Molalla’s real estate market is more competitive than in years past and it’s now a bit akin to a footrace.
But it’s not just Molalla. For example, in the greater Portland metro area that includes Clackamas, Multnomah, Washington and (of course) Yamhill counties, there is now 3.4 months of home inventory. That’s close to half the supply of what many consider to be a ‘balanced’ housing backlog of 6 months. As a result, sellers are scarcer, buyers are many.
With this ‘seller’s market,’ home buyers throughout Molalla are competing for fewer available homes. So if you’ll be buying a Molalla area home anytime soon, ensure your offer is most competitive. One way is to hire a Realtor when both buying and selling. Curious about why this is important? Keep reading.
What To Do
If you need to sell your current property in order to buy another home like most home buyers, to be taken seriously by home sellers in this ‘seller’s market,’ it’s crucial to have at least a pending sale on your current property before making an offer. Why? Most sellers simply don’t want to wait for you to do what they’re trying to do…namely, sell a house. As a result of this competitive market environment, it can make a difference to have a Realtor represent you when both buying and selling. You’re about to see one example why.
To convince a homeseller that your offer is the best, one key factor is transparency. That’s because if you’re buying a home, there are likely to be other buyers interested in the same property. Put yourself in a seller’s shoes. Before taking their property off the market, sellers want verifiable assurance that an offer is likely to actually ‘close.’ As a result, they frequently expect a certain amount of credible information to determine the likelihood of success.
What Not To Do
Recently some area ‘for sale by owner’ sellers were also purchasers. But they seriously hurt their odds to purchase the house they wanted by not hiring a Realtor to sell their current property. Why? Since these buyers were attempting to sell ‘by owner,’ no reliable information on their unlisted property’s sale was available for the Realtor representing the seller of the house they wanted, to confirm their ‘pending sale’ status. Did these buyers really have a ‘pending sale’ so they could proceed to purchase? Or was their ‘sale’ more of a handshake, riddled with contingencies? With no Realtor involved in a buyers’ sale transaction, it can be difficult to verify much at all.
These ‘for sale by owner’ buyers did one thing right, by hiring a Realtor to represent them in making their offer. But due in part to their alleged ‘pending sale’ not being managed by a Realtor to confirm the home inspection, appraisal, and buyer’s financing had been dealt with properly, along with possible unknown contingencies in their sale transaction, the ‘for sale by owner’ buyers’ offer was rejected.
Put Your Best Foot Forward
Unlike those unsuccessful home buyers, you can put a good ending on your next transaction. The best solution when buying and selling a Molalla home? Be competitive and hire an expert Realtor, whether buying or selling. A good place to start is a free consultation with qualified and experienced Realtors representing your best interests. For your own free consultation, contact our MolallaHomes.com sponsor, Certified Realty at 503-682-1083 or use the convenient form below.