When you enter the real estate market chances are you know to get your finances in order. But did you realize you also need to get your emotions in order as well? Especially in today’s housing market, buying or selling a home can be emotionally taxing at times. That’s why a good Realtor should not just
•educate you about local real estate market values
•know about comparable neighborhoods
•be aware of what goes into a compelling offer
•provide quality referrals for services you might need
•be available and an excellent communicator
•manage your expectations.
What do I mean?
Hyperlocal Realtors like myself have a pulse on the market and can sense when things are changing. For the last 12-28 months, we’ve been in an overheated seller’s market. That has called for managing both buyers’ and sellers’ expectations.
For buyers—they needed to realize that the competition was going to be stiff and might require offering over the asking price, including an escalation clause and offering all cash if possible.
Sellers needed to understand their priorities—highest offer, cash, rent back because once the offers came in, buyers would be anxious to know where they stood so they could move on.
In the last couple of months, while the market is still hot, it has cooled down a bit as evidenced by these changes:
•Buyers waiting to submit offers to test the competition
•When offers do come in, there may be 3-5, compared to 10-12
•Sales prices coming in closer to asking price than before
•Some sellers taking the first offer instead of waiting to see what else rolls in
•Price adjustments being made on houses for sale
•Appraisals coming in under sales price
So now, Realtors are having to manage sellers’ expectations more than buyers.’ Stories of houses selling for $100,000 over asking were true just a couple months ago but are not reflective of what’s happening in the market today. These slight shifts can mean the difference between a seller recognizing a strong offer or not. A good Realtor needs to lay out the current landscape before the selling process begins so homeowners go in with their eyes wide open and their expectations realistic.
If I can help bring you up-to-date on the current state of today’s Lake Oswego housing market, please give me a call. Being informed is the first step toward making a wise decision about whether to buy or sell. You can reach me at 503.939.9801, email me at email@example.com and check out my website. I’ve lived in and been a Realtor in Lake Oswego for over 30 years and would love to put my knowledge and experience to work for you to making your homebuying and/or selling experience a positive one!