In the world of real estate, the term “contingent” can sometimes leave buyers and sellers scratching their heads. Whether you’re navigating the buying process or preparing to list your home, understanding contingent offers is crucial. In this post, we’ll break down what it means to be “contingent” in real estate, how it affects you as a buyer or seller, and what potential scenarios you could face.
A contingent offer on a house means the buyer has included a protective clause in their contract. This contingency gives the buyer an option to back out of the purchase if certain conditions are not met. Typically, a contingent offer involves the buyer needing to sell their current home before they can finalize the purchase of a new one. Think of it as a step in between “active” and “pending”—the property is not quite under contract yet, and there’s still an opportunity for other buyers to step in.
If you’ve heard the term “bumpable buyer,” it means that the current buyer’s offer is contingent on selling their home, and another buyer could potentially “bump” them out of the contract. Essentially, it’s a state of uncertainty, and another buyer might have a chance to swoop in.
For buyers, there are two key scenarios involving contingent offers:
If you’re selling your home and receive a contingent offer, it’s important to understand the potential risks. If the buyer needs to sell their current home, this could delay your closing timeline. For instance, if their home takes longer to sell than expected, you might need to extend the closing date, which can be problematic depending on your plans.
It’s also essential to assess the buyer’s preparedness to sell their current property. Are they already on the market? Are they prepped and ready, or are they just starting? The more ready they are, the less risk you’ll face. Given the additional uncertainty, contingent buyers often need to make a stronger offer to compensate for the risk you are taking.
Watch the Full Video: The REAL Difference Between Contingent and Pending
If you have any questions about buying a home or need more personalized advice, feel free to reach out to me. Connect with me on YouTube, Instagram, or Facebook.
For a more detailed consultation or to get started on your home buying journey, schedule a free strategy session here. You can also access my Free Buyer’s Guide to help you through every step of the process here.
It hasn’t been the easiest time to be a buyer. Buyers have been facing high rates, low inventory, new commission structures, and houses that need lots of repairs. In the end, it all adds up to $$$! What buyers need is a bit of relief. And when a brave buyer takes the plunge with a house, the hardest day of the transaction is often the home inspection day. This is often the day when the $$$ needed to move forward on a home seems insurmountable. Having a great buyer’s agent on your side to walk you through negotiating with the Seller is critical. Agents can end up saving you thousands of dollars in the end with great professionalism and negotiation strategies. And really what is it that a Buyer wants? A new place to call home. If you are ready to take the plunge and buy a house, contact us today.
Embarking on the journey of selling your home presents a unique set of challenges and opportunities. In the bustling real estate market of Portland, standing out in a sea of listings is crucial to not just selling, but selling well. A strategic tool in your arsenal? Staging. Let’s unpack the art of staging, its pros and cons, and how you can leverage it to benefit your sale. You can checkout the video below as well!
Staging is more than just tidying up; it’s a deliberate process designed to showcase your home’s best features. It involves strategically arranging furniture, decor, and accessories to appeal to potential buyers. Whether you hire professionals or tackle it yourself, the goal is universal: to make your home irresistible.
For those looking for a more budget-friendly option, virtual staging is worth considering. This technique digitally inserts furniture and decor into your property’s photos. While less impactful than physical staging, it offers a glimpse into the potential of your space at a fraction of the cost.
The investment in staging varies widely based on your home’s size and the number of rooms you decide to stage. Discussing with your real estate agent will help tailor a strategy that maximizes return without unnecessary expenditure. Sometimes, focusing on key areas like the kitchen and primary bedroom offers the best value.
Deciding whether to stage your home is a personal choice, influenced by budget, timing, and market conditions. Gathering as much information and advice as possible will help you make an informed decision that aligns with your goals.
I’d love to hear from you. What are your perspectives on staging? Have you experienced the benefits first-hand, or do you have reservations? Share your thoughts below.
Staging can dramatically transform the selling experience, potentially leading to a quicker sale and higher selling price. As with any strategy, it comes with its pros and cons. By evaluating your unique situation and consulting with your real estate agent, you can determine if staging is your ticket to a successful sale.
