Portland Real Estate - Full Price or Nothing
Real estate prices in Portland, Oregon continue to soar. Everybody knows that. This is already a national phenomenon.
As a Realtor, sometimes I'm in awe at the speed and price of properties sold. Just when I finished doing a CMA, thinking that the price of a piece of property should be X. Before I get a chance to recommend a reasonable offer price to my client, the house was sold at X + a hefty premium. Honestly, some of the homes I've seen are not even fantastic. They get sold anyway, either at offer or above offer. It's almost reached a point of "I like it, I buy it" type of mentality. The fact is, if you don't, somebody else will.
My client and I tried to buy a home listed at $215,000. The price wasn't cheap, just above "market", I'd say. My client insisted on bargaining it down to $213,000. Well, $2,000 isn't a big deal so I let him. After all, we Realtors are supposed to follow instructions. The seller came back with a BIG "Rejection". Didn't even want to bargain or counter. That's the kind of sellers' market we're in these days.
posted by Portland Real Estate @ 2:55 PM
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1 Comments:
We have been looking everywhere in NE and SE within 7 miles close-in. It is insane! Everything seems to sell almost the same time it is listed! All the houses have 4 offers within 24 hours! How high should we go? How high is too high? Is there a rule of thumb, perhaps? For example, the first offer may be the listed price, would the second offer be 2.5% above that? And the third 5%? If we are fifth, 10%? We have no frame of reference and realtors are no help at all! They cannot tell you what you should offer. That cannot even tell you their opinion. Information on this would be great, anyone?
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