Multiple offers are back...again

[AJ Wong]

Earlier this year I posted about the intensity of the Oregon RE market, and while there was a lull the first few weeks of the year, the past few weeks have been rough!

Four clients with quality offers above asking were outbid by cash offers, some waiving contingencies, which is new for Oregon. 

Fortunately a client was already in negotiations on the last offer made, otherwise they would have also been outbid by an all cash offer, regardless of the price offered. 

About half of my clients that do not need to invest, at least for the moment (are not) and the other half are definitely finding a seller's market. 

To execute efficiently and effectively buyers and their representatives need to be on point!

For example, had my clients countered the seller's counter too early, they would have lost their position to the all cash buyer (whom presented the day after their offer!?) 

The intensity of the market is something that Oregon RE Broker's and buyers will need to adapt too. It's a fine balance between rationality and exuberance.  

Although I'm representing my buyer's fiduciary interests, I try to take a seller's perspective when considering how I structure a Real Estate Sales Agreement and offer. Personally I try to establish a professional relationship with the listing broker or seller, introduce my lender early and take into account more than just price, deposit and timeline. 

There are a variety of ways that brokers can earn their client's the homes they pursue. Primarily by expressing to your clients the realities of the market and validating those perspectives and strategies with statistical and environmental evidence. 

It ruthless out there, but a great time to earn your dues and differentiate what you do well. 

There's not much other choice. Close or fold. My best advice is to assess your strategies, the historical performance of your offers and never, ever give up. The best time to look for the next deal is right after or even during the submitted, declined or accepted offer. 

What are you seeing in your local markets? In Eugene, for example, listings in the sub $500k price range are averaging 101% of list prices but good luck getting one there..All in all, there are still 3/1.5-3/2 homes with garages, large lots in very quality areas from the $335-425k range. Comparatively for the Pacific Northwest or West Coast there still appears to be reasonable if not exceptional value considering the demand and influx from out of area buyers and the areas they're arriving from. 

Cheers!