Newberg’s real estate market is more competitive than in years past and it’s now a bit akin to a footrace.
But it’s not just Newberg. For example, in the greater Portland metro area that includes Clackamas, Multnomah, Washington and (of course) Yamhill counties, there is now 3.4 months of home inventory. That’s close to half the supply of what many consider to be a ‘balanced’ housing backlog of 6 months.
As a result of this ‘seller’s market,’ home buyers throughout Newberg are competing for fewer available homes. So if you’ll be buying a home anytime soon, ensure your offer is most competitive. One way is to hire a Realtor when both buying and selling. Curious about why this is important? Then read on.
What To Do
If like most home buyers, you need to sell your current property in order to buy another home, to be taken seriously by home sellers in this ‘seller’s market,’ it’s crucial to have at least a pending sale on your current property before making an offer. As a result of this competitive market environment, it can make a difference to have a Realtor represent you when both buying and selling. You’re about to see one example why.
To convince a homeseller that your offer is the best, a key factor is transparency. That’s because if you’re buying a home, there are likely to be other buyers also interested in the same property. Put yourself in a seller’s shoes. Before taking their property off the market, most sellers want verifiable assurance that an offer is likely to actually ‘close.’ As a result, they frequently expect a certain amount of credible information to determine the likelihood of success.
What Not To Do
Recently some ‘for sale by owner’ sellers were also purchasers. But they seriously hurt their odds to purchase the house they wanted by not hiring a Realtor to sell their property. Why? Since these buyers were selling ‘by owner,’ no reliable information on their unlisted property’s sale was available for the Realtor representing the seller of the house they wanted, to confirm their ‘pending sale’ status. Did these buyers really have a ‘pending sale’ so they could proceed to purchase? Or was their ‘sale’ more of a handshake, riddled with contingencies? With no Realtor involved in a buyers’ sale transaction, it can be difficult to verify much at all.
These ‘for sale by owner’ buyers did one thing right, as they hired a Realtor to represent them in making an offer. But due in part to their alleged ‘pending sale’ not being managed by a Realtor to confirm the home inspection, appraisal, and buyer’s financing had been dealt with properly, along with possible unknown contingencies in their sale transaction, the ‘for sale by owner’ buyers’ offer was rejected.
Put Your Best Foot Forward
Unlike those unsuccessful home buyers, you can put a good ending on your next transaction. The best solution when buying and selling a Newberg home? Be competitive and hire an expert Realtor. Speak with qualified and experienced Realtors to represent your best interests by contacting our NewbergHomes.com sponsor, Certified Realty at 503-682-1083 or use the convenient form below.