You’ve made up your mind: the lush landscapes of Willamette Valley real estate are the apple of your home-seeking eye, and you’re ready to buy a residence. Whatever part of Willamette Valley you wish to call home, Willamette Valley isn’t any old parcel of real estate. Home to the state’s most populated (and popular) city, world-renowned vineyards, and two thriving rivers, buying a home in Willamette Valley is no insignificant act. Real estate this desirable is best accompanied by some helpful tips on how to maximize the joys and smooth sailing of buying your home in the glorious county of Willamette Valley.
Ask your agent about exclusive listings
Because the Willamette Valley real estate market is so popular, it can be helpful to ask your real estate agent about exclusive properties. The reason for this is that some of Willamette Valley’s brightest gems are not publicly listed to protect their MLS numbers. Your real estate agent is queued into a network of sellers and available high-end real estate that may not show up on search engines. Asking your real estate about any potential exclusive properties on Willamette Valley’s market can save you time and competition. You’re likely to tap into homes with the power to truly impress and meet the specific elements you seek in your Willamette Valley home.
Understand how the appraised value affects your financing
When you fall in love with a home and are free from the restrictions of a budget cap, who’s to stop you from making that purchase? It’s understandable to flirt with throwing caution to the wind when you can comfortably do so. However, should you pay a great deal more for a home if it’s marked up beyond its market value? Of course, that decision is ultimately in your hands. Though you may be able to comfortably afford competitively priced Willamette Valley homes for sale, this doesn’t mean your financing will come through. If you are financing the home, be sure you feel comfortable with paying cash for the difference if the appraised value comes in under the financing amount. Otherwise, you will need to add a contingency to your offer.
Don’t be afraid to negotiate the asking price
Your prospective dream home has been appraised, and you find out the asking price is noticeably higher than its appraised value. Now what? As noted earlier, of course, you are free to do as you like if negotiating the asking price to a price closer to its appraised value is of no concern to you.
However, it’s important to remember that for many high-end properties in competitive markets like Willamette Valley’s, it isn’t uncommon for these homes to come with escalation clauses for real estate contracts. An escalation clause on a real estate contract is an agreement serious bidders consent to that states they will automatically bid a percentage higher than anyone else who makes an offer whose bid is higher than their own. Though this can be helpful for sellers who are looking for serious bidders interested in closing on their homes, it is an easy way to raise asking prices far beyond the home’s appraised value. And when this happens, you have every right to negotiate the price.
The seller has power, yes, but the home should still be listed at a fair market value price. Negotiating the price isn’t rude, even if you could pay for the higher asking price. Negotiating the price is only fair in this circumstance. So, don’t be afraid to initiate that negotiation conversation if necessary!
Do not skip the home inspection
Your prospective home may be giving you all the feels: it looks nice, feels nice, and smells nice. The neighborhood or surrounding areas are oh-so charming. The home is a newer home designed by an award-winning architect. Put all these elements together, and it’s easy to believe that you don’t need a home inspection. Or that if you do, whatever issues you may find will be minuscule and manageable. Though the excitement and eagerness to close on a home giving the appearance of being everything you’ve been looking for is certainly understandable, it is crucial you do not skip out on that professional home inspection.
That said, an inspection can show you many issues you might not expect. Willamette Valley’s climate is particularly wet in the winters, making it predisposed to unseen mold and microbial issues concerning the indoor air quality of your home. Subterranean termites are also something to keep an eye on. Many may believe that all termite damage is apparent to the naked eye, but this is not always so. Full-blown termite damage is easy to spot, but it’s the early interior stages of termite decay that are not. Home inspections are easy to obtain and should be scheduled the moment your interest in the home becomes serious.
Award-winning Rebecca Donaldson Realtor passionately serves Oregon real estate communities. Contact her for assistance in finding your perfect Willamette Valley home and ensuring you don’t miss out on any details.