the right property, it's time to craft an offer. This is where a good agent's skill really comes into play. A well-planned offer will save you money and frustration. Your agent should prepare a market analysis of the home. Together, you can study the comparables and decide what a reasonable price would be. You can discuss the best way to approach your offer by taking into consideration things like how long the property has been on the market, what competition it has and the condition it is in.
Your agent should present the offer and be prepared to negotiate on your behalf if there is a counter offer. She will also use those negotiating skills to get the seller to pay for repairs needed once the inspection has been completed. She will be able to discuss with you the pros and cons of asking for seller concessions and get you past small things that should not be deal breakers.
Just looking for the lowest priced home is not the way to find the best real estate deals. It takes work, but by teaming with a professional and doing some groundwork, you can find the perfect property and get it for a great price.
Comments(2)