What James Bond Can Teach You About Willamette Valley Real Estate

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With That Suit & Tie, James Bond Resembles A Well-Mannered Realtor

Compared to the life of famed superspy James Bond, buying or selling Willamette Valley real estate is dull and monotonous, right? Au contraire. You might be surprised to see how such a  comparison actually sizes up.

Click here or on the play button above to hear the audio podcast of this article.

Not So Mundane, After All
How could the seemingly routine tasks associated with Willamette Valley real estate possibly compare to the life and adventures of ultra-suave Agent 007? Initially, it seems like a ridiculous question. Of course Bond’s life is far more treacherous, risky and ‘on the edge,’ right? As we’ll soon learn, not exactly. Buyers and sellers of Willamette Valley real estate have a lot more in common with the famous spy than first meets the bullseye.

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Willamette Valley Real Estate is More Daring Than You Might Think

Deceptively Daring
Many actors have played Agent 007 in film, yet each brings to the Bond character their own unique imprint on the multi-faceted Bond persona. But while each person playing 007 is unique, in each iteration of the well-known agent we recognize Bond’s uncanny ability to ‘land on his feet’ and ‘avoid being bested,’ while inching (or sometimes speeding) toward his well-defined goal. Let’s examine some of the super spy’s cinematic character traits and how they might relate to your next Willamette Valley real estate transaction.

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Spies & Realtors Both Use Photography to Their Advantage

Turning The Tables
To a Willamette Valley homebuyer or homeseller, ‘landing on your feet’ might not equate to jumping from a high rise building. Instead, it might mean effectively dealing with endless surprises…like a low appraisal, or poor home inspection.  It’s helpful to understand that one of Bond’s classic techniques is to shift bad odds to his advantage. Your way to ‘avoid being bested’ may not mean beating the tables at Monte Carlo like James Bond. Instead, it might be skillfully negotiating the terms of your Willamette Valley real estate transaction. And to a Willamette Valley homebuyer or homeseller, Agent 007’s ‘inching to his goal’ could simply mean patiently completing key tasks in order to close the sale. It’s nice to know that unlike the production of a Bond film, Willamette Valley homebuyers and homesellers typically complete their ‘mission’ substantially under budget and in a relatively short time span, with no loss of life or limb. This makes you arguably ‘better than Bond.’

Diamonds Are Forever…And So Is Real Estate
Here are some factors that make the so-called ‘average’ Willamette Valley, Oregon homeseller or homebuyer more daring than even Agent 007. 

Risk
Agent 007 is frequently seen as daring and a tremendous risk taker. But while it’s true some of Bond’s actions are potentially perilous, it’s helpful to realize that his risks tend to be thoughtfully calculated. 007 is usually well-armed, whether that means carrying his Walther PPK, or preparing mentally for the task at hand. If he’s without a gun, James Bond is able to adapt and improvise, like using a fire extinguisher in the middle of a firefight to provide cover and escape.

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You Don’t Need A Gun to Effectively Buy or Sell Willamette Valley Real Estate

Charmingly Disarming
But if James Bond gets into a ‘jam’,  he usually has his trusty sidearm to help take care of business. Yet using a small caliber handgun to get your way is not an option for Willamette Valley homebuyers and homesellers. As a result, your options are limited to less obviously coercive means than Agent 007 can wield. Requiring the use of ‘wits, not weapons’ takes certain things off the table for you, since Oregon real estate demands non-lethal resourcefulness. By having to use safer and more creative methods of persuasion, it’s fair to say that once again, the ‘average’ Willamette Valley homeseller or homebuyer is arguably ‘better than Bond.’

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It’s Wise to Effectively Manage Risk

Casino Royale
For an example of Bond’s risk reduction techniques, have you ever seen Agent 007 gamble great sums of his own money on a dice throw? The usual answer is ‘Not a chance.’ That’s because Bond virtually always plays with his government’s money, not his own. Yet you, as a Willamette Valley homebuyer or homeseller, are laying your very own hard-earned capital on the table.  So once more, in comparison you can arguably be seen as ‘better than Bond,’ or at least every bit as daring.

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Even Agent 007 Might Find Willamette Valley Real Estate Challenging

Willamette Valley Real Estate Tip #1 From James Bond: Maintain Humor
A superspy like Agent 007 doesn’t  constantly walk around like a tough guy. It’s actually quite the opposite.  Bond knows how to work a room and deliver a well timed joke. ‘Breaking the ice’ to disarm and/or relax the other side with a joke takes some guts…especially when someone means you financial or physical harm.  

Savoir-faire
Savoir-faire is a French term that roughly means: knowing what to do in any situation. Those with savoir-faire respond appropriately in a wide variety of circumstances. One dictionary reference suggests savoir-faire as demonstrating “a polished sureness in social behavior.” In other words, classic James Bond behavior, whether it’s disarming a bad guy, nuclear device, or flawlessly ordering the best item off a French menu.

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Ordering in French is an Acquirable Skill

Savoir-faire can be adapted to Willamette Valley real estate, where a wide variety of ‘tough to predict’ situations occur with surprising frequency.  For sellers, this could mean having a buyer’s loan fail, possibly due to buyer disqualification like a credit score drop, or job change. Or perhaps your home needs a new roof and there simply isn’t sufficient equity to pay for it. Or there’s rampant dry rot. Or severe mold. You get the idea.

How 007’s Savoir-faire Can Work for Willamette Valley Homebuyers and Homesellers
A prepared and practical approach to problem solving is what both James Bond and successful Willamette Valley homebuyers and homesellers bring to the table.  Agent 007 is able to adapt and navigate in almost any environment, whether he finds himself in a high-stakes casino in Monaco, a posh ski lodge in the Swiss Alps, or a poor fishing village in Asia, Bond knows what to do. When buying and selling Willamette Valley real estate, you can adapt and navigate in different environments, too, including such changing factors as housing inventory (which can indicate if you’re in a buyer’s or seller’s market) and fluctuating interest rates.

Just realize that no matter how things appear, some factors and outcomes are not completely determinable and sometimes virtually unknowable. For example, let’s say you’re selling your Willamette Valley home and have three offers on the table to consider. In this scenario, let’s suppose all buyers appear well-qualified and each offer is very similar to the others. Which one do you decide to accept? Which will actually close? Which buyer will be reasonable to work with? Which lender will have even-handed underwriting and not require needless delay or costs?  Working with your Realtor, you can reduce risk, perhaps by focusing on how much each buyer is willing to pay, their down payment (where a larger down payment makes it easier for them to get a loan) and even the earnest money deposit and time to your closing date. Such an analysis can help boil things down to those that might make the most difference.

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Willamette Valley Real Estate Tip #2 From James Bond: Have a Backup Plan
The key is to limit your downside risk by making the best decision possible under the circumstances and remain alert. For example, if after accepting one offer on your Willamette Valley home, the buyers begin loudly complaining about minor issues, have your Realtor stay in touch with other prospective buyers who expressed interest. That way, you keep the door open for a ‘Plan B’ and later, possibly a ‘Plan C’ if initial buyers bail on your home sale.

