Investors and First Time Buyers Competing for Homes

 

There are still a lot of great deals to be had in Bend. However, if you want a piece of the action then you need to come ready for it. Homes that are priced well don’t last long. On Friday we had some clients in town who were looking to buy a home that would make a good rental. One of the homes they looked at was a 1700 sqft, 3 bedroom, 2 ½ bath home on ¼ acre. It is bank owned and had been on the market since Wednesday. List price: $123,000. It doesn’t take a degree to know that is a great price and after looking at all of the homes on their list our clients decided they wanted to write an offer on this house. When Becky called the listing agent she found out there had been multiple offers and the bank had just accepted one of them. The house had been on the market for less than 48 hours.

 

This is not uncommon for homes priced under $130,000 in Bend. We are seeing a lot of competition for homes in this price range. Before shopping for homes under $130,000 buyers would be wise to have their pre-qualification letter and/or proof of funds in hand. There may not be time to track down your lender or figure out where you filed your last investment account statement. For our out of town clients shopping in a competitive price range we ask them to give us this information up front so that when the right house comes on the market the only thing we need is a signature. 

 

Here is a testimonial written by a some clients who were ready to roll when the right house became available:

 

 

Becky is GREAT to work with! I live in SW Washington and my business partner lives in West Linn, Or. We were shopping for a vacation rental in Sunriver, OR via long distance. Becky scheduled us to see about a half dozen homes on the resort within a few hours so we could drive back home to our families by dinner a couple weekends in a row! By the next weekend, she called me with a listing in Eagle Crest Resort that she recommended we check out. She emailed the listing, and it was twice the house (3700 sq. ft!) of anything we could have bought in Sunriver for the same price range, with a beautiful mountain view and all of the same resort amenities that were important to us. Because of the long distance and not able to see the house until the following weekend. We had Becky do a walk thru of the home and take some pictures with her cell phone. As soon as she walked in she said, “This is it…You guys will love this house!” We trusted her and made a full price offer sight unseen as it was a short-sale property. Not to mention being in the financial services industry, we knew the horror stories and time of buying a short sale. Becky knew the entire process and really made the purchase a seamless transaction. She has a lot of knowledge of working with the banks and a great reputation/connection which I think helped speed up our purchase! When we finally saw the house in person, we loved it! More importantly our wives loved it! We had never considered Eagle Crest and if it wasn’t for Becky’s local knowledge and ability to know exactly what we wanted, we would have missed out on our dream vacation home!

Allen and Zach

We understand that buying a house can be stressful, especially when you don’t live here. Let us take the hassle and pressure out of your next buying experience. Give us a call.

 

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About Dan Seim

Dan Seim is the primary contributor to Preferred Residential's blog. He has been writing about real estate issues that affect home owners in Bend and Central Oregon since 2011.