Portland Home Buyer Strategies When Bidding Wars Break Out
Wasn’t it just yesterday that we seemed locked into a classic home buyer’s market in Portland? Bad economy, bad job numbers, tanked real estate values were all we heard about…until it eventually shifted. Over the past year or so, it’s become a very different landscape. If you’ve been out looking to become a Portland home buyer, it’s possible that you’ve found yourself putting in offers on multiple houses…and also possibly watching from the sidelines as another Portland home buyer walked away with a deal. If this isn’t a true seller’s market, to you the difference may not be apparent.
In any case, when a prospective home buyer in Portland finds themselves vying for one of the plum homes that are now appearing in this summer’s Portland listings, there’s no need to passively watch as others get the nod. If you are sure of the value of the property you are going for, there are straightforward tactics for improving your chances of winning the day:
– Offering at or above list price is the time-tested way to give you the best shot of getting your contract accepted over bidders who offer less than list. Real estate prices are again on the rise, increasing your likelihood of being able to recoup the extra money if you decide to sell several years down the road. Look at the comps with your agent to determine what an aggressive—yet realistic price—will be.
– Ask your real estate agent what the recommended earnest money amount would be; then double or triple that deposit amount. It’s a sure way to signal that you’re a serious and financially able home buyer. This tactic has the advantage that it doesn’t really cost you anything in the long run, assuming you hold up your end of the contract. It is a way to stand out from other Portland home buyers without actually spending more.
– In a buyer’s market, it’s almost expected to ask for add-ons like fixing a staircase or leaving the swing set. But in a seller’s market, you can beat the competition by not asking for extras beyond what is offered in the listing. Home sellers may be fully occupied with many outside details (like looking for their own next home!) and often assign high value to an offer that looks uncomplicated.
– Along the same lines, another way to set yourself apart from every other home buyer is to offer to give the seller more than the usual time to move out of their house. Many other bidders won’t think of this—but it can make the deal if the sellers are having to cope with difficult deadlines for their own move.
Above all, don’t let yourself get discouraged. The right house is out there, and you will get an offer accepted! Particularly in a seller’s market, any Portland home buyer will be rewarded by just remaining patient and cool-headed. First step if you will be looking to buy this summer: call us today to get started!