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James Bond Defines Debonair

Debonair
Agent 007 is often described as debonair. How can that term possibly apply to your next Willamette Valley real estate transaction? There are varied definitions to the term debonair, but related terms include courtesy, graciousness and having a sophisticated charm. These traits can be powerful and disarming when dealing with the other side on a home sale. An example of courtesy might mean allowing buyers to schedule a tour before closing for measuring room dimensions or determining paint colors. Being gracious could mean as a buyer you allow the home sellers an extra day to move out, particularly if their moving van broke down. Sophisticated charm might mean leaving a box of chocolates or champagne after you sell a home for when your homebuyers finally move in.

Small details perhaps, but such activities are often long remembered. If after moving out, you remember leaving priceless heirlooms in the attic of your former home, imagine how much nicer it will be to request the return of your precious items from the current owners with whom you’ve been civil and friendly. They are also more likely to even contact you if they find something you mistakenly left behind.

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Willamette Valley Real Estate Tip #3 From James Bond: Secrecy
There’s good reason undercover agents are also known as secret agents. ‘Don’t let them see you sweat’ is an adage Agent 007 works with aplomb. So you don’t want to lose out on your home purchase and are willing to substantially increase your offer, yet don’t want to overpay? Keep those cards discreetly close to your vest and understand that by doing so, you’re modeling James Bond, who can definitely keep a secret. He’s a spy, after all. 
 

Humility
Though James Bond can swagger with the best of those who hold the ’00’ license to kill designation, he’s usually discrete and avoids attention or bragging about his prowess.  Such meekness is supremely beneficial in situations to disarm adversaries, while catching them off guard.  Agent 007 doesn’t often talk about how many people he’s put in the hospital, or his annual income. Simply by observing him, it’s clear Bond has gravitas.

Courage
Having courage when buying or selling Willamette Valley property doesn’t mean you don’t feel fear. It does involve pushing that fear aside to rise above whatever obstacle you are facing. Agent 007 pushes himself out of his comfort zone to face serious fears on a daily basis. This gets him used to feeling comfortable with the uncomfortable. As a Willamette Valley homeseller or homebuyer, once you desensitize yourself to fear, it will become easier to perform courageous acts, like counteroffering that offer you really don’t want to risk losing, or agreeing to substantial repairs in order to pass a home re-inspection and close the deal.

Be Patient
In the middle of a real estate transaction, it’s easy to be overwhelmed. To be successful, it helps to have a well defined plan executed with patience. You also should allow sufficient time for your plan to work. For example, if you’re a Willamette Valley homeseller who doesn’t receive an offer in the first few days on the market, understand that if you’ve already examined the latest market data and the average market time is measured in months and not days or even weeks, realize your anxiety may be premature. Keep cool.

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‘Q’ Is On Bond’s Team to Keep Him Out of Trouble

Consult An Expert
When buying or selling Willamette Valley real estate, it doesn’t hurt to have an experienced Realtor as your own ‘Q’ to keep you out of difficult situations. An experienced Willamette Valley real estate broker is someone who has been ‘over the road,’ thereby saving you needless expense, time and worry.

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So rather than having Bond’s sidekick ‘Q’ demonstrating gadgetry and armory (like a blowtorch on Bond’s Aston-Martin convertible), Willamette Valley residents can rely on the calm, cool and collected experience of a proven Realtor to more successfully navigate pitfalls sometimes found in Willamette Valley real estate. 

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Do You Have Questions About Willamette Valley Real Estate?
For a free consultation, contact our WillametteValleyHomes.com sponsor, Certified Realty using the contact form below, or call them at 800-637-1950.

Posted in Willamette Valley, Willamette Valley Economy, Willamette Valley Home, Willamette Valley Home Buying, Willamette Valley Homebuyer, Willamette Valley Homes, Willamette Valley Homeselling, Willamette Valley Housing, Willamette Valley Oregon, WIllamette Valley Podcast, Willamette Valley Properties, Willamette Valley Property, Willamette Valley Real Estate | Tagged , , , , , , | Leave a comment

The Willamette Valley’s ‘Magic’ Real Estate Number

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Grasping Willamette Valley Real Estate Information Can Seem Like Drinking From A Fire Hydrant

TMREI: Too Much Real Estate Information
Sometimes absorbing the sea of Willamette Valley real estate information is more like drinking from a fire hydrant. Yet, out of all the seemingly helpful real estate data bandied about, there is one especially helpful number, which when understood, can provide near-magical clarity to both homebuyers and homesellers.

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You Needn’t Be a Magician to Understand Housing Inventory

What Is It?
What is this ‘magic’ number and what does it represent? Simply put, it’s the current figure for housing inventory, typically expressed in months of projected home supply.

Listen to the audio podcast presentation of this helpful program on Willamette Valley real estate by clicking here or on the above link.

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Understanding Real Estate Inventory is Not Like Playing Bingo

Housing inventory is also sometimes known as home inventory or housing backlog. Why is this number so important? Once you understand the single figure that defines our current supply of local available Willamette Valley homes for sale, you have an instant ‘snapshot’ on whether you’re in a buyer’s market, seller’s market, or more of a balanced real estate market. Armed with that information, you’re far more ready to do battle in the real estate trenches and more likely to avoid some usual minefields. 

Normal Home Supply
Among real estate experts, a ‘normal’ range for home supply in parts of the Willamette Valley is frequently cited as somewhere between three to six months. For example, if the home supply figure is three, then hypothetically our market would be ‘out of homes’ in three months, provided no new homes were placed for sale. In other words, if our regional home inventory figure is within three to six months, we’re typically experiencing a normal market, meaning one not far from a balance of supply and demand, also called equilibrium. In a way, it’s kind of like an absorption rate for how fast supply is used up.

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Your Mileage May Vary
It’s helpful to understand that home inventory figures are more of an average for a region. In Oregon, major real estate regions include Portland, Bend, Eugene, Salem and the Oregon Coast. So if your property is located in Beaverton, you’re likely to use the Portland area figure as the bellwether for housing backlog. If your home is located in Keizer, you’re likely to see the Salem inventory figure as the closest approximation of local home supply. It’s also likely that your specific area could be somewhat different altogether, based on a variety of hyper-local factors affecting both demand and supply. That said, home inventory is a convenient ‘thumbnail’ sketch to help assess what kind of market you’re in.

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Real Estate Inventory Resembles a Pipeline

What’s The Practical Impact of Housing Inventory?
Consider real estate and inventory like a pipeline. If more flows through it, the product is plentiful and therefore the cheaper it is to buy. So with a lower, dwindling home supply and the spigot turned down, the reverse is true. That’s when the local real estate environment favors sellers, because there are more buyers and it’s considered a ‘seller’s market.’ In that case, expect a short market time and an environment where homesellers receive multiple offers, often at or above listing price. If the supply of homes is higher, it’s considered a ‘buyer’s market.’ This means you can expect a longer market time, with homesellers seeing few, if any offers…and frequently for less than the asking price.  

