2019 Idaho Real Estate Blog

Buy a home in the winter to avoid bidding wars this spring Main Idaho Real Estate Insights

Many people want to wait til spring before they buy? They could buy now but for some reason they are just planning to really start looking in a few months. Why wait and secondly, you are going to save money and headache by buying now.

The main reason to buy in the winter is money! When spring arrives and you decide to join the hundreds if not thousands of people searching for a home each week, competition is fierce. You have to react quickly with a really good offer. If the home is a really good floorplan and well kept, expect to pay full price or possibly more just because the number of buyers is substancially more. If the home is below $400k, buyers are swarming and you will probably be part of a bidding war.

Some readers may be saying, I will not be part of that, we understand. The problem is that currently supply of homes for sale is low and is not expected to rise dramatically. The number of buyers will rise disproportiaonate to the number of homes for sale in the spring. Sometimes what will happen is that after 3 or 4 times of finding the right house and losing out, buyers get frustrated, really frustrated! The real estate agent has told them a number of times what it is going to take to win the house but to deaf ears because they want to stick to their guns. We have had a couple of clients who were in that really competetive price and went through this before getting serious about buying the home.

If you were to get serious right now, there are far few buyers looking. Most home buyers do not want to get out in the cold which is a huge advantage for you. Home sellers may not be seeing the crowds they are hoping to see so you are a welcome site. They are waiting your offer and it they are not expecting multiple offers. When they get your offer and the real estate agent lets them know that there are no other offers expected, your offer looks really good!

Another unintended consequence of a hot real estate market is that sellers get an unrealistic idea of what their home is worth in the spring. They hear stories or buyers paying thousands over asking price and so they raise the price of their home out the gate, even though it may not appraise for the bank.

Trey Langford- Idaho Builder & Developer Services
Trey Langford  Realtor
208.724.9636
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Posted by tlangford at 12/21/2017 10:04:00 PM
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Michelle Penick, Build Idaho Client Real Estate Services

Michelle Penick

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