The meaning of "buyers market":
What many buyers "assume" Buyers Market means: ( and you know what assuming does) "Everyone tells me this is a buyers market, that means I call the shots. It also means that time is on my side, and that I'm in the negotiating seat. It also means that there are so many homes on the market, that I can take my time, worry about financing down the road when I find the right house, and then because I'm the only one looking at it, I'll offer extremely low and work my way up till we find a middle ground."
THE ABOVE ASSUMPTION CAN NOT BE FARTHER FROM THE TRUTH!!!
If you or anyone you know has this mentality, there is a good chance that when they do find the "perfect house", by the time the act on it, it will already be gone!
What Buyers Market "REALLY" means in the Treasure Valley Market:
1. There are a lot of homes to look at on the market, BUT "the 'GOOD STUFF' on this market does not last,and is gone fast!
2. It is very common that when something new comes on the market and is in even remotely good shape, there will be multiple offers on it instantly. THERE ARE LOTS OF BUYERS OUT THERE, and also lots of INVERSTORS (rental vacancies are at an all-time low, investors know how profitable rentals are right now) and they all want the some great deal you do!
3. Many REO and Short Sale homes will not even look at an offer without a "letter of loan commitment" from your lender or "proof of funds" from your bank. So if you wait to have your financing ducks in a row before you find the "right house" there is a very good chance that property will go pending in the amount of time it takes you do organize your financing.
4. The buyers negotiating "drivers seat" is instantly lost once there are multiple offers on a property. In fact, most listing agents will give all parties a shot at coming in with their "highest and best" offer. And if you are not at the top among all the offers, plan on continue looking at more homes....again.
In short, as a buyer you need to be PREPARED! Plan on what you want in a home, know what that is before going in. Have all your financial ducks in a row a head of time. And then when you find something that fits your criteria, MOVE ON IT! The longer you wait the less likely you will get the "deal" and the home that is going to fit you and your family the best.
As i said before " The 'good stuff' on the market, DOES NOT LAST, and is GONE FAST"
As an experienced realtor in the Treasure Valley Market, I'm here to help you or your friends know what a good deal is, and then help them feel comfortable to act on it once they do!