Here in Portland, the market has definitely displayed a big shift over the past three months, with increased buyer activity and inventory levels lower than they have been in more than two years. It’s not uncommon for buyers to find a home, only to find out that they will be facing a multiple offer situation. Just the other day, I checked with a listing agent on a home in North Portland, and found out that they had 26 offers come in on that property! I have clients that have been looking for a home in Southeast Portland for over six months. The first day a cute home came on the market, we ran over to view it. It was “the one!” In checking with the listing agent we found out we were facing multiple offers. My clients and I sat down and carefully crafted an offer that got them the home they wanted!
If you find yourself competing against other offers for your dream home, keep in mind there are many other facets to writing an offer than just the sales price. The amount of the earnest money deposit, amount of the down payment, type of loan, personal property to be included, length of inspection period, length of escrow, home warranties, etc. are all important items that can make an offer look more or less attractive to a seller. You and your Realtor should discuss these issues in advance of finding your home, so you are confident in the offer you write. If you are selling your home, make sure your real estate agent addresses these items ahead of time.
Remember, it’s not always just about “the price.”