Last year was full of surprises, one being the intensity in which the Central Oregon Real Estate Market skyrocketed, even in the midst of economic uncertainty. With rising home prices and low inventory, it’s more important than ever for buyers to make competitive offers and trust their agent representing them. If you are considering buying in today’s market, here are a few tips to help you along your journey to home ownership:
Get Pre-Approved – speaking with your lender and having a good understanding of what you can afford is a great place to start. It’s a good idea in this market to get the pre-approval process done early. Even if you are just beginning to think about buying a home, talk to a lender. It does not cost anything and they can get you a great idea of what you can afford and what your monthly payment will be. This way, when you find the home you want, you can send in an offer along with a pre-approval letter right away.
Have Good Representation – having an experienced agent is key in a competitive market. Your agent should have knowledge of the area, the ins and outs of current market conditions, handle negotiations, and address any questions or concerns throughout the process. This usually means they have done a handful of deals recently and keep themselves well educated about the market.
Put Your Best Foot Forward – with some homes being sold quickly and with multiple offers, it’s important to present an attractive offer when you find a home you want to purchase. Plan to offer what your experienced agent suggests (ask your agent about an escalator clause), have your proof of funds or pre-approval letter ready to present with your initial offer, and consider reducing the amount of requests you have for the seller.
Include a Letter With Your Offer – sometimes the thing that makes you stand out most is your story. Write a letter to the seller explaining why you love the home and what it would mean to you to be the next owners. Be specific but also be brief.
Be Available and Flexible – in a competitive market, it’s important to be ready to act at a moment’s notice. Be in communication with your agent and lender throughout the process, and get signatures and documents to the necessary parties in a timely manner. Being flexible and not allowing the process to frustrate you will be invaluable as you look for your new home. Today’s market can get frustrating, but keeping a level head and being willing to give a bit more can be the difference between home ownership and continued home hunting.