It’s no secret that the real estate market across the country is hot in our current seller’s market. With inventories at extremely low levels (1.8 months of recent inventory in Portland, OR vs. the 6 month inventory in a healthy market) the competition for buyers looking to own their next home has been tight. Serious buyers are looking at all kinds of advantages to get ahead of the next offer, including waiving inspections, shorter closing times and bringing more cash to the table (I’m not necessarily recommending any of these methods).
I want to share with you a tactic that can get you a step ahead of the competition and doesn’t cost you anything but a little time. When you and your real estate agent find a home that is a serious contender visit that house 2-4 times at different times of the day. See what the commute would actually be to/from your new house. Get a feel for the area, and when you visit the neighborhood pay attention. Roll down the windows in your car when you’re driving. Stand outside the home and listen. What is it like to live in this home, is there road noise, kids playing, running water, etc.?
This is doing the sensory homework for your purchase ahead of time so that when you’re ready to write up an offer with your super star real estate agent you’ve worked out in your mind the personal value of the home area around the home. You’ve pictured yourself living in the home and more importantly, you’re confident that there won’t be any “gotchas” on your first commute home or finding out the neighbor is a rock band drummer. This will help you and your agent move quicker and more aggressively because you’ve identified big unknowns with the new house.
On top of it all, you will most likely remove half of the homes on your list that you practice these tactics with because you’ll find out with a personal inspection there are things that disqualify the house for you. This saves you time, money and stress from getting too far into an offer before you find out the home is not for you.
Incorporating these things will help you be more nimble and educated with your decisions, which will lead to finding the right home you love.
Want some more insights? Give me a call at 503-729-8384