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Negotiation is Expected, But Most Homesellers Don’t Want to ‘Armwrestle’ With Homebuyers

It’s routinely a good idea for buyers to get a ‘heads up’ before making an offer to determine how ‘hot’ or ‘cold’ the market is. Otherwise, if you ‘lowball’ a just-listed home in a seller’s market, you may be lucky to even get a counteroffer instead of an outright rejection by sellers experiencing lots of calls and showings on their property. Coming in with an offer that’s too low sometimes causes offended sellers to refuse to seriously consider a possible follow up offer.

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The Number of Competing Homes for Sale Affects Market Time

What’s the Big Deal About Housing Inventory?
One reason housing inventory is so important is because it helps buyers and sellers to better manage expectations. Most buyers are interested in how long it may take to find the ‘right’ house. Inventory affects this. Alternatively, most sellers are interested in how long it may take to find a qualified buyer. Inventory affects this, too.

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Willamette Valley Homesellers Can ‘Jumpstart’ Activity with Property Pricing

That’s because a high home inventory tends to slow down the market time and low inventory frequently provides a ‘jump start’ to activity. One way sellers can help to avoid an excessively long market time is to review comparable local home sales information provided by their Realtor to ensure proper, market pricing.

Another reason housing inventory is crucial is because it can significantly impact so many other important factors. In other words, inventory is a ‘driver’ for market time, selling price, appraisal results, lendability and more.

Okay, So Inventory Is Important. What Does It Look Like?

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Portland Metro Sample Home Inventory

The above image provides a good example of fluctuating home inventory. As the Willamette Valley’s real estate market bounced back from the severe market downturn of the Great Recession, the home inventory for some areas reduced from more than 20 months of housing supply to less than three.

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It’s Wise to Consult An Experienced Realtor Before You Leap Into the Market

Contact the Experts
Thinking about selling your Willamette Valley property? Know the market before diving in! Contact veteran Oregon Realtor Roy Widing with your questions and for a free consultation on what your property could sell for today using the contact form below.

Posted in Willamette Valley, Willamette Valley Economy, Willamette Valley Home, Willamette Valley Home Buying, Willamette Valley Homebuyer, Willamette Valley Homes, Willamette Valley Homeselling, Willamette Valley Housing, Willamette Valley Oregon, WIllamette Valley Podcast, Willamette Valley Properties, Willamette Valley Property, Willamette Valley Real Estate | Tagged , , , , , , , | Leave a comment

Why Willamette Valley Homesellers Hire A Realtor

There are many good reasons why Willamette Valley homesellers hire a Realtor, including the handful who first try the ‘for sale by owner’ or ‘FSBO’ route. Here are ten of the most common reasons why Willamette Valley homesellers hire a Realtor to get the job done right. 

Hear the audio podcast version of this presentation by clicking here or the link above.

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Selling Your Own Home? Prepare Yourself for Wearing Many Hats.

1. Selling Your Home ‘By Owner’ Means Taking on a Second Job.
Most homesellers are busy. So before attempting to sell property on your own, first ask yourself if you’re prepared to wear some extra hats. That’s because in addition to (1). preparing your property for market and (2). finding a replacement dwelling, along with (3). the task of actually moving, selling your home involves (4). abundant planning, (5). serious paperwork, (6). negotiation skills, (7). accurate scheduling, (8). diligent research, (9). considerable legwork (if done right) and (10). a lot of just plain toil. Willamette Valley, Willamette Valley Real Estate, Willamette Valley Homes

2. Legalese, Sometimes with Different Rules for Each County and/or Municipality.
Realtors use continually-updated forms written by experienced real estate attorneys designed specifically for regional transactions, with clarity and simplicity in mind. Such documents include important protections for both buyer and seller. While no document is perfect, Realtor forms include key clauses, like for home inspections and appraisals, along with arbitration/mediation mechanisms. These time-tested documents help prevent potential issues, while at the same time deterring ‘nuisance’ litigation.

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3. More Accurate Pricing When Buying & Selling.
These days the average Willamette Valley resident moves about every 6 years years or so. As with any activity, it’s easy to get rusty. Realtors are in the real estate market all day, every day. This means an experienced real estate agent can provide significant market awareness to help you price what’s likely to be your single largest investment.

Armed with access to multiple listing, sales and tax data, Realtors provide significant pricing experience and real life insights, whether you want to know what the property you’re selling is worth, or once you sell, how much to offer on the home you’re buying.

Willamette Valley, Willamette Valley Real Estate, Willamette Valley Homes4. Objectivity.
We all deal with subjectivity from time to time. Does your home smell? Perhaps you’ve gotten used to having multiple pets in your small home, don’t notice the mold growing in your bathroom, or haven’t realized how gloomy your living room appears. One role of a Realtor is to be helpfully honest. That means being truthful if there’s something you as a seller don’t see (or smell). 

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Most Homesellers Don’t Like A Rapidly Exiting ‘Conga Line’ of Mum Buyers

Far better to be forewarned and forearmed by your Realtor, than witness a rapidly exiting conga line of mum homebuyers who don’t want to offend you. Or perhaps you don’t think disclosing settling water in your basement each Winter is a big deal. The reality is that disclosing such a potentially material fact is something dutiful agents will advise in order to keep you out of much hotter water after the sale. 

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5. Junk the Junk.
Have you ever studied a real estate earnest money agreement (also called an EMA or purchase agreement), or seller’s ‘net sheet?’ Over the course of a transaction, it’s easy to accumulate an abundance of ‘junk’ fees. Sometimes seller-paid closing costs are necessary to make a transaction work. However, paying for a buyer’s home warranty is typically more of a buyer ‘want’ than a ‘need.’ Count on your Realtor to go over such factors with you for a ‘heads up’ of what to expect. An experienced agent knows what’s usually ‘routine’ and what’s not.

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6. Marketing.
Even if a seller has a sense of what his or her home is worth, effectively reaching the the widest number of buyers increases your opportunity to find more motivated and qualified buyers, even creating a ‘bidding war.’ The simple act of listing your home with a Realtor means your property is immediately promoted on a host of proven, effective home marketing venues. But it doesn’t stop there. Successful Realtors use many different tools to reach buyers for your specific property.

Connecting your property with the right buyer can mean the difference between a fast close at full price (or higher), compared to a continuous stream of ‘sale-fails’ where your property is needlessly taken off the market by buyers who were marginally qualified. 

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Calm Seas Never Made a Good Captain…or Realtor.

