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A lot of people have been asking me lately what a fair offer is when buying a Eugene home. The answer to that question is simply, timing.
What I mean by this is that if a home has been on the market for more than a month, in a hot market like the one we have right now, you can probably start off by making an offer that’s about 5% below asking price. The seller won’t be offended by the offer because they’ll be happy to have one, but don’t be surprised if they come back with a counteroffer. You’ll have to negotiate with them on the price.
Now, if a home has just been listed on the market, it’s a whole different ball game. The current market in Eugene is hot for sellers. You’re likely going to have to compete against other offers, so you’ll need to switch up your strategy. You’re going to have to be a lot more aggressive, and that starts with making an offer of at least their asking price, or maybe a little more. There are also other things you can do to help your offer stand out.
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Interest rates are still incredibly low right now for buyers.
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One thing you can do is be flexible about the closing date. Sometimes the seller will also be buying a house at the same time. If you’re more flexible, it helps your offer stand out.
Another strategy to use is appealing to the seller’s emotions by writing them a personal letter about how much you’d like to buy their home. This strategy works well with families, because sellers want to pass their home on to other families.
At the end of the day, you may feel that the advantage is tipped a little bit towards the seller in this market. That’s true, but as a buyer you have a distinct advantage as well. Interest rates are still incredibly low right now for mortgages. They haven’t gone up yet and if you can buy while they’re this low, it will save you a lot of money on payments in the long run.
If you need any more information, don’t hesitate to give me a call or send me an email. If you have any questions about real estate or any topics you’d like to learn more about, let me know about those too. I would be happy to do a video on it. I look forward to hearing from you!
