A funny thing happened on the way out of the COVID pandemic in 2021. The real estate market exploded with demand. Almost like a rerun of the mid-2000s, home prices in Eugene, as well as other locations on the West Coast, have been rocketing up because of a pent-up demand that has gone viral and is hitting most major markets. Sellers are finding themselves with at least five to ten offers and more if they happen to go longer than a week or two before making a decision. What in the world happened?
With People Stuck at Home Pressure Built Up
Part of the current dynamic was rooted in the enforced social distancing through most of 2020 that folks had to deal with. Home selling just about slowed down to a crawl because it became so hard to show a home for sale, much less have an open house display. However, once the vaccine availability kicked in and mask effects started to be realized, the market was able to come out again. And that meant a big pressure valve suddenly released with a lot of demand stored up from months and months of not being able to shop.
Lots of Activity Left & Right
Now, mid-2021, the current Eugene market is red hot. Homes are moving quickly, both sellers and buyers are fully engaged. That means anyone looking to buy or sell right now in the area needs to be prepared to react quickly as the Eugene market continues to move lightspeed, with new changes literally happening by the hour. How does one keep up with it all? That’s the trick of it, don’t bother. Instead, the better approach is to have a local subject matter expert manage the information flow on the local market and let that expertise filter out the nonsense for the homes or bids that actually make sense and should be responded to.
Areas Where Preparation Makes Sense
Instead of trying to chase the market, folks should prepare what they can control. For buyers, that means having a responsive down payment ready to go. Don’t forget the fees that typically need to be covered in a sale as well. Make sure you have your documentation and paperwork ready too. There are multiple resources online that spell out all the typical documents needed for a home loan application as well as a home sale and escrow criteria list.
For sellers, make sure the home is actually ready to sell before engaging in listing discussions. With this kind of current market, there isn’t much time available for cleaning up and prep once the home is listed. There will be attention within hours. Additionally, sellers should have a good idea of what their price point is and what to expect. If not, do a bit of research first with an agent to have an idea of what is realistic to expect. Sellers should also anticipate anything that needs to be fixed that would be essential to let a home sale go through. Don’t let items that would trigger a home inspection finding or outstanding liens stop a sale in its tracks. Those are almost surefire buckets of cold water for buyers, even the most adventurous types.
Local Eugene Expert Help
If you’re looking for a friendly contact for Eugene who knows the local market inside out, Off and Running (https://offandrunning.net/) is going to be a classic example of expertise that would be hard to duplicate. Again, with so much happening so fast, the value of a local real estate expert pays dividends in helping buyers and sellers cut down the chatter and focus on the most important opportunities.