Seasonal fluctuations — like surplus inventory and competition amongst buyers — can dramatically increase or decrease the cost of your potential new home. Depending on the area, buying at a certain time of the year can slash the home’s price tremendously.
Buying a home is one of the biggest investments you’ll make in your lifetime. Timing can make or break the deal, depending on where and when you plan to purchase your dream home. Purchasing a home is a balancing act comprised of variable, fluctuating pieces, making it all the more difficult to balance. More often than not, correct timing is the final puzzle piece needed to complete the picture.
Fluctuations in pricing, saturated markets, and stiff competition are most often related to time of the year. Early or late in the calendar year can benefit the buyer because home sellers are often looking to offload their property for job relocation or financial hardship. The holiday season is busy enough as is and houses are usually listed out of necessity.
Interest rates also play a huge role in the timing of when to buy. It’s pertinent to purchase when interest rates are low, but buyers often don’t want to wait months, or even years, for interest rates to fall again. Keep an eye on interest rate trends and try to plan accordingly — it could mean the difference of tens of thousands of dollars over the course of the mortgage.
Over the past decade, Oregon has experienced a red hot housing market but, lucky for buyers, that trend seems to be cooling. Read below to find out more about Oregon’s current housing market.
Best Time to Buy in Oregon
Let’s use Portland as a benchmark for real estate trends for 2018 and 2019, thus far. Compared to national home values, Portland home values are approximately $150,000 higher than the country’s average. However, while the national home value is slated to grow by 5.1%, Portland is at 2.7%. During the last quarter, Portland experienced slower growth at only 0.9%, however, this could also be related to the time of year.
When compared to other large U.S. cities, Portland trends towards later in the calendar year in regards to the amount of new inventory on the market. Instead of the springtime rush to list, Portland sellers hit peak inventory numbers in June, July, and August.
While late spring and early summer offer more options, this also leads to greater competition for those houses. More buyers are out looking, which allows homesellers to raise prices, and even incite bidding wars with potential buyers.
September is the sweet spot for buying a house in Portland, Oregon. Spring and summer listings are languishing on the market — kids are heading back to school, colder weather is on the horizon, and busy holiday season is swiftly approaching. September offers the best combination of high discounts, large selection and low competition, while still churning out a fair amount of new listings.
Best Places in Oregon to Live
Only seven miles outside of Portland, this growing town gives residents access to urban amenities but is far enough removed that traffic, noise pollution, and sky-high city prices are not dealt with on a daily basis. Outdoor recreation space abounds in this Portland suburb. There are 90 parks and 30 miles of hiking trails to help residents enjoy Oregon’s natural beauty.
This Oregon city is beloved by natives, transplants, and tourists alike. A city that supports the arts and outdoor industries — Eugene is the perfect place to raise a family, meet your significant other, or grow your career. The University of Oregon is here, encouraging a stable economy and a vibrant community.
The capital of Oregon, this mid-size city is home to a bustling urban center, surrounded by gentle rolling hills. The public school system consistently ranks high, neighborhoods are safe and quiet, and 46 parks cover 1,600 acres of the city.
This Pacific Northwest city is blessed with approximately 300 days of sunshine per year. Tucked between the high desert plains to the east and the Cascade Mountains to the west, Bend is a nature lover’s paradise. Housing prices are high and have seen an appreciation value of 37.3% over the past ten years.
In the heart of the Willamette Valley, Corvallis is home to Oregon State, myriad vineyards and wineries, and plenty of rugged terrain waiting for adventure. Moving to Oregon’s 10th most populous city is a safe bet, as this town is on the rise and there is plenty of industry to support a growing need for jobs.
Getting a Great Deal on Your Oregon Dream Home
Find an Experienced Oregon Real Estate Agent
House hunting can be a daunting task, especially if you’re a recent transplant to Oregon. You’ll need to research neighborhoods, school systems, commute times, and more for each home you like. An experienced local realtor is an invaluable asset, guaranteeing time and money saved throughout your house hunting experience.
Learn more: What Does a Real Estate Agent Do for a Buyer?
Assess Your Needs and Communicate Your Goals
You and your realtor will find greater success when your needs, preferences, and budget are clearly outlined. Be up front and open about what you need for your next home. The clearer you are, the quicker your realtor can sort through houses that won’t do and introduce you to your potential dream home.
Learn More: What to Look for When Buying a Home
Find a Lender and Secure Financing
Depending on your financial situation and your house hunting goals, your realtor can help find financing options right for you. Closing on a house can take around 30 business days, so if you’re on a fixed timeline, you’ll need to plan accordingly.
Learn More: A Step-By-Step Guide to the Home Loan Process
Negotiate for the Best Possible Price
You’ve found a home that meets or exceeds your criteria — congratulations! Now, your agent will help you draft and submit your offer. Once the home inspection is done, your realtor will negotiate to ensure you’re getting a fair price.
Ready to start your home search in Oregon? Contact a Clever Partner Agent for a no-obligation consultation.