Summary: Are you thinking of buying a home in Portland, Oregon? If so, when is the right time to buy? This article will look into the ideal time to buy a home to help you maximize your dollar.
If you’re thinking of buying a home in Portland, Oregon and want to time your purchase just right to get the most bang for your buck, read on. Buying a home is both about finding one you love and beating out others if the market has buying competition. So, when is the best time to buy a house? Consider the following factors.
Days On Market (DOM) in Portland, OR
To find out the competition for a particular market, whether in Portland, OR or other cities, check the median number of days that a home is listed on the market before it sells. This is called the “days on market.”
In a hot seller’s market, the median number of listing days may be very low. The national average days on market (DOM) in the US is currently 62 days, which is actually very close to Portland’s average of 61. This is actually considered a bit high, as a lower DOM would suggest that it’s less of a seller’s market and more of a buyer’s market. As such, competition is not as strong, making it easier for you to get into the market without facing a huge amount of competition from other buyers.
Time Of Year
Most home buyers look for a home during spring and summer. That is when the buying competition is normally stronger and more sellers tend to be listing their homes for sale. You will have more options available during this time of year but you’ll also face stiffer competition with more buyers prepared to make offers during these months. That said, there’s really no bad time of the year to buy a home if you play your cards right and are teamed up with an experienced real estate agent and mortgage broker.
We often come to hear from clients after the busy buying season that they are going to take a break from house hunting and resume the following year. This could be a mistake as even with more limited supply you could see great deals with price reductions, as buyers are often not as abundant. The best time to make a low offer may be during the short window of time between Christmas and New Year’s when are fewer buyers looking to buy a home especially if you run across a seller that is relocating or has another reason to sell during the slow season.
Use bad weather to your advantage. Go looking for a home in Portland, OR the dead of winter, when the roads are barely passable, and you may be the only buyer interested. Another advantage that comes from viewing a home during severe weather is that you get to see how much trouble the weather will be if you own it.
Before Tax Time
One unique tactic is to consider buying a home right before tax time because that is when sellers are more worried about paying taxes and might be more flexible on the price. In a case like this, you might be able to snag yourself a deal as a result of dealing with a motivated seller.
Estate Sales
Estate sales occur after a homeowner has died and has left his or her estate to family. The family is then tasked with selling off the home and all the belongings within it (if they choose not to keep the home). When a family is liquidating assets after a loved one has passed away, you may be able to take advantage of more negotiating power, as heirs are often just looking to get rid of the home quickly rather than hang on to it for too long. This could be a great time to buy a home, so you may want to keep your eye out for situations like these.
Mortgage Rates
One of the best times to buy a home is when mortgage rates are low. Even a fraction of a percentage point can mean the difference between thousands of dollars over the life of your loan. That’s why it’s always important to check rates before you apply for a mortgage.
Luckily, rates are very low right now. In fact, they’ve been on a steady decline throughout much of the year, making now a really good time to snag an affordable mortgage on a home you intend to purchase in Portland.
Divorce
Divorce is an unfortunate situation that typically leaves both parties dividing up property amongst each other, and a home is usually one of the biggest assets that couples accumulate throughout their marriage. If you buy a home that is being sold off as a result of divorce, you might be able to get yourself a decent deal. A seller may be more motivated to sell their Portland, OR home of they are facing divorce and the property is part of the divorce settlement.
Final Thoughts
If you want to get a discounted price on a home in Portland, there are a few factors you might want to consider. If time is on your side, spend some time finding a home that is for sale by a motivated seller. Always ask, “Why are you selling your home?” when negotiating with a seller.
If you are interested in buying a new home or in refinancing your current property, be sure to contact your trusted home mortgage professional to discuss current financing options.
Need a Mortgage Loan or Have Questions?
Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region that includes Idaho, Colorado, and Oregon. We offer a wide variety of mortgage programs and products with flexible qualification criteria. Please contact us if you have mortgage-related questions.
