These Missed Details Could Give You Buyer’s Remorse

Buying a home can be exciting, but don’t get ahead of yourself and forget to look into details. Here are some that you should consider before buying.

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Sometimes when we get anxious to buy a home, we overlook a few things that are kind of important.

For my first example, suppose you’ve visited a home during the day when you could see it in full light. But have you been by the home at all hours of the day and night? Noise levels change throughout the day. If at all possible, visit the home at different times of the day to be sure that you will enjoy living there.

Second, think about your daily commute. From an outsider’s perspective, it might not seem that far to go to work. Maybe it’s only 10 or 20 miles, but when you own the home and realize that it’s 10 or 20 miles every day, both ways, you may see things differently. This may not be a problem for some, but it is something to think about.

Third, check over your CC&Rs (covenants, conditions, and restrictions) carefully. Some people will bring their RVs to the new property, only to discover they were unable to park. Little things like that can become a real downside if you haven’t checked the CC&R thoroughly.

If at all possible, visit the home at different times of day to be sure that you will enjoy living there.

As a fourth example, you should always think about your bedroom-to-bathroom ratio. Is this home one that you’ll be able to grow in? In other words, are children in your future? If so, and you don’t have enough bathroom space to fit your family’s needs, you’ll quickly outgrow your home. And of course, the best way to gain equity is to stay in your home for six to seven years, so moving early could affect your position there.

You should also think about features that can’t be changed without major remodeling. It may not seem as important when you walk through the house for the first few times to put an offer in, but it likely will down the line.

The final point would be to consider the resale value of your home. Is the home in an area that will be attractive to prospective buyers down the road, or will it possibly become an area with several rental houses on the same block? There, the resale value wouldn’t go up as fast.

I hope this helps. Remember, buying a home is a great investment, and I strongly encourage it. It sure beats renting! Take care, and I’ll be back next week.

Is Lane County Still in a Seller’s Market?

Lane County is still in a seller’s market, but the right time for buyers to buy is now.

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As you know, we’ve been in a seller’s market for quite some time in Lane County, and according to the latest reports, we basically still are.

680 new listings came on the market last month, which is a good sign. Still, we can’t say inventory is rising, because we also had 519 new properties close and 524 go under contract.

We’re still at about two months of inventory. To put that into perspective, the normal level of inventory for Lane County is six months. This means that if no new homes came on the market starting now, we’d be completely out of homes to sell in two months.

Our market is still strong and will be for the next couple years.

The median home price has risen a little over 10% from $230,000 to $254,000 in the past 12 months.

Buyers shouldn’t look at these numbers and consider this a bad situation, though, because the market continues to rise and interest rates are still low. If you were to put off buying for a year, the same homes available now would cost 10% more to buy. In other words, the sooner you buy, the better off you’ll probably be.

In summation, we’re in a strong market, and it will continue to be a strong market for the next couple years. If you have any questions about our market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d be happy to help you!

Is It Worth It to Make a Backup Offer on a Home?

By writing a backup offer, you still have hope of winning the home you want while retaining the freedom to search for other homes.

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As you know, multiple offer situations happen a lot in our market. In each situation, though, only one offer can be accepted.

In this case, most of the buyers whose offers were rejected go away, but a smart buyer will put in a backup offer in case the first offer falls through.

When buyers who’ve been beaten out before in multiple offer situations encounter another multiple offer situation, they can sometimes put in their offer too hastily, overbid for the property, and get cold feet. If and when the first offer falls through, that means your offer is automatically put in first position and no one else can drag you into another bidding war for the home.

Putting in a backup offer is a good strategy for any buyer involved in a multiple offer situation.

Putting in a backup offer doesn’t stop you from looking at other properties, either. If you find another property you like, make an offer for it, and get that offer accepted, you can simply cancel your backup offer. If you’re not in first position for a home, you can cancel your backup offer anytime.

Putting in a backup offer is a good strategy for any buyer involved in a multiple offer situation and has worked out well for many buyers in our market. If you have any questions about this or any other real estate topic or you’re looking to buy or sell a home, feel free to give me a call or send me an email. I’d be glad to help you!