3 Tips for a Better Deal on Portland Real Estate
As a buyer in the current market, there are plenty of opportunities to get great Portland real estate at near bottom prices. But because of the small amount of housing inventory throughout the region, home sellers (those who recognize the level of competition, anyway) are sticking pretty close to their asking prices. Be sure to do your homework so you don’t pay inflated pricing for a home.
If you’re looking for the perfect piece of Portland real estate, here are a few tips to help you get a great price:
Stay Updated
Looking online is a great place to start. However, be aware that you have a large possibility of getting outdated information. You can find a beautiful dream home and contact the agent only to find that the house has sold. Stay updated. Ask your Portland real estate agent to register your email address for daily MLS (multiple listing service) updates so you can get information as soon as it comes out. At Urbanvue, our mls listings are updated every hour, every day.
Visit Homes Quickly
Be ready to pounce when a well priced home hits the market. Well priced homes are getting multiple offers with-in days of hitting the market. In this fast paced market a home that sits for 30 days or more is thought to have something wrong with it. Today, there’s a great possibility that there’s nothing wrong and the homeowner is simply trying to get the home sold in a competitive market and may have priced it a touch too high. Tour the homes with recent price reductions as well as those on the market for more than 30 days. These home sellers may be more interested in selling for lower prices. This is a great way to buy at a rate that isn’t inflated by a bidding war.
Look for Possible Negotiation Points
Even homes with higher prices may be worth looking at, due to the many ways you and your real estate agent might find to negotiate. For instance, it’s always wise to get a home inspection before signing the contract. Depending on what the home inspector finds, you may be able to negotiate for lower closing costs or a lower price. Get the home under contract and then negotiate.
Right now, it’s important to remember that just because a house is listed at a specific price doesn’t mean that price can’t change. If you’re a buyer interested in Portland real estate, whether as your personal residence or an investment, take the time to really do your homework. Two houses in the same neighborhood may be worth $425,000, although one may be listed at $400,000 and the other at $450,000. It takes a good amount of discernment of the market to figure out how to approach each scenario.
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