A Seller’s Market? Let Me Explain.

Homes in our market that are priced right and in good condition are selling extremely quickly…and sometimes buyers are facing multiple-bid situations. Because the inventory in Pendleton is rather low right now, some sellers are receiving multiple offers. And, more than half of the homes closed in May sold in less than one month!

supply and demand

Here are a few suggestions to make your offer acceptance-ready:

Don’t Wait. When you are shopping for a new home, be prepared to make an offer if you love it when you see it. By delaying on an offer, you’re allowing a window of time for others to see the home…and make their offers.

Be Pre-Qualified. Show sellers that you have loan pre-approval…you can even ask your lender for a loan pre-approval letter. This is a strong asset to have on your side and will show the buyers you’re more than ready to meet them at the closing table.

Have Money in Your Hands. Having your earnest check at the showing will give you an advantage over someone who has not yet completed those steps. Be prepared to put more money down than required will show the sellers that you are seriously committed to your offer.  Since the earnest check is included in your down payment, this is just money you would have paid anyhow.

Write Your Best Offer. First. Offer your highest price. Make your offer attractive…and maybe a bit above list price. As your Realtor, we will do a comparative market analysis to determine pricing. We will watch the comps on the market to be sure the seller isn’t deliberately setting a price below comparable sales hoping to generate multiple offers. Paying a little extra doesn’t necessarily mean you are paying over the market value.

Be Flexible on Closing and Move-Out Dates. By giving the sellers time to move out, you allow them time for their new home to also close. Juggling multiple closings is tough if you are selling and buying at the same time…and even trickier if the sellers are doing the same.

Shorten or Waive Some Contingencies. Always get a home inspection…but tighten the time period. If your loan is solid, you could consider waiving the loan approval contingency.

So, in today’s competitive market, reply upon your Realtor for expertise and advice in writing a solid offer…the first time…and make your dream home yours. Contact me today to get started in your home buying or selling! Connect with me on Facebook to see the latest listings!

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