Lake Oswego Real Estate Multiple Offer Bidding Wars

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For at least the past two years, sellers in our Portland/Lake Oswego real estate market have been doing the happy dance.

While housing prices were depressed and on a downhill slide during the past recession, the real estate market has done a total reversal.

Sellers are in the unique position of having multiple offers and above list price offers submitted on their houses. While this is great for sellers, it has been increasingly difficult for buyers to obtain their American dream of owning their own home.  And to make it even more difficult for buyers, recently, there was a news article that stated Portland had the fastest growing prices in the U.S., up 11.8% within the last year.

What Buyers And Sellers Are Doing 

I have heard several cases where there were up to 60 offers that had been written on houses and prices went $100,00 above asking price.  And, most of those buyers did not successfully get their offers accepted.

So if you are a buyer, just how can you get your offer accepted?

Getting Your Offer Accepted

What are buyers doing to get their offers accepted?

Here is a short list of what some buyers are doing:

  • paying cash
  • writing offers with escalation clauses increasing the sales price
  • waiving and removing the inspection contingency
  • removing the financing contingency
  • waiving the appraisal contingency
  • making offers sight unseen
  • not asking for concessions or closing costs
  • quick closing dates
  • large down payments
  • free rent backs for the sellers
  • moving expenses paid for seller by the buyers
  • seller closing costs paid for seller
  • making your highest and best offer
  • “love letters” submitted to seller
  • underwriter loan approvals
  • non refundable earnest money deposits
  • calls from the lender to the seller regarding buyers pre-approval

Sellers are:

  • reviewing all multiple offers at the same time at a pre-determined date/time

Even if you do all the above plus some other additional things to benefit the seller, there is still no assurance you will become the winning bidder of that home you love.

However, remember these old sayings “try, try and try again” and “never give up”.  Interest rates are still low and eventually, the home of your dreams will be yours.

 

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate Copyright 2008-2016. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

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