Strategies for the First-Time Homebuyer in Central Oregon | Take Me Home | Bend | The Source Weekly

0


It’s no secret that first-time homebuyers in Central Oregon are going up against numerous challenges in seeking their first homes. Historically low levels of inventory, along with people seemingly “lined up” to move here, have caused home prices to jump drastically in the last two years. These soaring prices, low inventory and huge demand have created a living nightmare for people trying to get into their first homes.

Those who have been looking for a few months have likely experienced the highs of finding an amazing home, writing up an offer (usually at or above asking price), hoping it gets accepted. They have also felt the crushing lows of finding out someone offered more and their offer was accepted. Rinse and repeat. If you or someone you know is struggling, please let me offer a few pieces of advice. These are not magic bullets, but rather strategies our team uses to help our buyers get into homes!

COURTESY JOHN SCHNOBRICH/UNSPLSH

  • Courtesy John Schnobrich/Unsplsh

Patience is key. With homes going under contract at a feverish pace, those looking for homes need to be patient. One needs to act deliberately, but not necessarily quickly. Sometimes it is best to take a step back and reassess things. For example, search for properties that have been on the market a few weeks and may have lost some of that “early momentum.” Sometimes going a few weeks and not getting any offers will make a seller nervous. This is where you can come in with an offer at asking price and get the property under contract.

Make your offer appeal to the seller. Every offer should be a highest and best for that particular property. Have your agent find out about closing date preferences, desired earnest money amounts and inspection periods. You do not want to make the seller have to submit a counter offer to smooth out things that could have already been in place. You want your offer to stand out and appeal to the seller, so make it as easy for them to select your offer. Getting these details in place show your willingness and commitment to go through with the purchase and can help put the seller at ease.

Be flexible. Are you willing and able to move during the winter months? Now is a great time to be out looking for your first home! There is a lot of “seasonality” in real estate. Most people like to move during the spring/summer, so simply by actively looking in the winter you are avoiding most of your competition. Yes, there are fewer homes on the market in the winter, but those that are putting their homes up on the market in the winter are doing so out of necessity. What about considering a different neighborhood, quadrant or even city. Don’t be afraid to look at things a little outside your comfort zone if it might work. Remember, this is your first home, not likely a forever home, so if it isn’t perfect, that is OK.





Source link

Leave A Reply

Your email address will not be published.