If your offer to purchase a home in this highly competitive real estate market was rejected, it often is because a cash offer was accepted over one with a loan contingency attached. According to a recent NAR survey of Realtors®, the presence of a competing all cash offer was the second largest reason for an offer not being accepted, accounting for more than 25% of all real estate transactions. Other buyers making a higher offer is still the major cause of rejection.
Here in Bend, we are seeing similar trends with multiple offers and bidding wars the norm rather than the exception for most Bend single family home sales. These bidding wars continue to push Bend home prices upward with early figures for April 2021 single family home sales showing the median sales price over $650,000 - a 41% increase over that from April 2020.*
The chart below, produced by the National Association of Realtors®, lists the 7 reasons buyer's offer was rejected in this current market. If a buyer's goal is to win the bidding war, putting a strong offer in right from the start is essential.
*Data from Central Oregon MLS
Original blog can be read at Bend Premier Real Estate's blog page.