3 Steps To An Oregon Home Sale

Hear the audio podcast presentation by clicking here or on the ‘play’ button

Selling an Oregon home can sometimes seem overwhelming and complicated. Yet there is a logical framework to the entire process. Once grasped, this knowledge makes the task less daunting. 

Easy As 1-2-3
There is a usually a linear progression to selling an Oregon home, making it as easy as ‘1-2-3.’  And since the process between buyers and sellers is routinely described as a kind of ‘dance,’ let the music begin.

Oregon Real Estate, Oregon Properties, Oregon Homes

Fundamentals
To be fair, there are plenty of tasks associated with any real estate transaction, yet the key process that gets homesellers a workable offer can be simplified to three primary steps. Then, once a mutually accepted offer is in hand, the final march to closing the sale begins.

Oregon Real Estate, Oregon Homes, Oregon Properties

The fundamentally crucial elements start very early. Curious? Away we go:

Oregon Real Estate

1. Online Activity-More than 90% of homebuyers first look online before they even call a Realtor. Just as important, once buyers select an agent, they will continue to view properties online as they ‘winnow the field’ and decide with their agent which kind of homes to tour. Then, the power of the local multiple listing system provides a good selection of properties and enhanced information.

Oregon Real Estate, Oregon Homes

2. Showing Activity-By the time buyers take their first home tour, they’re often pre-qualified.  Few homebuyers make an offer without this crucial step. If they do, it’s not unusual for sellers to request they get pre-qualified before their offer is considered.

Oregon Homes, Oregon Real Estate
3. Offer Activity-
This is the final step in the 3 phase path to an offer. Once homesellers make it to this point, their property has likely been priced close to the actual market value. The 3-step process looks simple and in a way, it is. What follows are some extra helpful considerations.

Oregon Home-Selling by the Numbers
First, it’s helpful to realize that buyers generally behave in somewhat predictable phases. 
This means they routinely go to Step 1 first, before Step 2, or Step 3. There is very little skipping around. For example, it’s uncommon for a buyer to start at Step 2, or leave out any steps. 

Another important element to consider is when a homeseller’s efforts ‘stall’ at a certain step. Depending on a variety of factors, there is usually a good reason, which can be diagnosed by a Realtor experienced with intrinsic behaviors of buyer activity. 

Oregon Homeseller, Oregon Home Selling, Home Selling Oregon, Homeseller Oregon, Oregon Real Estate Selling

Even Batman Doesn’t Have This In His Utility Belt
Homesellers can have a very useful tool in their utility belt, since online buyer activity can be monitored to evaluate buyer response, or lack of it. That valuable tool is a report on buyer activity for your specific property. Some of these reports are released weekly (Realtor.com) and others (like regional multiple listing services) are compiled daily. Realtors who invest wisely in their business frequently subscribe to these proprietary services

Oregon Real Estate, Oregon Properties, Oregon Homes, Oregon Homeseller, Oregon Homeselling

Realtor chart showing decreased buyer activity over time.

Step 1. Online Activity
Online reports are very valuable in analyzing market reaction to a seller’s property. And realize what market reaction is: The collective response of buyers in an area, or ‘market.’ As a result, your Realtor can provide you with regular updates with online buyer and Realtor activity for your home and from a variety of sources. Some of these key sources will provide hyper-local data very specific to your area. 

Online property activity data can help gauge if your property’s popularity is really ramping up, falling fast, or simply ‘so-so.’ Now let’s take a further look into these helpful tools.

A Medical Analogy
As with reading blood tests or an electrocardiogram (EKG), it’s especially helpful if the professional reading them has familiarity with interpreting specific signs under a variety of situations. Some ‘bumps’ can mean much, others little.

Oregon-Real-Estate

      EKG reading. Notice that it somewhat resembles the multiple listing report image below.

Oregon Real Estate, Oregon Properties, Oregon Homes, Oregon Homeseller, Oregon Homeselling

A multiple listing property chart with buyer views, Realtor views & email frequency to Realtor buyer clients

Since you wouldn’t expect a brain surgeon to be a heart expert, agents who only work with city properties may not analyze market reaction to a rural property quite the same way and vice-versa. It’s important that market responses for a seller’s property be analyzed by taking both the property type and location into account. As a result, it may not be realistic to expect identical market readings for a palatial suburban Portland, Oregon home when compared to a ‘fixer’ property in tiny Paisley, Oregon. Tracking your home’s online popularity can determine not only buyer response, but provide key insights. For example such buyer activity information can help sellers make adjustments before activity gets lackluster and a property becomes ‘shopworn.’  

Oregon Homes

Step 2. Showing Activity
The ‘jump’ from online home searching to touring inside homes is a significant one. Since agents commit considerable time and effort and are usually paid only after a buyer purchases a home, this typically means real estate agents are selective with those they spend time with, so touring buyers are usually pre-qualified by a lender. In other words, we’re now working within the realm of a qualified home purchaser, who is ready, willing and able to buy. Studies show that the typical home buyer searches for 10 weeks and views 10 homes.

Oregon Real Estate, Oregon Properties, Oregon Homes, Oregon Homeseller, Oregon Homeselling

Step 3. Offer Activity
A final leg in this three step journey is when an offer is written and submitted for the seller’s consideration. By writing an offer, this step also helps to confirm that the property is likely priced within a reasonably market-friendly range. There is still plenty to do after Step 3, but an acceptable offer places the process into the remaining phases of a real estate transaction. This can include elements like escrow, home inspections, preliminary title report, appraisal, loan documents and closing.

Oregon Real Estate

Think of home prices like fishing at the right level. Homes priced where ‘the action is’ get more bites.

A Real Estate/Fishing Analogy
For example, wildly over-priced homes don’t usually get much more than ‘low-ball’ offers, if any. Think of the actual top market value of any property as a ‘waterline.’ Fish usually don’t jump in the boat, so if a home seller’s property is priced significantly above that level, expect little, if any action. As the ‘bait’ or price is lowered to the waterline, expect ‘nibbles.’ If no serious offers arrive within a reasonable amount of time, further lowering the price will typically provoke a ‘feeding frenzy,’ also known as a ‘bidding war’ for the property. 

Oregon Real Estate, Oregon Properties, Oregon Homes, Oregon Homeseller, Oregon Homeselling

The End of the Beginning
An accepted offer is not the final step of the home selling process. But with an accepted offer in hand, home sellers and their Realtor can focus attention on remaining stages. 

Oregon Real Estate, Oregon Properties, Oregon Homes, Oregon Homeseller, Oregon Homeselling

Thinking about Selling?
Call (503) 682-1083, or contact veteran Oregon Realtor Roy Widing with Certified Realty using the form below. Bring Roy your questions, or request a free consultation on what your property could sell for in today’s market.

Advertisements

2 thoughts on “3 Steps To An Oregon Home Sale

  1. Pingback: Why Does My Realtor Do That? | Oregon Real Estate Podcast

  2. Pingback: Why Does My Realtor Do That? | Willamette Valley Homes

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s