Riding the Ups and Downs of Real Estate - A Week In Our World
REALTORS® in our area, and in many spots around the country, are riding a roller coaster of late. Limited inventory and buyer demand has created an extreme sellers market. When listings pop on the market, you've got to jump on them - quickly. Naturally, if it's a good fit, buyers need to submit their best offer and ensure they have pre-approval and proof of funds letters. Getting an offer accepted is exhilarating - for all of us.
However, that's just the first step and we work hard to manage expectations and time lines. We do not advise buyers to skip an inspection, unless the sellers offer a recent inspection and "proof of any needed repairs" for their review.
Weathering the Downs
It doesn't happen very often but one of my buyer transactions fell apart late last week during the inspection period. There were numerous DIY ( Do it yourself) jobs, including some obvious electrical modifications in this 800 thousand dollar home. Naturally, we asked for the work to be inspected and repaired by licensed contractors. The seller agreed, but his $1,000 cap on repairs would not have been adequate. We estimate it will cost about $5,000 to get things corrected.
Losing a home during the inspection is one of the downs that really disheartens buyers - especially when they've been looking for nearly a year for the right home, and spend nearly a thousand dollars for an inspection. One of our jobs as REALTORS® is managing emotions and keeping the momentum moving forward, even in the face of major disappointment.
We are looking another home with them Friday afternoon and hope it will be a more favorable option.
On another note, we're in search of another perfect family retreat. It's challenging as this fit requires homes for 3 separate couples - sister siblings, their husbands, and their mom and dad. We love challenges, but it's frustrating when many listing agents omit pertinent data that would make these searches easier for everyone. Are you listening offenders? Therefore, I'm going through the MLS inventory, listing by listing trying to find some matches. It's an unnecessary downer.
Enjoying the Ups
One of my listings closed today -- the new buyer is so excited - and the sellers are now renting until their new Lennar home is finished in late August. They too are excited, knowing they are getting closer to moving into a Camas neighborhood with their young daughter.
Another one of my listings is in the repair stages of an inspection. No major issues were uncovered and the seller agreed to take care of the minor repairs. It's moving along, and since it's a cash sale, there are no concerns with last minute lender hiccups.
And yet another listing has an accepted offer. It's a $425 thousand dollar townhome in Stoneleaf. The buyers were drawn to the location of this gated community in Camas. However, it was the floor plan that won their heart. Dual masters, 4 bedrooms, a library and a media room are a perfect fit for their plans.
We received an unsolicited testimonial this week from a family who just moved into their fabulous Washougal retreat. They love the stunning river, mountain and city views, plus they are having fun exploring their 5 acres of property and taking turns on the riding lawnmower. Luxury and glamour meet country living - they are wonderful folks and appreciate their new lifestyle.
The bottom line - we're having a lot of fun helping our clients, and while it's a challenging market, we're enjoying the adventure of riding the Real Estate roller coaster. If you're looking for your next real estate adventure, we'd love to be your guides. Buying or selling - we've got the experience and expertise. Call us today, The Carl Group, a member of the Harcourts USA Group- We're Your Locals.
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