7. Experience.
There is simply no substitute for ‘hands on’ real estate experience. If your home hasn’t sold, at what point should you consider a price adjustment? How much of a price adjustment is necessary? Is there something other than price causing my property not to sell? These are not new questions to an experienced agent, who can help address these and other important questions.

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When it Matters, Experience is Good to Have on Your Side.

It’s comforting in especially difficult situations to rely on an experienced Realtor, who is the duly able real estate ‘captain’ of your transaction. Most people prefer an experienced surgeon or pilot, so it’s understandable to want experienced representation with the important task of selling your home. It’s also helpful to know that a professional real estate agent makes the entire home selling process appear easier than it is.

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Most people are nervous and ‘en garde’ when buying or selling a home.

8. Negotiation Skills.
If you’re like most people, you dread negotiating when buying a car. Consider how much higher the stakes are with your home sale. You want an experienced hand on your side. 
While real estate transactions are optimally a ‘win-win’ situation, it’s realistic to expect some friction. If you haven’t considered homeselling as a kind of ‘war,’ check out this unique perspective on the ‘battle’ of selling your home. 

The best way to navigate through a potentially difficult transaction is to be represented by someone who has been over the road before. So whether you’re in negotiations with a ‘bargain hunting’ buyer, experience an unpleasant ‘surprise’ in a home inspection, or a seriously low appraisal, each unique situation presents an opportunity for difficulty and reaching common ground. Your Realtor can assist in ‘end gaming’ your best strategies and in dealing with a wide variety of buyer personalities.

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Having a Realtor ‘Buffer’ Between Buyer & Seller Can Avoid Headaches

9. The ‘Buffer Effect.’
Having an agent represent you makes it easier to maintain civility between ‘warring’ parties.  If you don’t consider homeselling as a battle, then see our prior article and podcast titled ‘The Art of War for Homesellers.’ Ever say something you regret? An experienced Realtor can often use more constructive language to accomplish what can sometimes be an emotional and/or provocative comment.

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Hiring A Realtor Makes Sellers More Money: Click above image to enlarge

10. More Money.
National Association of Realtor statistics reveal that homesellers who use a Realtor actually net considerably more at closing than those who don’t, even after taking into account paying a commission. Consider that when banks (which are renowned for watching the ‘bottom line’) sell their foreclosed homes, they hire an expert, a Realtor. From a financial standpoint, it really does ‘pencil out’ to hire a Realtor. 

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Oregon Realtor Roy Widing

Thinking about selling your Willamette Valley property? Contact Roy with Certified Realty, Oregon’s choice since 1950 using the form below for a free consultation.


Posted in Willamette Valley, Willamette Valley Economy, Willamette Valley Home, Willamette Valley Home Buying, Willamette Valley Homebuyer, Willamette Valley Homes, Willamette Valley Homeselling, Willamette Valley Housing, Willamette Valley Oregon, WIllamette Valley Podcast, Willamette Valley Properties, Willamette Valley Real Estate | Tagged , , | Leave a comment

Why Does My Realtor Do That?

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Realtors must follow many rules and according to consumer satisfaction surveys, real estate agents generally do a good job. Realtors are trained to abide by applicable state and national real estate laws, follow accepted business practices and the Realtor Code of Ethics, which is considered a higher standard of duty. Yet as in other professions, sometimes agents fall short. Wrong is wrong, yet it’s also important to separate willful wrongdoing from expectations which may be misinterpreted, or where motives are misunderstood.   

Hear the audio podcast version of this article here or click the ‘play’ button below:

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Failure or Flying Colors? 
When real estate agents are perceived to have ‘dropped the ball,’ a good first step is to see if there’s an explanation behind it. Let’s take one common example, the case of the ‘disappearing Realtor.’ Unless you’re in the midst of a transaction, if your real estate agent has fallen out of touch,  it’s entirely possible that he or she is no longer in the business, moved, is ill, or perhaps decided to focus on another field within real estate, (such as commercial, or property management). Another likelihood is a transition to working with other client types or geographical areas.

One reason for a ‘disappearing agent’ may also be because your lender informed the agent that you are not qualified to purchase a home. While ceasing to contact you because you’re not in the market to buy right now isn’t illegal, it could be considered rude. Being human, sometimes agents are unartful. But as when dealing with any professional, it’s instructive to distinguish between the unartful and activity which is unethical, or illegal.

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While most Realtors are diligent, honest and hardworking, there can be a broad range of Realtor behavior, ranging from ‘normal’ and reasonable, to impolite, to unethical, or even criminal. So let’s analyze some comments about Realtors. Sometimes the agent is ‘out of line,’ yet sometimes it helps to better understand differing perspectives to get the whole picture.  Here are some examples of Realtor behaviors you may have heard about.

Willamette Valley, Real Estate, Homes1. ‘Why Don’t Realtors Return Calls (or e-Mails, or Texts)?’
Unless it’s an isolated incident or emergency, this kind of Realtor behavior can be inexcusable, especially in an industry where communication is key. It’s true that some agents have a difficult time responding in a timely manner. A common reason is that some agents are simply disorganized. Simply put, if it’s chronic, this is bad form, bad business and outright rude. Such non-responsiveness even drives other Realtors nuts, particularly if they wish to show a home that is listed, present an offer, or simply find out if a home is still for sale.

Other explanations for not returning phone calls may be a personal habit among such agents, a sign that he or she is seriously overly busy (still no excuse), or perhaps is trying to tell you in a passive-aggressive manner that your business relationship is on the wane. Realtors sometimes have been known to ‘fire’ a client. What to do? Be clear with your agent about what you expect. Given a myriad of possible communication forms these days, if you have a preference for being reached by text, phone, e-mails, Facetime or Skype, explain that to your Realtor early on. Not everyone has the same communication style or tools.

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2. ‘A Realtor Insisted I Get ‘Pre-Qualified’ Before Showing Me Homes.’
This is an easy one. First, let’s imagine you’re a seller. Early on as your home is placed for sale, you notice many ‘tire-kickers’ and ‘looky-Lou’s’ traipsing through your house, including a large number of neighbors, with little apparent intention to buy, along with unqualified buyers, who are likely unable to buy. Yet, each time you receive a request to tour your home, you spend half an hour or more getting it cleaned up and leaving for showings. The result? Sellers want buyers to be pre-qualified.

Now, let’s imagine you’re a Realtor. You’ve just spent the past two weeks showing homes to buyers. Then you learn the ‘buyers’ can’t buy because the lender said their credit, income or other disqualifying factor disallowed it. The result? Realtors want buyers to be pre-qualified.

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3. ‘My Realtor Says My Home is Overpriced.’
It’s entirely possible that your home could be overpriced, yet there are several issues you may first want to sort out.  For example, when you placed your home for sale, what was the process you and your Realtor used to arrive at a list price? How long has your home been on the market? Has your property been receiving showings? Did you discuss what kind of market response might suggest the need for a price adjustment? What is the average market time for similar homes in your neighborhood?

