So what’s it like to buy a home in this market and as a buyer what should your expectations really be? Well, it’s definitely a seller’s market… maybe you’ve noticed. In this short video and post, I’ll explain what to expect when buying a home in Roseburg OR in this real estate market.
Prepare For Fierce Buying Competition
One way to prepare when buying a home in Roseburg OR is to know the level of competing competition. The truth is, this market has been brutal on some buyers and has even cost a lot of buyers their dream homes.
The competition can be fierce, and believe me, I understand how frustrating it can be and know it can be heartbreaking when you don’t get the house you offer on. So then, understanding the market is key to knowing what to expect when buying a home in Roseburg OR during this crazy seller’s market.
So if you’re wanting to buy, understanding the information I’m sharing here will help you to understand the state of the current real estate market so that when you’re out house hunting, you know what to expect, and how to proceed. I’m going to share with you two important pieces of data I think you’ll find interesting having to do with price and competition.
What’s Up With Prices?
The first thing to expect when buying a home in Roseburg OR is the possibility that you’ll have to pay more than the list price. Nowadays the list price seems more like a “suggested price.”
Right Now in the U.S., 48% of the buyers are offering above list price. The average percentage over the asking price they are offering is 2.9%. To put that into perspective, in the Roseburg OR area, the average selling price is $325 000 so that’s roughly $9,400 over full price on average.
Don’t misunderstand me… I am not saying that every home is selling for $9,400 over full price or even that most are. But if we are on par with the national average, about 1/2 of the home sales are. Make sense?
What’s Up With Competing Offers?
The second thing to expect when buying a home in Roseburg OR in this market is the likelihood that you’ll be bidding against other buyers. On average, buyers are competing with other offers 68% of the time. That is the national average according to NAR.
Because of this, buyers need to be super competitive right from the get-go. Homebuyers who want to win the bidding war need to make their best offer and make it as clean as possible. Not sure what I mean by clean? Just ask.
When making your offer, think about ways you can make your offer compelling to the seller because being competitive may not be enough. The hope here is to get the seller to love your offer enough that they don’t play the “highest and best” card on you.
The fact is, the average buyer strikes out twice before actually going under contract with a pending sale… maybe you know what that feels like – it’s not a very good feeling. Bottom line, it usually takes 2 or 3 offer attempts before they finally get a house and go pending. This is where patience and understanding of the market conditions will really pay off.
Bottom Line
So then, this is what to expect when buying a home in Roseburg OR in this market… you can expect that there’s a chance you’ll have to offer more than the asking price and you can expect that there’s a pretty good possibility that you’ll have to try more than once to get your offer accepted.
True this offer is not for the faint of heart homebuyers. set a time to sit down and talk with you about that.