Buying a Home in Today’s Competitive Portland,
Vancouver Real Estate Market
Holy cow! This market is tough for buyers in the Portland/Vancouver area!! So many buyers and so few properties create the perfect storm for multiple offers sometimes within hours of the property hitting the market.
We have been witness to so many clients getting outbid on offers even when they come it a full price.
Just recently we had a well-qualified, motivated client make a full price offer on a home listed for $230,000 in Clark County with only 760 square feet! With over 12 offers within the first 24 hours on the market – the house sold for $250,000 and the buyer who won the bidding war did not care that it might not appraise. It’s crazy!
So…what can buyers do to position themselves for success?
Tips for Success!
Get your mind right
Knowing that you may need to go through the process several times before having that “winning bid” will make the process more fun.
a. Try not to get too emotionally attached while in the offer phase.
Get prequalified by a reputable lender – know exactly what you can afford.
a. If you need a recommendation for a stellar mortgage broker let us know. Contact us here.
Shop for homes a little lower than the maximum you can afford so you have room to “bid up” to make your offer more attractive.
Work with a local, professional, knowledgeable real estate agent like the one found at RonnieTheRealtor.com
a. Working with a Real Estate agent is free for buyers though some agents have Buyer/Broker agreements so check with your agent. We do not charge buyers for our services.
Be prepared to act quickly! Time is of the essence!
This is SO important! The old adage “the early bird gets the worm” is only partially true. You need to be an early offeror and come in strong! When your agent alerts you of home based on the parameters you provided for your search, you may need to act right away. This is not a “think it over” market.
a. Know that you will be given ample time for a “neighborhood review” and an “inspection period” so if you find something unacceptable after your offer is accepted, you have remedies including the possibility of rescinding the offer.
Give it your best shot!
a. Make your offer as attractive as possible.
i. Offer as much earnest money as you can comfortably afford.
ii. If you can pay your own closing costs your offer will look more attractive to the seller.
iii. Remember the 3 key negotiating points: Price, terms, and possession. Can you offer flexibility in any of those areas?
iv. If at all possible, avoid making your offer contingent upon the sale of your current home. You may find your offer accepted only to be bumped by another offer before you are able to sell your current home.
v. Try to leave personal property out of your offer - it keeps the offer cleaner.
Combine your prequalification with your quick acting with giving it “your best shot” and you have a decent chance of winning that bidding war.
We will work hard for you! With over 13 years of local real estate success, we know the market and we can help you succeed in today’s competitive real estate market!
Think summertime is not the time to buy due to higher home prices? Not so according to Daily Real Estate News June 2017.
Summertime is a GREAT time to buy and, due to low inventory, now is a GREAT time to sell too!
If you are ready to jump into the exciting market and start capitalizing on rising appreciation rates before interest rates go up, contact us today! Don’t hesitate, don’t delay!
Ron and Sherry Patterson