Also, were you provided with comparable property information? Have you seen any documentation that confirms buyer activity, like online ‘hit counts?’ In other words, there may be valid reasons for your agent to suggest a price adjustment. Also usually helpful is going back to the ‘comps’ or comparable properties used to price your home, while researching to see if any other similar properties may have sold in the meanwhile since your property was placed on the market. For some helpful insights, answers and information about these questions, check out our article and related podcast ‘3 Steps To An Oregon Home Sale” here.

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4. ‘A Realtor Bought My Property And I Feel Cheated.’
State real estate regulators cite the majority of claims against agents is due to ‘self-dealing,’ where an agent acts on his or her behalf. For example, a Realtor may be asked to list a property, but instead after speaking with the owner, buys it for him or herself. There are strict rules for Realtors to follow when buying or selling real estate in Oregon. Given disclosure laws, real estate agents are on notice that they are being watched closely by various regulatory bodies, particularly if an agent is ‘self dealing.’ If you ever feel cheated by a real estate agent, you can contact the Oregon Real Estate Agency, or your local association of Realtors.

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Crime Victim Realtor Ashley Okland

5. ‘A Realtor Refused to Meet Me At A Home!’
Personal safety has become an important Realtor issue, especially since Realtors often work with the public alone, at night and in unfamiliar surroundings.  As a consequence, agents are advised not to meet prospective first time clients alone in a remote location or vacant home. Realtors Ashley Okland and Beverly Carter were real estate agents who did and their tragic stories are mentioned in educating real estate agents about personal safety.  

Willamette Valley, Real Estate, HomesGiven incidents like this devastating story of a Realtor’s murder that generated significant media attention, expect Realtors who’ve never met you to be cautious.Willamette Valley, Real Estate, HomesWith concern for personal safety up, self defense classes are more popular and concealed handgun carry is growing across the nation…and that includes Realtors, too.

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6. ‘Why Won’t My Realtor Hold An Open House?’
Simply put, selling homes can be a numbers game and here they are:

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How Homes Are Sold

Fact is, open houses most often benefit Realtors, not homesellers. That’s because most buyers don’t purchase through an open house. However, open houses are one way real estate agents can find new buyers. This isn’t to say that open houses will never sell a home. But given a variety of factors, it’s considered among the least effective ways to sell a home. 

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Thinking about buying or selling an Oregon home? Contact veteran Oregon Realtor Roy Widing with Certified Realty using the convenient contact form below for a free consultation.

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The Willamette Valley ‘Two Transaction Tango’

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Simultaneous/Consecutive Home Transactions
Selling your Willamette Valley home and buying a replacement property are frequently linked activities. In this article and podcast, we reveal how to maximize the efficiency and minimize the bother when simultaneously home buying and home selling.

Click here or on the ‘play’ button below for the audio version of this presentation about homebuying while homeselling.


We’ll also examine options to help decide if either simultaneous or consecutive real estate transactions may be best for you.

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Timing
The singular act of buying or selling a home is often the foremost concern of many. Whichever immediate task you may be considering, it’s common to have twice the activity anticipated, but in two steps. That’s because Willamette Valley home buyers often have a home to sell…and Willamette Valley home sellers are frequently seeking a home to buy. So what’s the best way to navigate this potential real estate quagmire without getting entangled in a morass of stress and needless extra costs?

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First Steps
To begin, it helps to examine three common dual home sale/home purchase options:

  1. Selling your existing house first, then buying your next house.
  2. Buying the next house first, then selling your existing house.
  3. Simultaneously moving from your existing house to your next house.

Your challenges, benefits and results will largely depend upon which of these three decisions you settle upon. Here are three quick takeaways for these three usual options:

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Option #1.  Selling your existing house first, then buying the next house
This option usually requires a ‘double move.’ Yet one advantage of this approach is that you won’t have double house payments. One disadvantage is that you may have to move twice.  An added benefit of this ‘selling first’ approach can include negotiating with strength in the purchase of your next home. That’s because your purchase needn’t be contingent upon the sale or closing of your sold home. As a result, you are seen as a ‘cash in fist’ buyer, or at the very least, a buyer who is considerably more likely to qualify for a home purchase, given that you ostensibly now have access to the equity in your now-sold home. This helps you negotiate with more power in the purchase of your next home.

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Option #2.   Buying the next house first, then selling your existing house
When first buying a house, then selling yours, one advantage is that you know where you’ll be moving. The reduced stress of ‘knowing where you’ll land’ is empowering.

Unless you’re a cash buyer, you’ll likely need to qualify with a lender. And if you have an existing loan in place on the house you’ll be selling, this may mean you need to qualify for two loans, your current home loan and the loan on the house you’re buying.

As long as your current Willamette Valley home sells in a timely manner, added financial obligations can be minimized.  For more information about bridge loans, see the below ‘A Bridge Too Far?’ discussion.

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Option #3.  Simultaneously moving from your existing house to your next house
This situation is very common. Provided your activities are clearly thought out, well-executed and contingencies are in place for protection, it’s also one of the more affordable options.

Think far ahead and shoot for impeccable timing, in order to make your move the smoothest possible. In order to have sufficient time to move out soon after closing on your current home’s transaction, you will need to locate your next home, write an accepted offer, have the home inspection and if you’re getting a home loan, likely an appraisal…all before you close on the purchase and can actually move in.

One advantage of this approach is that you won’t have double house payments. You also know where you will be landing, and you won’t likely have to move twice. One disadvantage is that your timing needs to be good and possibly have a little extra ‘cushion’ to allow for emergencies, like delays with appraisals, inspections and repairs. Otherwise it’s easy to feel ‘squeezed’ by your being in the middle of two time-sensitive transactions.

That’s one challenge of going this route; It’s complicated by not knowing with precision the timeline of certain key activities. That’s because while home inspections can usually be completed within a set time frame, like 10-14 business days, other requirements like appraisals, can take much longer, with less certainty of the completion date. On top of that, most transactions involve two appraisals, one on the house you’re selling and another on the house you’re buying. So if you plan on a simultaneous sale/purchase, huddle up with your Realtor to create a well planned timeline, then build in some extra breathing room, as necessary.

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A Bridge Too Far?
One way to do purchase a house without first selling your Willamette Valley home is with what’s called a ‘bridge loan.’ This is effectively a loan against the equity on your existing home. There are plenty of added details, but for the sake of simplicity, just understand that if you use a bridge loan to buy your next home, until your current home is sold, you will likely have double house payments. So if your current home doesn’t sell in a timely manner, hopefully the squeeze on your wallet won’t be more stressful than if you were to have simply sold your existing home first. 

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Tools of the Trade
To accomplish the job of simultaneously buying and selling homes, among the most common protective tools is called a contingency. Consider contingencies as akin to safety goggles. They’re designed to prevent a mishap, only in this case, the mishap could be losing your earnest money.

