MAKING OFFERS ON BEND OREGON REAL ESTATE AND PRICING METRICS
Hi, Thom Gardner again for the Bend Real Estate Minute at BendBrokersRealty.com which is part of Bend Brokers Realty. So today, I’m going to talk a little bit about making offers on Bend Oregon real estate, and the pricing metrics to make that offer.
Now, we are in the high season, May through October. And because of that, you’re going to see that most houses are selling for at list, close to list, or in some cases, with hot neighborhoods, way over list.
There still are chances for you to get a Bend Oregon home at less than list depending on a few things. And to do so, we use pricing metrics. Those are things such as how many days has that home been on the market.
I’m looking to buy a Bend Oregon home right now myself. I have a couple that I’m looking at that have been on the market an inordinately long time. And because of that, I know I’m going to be able to take them a little bit and rate them over the coals and get the price down. They don’t have a choice at this point because it’s a hot market and they’re not selling.
So, how many days on market has that home been there? That’s the first one to think of when making offers on Bend Oregon real estate.
The second is what neighborhood is it in? Is it a hot neighborhood? Is it a hot home? Are there obvious flaws with the home?
Now, in the case of the Bend Oregon homes I’m talking about for myself, they have obvious flaws. So, the question with those obvious flaws, you have to ask yourself, is “Can I fix these flaws? Or are they structural, fundamental flaws that can never be fixed?” You want to avoid those, of course, because you’re going to have trouble selling that house later yourself.
However, if it’s something you can fix—and the ones I’m looking at can be fixed for a price—you figure out how much under the list price can I come in at so that I can fix those flaws and still get a great deal? So that’s another metric to look at when making offers on Bend Oregon real estate.
Other things I can find out for you from the listing agent. Is there something in this deal for the seller that’s much more important than just the price? That can be something like a seller lease back for a month or two, so that they lease the home from you after you close, and they can move out more easily. Or is there a certain closing date they’re looking for that’s maybe a couple months off in the future? And if you have the flexibility to deal with that, the fact that we’re putting that into an offer may cause them to take a lower price, which works for you.
So, there are several things like that to consider when making offers on Bend Oregon real estate. Other things can be: does it back to a busy road, is it in an area where there’s a mixed look to the neighborhoods—you have some lower cost homes versus higher cost homes—and of course, running a competitive market analysis (which I can, of course, do for you), find out what homes nearby are selling for, how long they’re taking to sell, and how is this home priced versus those homes?
Those are just a few of the pricing metrics to take into consideration when making offers on Bend Oregon real estate. Again, I can help you with that! Thom Gardner with the Bend Real Estate Minute at BendBrokersRealty.com, part of Bend Brokers Realty. Take care!