Gaining the Competitive Edge in Eugene’s Seller's Market
Author: Ron Tinsley, Eugene House & Home
Having trouble finding the perfect Eugene Oregon home? Unfortunately, you're not alone. Low inventory and a large pool of motivated buyers have created challenges in the Eugene real estate market. Many listings are receiving multiple offers, and well-priced homes are selling very quickly. Don't let a competitive market discourage you from finding the Eugene home of your dreams. Here are a few smart tips to come out on top in a seller's market.
Get your finances in order. When it comes down to the negotiating table, sellers are looking for a serious buyer who is able to provide a firm contract as soon as possible. Speak to your mortgage lender and obtain a pre-approval letter indicating that you will have no issues with financing. Receiving approval can take a few days depending on the lender, and it's always wise to get a head start.
Know your strengths. Although the purchase price is the most important consideration on the contract, sellers have a number of other contingencies to consider when reviewing your offer. Can you provide a flexible closing date? Let your Realtor© know so you can use it as a bargaining tool. Another offer may be on the table for more money, but their preferred closing date could inconvenience the sellers. Have your Eugene real estate agent find out what the sellers are looking for, and see if there is anything you can do that will make the transaction more convenient for them.
Do your homework and be competitive. Your Realtor's© knowledge is the most valuable tool when determining a strong and successful offer. If you know ahead of time that you are in competition, it's usually advisable to bring your best offer forward right away. This will show the sellers that you are a strong contender, and you aren't simply testing the water. Review recent sales in the area to make an educated determination about fair market value. You want an offer that is strong enough to beat out the competition, but not so high that you will have buyer's remorse once the negotiations are complete.
Make it personal. When sellers are reviewing multiple offers and they are parity offers, you need something to make yours stand out. The simple thing that you can do that works almost every time – write a letter to the seller letting them know what a wonderful house this is and how much you look forward to living in it and raising a family (if applicable). Say things like “I really look forward to tending to roses – or the raised beds and point out little things about the house and neighborhood that attracted you to it. Lay it on thick! You would be surprised how often this will win the day. I have even won over higher competing offers this way!
Utilize the help of a local professional. Moving to a new city? Relocating to a different part of town? Hire a Realtor that knows your preferred area. Local expertise is invaluable. In a hot market, you need to work with a Realtor© who is well informed and can help you act quickly. When the right property comes on the market, there is no time to waste. Your real estate professional may also have the inside scoop on properties that are about to hit the market, and can give you sound advice when deciding between neighborhoods.
Finding the perfect Eugene home is a great experience, but having to fight for it can be stressful. Making smart decisions with the help of a knowledgeable real estate professional is essential to for a smooth transaction. Don't let a little bit of competition make you shy away from your next move. Your ideal Eugene home could be closer than you think.
Ron Tinsley has been buying, building and selling real estate for more than 35 years. “My father was a real estate investor, so I guess it’s in my blood.” Ron is based in Eugene, Oregon. Visit his website at Realesti.com or contact him at Ron@RonTinsleyRealtor.com