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Earnest Money
Earnest money is usually a certain dollar figure placed on deposit as a sign a buyer is earnest, and later applied to the home purchase. This helps convince sellers that a buyer is serious and take their property off the market. Earnest money essentially helps to ‘hold’ a property for a buyer. Earnest money is not often the total down payment, although it can be applied as part of the down payment.  Earnest money is important to homesellers, because without it, a buyer could otherwise tie up the seller’s property with virtually no obligation.

A large part of contingencies relate to a buyer keeping their earnest money, or the initial deposit showing the buyer is ‘earnest’ in proceeding to closing on a home sale. If a homebuyer does not have a sufficient contingency in place during a home sale, forfeiture of a buyer’s earnest money becomes possible. It’s not terribly common, but it can and does sometimes happen.

Types of Contingencies
Home inspection contingencies provide buyers with the right to have a house inspected for a variety of conditions, all within a specified time frame. Another common contingency is the loan contingency, so if for some reason a lender does not approve a buyer or the property for a home loan, the earnest money deposit is returned to the buyer. Buyers have lost out on qualifying for a home loan because they went out and bought a car during the home purchasing process, thereby disrupting their loan ratios.

The Reality of Earnest Money Deposit Risk
As long as appropriate contingencies are in place and they’re followed in a time-conscious manner, it’s relatively uncommon for buyers to lose their earnest money. It’s always a good idea to keep an eye on your timeline.

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Buying And/Or Selling?
Use the form below to contact Willamette Valley real estate expert Realtor Roy Widing with Certified Realty for a FREE consultation. Whether your real estate situation involves homebuying, homeselling, or if you simply have questions about our current Willamette Valley real estate market, Roy can help!

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10 Reasons Willamette Valley Winter Homeselling Is Hot

Willamette Valley, Winter HomesellingWhile there is a case to be made for homeselling in each of the four seasons, Winter is one of the most powerful times Willamette Valley sellers can place their home on the market and for ten very good reasons.

Click here or the play button below for the audio podcast presentation of this article.

  1. Price & Market Time. Statistics show homes sell faster and for more money in Winter. One way to understand this phenomenon is by considering a motorist with a flat tire in bad weather. That motorist has an urgent need and is less likely to haggle, or even seriously consider less expensive options, in order to meet an immediate need. Winter homebuyers can experience the same kind of urgency and this helps to explain the premium that homes can command during the real estate ‘off season.’ Another way to look at the Winter market dynamic is if you want to buy snowshoes in July (at least in Oregon), expect to pay more, since availability is typically lower. Willamette Valley, Winter Homeselling
  2. High Quality Buyers. Because home touring is generally less convenient, there tend to be fewer ‘Looky-Loos’ during the Winter. This means Oregon Winter homesellers have fewer buyers tracking dirt into their house, with less energy spent preparing for real estate ‘Tire-Kickers.’Willamette Valley, Winter Homeselling
  3. Less Seller Competition. Let’s face facts: It’s convenient to sell in the Spring and Summer, especially in Oregon. The weather is usually better, flowers are blooming and with plenty of homebuyers looking, it’s a ‘target-rich environment.’  Yet while it’s easier and more convenient to sell in sunny weather, this convenience often comes at the cost of increased competition from other sellers. Conversely, Winter homesellers can expect fewer like-minded sellers competing for buyers. Just like the successful contrarian investor who sells when everyone else is not, avoiding a ‘herd mentality’ can pay off with a higher price and faster sale. Willamette Valley, Winter Homeselling
  4. Higher Buyer Motivation. Is your idea of a fun time getting into a car on cold drizzly nights to look at houses? Probably not…unless you just got a job transfer. Or a nice raise. Or you received an inheritance and want to get out of your tiny apartment. It’s helpful for prospective Winter homesellers to know that corporate relocations are common in the first quarter.  Plus family changes can occur anytime and estates are settled year around.
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  5. The Hunt for Red December: Get a ‘Jump’ on the New Year’ s Competition. The best time to get your property on the market could be when everyone else isn’t. Placing your home for sale in Winter gives you access to hyper-motivated buyers who have made homebuying a New Year’s resolution. That way, when these eager homebuyers begin their ‘hunt,’ your house will be a prime ‘target’ as visible as Rudolph’s nose. So if your home is market-ready and available to tour leading up to the New Year, expect to tap into this highly focused ‘pent up demand.’
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  6. Your Home Looks Inviting During the Holidays. Who doesn’t enjoy the happy glow of a Christmas tree or other holiday decorations, along with the pleasant smell of fresh-baked pumpkin pie, cinnamon buns, or a vanilla candle? Homes often look their most inviting during the holidays.
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    And given the pleasant, even emotional attachment so many have during that time of year, expect some homebuyers to fully embrace the holiday theme of ‘Peace on earth, good will toward men.’ As a result, such positive feelings can spill over into the home selling process and make it easier.
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  7. Your Lawn & Landscaping is Virtually a Non-Issue. Forget to mow your lawn? No worries. Some buyers won’t care if they tour your property and it’s covered in snow, raining hard, or after sundown. Buyer landscaping expectations can be quite reasonable during Winter months in Oregon.Willamette Valley, Winter Homeselling
  8. When Your Home Sells, You May Buy With Less Competition. Few homesellers stop to consider that given good timing with their sale, their own future home purchase may also benefit from similar, unique seasonality. So depending on a variety of factors in the market where and when you buy, homesellers can sometimes take advantage of lower Winter activity levels to successfully negotiate with a motivated seller. This is because some sellers place their home on the market during Winter not for convenience, or desire to maximize their selling price, but from genuine need. In other words, they are highly motivated. Such homesellers could therefore provide a good buying opportunity.
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  9.  Fewer people relocate in Winter, so this means you’re likely to have an easier time booking a mover.
    Competition for moving companies can be challenging during the real estate ‘high season.’ As a result, expect less difficulty scheduling your moving company when you sell in Winter.
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  10.  You Can Dictate Which Days & Times Are Available for Showings. As a homeseller, you typically have control over tour times and dates for your home. This includes during Winter months. Given holiday-related gatherings and events, buyers are likely to understand their need to schedule their tour of your home. Your Realtor can help by specifying days and times your home is available for showings. For example, you could have your house available for tours on Saturdays from 2 to 5pm, weekday mornings after 9:00am, or between 5 and 8pm weekday evenings.

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Thinking about selling your Oregon house this Winter? Use the convenient form below to contact our sponsor, Certified Realty for a FREE consultation!

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5 Winning Homebuyer Strategies for Any Market

Regardless of the kind of market you find yourself in when buying your next home, there are key tactics buyers can use to make the process both more successful and considerably less stressful. What are these key homebuying tactics and how can you use them to navigate your next home purchase to a successful close? Find out in this Podcast to help Willamette Valley Homebuyers.

