Janna Rankin Scharf, AB, CLHMS, GRI, PMN, SFR
This was a busy week with showings on all of my listings, and when the dust settled a couple of my sellers had strong contracts pending after receiving multiple offers.
What we are seeing in our Coeur d'Alene market is that there is fierce competition in certain niche markets, where inventory is low.
Highly sought after are horse properties, homes on small acreages, multi-family, and entry level homes suitable for first time home buyers and investors. Waterfront properties at affordable prices, particularly on navigable lakes and rivers, are always at a premium.
On Thursday I received three offers on a beautiful horse property I have for sale on Lancaster Road. By Friday we had a purchase and sale agreement for significantly more than the list price. We also have a great back-up offer waiting in the wings should something go sideways before we get to the closing table. I also had competing offers on a duplex I have for sale, and we are now under contract with a strong cash offer on that one, too.
If you are a buyer, it's important that you
be prepared to MOVE QUICKLY
once you have identified the home of your dreams.
Educate yourself on the market and have your finances in order. Don't be one of the many buyers who are singing the blues after losing out to a better prepared buyer who beat them to the punch.
To come out ahead in competitive situations, there are things you can do to strengthen your offer in several different areas. It's not always all about simply which offer is highest. I wrote about this a few months ago, Top 10 Ways to Strengthen Your Offer and Beat Out Competing Buyers. Make sure you are working with a savvy agent who knows how to get YOUR offer to the front of the line!
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