Summary- With low housing inventory and high demand, finding your perfect home can be a struggle. In this blog post we’ve gathered our best tips for finding your new home in Oregon in a hot housing market. From narrowing down your must-have check list and expanding your desired location to writing to the seller about why you’re the most deserving buyer, your new home may be closer than you think.
Purchasing a home is not only one of the most financially impactful purchases of your life, it is also the place where you will make memories, and life will happen, so you need to make sure your home is a good fit for you. When homes are in high demand, but if there aren’t many on the market, trying to purchase your dream home may seem unreachable. If you’re in the market for a new home take a look at our homebuyer’s guide and read on to learn more about our best tips for beating other offers and buying your ideal home in a hot marketing in Oregon.
Streamline your wish list for your home in Oregon
Finding your dream home can already be a challenge. Finding a home that has all the features you are looking for in a tight market can add even more hurdles. To alleviate some of this stress, create a list of what you are looking for in a home. Then divide your list into your must-haves and items you are willing to compromise on. For instance, you could find a home in your perfect location or for a lesser price if you forgo new appliances or windows. Or if one of your must-haves is an updated kitchen, decide if you could budge on something else like not having new bathrooms.
Expand your geographic search
In a market with low inventory and high demand it’s beneficial to widen your desired location in order to get into a home you love. Look at surrounding neighborhoods or suburbs of the area you are interested in. You may find that there are not only more homes available to purchase, but more homes that include the features that you are looking for. You may even be able to find a home with everything you have in mind for a lower price than you would in your original desired location. Expanding your location may not even affect your commute, desired community ambiance, quality of school systems, etc. so it’s worth taking into consideration when shopping for a home in Oregon in a hot market.
Get pre-approved for home financing in Oregon
One of the best things you can do when you’re shopping for a home in a hot market is to get pre-approved for home financing. Getting pre-approved for home financing before you find a home you’re interested in is helpful because you will already know how much home you can afford. And you will be ready to confidently put in an offer on a home that you’re looking at instead of having to take the time to apply once you have already found the home. Already having financing in place will make you more competitive when there are multiple offers on the home.
Work with a real estate agent who you trust and is experienced in the Oregon market
A real estate agent is knowledgeable of the area where you are shopping, will know an accurate value of the home you’re interested in, and should have excellent negotiation skills. It’s important to work with a real estate agent you trust because they will be able to walk you through each step of purchasing a home in Oregon. In a hot market there is a likelihood of multiple offers on one home, which could result in a bidding war. A real estate agent will have a strategy and be able to negotiate with the selling agent and hopefully get you through the bidding war with a new home. Working with an agent should also save you some money. When there is low home inventory and high demand, home prices will most likely increase tremendously, however, an agent will be able to tell you if the home price is accurate for the home’s value or not. Feel free to shop around to make sure you find an agent that you are most comfortable with.
Don’t leave town
When you have made the decision to buy a house devote yourself to the home search. In a hot market, houses don’t stay on the market for long and the process of purchasing a home in Oregon can move very quickly after the ball gets rolling. Consequently, leaving town or being unreachable can severely hinder your chances of finding or having the opportunity to put in an offer on your dream home. Also, a seller may opt for going with a different buyer if you are not able to be reached so try to postpone any vacations.
Write a compelling letter
When there are multiple offers on a home your real estate agent may have you write a letter to the home seller on why you are interested in their home. The home seller will then read the letters from all of the interested buyers and choose who will get to purchase their home. It is important to take the time to write a compelling and heartfelt letter to the seller. Your reasoning for purchasing a home may be more influential than other buyers so don’t skimp!
Be willing to bend on closing
In a hot housing market, homes are not likely to stay on the market with a long period of time and you will have to be competitive with other buyers. Something that can make you look more attractive compared to other buyers is your willingness to be flexible. For instance, the seller may need more time to move out of the home after closing the sale. If you were flexible on your move-in date and were willing to rent the house back to the seller for a certain amount of time that may make you look like the best option among multiple offers.
Purchasing a home without any contingencies can be risky, but in a hot market it could get you in your new home faster. A high-risk contingency is buying the home even if your current home hasn’t sold yet. Speak with your Loan Officer and assess your options before taking this route.
Another way to have a competitive edge is not asking the seller to pay closing costs or to make last minute home upgrades such as painting or changing lighting fixtures.
Get started on your home search in Oregon
Don’t be intimidated by a hot market, with these tools your new home may be closer than you think. The local mortgage experts at Sammamish Mortgage are ready to help and answer any questions you may have. Contact us today to get started on your home search!