Listen to the audio podcast version of this article by clicking here or the ‘play’ button:

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‘The Thinker’ by Rodin

How Homesellers Think
There are plenty of factors that can influence how sellers think.  Among the most important of these is motivation, or a seller’s reason and/or need to sell. For example, expect different seller responses depending on if a homeseller is in no hurry, compared to other sellers needing a fast sale in order to purchase their ‘dream home’ or move for a job transfer. That’s frequently among the most frustrating elements for homebuyers, the variability not just in homes and seller pricing strategies, but navigating homeseller personalities and motivations.  

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Given the significant tasks involved with selling a property, some homebuyers may understandably wonder: Aren’t all sellers motivated?  Sometimes the answer is both ‘yes’ AND  ‘no.’  Consider a divorce situation, where one spouse desperately needs money and the other does not wish to move at all. Or consider an estate, where there are multiple family members, each with varying degrees of interest in selling; One family member may greatly need proceeds from a home sale, while the others are independently wealthy and perfectly willing to wait to sell, perhaps for tax purposes.

This means it’s helpful to first realize that as when fishing, you’ll never really know what you’ll be dealing with until you have them ‘on the line.’ Looks can be deceiving and no matter how a homeseller may outwardly behave, their motivation for selling is sometimes hidden and an important factor to determine as early as possible.  The situation can be further complicated if sellers have a large mortgage on their property being sold. In such a case, they’re not really negotiating with ‘extra’ money. They simply have little price flexibility in order to pay off their home loan and pay closing costs.  

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For Example
For an example of how disparately homesellers can behave, let’s say you drive up to a house your Realtor found for you. Walking up the steps to the porch, you begin your home tour. Upon entering, you immediately see the home is immaculate, the view grand, the layout ideal. It’s a great house. Yet compared to other homes you’ve seen, the price still seems a little high. In fact, you’re pre-approved, but purchasing the home at the seller’s asking price would be a tight squeeze.

Because it’s a great house and you’re ready to buy, you meet with your Realtor that night and write a ‘clean,’ yet not quite full price offer. Your Realtor forwards the offer to the seller’s Realtor and makes sure to include your lender’s pre-approval letter. The next day, your Realtor calls you with an update.

“Your offer was not accepted. But the sellers sent you a counteroffer at full price.” 

“Full price! Why?” you ask.

“Well, they just placed the property on the market, are not in hurry and figured they could do better than your initial offer.”

Welcome inside the world of seller motivation.

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Knowledge is Power
Given situations like this, it helps to know as much as you can about the local real estate market, the property, the sellers and details about their situation. For example, sellers frequently exhibit less price flexibility early on in the listing period. That’s because if the property is new to the market, their opinion is often strongly in favor of their home’s benefits and sometimes they don’t even know where they will move yet. It’s also common for sellers to think ‘I can always come down in price if it doesn’t sell.’

Fast forwarding a month or two into a property’s market time, the situation and seller’s attitude can look considerably different.  By then, buyers have ostensibly toured and rejected the property as being ‘too high’ by a handful (or more) of qualified buyers. ‘Why doesn’t someone just bring us an offer,’ some sellers might then ask. The saying ‘Price cures all ills’ is sometimes hard for sellers to hear, but generally true.  Buyers are constantly comparing the home they’re looking at to others they’ve toured. One home may have a more desirable floorplan, another home may have a better view, another may have an extra bedroom, bathroom, or larger garage.

So why don’t some buyers write an offer for less than asking price? Here are just a few reasons: 

  1. Buyers not wanting to offend the seller
  2. Buyers not thinking the seller would respond favorably
  3. Buyers not even aware the property is for sale,  given the high price
  4. Buyers concerned that the property would not appraise high enough
  5. Buyers plan to make changes to the house, which requires additional cost

Inventory
Another independent, yet primary factor to consider when homebuying is inventory, or the amount of competing homes on the market. If the real estate market is flooded with properties, expect different behavior from most homesellers compared to a market where homes are scarce. Let’s briefly consider the concept of equilbrium,  buyer’s market and seller’s market.

Equlibrium
When neither buyers or sellers dominate, a real estate market is considered to be balanced or in equilibrium. In our region, the range of 3 to 6 months of home supply is generally considered to be favoring neither buyers or sellers and otherwise ‘normal.’ Inventory figures are released monthly by multiple listing services.

Buyer’s Market
A buyer’s market exists when there are more sellers than buyers. Usually this means there is an abundance of homes to choose from, so it’s considered a market favorable to buyers. In our region, more than 6 months of home supply is generally considered to be favoring buyers. Home prices are typically falling, market times are longer and sellers are competing for buyers.

Seller’s Market
A seller’s market exists when there are more buyers than sellers. This is indicative when there is low home inventory to choose from, so it’s considered a market favorable to sellers. In our region, fewer than 3 months of home supply is generally considered to be favoring sellers. Home prices are typically rising, market times are shorter and buyers are competing for properties.

Interest Rates
A relatively minor shift in interest rates can price some of the properties a buyer might consider buying ‘out of reach.’ And while interest rates are a factor outside the control of both buyers and sellers, they remain part of the market landscape through which everyone needs to navigate. 

Market environments are important, but unless the element of seller motivation is well understood, you could even be dealing with an unmotivated seller in a buyer’s market and see poor results. That’s because the factors of seller motivation and home inventory, for example are not linked, but variables for homebuyers to consider.

If homes are scarce and prices are rising, understand that buyers are likely to feel pretty good about their property. As a result, presenting a clean and very strong offer is likely to work best in any market, but especially in a competitive situation with other homebuyers. Also include your lender’s pre-approval letter to confirm that you are able to afford the home you’re bidding on.

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In Real Estate, It Helps to Level the Playing Field

If the market is balanced, with neither buyers or sellers holding the ‘upper hand,’ the playing field is more level. But you still must deal with seller motivation. As a homebuyer, it’s to your advantage if the seller has a real, time-sensitive reason for selling.  If you’re buying in a buyer’s market with lots of homes to choose from, realize that while most sellers will adjust to the market with reasonable prices in order to compete, there are still ‘hold-outs’ who remain less motivated.

Dealing with marginally motivated homesellers can be frustrating, but sometimes helped by determining if there are any areas that matter to them.  For example, if your offer gives the seemingly unmotivated seller an extra two weeks to move out at no added cost for ‘rent back,’ he or she may then reconsider a less-than-full-price offer. Figure the ‘pain point’ of a seller and you may be able to craft a ‘win-win’ offer.

Keeping the important consideration of seller motivation in mind, here are five tactics to make your homebuying more effective and less stressful:

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Homebuyer Tactic #1: Do Your Homework
Have your Realtor research the property before you consider making an offer. The answers to certain questions can help reveal insights. How long has it been on the market? Have there been any price changes? How many different listing Realtors has this seller gone through? Observing that more than a couple Realtors worked with the same seller within a relatively short time period can suggest an unreasonable seller who is either unmotivated, not willing to seriously look at the market, or one that is simply ‘difficult.’

