Boise Real Estate Demand Improves:
From where I’m standing, the demand to purchase Boise real estate is booming. The number of bank owned properties (foreclosures) and short sales are declining, but most of my clients have been going after these because of the low listing prices. I have written dozens of offers within the last month and in each case, multiple offers had been received and the seller has requested highest and best offer from each buyer. In each case, my clients were outbid. The market is changing and it reminds me of when the market was changing after the bubble burst. Back then, I had sellers who were having a hard time adjusting to the declining values and they did drop list price, but they followed the market down. If they would have been pro-active and dropped the price earlier, they most likely would have sold for thousands more than what they ended up with. Today, it’s the reverse. The market is improving and to make a good purchase and take advantage of the current low interest rates, I think the buyers need to be pro-active and when we get in these bidding wars, not bid to steal the property, but bid to get a good price.
With that said, I have clients wanting to buy. There are very few multi-family properties listed. So if you've been holding off, now may be a great time to list.
First Rate Property Management Vacancy:
Our vacancy rate for the last week of February 2012 is 2.4%. The weather is typical for this time of year, rain/snow/wind/chill with its usual effects on potential renters, yet inquires have picked up.
The graph below depicts gathered vacancy rate data to date, click to enlarge.
Tony A. Drost
First Rate Property Management, Inc
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