Boise, Idaho has been at the top of “hot market” lists for years. In this video, the Pettitt Group’s Andrea Pettitt and Chris Fuhrman breakdown the process of buying and selling in a busy market – whether you’re the buyer or the seller.
Andrea Pettitt: Hi, I’m Andrea Pettitt with the Pettitt Group.
Chris Fuhrman: And I’m Chris Fuhrman with the Pettitt Group.
Andrea Pettitt: And we’re here to talk to you today a little bit about our current hot real estate markets.
Chris Fuhrman: One of the most important things when you say that, Andrea, comes to me is that that preapproval, which is always all important part of the process, you need to know if that’s in your budget. But more importantly, it’s a requirement for participating in the market and for the seller and the seller’s going to require that.
Andrea Pettitt: Absolutely. Like you might know, I have an 800 credit score. I’ve got $200,000 in the bank. We make a ton of money, we’re fine, we’re fine. We can get a mortgage.
Chris Fuhrman: You qualify.
Andrea Pettitt: And we want you to be prepared. We know the consumer is looking at houses way in advance of actually buying one. We know that there are stalking. There’s a whole cable TV channel dedicated to people looking at houses basically. And so it’s fun, right? This is the way we love our jobs. However, sometimes a buyer can get ahead of themselves. And have you ever had somebody fall in love with a house?
Chris Fuhrman: They fall in love with the house, they don’t have a preapproval and the next thing you know they’re losing the house because that is the very first step.
Andrea Pettitt: And we prefer that we get our ducks in a row and are prepared in this hot market to not lose a house be your first step in the process.
Chris Fuhrman: And so talking to, if you need a referral for a lender, we are happy to refer people who’ve done a great job for clients in the past. We’ve found that working with a local lender actually gives you an advantage because the seller can… It’s just more appealing to the seller. They know that the lender that you’re working with is familiar with the laws and the customs of our particular market.
Andrea Pettitt: Yeah, and on the seller side, because I work typically with listings, and I’m on the other side of the table of those multiple offers all the time. And what I’m doing is every buyer, I’m putting together a spreadsheet for the seller and we’re summarizing each offer in all of the terms. And one thing a seller is looking at is, did the buyer send over everything that they needed to send? Did they get all the paperwork over?
Chris Fuhrman: I agree. And I don’t know what your experiences with the agents that give you a call, Andrea, but I find that it actually starts even before I go to show that property. I’m calling, creating that relationship with the seller’s agent if I can. It’s a busy market, but starting that relationship at the very beginning, even before we’re sitting down to write an offer so that I can help the buyer create an offer that meets their needs first, but will fit nicely into the seller’s situations so that they can rise to the top.
Andrea Pettitt: You know what, Chris? I was thinking a little bit about relationships in the marketplace with our peers and colleagues. So I know working with you for the last 10 years that when I say to somebody, “Chris Fuhrman,” that automatically means to them, it means integrity and it means competence, and it means being really, really skilled at what you do to help your buyers come out winning in the process. And what do you think about those collegial relationships that we have with the agents in our valley?
Chris Fuhrman: I think they’re all important. I have agents, seller agents, cue me in to the fact that we have had offers accepted because they knew who they were working with. I think when a seller knows that they’re working with an agent on the other side that’s very professional and that they can depend on the communication and timeframes, that it makes all the difference in the world.
Andrea Pettitt: Oftentimes we’ll get multiple offers on a listing and we’re looking at five, six, seven offers, and there will be a couple that are nearly identical and sometimes it just comes down to the experience of the agent because the seller wants to know that the agent on the other side of the transaction can help get that to closing. And I know if I’m working with somebody like you that all of the preliminary work has been done and I can really trust that we’re not going to have a lot of falling out or a lot of issues or problems coming up in the transaction.
Chris Fuhrman: If you’re ready to buy a house, give us a call so that we can help you get prepared and get ready to buy that house. Even in a strong seller’s market, that’s really hot with lots of you.
Andrea Pettitt: I’m Andrea Pettitt with the Pettitt Group.
Chris Fuhrman: I’m Chris Fuhrman with the Pettitt Group.
Contact the Pettitt Group at Group One Sotheby’s International Realty at (208) 917-3330, or email us at firstname.lastname@example.org