Pulse is a recurring column where we ask for readers’ takes on varying topics in a weekly survey and report back with our findings.
In a market on steroids, fierce competition over dwindling inventory adds an extra layer of stress on top of the already stressful homebuying process. Getting into a bidding war with other prospective buyers on the house of your dreams can lead to a rollercoaster of emotions.
So what are agents doing to help buyers prepare for this reality and how are they handling this common buyer objection? That’s the question we asked last week. Here’s what you had to say about preparing for and navigating multiple-offer scenarios:
- Don’t sugarcoat it. No one will thank you for it anyway. I lay out exactly what they are faced with current anecdotes. If a buyer survives my storytelling they might have a chance of buying a home.
- Setting expectations early.
- Selling new construction.
- You can buy now and get into a bidding war. Or you can wait, at which time prices may be higher, the same or low. We can all agree that the future is uncertain. What we do know is that Idaho is the No. 1 destination for buyers on the move. Sun Valley was voted the No. 1 ski resort in the country by Ski magazine, yet Sun Valley as of year-end 2020 had the most reasonable real estate prices of any ski resort in the Rocky Mountains. Additionally, our airport just lowered the ceiling so we are seeing fewer diversions for bad weather — in other words, it’s easier to get in and out of Sun Valley now, which makes our community more attractive for people who can telecommute part-time. Add in low interest rates, the great wealth that has been created in the past ten years, and all the buyers fleeing urban areas because of COVID-19, high taxes and civil unrest. All of these elements make our small community of the Wood River Valley and Sun Valley more attractive to buyers moving from California or Seattle, and points beyond. Only you can decide what buying a home in our community means to you? Our market has changed in the past year and I think Sun Valley has been “discovered,” which makes me wonder if our increased prices are here to stay. This may be the time to jump in or regret it later. I know it’s a hard decision, and nobody has a crystal ball. Do you want to spend the summer hiking, fishing, and camping, or do you want to spend the summer watching prices continue to increase?
What did we miss? Please share your thoughts in the comments section below.
Editor’s note: These responses were given anonymously and, therefore, are not attributed to anyone specifically. Responses were also edited for grammar and clarity. Inman doesn’t endorse any specific method and regulations may vary from state to state.
