Southern Oregon 3 Good Reasons to Buy In October
Southern Oregon 3 Good Reasons to Buy In October
Full Video Transcript Below
[00:00:00] Well, good afternoon, real estate fans, Alice Lema here, broker John L. Scott in Southern Oregon with another edition of our weekly podcast. And today to kind of coincide with the shift in the weather and the turmoil and changes in the market, we're going to talk about three reasons why October is actually a really great, smart time to buy, and it's not just me saying that there's opportunity. But statistically, when they do studies, they've got some numbers to back that up.
[00:00:29] So before we get into that podcast today, just want to give you a chance to subscribe to our channel. Please leave me some comments. Like the episode, send it to your friends. It's an educational endeavor I've got going on here. So please do that.
[00:00:45] All right, here we go. Three reasons why October is a really smart time to buy a home. So, first of all, just mathematically, we have more houses, even in a short, tight inventory market. Like we've had all summer, actually we've had for a year. There's leftover properties from the summer.
[00:01:05] And then we have the regular number of properties that come on every week anyway, the average number that come on every week, plus we've got the ones that didn't sell or they lost their buyer. And so this is a really interesting phenomenon because in the beginning of our selling season, spring summer, typically here for Southern Oregon folks that are putting their house on the market will start high. Thinking well, I can always reduce the price. Well, you know what, if you didn't sell your house here, you are October, the weather's changing. You know, you still haven't sold your house and you still want to move. What are you going to do? So now you can see there's all these other properties on the market as well.
[00:01:43] So the sellers get jittery, the buyers have more choices and it's actually a great time to be out hunting for houses, just because you're going to have more to look at. And that is a good thing. Okay. So number one is extra inventory.
[00:01:58] Number two, just mathematically, because you have more homes to choose from more homes per buyers, so to speak because it really is just supply and demand. We should mathematically, have fewer bidding wars. And we've been noticing that slow down, you know, these last few weeks of the summer anyway, where people, we don't have as many multiple offers situations, even when we expected it.
[00:02:21] So fewer bidding wars, more homes per buyer, a little less stress, you know, anybody who wanted to buy a home this season and didn't, or didn't get to, or got outbid, you might feel a little more relaxed. You might have a little more time to think about it. You might actually get to write an offer that wasn't over full price and have the seller take it seriously. So just less competition, fewer bidding wars, that's our number two.
[00:02:47] So number three, the prices could change. And this is a really fun strategy for buyers. If you have properties that have not done a price reduction or not done one recently, you might slip in there and get them to take a lower offer just because they were sitting around the kitchen table yesterday, going, what are we going to do with the house? Well, let's give it a week and we'll lower the price like that conversation happens a lot right now.
[00:03:13] So as a buyer, you can use that to your advantage and you're actually helping the seller out anyway, because they need to sell or they wouldn't be on the market. They'd be taking it off. Right. So go out, look at some homes in your price range, maybe even a little higher. And then don't be afraid to write some offers that are a little bit lower, just because you might catch somebody who was thinking they might lower the price.
[00:03:38] Anyway, you know, one time we did this for some, some hospital workers. And do you know, the seller took an $80,000 reduction because they were going to have to, they were going to have to lower the price anyway. Now this was a very fancy estate kind of purchase. So $80,000 is reasonable in that world.
[00:03:59] I don't want to make it sound like everybody's going to take an $80,000 reduction, but it just goes to show you don't know what a seller might be thinking or experiencing, and they might have stuff going on in their life that's pressuring them. And they're worried about the weather change or this or that.
[00:04:14] And you know, in our world, we just don't know from one day to the next what's going to happen. Right. It's pretty weird out there. So yeah. So as a buyer be brave, write some offers. Be reasonable because don't go out there and pretend to be Warren Buffet and think somebody is going to take a dollar for their house.
[00:04:30] Don't do that. If you really want the house, try to be reasonable, but also, you know, have a little courage. I think this time of year it's, you know, as buyers, we just don't have to fight as hard. So use that to your advantage. Okay. So those are three things to keep in mind and why October is a really smart time to buy a home.
[00:04:48] I'm Alice Lema broker here at John L. Scott real estate in Southern Oregon. I'm around all weekend. I want to be your agent. I'm a great listing agent. I'm a great buyer's agent, you know, work a lot with investors. So give me a call, give me a text (541)301-7980. And let's see what we can do with your real estate right now.
[00:05:10] Okay. And if you want to do some planning for 2022, I've got a lot of ideas about what's coming down the pike, so we should talk. Okay. Have a beautiful weekend. Take care. Bye now.