Buying a Home
What happens when your dream home appears to be someone else’s too?
Being involved in multiple offers doesn’t have to be a losing battle.
So, you’ve researched the neighborhood, the schools, the access to shopping. And you’ve just submitted a solid offer on the home of your dreams. Congratula–…wait, what? There’s another offer on the table already? And TWO others on the way? Holy cow! Now what?
In Central Oregon, multiple offers on the same listing is not unusual. But suddenly last spring, the inventory of homes shrunk dramatically. Then, quite unexpectedly, a huge influx of buyers joined the market in June, leaving the real estate market in Bend is as competitive as it’s ever been. Some homes are selling within minutes of being listed.
Under these extreme and intimidating seller’s market circumstances, your best chance of securing a popular home in a multiple-offer situation is to be prepared…and very, very nimble.
Desire to exit cities fuels strongest June home sales since the housing boom or 2005.
The sudden recession earlier this year caused a sharp decline in the real estate market. But increasing consumer confidence, along with an emerging demand for modern houses with the amenities for working off sight and home schooling outside of congested cities made for a rousing recovery in June.
According to a monthly survey by John Burns Real Estate Consulting (JRBC), purchases of newly built homes jumped 55% in June over last year. That was the largest annual gain since homebuilding began again following the massive housing crash just over a decade ago. It’s also the highest pace for sales since the height of the unprecedented housing boom in 2005, which of course, was spurred on by negligent lending in the subprime mortgage market.
“Sales in the distant commuter areas are the most robust,” said John Burns, founder and CEO of JBRC. “A lot of computer-oriented people have proven to their co-workers that they can be productive from home, and have sensed, or officially been given the green light to work from home at least a significant portion of the time.”