Thank you for tuning in, and remember, whether you decide to stage your home or not, I’m here to support you every step of the way in your selling journey. If you’re pondering your next move in the Portland real estate market, feel free to reach out. Let’s make your home sale a success together.
Stay Connected: For more insights and tips on navigating the Portland real estate market, don’t forget to like, subscribe, and follow me on YouTube, Instagram, LinkedIn, and Facebook.
Looking for a Personalized Real Estate Strategy? Schedule your strategy session today at stan.store/thewilliamsing, and let’s get started on achieving your real estate goals.
If you are considering adding a separate living space to our property, The Portland ADU TOUR is for you! Come see several ways to add an ADU to your property whether attached, detached, custom, pre-fab, big, or small. Stop by and say hi to our favorite realtors and ADU specialists from team Aryne + Dulcinea, a.k.a the Property Mavens!
And if you can’t make it, reach out to us for more great ADU information. Continue reading “REAL ESTATE NEWS: THE PORTLAND ADU TOUR”
Want to know more? CONTACT US today – we are your ADU experts!
Pride celebrations are kicking off all over the country. At Living Room, we kicked off Pride with a celebration including rainbow-inspired, plant-based food, a jazz trio, and lots of merriment! And this was all before 9:30 in the morning! We also had an impactful presentation from local lender, Percy Wise about the experiences of LGBTQIA+ buyers, sellers, and homeowners.
In case you are wondering when Portland’s big PRIDE festival takes place this year, it’s in JULY! July 15-16 to be exact. Read more about events HERE.
We could not be more excited to get back outside in our yards and gardens and plant, dig, beautify and breathe it all in. If you are interested in installing some new beds, but don’t want them to be ground level or just want to design spaces with garden boxes, CLICK THROUGH the images to see some of our favorite beds + boxes for your new project!
Continue reading “STYLE EDIT: A Fresh Look at Velvet Armchairs”
Continue reading “PORTLAND LIFE: Hot Gingery Drinks to Sip While We Wait for Spring Weather”
Continue reading “PORTLAND LIFE: Domestica’s Top Spring Cleaning Tips!”
Continue reading “PORTLAND LIFE: PORTLAND WINTER LIGHT FESTIVAL 2023”
About Us: Over the course of their professional partnership, Aryne + Dulcinea have helped hundreds of clients prosper in their new lives. During this time, they have prided themselves in their top-notch selling abilities, with homes outperforming market standards, consistently exceeding list price while most of their listings sell in under 7 days. Whether you’re looking to buy or sell, Aryne & Dulcinea will work in collaboration to guide you in investing in your future and reaching your real estate goals.
It isn’t cheap to own a home, and maintaining it can be expensive. So yeah, it can come across as a pesky expense periodically. But silently and lovingly, your house is building you wealth. It is an asset that, if taken care of, can pay dividends.
About Us: Over the course of their professional partnership, Aryne + Dulcinea have helped hundreds of clients prosper in their new lives. During this time, they have prided themselves in their top-notch selling abilities, with homes outperforming market standards, consistently exceeding list price while most of their listings sell in under 7 days. Whether you’re looking to buy or sell, Aryne & Dulcinea will work in collaboration to guide you in investing in your future and reaching your real estate goals.
Just Listed
Updated Creston-Kenilworth Bungalow
4437 SE 46th Ave Portland OR 97206
Updated bungalow with the classic white picket fence. Main floor has a fireplace, dining room with cedar accent walls, bed/bath and updated eat-in kitchen. Upstairs is a wonderful large bedroom with bonus space for desk/crafts/nursery etc. Basement has a fully finished living space, bedroom and workshop/laundry room. Slider in dining room provides great light and easy access to enjoy the hot tub. In summer you will love the mature landscaping and deck. Ample detached garage for cars or projects.
3 bed | 1 bath | 2128 sq. ft.
MLS# 21597782 | Taxes: $4166.33 | Lot Size: .11 Acre
Here is the yard in summer!
