Hard money lenders can provide edge in competitive market

What defines a hot housing market? Property bidding wars.

Idaho’s Ada County is experiencing record high housing prices as the diverse, highly desirable region continues to attract enthusiastic home buyers.

As reported by the Idaho Statesman, June saw a 10% increase in existing home prices in Ada County compared to June of 2015, and an increase of almost 20% in pending sales and decrease of inventory of almost 23%, leading to multiple same-day offers.

The news, of course, is mixed depending on whether you’re looking to sell or purchase a property. It’s a seller’s market. As a buyer, the ability to move fast from viewings to financing can make the difference between attaining that dream property or losing out.

How to win in a hot housing market

You can increase your odds of real estate success by following a few simple steps:

1. Show them the money. Make a down payment larger than 20% or offer a substantial earnest money deposit. (Need the cash? Talk to us about a private money equity loan on your existing property.)
2. Make it personal. Write a letter to the seller sharing what you love about the property and express your desires to care for and maintain it.
3. Reduce roadblocks. Keep contingencies and demands to a minimum. Provided you’re OK with the possibility of losing a deposit or covering repairs upon purchase, it can be worth the risk in a competitive market.
4. Keep in touch. You may not be the highest bidder, but deals often fall through. Stay abreast of any property you have interest in and ready to take action until the sale is a sure thing. You just may end up being the lucky winner in the end.

We offer easy financing in hot real estate markets like Idaho’s beautiful Ada County with fast, friendly-term private money loans. Give our Gregory M. Russell hard money lending team a call to learn more.