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Multiple Offers?

What happens when your dream home appears to be someone else’s too?

Being involved in multiple offers doesn’t have to be a losing battle.

So, you’ve researched the neighborhood, the schools, the access to shopping. And you’ve just submitted a solid offer on the home of your dreams. Congratula–…wait, what? There’s another offer on the table already? And TWO others on the way? Holy cow! Now what?

In Central Oregon, multiple offers on the same listing is not unusual. But suddenly last spring, the inventory of homes shrunk dramatically. Then, quite unexpectedly, a huge influx of buyers joined the market in June, leaving the real estate market in Bend is as competitive as it’s ever been. Some homes are selling within minutes of being listed.

Under these extreme and intimidating seller’s market circumstances, your best chance of securing a popular home in a multiple-offer situation is to be prepared…and very, very nimble.

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Suburbia or bust!

Desire to exit cities fuels strongest June home sales since the housing boom or 2005.

The sudden recession earlier this year caused a sharp decline in the real estate market. But increasing consumer confidence, along with an emerging demand for modern houses with the amenities for working off sight and home schooling outside of congested cities made for a rousing recovery in June.

According to a monthly survey by John Burns Real Estate Consulting (JRBC), purchases of newly built homes jumped 55% in June over last year. That was the largest annual gain since homebuilding began again following the massive housing crash just over a decade ago. It’s also the highest pace for sales since the height of the unprecedented housing boom in 2005, which of course, was spurred on by negligent lending in the subprime mortgage market.

“Sales in the distant commuter areas are the most robust,” said John Burns, founder and CEO of JBRC. “A lot of computer-oriented people have proven to their co-workers that they can be productive from home, and have sensed, or officially been given the green light to work from home at least a significant portion of the time.”


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Duke Warner Trend Report for June 2020

Living in Central Oregon certainly has its advantages. Beautiful lakes, crystal clear rivers, abundance of sunshine, great craft breweries, sunshine (did we mention this previously?), and a bustling real estate market. If you have ever considered leaping into homeownership in Bend, OR, there is no better time than the present. Our monthly report provides our compiled, “boots on the ground,” data regarding the real estate market in stunning Central Oregon. The one fact that jumps out at us- the housing market is still the most reliable investment you can make for the future. Our June predictions were defined as strong, as we stated. We foresee finishing strong in July, as well. Here are our latest findings from the previous month.

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Suns out. Buyers out. Is your home ready for them?

10 things to cross off your list before putting your home on the market

They say you’ve got to make hay while the sun shines. If you want to make some hay selling your home, that means getting it ready for all the buyers who will be out this summer.

Let’s say you’ve used some of your recent downtime to do a thorough job of spring cleaning. Now let’s take care of some of those larger household projects before the serious buyers jump back into the market to make their moves this summer. Check these 10 items off your to-do list so your house is ready to view while buying is hot:

  1. Gutters: Spring rains and runoff bring lots of debris off your roof. Remove it from your gutters and fix any leaks.
  2. Siding: Spring rains also splash dirt on your exterior walls. Power wash your siding and refresh the paint as needed. Is it time for all new paint?
  3. Windows and Screens: To let the sunshine in, wash all windows inside and out. And replace damaged screens to keep the bugs out.
  4. Hot Water Heater: Don’t forget about this important appliance. Lubricate the circulating pump and motor.
  5. Roof: How did your roof survive the winter? Replace any missing, loose or damaged shingles.
  6. Deck or Porch: Winter can do a number on these too. Now’s the time to stabilize the railings and re-stain the surfaces.
  7. Irrigation System: Adjust the timer and system to make sure everything is green, but not too green. Replace any broken sprinkler heads or damaged valves.
  8. Landscape: Trim overgrown plants and add flowers for a touch of color.
  9. Foundation: Fix floors and walls that are showing any cracks or deterioration.
  10. Bathrooms: Replace caulking in and around all showers, tubs and sinks. Make sure all drains are running free and clear.

If any of these projects are too challenging for you to do yourself, now’s the time to hire a specialist or a handyman to take care of them. For specific tips on preparing your home for the sizzling summer market, reach out to a Duke Warner Realty experienced real estate agent, today.

 

 

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When it comes to Return on Investment, there’s still no place like home.

Real Estate Tops Best Investment for Seventh Year Running

Anyone who has some money in the stock market these days has a pretty good idea of what it feels like to be rollercoaster mechanic. Up big time one day and down even lower the next.

If you’ve been losing sleep over your investment portfolio lately, you can take comfort in knowing that year after year, your best performing investment is actually right where your pillow and bed happen to be:  your home.

Every year, Gallup surveys thousands of Americans to reveal their choice for the best long-term investment from among stocks/mutual funds, gold, savings accounts/CDs, or bonds, real estate. For the seventh year in a row, real estate has come out on top.

According to Gallup:

 “Real estate remains the most favored investment to Americans, as has been the case since 2013, when the housing market was on the rebound. More than a third of Americans have named real estate as the top investment since 2016.”

This year’s results indicated 35% of Americans chose real estate, followed by stocks at 21%. The full results covering the last decade are shown in the chart below:

Bottom Line

Despite the many challenges and uncertainties our economy faces today, one thing is for sure. The belief of the American people in the stability of housing as a long-term investment remains stronger than ever.

For more information contact Duke Warner Realty and speak with one of our experienced real estate agents in Bend Oregon.