The Treasure Valley housing market is hot, and it’s only getting hotter. In February 2023, the median home price in Boise reached $565,000, an increase of over 30% from February 2022. With so many buyers competing for a limited number of homes, it’s no wonder that multiple offers are becoming the norm.

If you’re a homebuyer in the Treasure Valley, it’s important to know how to navigate the multiple-offer process. Here are a few tips:

1. Be prepared to act fast.

When a home you’re interested in goes on the market, you need to be prepared to move quickly. This means having your financing in order and being ready to make an offer as soon as possible.

2. Your offer should be competitive.

In a multiple-offer situation, you’ll need to make an offer that’s competitive with the other bids. This means offering a high price and waiving contingencies, such as the home inspection and appraisal.

3. Be prepared to negotiate.

Even if you make a strong offer, it’s still possible that you’ll be outbid. If this happens, don’t be afraid to negotiate with the seller. You may be able to get the seller to come down on their price or to agree to terms that are more favorable to you.

4. Don’t give up.

The Treasure Valley housing market is competitive, but it’s not impossible to find a home. If you’re persistent and you’re willing to work hard, you’ll eventually find the perfect home for you.

Here are a few additional tips for navigating the multiple-offer process in the Treasure Valley:

• Work with a real estate agent who is familiar with the local market and who can help you navigate the process.
• Get pre-approved for a mortgage before you start looking for a home. This will show sellers that you’re serious about buying a home and that you’re financially qualified.
• Be prepared to make a personal connection with the seller. This could mean writing a letter about why you love the home and why you’d be a good fit for the neighborhood.
• Don’t be afraid to use a buyer’s agent. A buyer’s agent can represent your interests and help you negotiate the best possible price for a home.

Navigating the multiple-offer process in the Treasure Valley can be challenging, but it’s not impossible. By following these tips, you can increase your chances of finding the perfect home for you.

Resources

• How to Navigate Multiple Offers in a Hot Market (Redfin)
• How to Win a Bidding War (Realtor.com)
• Multiple Offers: How to Win a Bidding War (NAR)