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Boise Idaho Home Buying >> The ABC's of buying a home

The news is loud and clear.  Home prices across the country are falling and this has become a home buyer's paradise. Boise Idaho Real Estate is no exception.  As of the writing of this blog there are 929 homes listed in Ada County between $100,000 and $200,000.   This is the highest inventory of homes that I can remember in the 27 plus years I have been a licensed Realtor.

To take advantage of the opportunities that exist there are some things you must consider when you make the decision to become a homeowner.

1) Get loan approval, not just pre-qualified. There is a big difference between the two.  Pre-qualified simply means you could possibly qualify for a loan.  Pre-approved means you are good to go and are a strong buyer.  It also means that your credit and income and job status qualify you as a strong buyer.  Just because you call an 800 number and someone tells you that you qualify for a loan, it does not mean you are.  Work with a local and reputable lender and you will be ahead of the game and save money. Click here to get pre-approved

2) Work with a good Idaho Realtor that has good IDX Idaho Real Estate Search capability on his/her website.  This technology not only allows you to search all of the homes listed by all MLS Realtors in your area but a good program will allow you to type in the parameters of the home you are looking for.  After you have set up your search the Realtors website will automatically email you new listings as they come on the market.  This is better than print advertising that is old by the time you, the consumer has it in your hands. Click here to Search Southwest Idaho Real Estate.

3) Don't' shop for a Realtor like you would shop for a car or washer/dryer by going to many different real estate offices.  The truth is that when you find a GOOD Realtor they will work hard for you if they know you are committed to working with them.  Work with 5 different Realtors and I can assure you that you will not get the attention and effort you would if you chose one good Realtor.

4) Earnest money and your approval letter mean something.  When you have found the home you are serious about purchasing make sure and pay a reasonable and sound earnest money of $500 to $2,000 depending on the price of the home.  $500 is the norm up to around $150,000 and $1,000 or more is the norm for anything over $150,000.  This is not ground in stone.  The more earnest money you offer the more serious your offer will be considered.  Don't be surprised if you are asked to make your earnest money non-refundable after a home inspection has been completed.  The seller in many cases buys another home and makes plans to vacate his/her home for you and needs to know that you are serious about honoring the contract you have signed to purchase thier home.

5) A good Realtor will show you market data that shows you how many homes are in available within the parameters you have chosen.  They will also show you the average days on the market and the average listed and sold price per square foot.  This is valuable information because it shows you how many homes are ACTIVE, SOLD, PENDING, EXPIRED & WITHDRAWN.  These reports are a "Report Card" of the market activity and can help you decide on a reasonable price to offer.

6) Home inspections are for your education, not to tear a home down.  What I mean by this is that home inspectors are not hired to tear a home down.  They are hired to educate you the buyer to the most important hazardous or overly expensive repairs to be done.  A good home inspector will explain the difference between necessary and important issues and those which are less important and can be addressed over the years to come.

Take these tips to heart and you will be well on your way to purchasing the home you truly deserve in the Boise Idaho market.

 Posted By: George Tallabas - Boise Idaho Real Estate Agent - Associate Broker 
with RE/MAX Advantage, Canyon Counties #1 Brokerage in sales and listings
specializing in Boise Idaho Real Estate and Southwest Idaho Real Estate.

 

Native Idahoan and Boise Idaho Real Estate specialist serving Boise, Meridian Eagle, Nampa, Caldwell and the surrounding Treasure valley area of southwest Idaho. Specializing in residential, investment, land and commercial real estate. Search thousands of MLS listings at Boise Homes for sale and learn all about Idaho by visiting Search Idaho Homes

Comment balloon 2 commentsGeorge Tallabas • August 28 2007 12:16PM

Comments

Regarding get a loan approval, you might want to ad; call on the loan approval every Monday to make sure it is still valid.
Posted by Beth Bastian, Simi Valley Real Estate (Rosemont Financial Inc) over 11 years ago
Beth - Thank you my friend.  Yes, a true loan approval is a must.  Thanks for the comment and I hope all is well.
Posted by George Tallabas, Idaho Real Estate (RE/MAX Advantage) over 11 years ago

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