A ‘Buyer’ in Hand is Worth Two in the Bush
I came across this great article on KCM and thought it to be sage advice. Over the last 18 months, we have been hearing, seeing, and saying how low inventory has been. And we all know what this has led to. However, the winds are shifting just enough to but an overzealous seller at serious risk. While certain parts of the Portland Market in certain prices ranges remain red hot, the fact of the matter is the Portland Market is cooling. Increasing inventory, longer DOM, more price reductions, and yes (gulp) sellers accepting bumpable status. While we are still in a Seller's market these simple statistics are just enough to give buyers breathing room to act on more favorable terms than in the past - even if that means “only” buying at full price. To sum this up. If you are buying and in an actionable spot you can act with speed to overcome most multiple offer situations. If you are a seller and priced right you can expect to have a quick strong offer, but don’t set count on the multiple offers being a guarantee.
In today’s highly competitive seller’s market where there are more buyers than there are homes for them to buy, some sellers may feel like the ball is in their court.
And they would be right when it comes to choosing which offer to accept, the closing date, or even which improvements they are willing to make to their house prior to selling.
One thing to remember is that there is always a line that shouldn’t be crossed.
Interest rates can change, financing might not go through, the appraisal might not come back at the price that you have agreed to. These are all opportunities to work with your buyer to make sure that the sale still happens.
You may think that, because buyer demand is so high right now, you can choose to make your buyer jump through hoops. But what happens if they reach their limit and need to walk away? You’re starting over… weeks, maybe months later… and other buyers may wonder what’s wrong with the house since the last deal fell through.