MULTIPLE OFFERS IN THE TREASURE VALLEY
Brett and I have been reporting on this for a few months now. It’s getting extremely frustrating for our Buyers. It’s “multiple offers” and it is almost as if it is an expectation right now when bidding on a home under $200,000 in Eagle or Meridian. (No, I don’t know where all the Buyers are coming from. Many of ours are from out of state.)
Buyers are becoming frustrated in that great bank deals and REOs are to be found, yet most times the Buyers are competing with a large number (as in like 5 or more) other Buyers. And the hard part is with agents asking for a “highest and best” it’s like the Buyers are bidding against themselves as no one knows what the others are offering — only to lose out in most cases to either a cash offer or higher bidder.
I have had clients that this has happened to 8 times in one case and 6 times in another. Finding them homes has been a 3 or 4 month process, not to mention very time consuming and frustrating for them.
Ask around the Boise Area and you will hear story after story about multiple offer request and outright bidding wars. One thing is Buyers still think like they are in control – in fact we are in a “Seller’s Market” by classical definition in the lower price ranges. A few of my Buyers have visited homes in the first day and had to wait outside while other parties finished their showings. This, and low pricing, create an urgency with Buyers and cause run up in prices and final offers over asking price. The banks have learned the game and are pricing new REOs about 5% under market on purpose.
Call Brett or I to talk about this in person at 888-506-2234 or email at comments@boisecribs.com.