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Understand that even if a property is significantly overpriced, early in the process many homesellers remain enthusiastic about any interest in their property. In this situation, each showing early on confirms the seller’s belief that theirs is the best home in town. Experienced Realtors know the process well and by simple observation can become astute in understanding seller behavior. And sometimes the occasional ‘lightning strike’ will occur, where a seemingly above-market price offer is made for more than a property appears to be worth. But generally speaking, this is the exception and not the rule. And by staying with an above-market price over an extended period of time, sellers then run the risk of their property becoming ‘shop worn,’ with buyers wondering ‘What’s wrong with it? Why hasn’t it sold already?’

As a result, most experienced agents understand a seller’s price that turns out to be ‘above the market’ can change with time, or until at least a few qualified buyers walk away without making an offer. Further complicating the situation is if a seller is not particularly motivated, which is sometimes difficult to address. This underscores the importance of homebuyers understanding the homeseller’s motivation. Does the homeseller have a deadline, such as a purchase agreement already in place, a time sensitive job transfer, or an expiring interest rate lock, in order to purchase another property?

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Homebuyer Tactic #2:  Write a Strong Clean Offer, with Minimal Contingencies
Offer close enough to avoid triggering a counteroffer. Sometimes a homeseller will not want to ‘rock the boat’ if an offer is fairly close to their asking, despite not being full price. Once a counteroffer is ‘triggered,’ additional items in the original offer may be changed, since a counteroffer essentially restarts the negotiation process anyway.

This is also where comparable research can be helpful. If you’re convinced that the property is overpriced and you’re unable or unwilling to offer what the seller is asking, consider including a market analysis with your offer and include truly comparable property information that shows why your offer is not for full price. 

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Back it Up
A pre-approval letter made for the exact purchase price can help make your ‘strong, clean offer’ stronger . You may not want to telegraph that you’re qualified for a home loan in excess of your offered amount, which is why lenders frequently will send your Realtor a pre-approval letter that precisely matches your offered price. Otherwise, if you show a seller you’re approved significantly above the offered price, the seller may simply respond with a full price offer, figuring you’ll pay more because you can afford it.

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Homebuyer Tactic #3:  Escalator Clause
If you expect the property you want to buy will have multiple offers, one way to both stand out and enhance your odds of success is by using what’s sometime known as an ‘escalator clause.’  Under this scenario, your offer is made and in it, you agree to beat any other offer up to a certain maximum dollar figure and usually in an increment of say, $1,000 or other specified amount. There can be various elements to an ‘escalator’ clause. If your ‘escalator’ offer is accepted, proof of the second best offer is typically provided to confirm the appropriate purchase price above which the winning buyer then must pay.

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Homebuyer Tactic #4: Activate ‘Stealth Mode’
If you’re a ‘choosey’ homebuyer, or seeking to buy in a certain area or neighborhood with few homes for sale you’re interested in, consider having your Realtor go into ‘stealth mode.’ This could mean having your agent knock on doors, collaborate with other Realtors having a ‘pocket’ or unofficial listing, or simply become hyper observant.  Many buyers don’t even consider this approach, which while unconventional, can sometimes pay off with work, persistence and a little luck.

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The Pre-Listing Stage
In the early phases before a property is formally placed on the market, there are various pre-listing indications you might notice. For example, a location company is often contacted to spray paint where utility lines are located. This prevents a real estate sign placement company from digging a hole and hitting a gas or electric line. How does this matter? If you or your Realtor observe such ‘utility locator’ paint, or a dumpster, a storage ‘pod,’ a moving truck, a U-Haul van, or a ‘hanging signpost’ without a real estate sign yet placed, these hints can sometimes indicate a property is being put up for sale…giving you a headstart before other buyers find out about the home. If the average market time for a given area is weeks or months and you have a ‘heads up’ even before day one of the property hitting the market, you have a tactical advantage.

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Stealth Research Can Provide a ‘Direct Hit’ of Otherwise Little-Seen Information

For currently listed properties, other examples of ‘Stealth Mode’ could include your agent researching information on a property or homeseller for potentially helpful tidbits. This might be helpful legal information such as an estate, lawsuit, divorce or inheritance. Other possibly helpful records to consider may involve tax records, old listings from the local multiple listing system (or a separate more distant MLS altogether), since sometimes property history will not always be found in the usual multiple listing system.  

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Homebuyer Tactic #5: Prepare for a 2nd Bite of the Apple
Once your offer is accepted, that’s it, right? Not necessarily. A well-prepared homebuyer always keeps an extra tactic or two ‘tucked away.’

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So as ‘back up’ tactics go, one might consider such ‘deep concealment’ techniques much like an ankle holster: Maybe not your first line of defense, but nice to have, ‘just in case.’  What is an example of such a ‘back up’ homebuyer technique and why might it be considered so stealthy? 

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Being ‘En Garde’ Helps to Prevent Needless Surprises

‘En Garde’
First, it’s important to understand that like homebuyers, homesellers are typically most ‘on guard’ during formal negotiations. This period usually begins once an offer is written, plus during any ‘back and forth’ by buyers and sellers. Once an agreement is reached, even though there remains significant time, work, patience and even negotiation until the sale is officially closed, most buyers and sellers relax a bit psychologically.  But therein lies the problem, since realistically, two key factors usually remain that could interrupt, or even destroy the existing sale now in place. 

These two key factors include the inspection and appraisal, both which the seller has little control over. So if the home inspection reveals there are now plenty of heretofore unknown repairs, there are several possible scenarios on the inspection alone:

  1. Seller pays for everything
  2. Buyer pays for everything
  3. Buyer and seller negotiate

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Assuming any home inspection items are successfully ironed out, this still leaves the appraisal. What could go wrong there? Two of the more common appraisal ‘minefields’ are (a) value and (b) additional repair and/or code factors. If a barn does not have a permit, the home inspector missed an issue important to the appraisal, or the appraisal comes in low, expect more potential negotiation between buyer and seller to close the transaction.

Most buyers don’t necessarily focus on getting a ‘second bite at the apple.’ But if you feel your initial negotiation in purchasing a property didn’t go perfectly, sometimes the inspection and/or appraisal provides a renewed source of redress. And if the property has material defects, the seller is required to either disclose or fix them, in the event your transaction doesn’t go through. And regarding the appraisal, there is no guarantee a different appraisal will come in much different. So if the appraisal is low, renewed negotiation can occur here, as well.

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Do you have questions about buying or selling Oregon real estate? Contact our sponsor, Certified Realty using the convenient form below, or call 800-637-1950 for a free consultation.

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Posted in Willamette Valley, Willamette Valley Economy, Willamette Valley Home, Willamette Valley Homes, Willamette Valley Housing, Willamette Valley Oregon, WIllamette Valley Podcast, Willamette Valley Properties, Willamette Valley Property, Willamette Valley Real Estate | Tagged , , , , , , | Leave a comment