Competition heats up in Beaverton for the under $150,000 homes

By
Real Estate Broker/Owner with Respect Realty LLC 200311024

Competition is heating up in Beaverton for the under $150,000 homes. More and more renters are getting their new lease agreements and realizing that their landlords are raising their rent. Combine that with the prices still dropping in Beaverton and you have more and more people seeing that they can get more home for the same money if they buy.

Beaverton Oregon Homes under $150,000

There is only one problem! When you have more buyers than sellers you get the traditional supply and demand model where prices start to rise. But, this time there was something that the normal supply and demand model doesn’t account for. That is buyers that aren’t willing to pay more than what they offer or what is being offered.

In 2008 when a good deal came on the market a home would get an offer in one day from 4 or 5 buyers, they would compete for that home by escalating their offer until they got their home. This caused prices to go up. Fast forward to today where a good deal comes on the market and on the first day 4 or 5 offers come in and instead of escalating the price you may actually get all the buyers to walk away if you send them counters to bring in their highest and best offer.

No one wants to be stuck in the 2008 price wars and are willing to walk away if they don’t get what they want the first time. They wait until the right priced home comes on the market, put their offer in and if they get it, they get it, if they don’t they don’t.

Now in a way I like this trend because it telling me people are no longer looking for a lifestyle home or an investment home, they are looking for a roof, a place to call home. We have had years of excess and friends trying to top each other. Now I think we are starting to see a trend of people just saying yes I own a home and I don’t plan to lose it and I will live within my means.

If you are looking to buy a home for your family, call me, I would love to help your family home!


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Joni Bailey
Berkshire Hathaway Home Services - Anderson Properties - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

What a great trend to be in! Living within your means is setting yourself up for success!

Dec 14, 2010 05:30 AM #1
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Paul S. Henderson, REALTOR®,CRS,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

We seem to have the same challenge around here. People have discovered real estate again...
You have a friend in Washington State,
Paul

Dec 14, 2010 05:31 AM #2
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Kathy Schowe
California Lifestyle Realty - La Quinta, CA
La Quinta, California 760-333-8886

That is a really nice home for under $150,000!  Good luck-- and much success!

Dec 14, 2010 05:47 AM #3
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Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Todd - We have several price points in my area where multiple offers are commonplace, but there are still a few buyers that are willing to keep increasing their offer until they get the home and it becomes though when it's your buyer who wants to do it.

Dec 14, 2010 08:00 AM #4
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Todd, some excellent points.  Even if some are willing to pay above market value, if they are getting financing, the bank won't let them have it.

Dec 15, 2010 12:14 AM #5
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Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate

It has been amazing how many clients I have taken out in this price range in the last few months. I actually think there are more buyers than there are homes, but no one is willing to get into a bidding war. The first one to put the offer in gets it and then the rest wait for another one to come on the market.

Jan 01, 2011 10:50 PM #6
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