In 2018, Tasa, reached out to me because she wanted to flip a house. I didn’t know it would lead to this, but since then, we have spent many hours talking about house remodeling, key improvements, and how to ensure a profitable investment. Just finishing up her third successful home remodel, I wanted to share some of her work with Kara Mack on Afternoon Live. Below are a few before and after photos. For the full 8 minute segment, and more of the work she did to the house, check out the link below.
My Client, Tasa’s, Third House Flip
Today I talked with Kara from Afternoon Live about multifamily houses in Portland. To see the full 7 minute video, click here
Here’s an example of a duplex that was for sale in Portland that I thought was a great long term investment.
Not in the buying market or interested in multifamily, but thinking of selling your home? Check out my tips here.
Professional House Flipper and Real Estate Agent, Bobby Curtis gave tips on how to sell your house faster in this “neutral” market. See tips below or click here to see the full interview on KATU’s Afternoon Live with Tra’Renee.
1.Price it right- don’t hold out waiting for your buyer. It may work on occasion if you have a very unique property- but let someone in the real estate business be the judge of that.
2.Effective staging. Of the homes that sell within the first week on the market with multiple offers, most of them are staged or appear staged.
3.Once in contract to sell your house, stay in contract. Negotiate after they do their inspections.
4.All of this will be made easier if you are working with a great real estate agent.
For more from Bobby, and some great contractor tips for your next home remodel, click here
Mary Ann came to me as a referral from one of my favorite clients to date, I already knew I would love her based on that. As we toured her home for the pre-listing walk through, I began to jot down my regular notes: take down posters, narrow down decorations, put away unnecessary kitchen counter top appliances, yadda yadda. She was clearly making mental notes as well, and I could see she was up for the challenge. We cruised through her (incredible!) theatre toward her master bedroom, her sweet pup- Phinn, trailing close behind. Mary Ann watched me closely as I peeked into each closet accessing its future. As I reached the master bedroom I saw her grin and mumble “uhhh open that one slowly… I have kind of a shoe thing…”. You guys. I’ve never seen so many shoes in all of my life! Nordstrom has nothing on Mary Ann! She had neatly lined each pair up row after row after row, after row… after row. I closed my gaping mouth, gave her my punch list and prayed to all of the listening shoe Gods. I returned a week later to finalize the listing and almost fell over dead, SHE DID IT! Mary Ann did every single thing I asked! Talk about dream client!! All of the hard work paid off 7 days later when she got her offer and we sailed into a smooth closing. Congratulations Mary Ann! Thank you for trusting me and letting me participate in your move to the next chapter!
I’ve shared with my clients over the years that there are three ways to price a home. One, the highest price possible. Two, at market value. Three, just below market value. Every agent has their own pricing strategies. These have worked for me, and I’ve found pricing at a sweet spot below market value can bear a final price higher than both market value or the highest price possible. Once we’ve reviewed the recent sales of the neighborhood, we decide which strategy to use based on the home specifics, most importantly the condition and location. Its important to understand the state of the market and know pricing your home in the “old” real estate market is not the same now in the “new” real estate market. It’s also important to understand how buyers shop in the “new” market. Buyers are smart! Buyers have been researching homes, neighborhoods, and determining the value of your home before they’ve hired an agent to represent them.
I’ve found that many homeowners cannot grasp the idea that pricing their home competitively(slightly below market value) will create more interest and yield a higher sold price. If a homeowner has not sold/purchased a home in many years, their expectation is to receive an offer under their listed price, then to further negotiate. Their idea is that they’ll have to negotiate lower than their listed price to begin with, finally settling on a price below the “highest price possible”. With the examples I’ve copied below, you’ll see that the majority of homes that sold below the listed price, were also on the market for a longer period of time. Time is money. Time is an extra mortgage payment, utility costs, and may also deter a buyer from choosing your home over a hot new listing priced competitvely. Your real estate broker will know when the home is an exception to this situation. When a listing enters the market at a competitive price(with all things considered-price, location, and condition), you open the door for multiple offers, escalating price, and attractive terms for the seller.
If you’re thinking about selling and need some guidance, contact your broker or give me a call. I’d love to review the selling process with you and help you determine what you can list and sell your home for in today’s real estate market. -Julia
