As always the broad statistics one sees are typically averages for the entire nation. So a 6% average increase in home prices nationwide in a given period is meaningless for a given market. That’s why having a knowledgeable professional in the local market on your team is so important.
The hottest markets with the greatest appreciation are mostly in the West-San Francisco, Seattle, Portland etc. Inventory is tight so it’s a great time for sellers. In San Francisco the way open houses work now is that the agent opens them at the appointed time-say 2 PM Sunday afternoon- and there will be a whole parade of buyers waiting to get in. They get an hour to look and then at 9AM Monday morning the offers are received and the sellers typically have several well over asking price cash offers to choose from. If an offer is less than asking price and not cash, it will most likely not even be looked at.
No, we’re not there like that here in Eugene-Springfield but because inventory is tight buyers must act quickly when a desirable home hits the market or they will lose out to someone else. Loan preapproval is critical. In a multiple offer situation, the seller does not want to wait while the buyer gets approval. The approval needs to come with the offer. You and your agent must react quickly when a new listing appears in the Multiple Listing Service. As an example our group put a nice $325,000 home in SW Eugene in the MLS at 5PM last Friday. The seller accepted an offer at 6PM.
And for you sellers, just because the market is tight does not mean you can slack off on preparation for the market. Buyers are still picky and condition and cleanliness are still paramount. As part of the preparation a pest and dry rot report should be done and deficiencies corrected, the landscaping put in tip top shape, the front of the home should be maximized for street appeal and of course the interior clean, free of clutter and appropriately staged.
Our team will assist you as little or as much as you like in these preparations as part of our full service listing program. As the number one team of Realtors in the area we have the expertise and resources to help you sellers obtain top dollar for your homes. And for buyers, to birddog new listings in the MLS and get you in to see them as quickly as possible.
Please contact us today to get started!