By Kim Parmon, February 13, 2020
The first quarter of 2020 has shaped up to be a HOT seller’s market. It seems like most properties are getting between three and thirty offers right now! This can be overwhelming to buyers. Do you really have to go 100k over asking price to win the bid right now? Will this insanity ever end?! (I know that’s how my clients feel and, people, I get it!)
Here are the five major factors that contribute to an offer being accepted:
- Price. This is a no brainer. Your agent will help you look at the comparable sales in the area and strategize about where your offer needs to be. Sometimes the list price is artificially low in order to drive interest. Don’t lose heart! Your agent can guide you and let you know what a realistic price looks like.
- Terms! Are you able to close an appraisal gap? Can you shorten your inspection period? Are you able to allow the sellers time after closing to stay in their home before they close on their next purchase? If you can be flexible with the terms of your offer it can make a huge difference. Talk to your agent and see if they can find out what the seller really wants. If you’re comfortable giving it it’s a win-win!
- A personal connection. Sometimes writing a letter to the seller can put your offer over the top. I once had a client write a love letter about a seller’s garden and all of the things she was excited to take care of if her offer was accepted. She loved plants too and there was an instant connection between the two parties. It really helped seal the deal!
- Work with a reputable local lender. This matters more than a lot of people understand. Yes, that online company or giant bank may be able to get you a super low rate but will it matter if you can’t get an offer accepted? List agents want to know that a buyer will CLOSE. This means that the lender needs to know their stuff and not make false promises. If your lender has a good reputation in the local community it can make a big impact on the way your offer is perceived.
- Work with a reputable agent who knows their stuff! It’s not just the number that matters in a competitive situation, the whole presentation of your offer makes a difference. This includes your team! Chose an agent that has a stellar reputation and is a great communicator. It can seal the deal in a multiple offer situation!
Best of luck to you buyers out there! Most importantly, don’t lose heart. The right property will come along at the right time. If you need help navigating this hot market I’d love to help! Call me at 503-438-5101 and let’s talk strategy.
Kim Parmon
Principal Broker | Earth Advantage Certified | OR
She/Her
Kim Parmon Principal Broker Lead Listing Agent Earth Advantage Certified | OR kim@livingroomre.com Oregon is the fifth state that Kim has called home in her life, and this one is sticking! After moving multiple times in her childhood, Kim fully understands how empowering homeownership and having roots is...
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- T: 503-438-5101
- kim@livingroomre.com
