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SPRING/ SUMMER 2016 – Artificial Bend Oregon Home Pricing Alert
Hello, everybody. Thom Gardner for the Bend Real Estate Minute at BendBrokersRealty.com which is part of Bend Brokers Realty, and I am going to talk to you today about Bend Oregon Home Pricing.
So, you may have seen my recent video on multiple offers in Bend Oregon- we’re smack dab now in multiple offer season. There’s something else I want to alert you to that’s going on out there that I’ve seen in previous years, but seems to be becoming more standard for Bend Oregon real estate agents who list homes.
I first started seeing it in 2011 or ’12. And now, in the last two years, it’s become a little bit of an epidemic. And that is Bend Oregon Home pricing being set artificially to attract multiple offers.
Some listing agents are under pricing Bend Oregon homes that they know will be hot, so that you think you’re going to be able to get this house for a price within your price range. But what they’re really doing is trolling for multiple offers on the first day.
The multiple offer situation in Bend has gotten stranger this year. It used to be that we would write in a deadline date for them to respond to our offer, and they would do so within that time frame. Now, because the hot homes are so hot and rising in price so quickly in a market where there’s very little inventory, they’re just holding onto the multiple offers, and they’re saying, “You know what? We’re going to look at all the multiple offers, all together, in a week.” Usually, it’s not even that long. Usually, it’s two or three days.
So, let’s say the house goes up on a Friday. The listing agent, when I call—they won’t call me because they’ve got the hot house, I’ve got to do the work on this thing- I’ll call them and they’ll say, “Look, we’re going to look at all the offers on Monday night, and we’re going to pick the best one.”
So, if you see a Bend home that looks too good to be true in your price range—let’s say you’re in the range of $500,000 Bend Oregon home prices. You think, “Gosh! This house looks like those fantastic $650,000 or $600,000 houses I’ve seen,” and you can’t believe it, It’s in the right neighborhood. It’s got the right look, its craftsman. Everything looks new and beautiful. It looks like it’s got a great flow. Maybe I’ve run and done a video on it. It looks amazing. Well, guess what? Well, there are probably 10 other people beating down that door, making an offer on that home. That house that’s listed at $500,000 might go for $550,000, it might go for $575,000, it might go for $600,000. It sounds ridiculous, but it is happening.
And of course, as usual, I’m going to tell you. Your best defense against this is to call me or another pure buyer’s agent if you can find one. Let us get to work on that property, dig in the dirt, finding out what we can from the listing agent, and save you a bunch of headache.
Let me tell you, it’s very deflating when you go through two or three of those in a row, and you have nothing to show for it. Meanwhile, your emotions have been jerked around. Two or three times, you thought you might have a great house, and you have nothing. It’s pretty discouraging.
Okay, again, Thom Gardner, Bend Oregon real estate agent, Principal Broker, and Pure Buyer’s agent for the Bend Real Estate Minute at BendBrokersRealty.com, part of Bend Brokers Realty, and this has been my rant on artificial Bend Oregon home pricing. Thanks again.