By Living Room Realty, April 14, 2020
One piece of advice I give clients right now is to look at the “days on market” or DOM. It’s a good indicator of whether or not a home is overpriced because the market dictates price. Often times if you see a high DOM, it’s because the house is overpriced.
On Redfin you can find the DOM here:
Enter my clients Matt and Frankie. They were looking for a house that had room for their growing family, large property, and space for their contractor business. They couldn’t find anything that fit the bill, so we began to look at homes that were slightly out of their price range, but had been sitting.
And then we found this mid-century beauty.
It needed some cosmetic work, but was otherwise in great shape and checked all their boxes. With the exception of price. But, since it had been sitting, we knew we could offer less. $30,000 less. And we got it!
Appraisal came in at $5,000 more than our offer price too – so instant equity for this sweet fam!
We’ll see this kind of opportunity more and more, so make sure to look at homes that have been sitting and are slightly out of budget!
Reach out to Sophia to strategize about buying a home in Portland Metro.
