The Best Time to Buy and Sell a Home in Portland, OR - CCCU
Friday, September 4 CCCU
When’s the Best Time to Buy and Sell a House in Portland?
Portland, Oregon trails Seattle as the Pacific Northwest’s second-largest city. While median home prices are substantially lower in Portland than Seattle ($449,950
), the PDX housing market is still very competitive. This has left a lot of first-time buyers
and current homeowners wondering when they should buy or sell in the Rose City.
Is now a good time to be buying a home in Portland
? What about six months or a year from now? Are some seasons better than others? Find answers to these questions and more about residential real estate in the Rose City.
Understanding the housing market
The best or worst times to buy property in Portland generally depend on the housing market. And the more you know about the housing market, the savvier you’ll be as a buyer or seller. But don’t worry — you don’t need to be a realtor or a finance whiz to get the gist. Our Portland community credit union recommends familiarizing yourself with the current state of the market and its year-to-year trends.
While Portland’s housing market has been hot over the last few years with historically low inventory, it’s beginning to cool off in 2020. Prices are still going up (about 0.6% in 2019), but not as quickly as a couple of years ago when annual appreciation was almost 10%.
Overall, the housing market
in Portland is considered balanced, which means both supply and demand are steady. Also, mortgage rates are now lower than they’ve been in years. That being said, the forecast predicts home prices could spike by more than 2% in 2020. So, what does all of this mean in terms of when to buy, sell, or stay put? Find a breakdown below.
The best and worst times to buy and sell homes in Portland
When’s the best time to buy in Portland? And when’s the worst time to buy in Portland? And what about selling a property? When it comes to participating in the housing market in the Rose City, each season has its pros and cons
. The optimal time to buy depends on whether you prioritize getting the lowest possible price or having as many choices as possible. To make things easier, let’s break it down by seasonality.
Although inventory is usually lowest in the winter, December through January is a decent time to buy a house in Portland. If you want a little more choice in terms of inventory and neighborhood, February will probably have more options than December and January. Keep in mind – some homes will still get multiple offers, but winter is much less competitive for buyers compared to the spring and summer periods. Is winter a good time to sell a house in Portland? Oregon’s chilly season isn’t really
the best time to sell because fewer buyers are looking for homes. If you can hold off for a while, we recommend selling later.
Portland’s housing inventory in the spring is often more mild in terms of numbers. March tends to have relatively low seller movement, but by May, buyers will have a lot more options as more Portland homeowners decide to sell. If you want a fair amount of choice but wish to avoid price wars with other buyers, early spring is a happy medium. For those looking to list their Oregon homes, this season is also a good time to sell, with many properties getting multiple offers from avid buyers.
Like many cities, summers in Portland tend to be a seller’s market
, especially as it heats up in June. A lot of people prefer to move in the summer because the weather is better and they want to settle in before a new school year starts. While Portland’s housing inventory peaks in June, sellers are usually more successful at selling their homes for at least, if not more, than the asking price. July and August are often better for buyers because inventory is still high, but sellers begin to feel the pressure to close before fall.
In the fall, housing inventory in Portland is typically still somewhat high as the season starts. However, it might be inconvenient for some families to move here from out of state, so September and October are excellent months to buy locally. Often, the fall offers buyers the chance to have more choice around inventory and much less competition. It’s also a time when many sellers may end up lowering their listing prices to make a quicker sale. In November, inventory drops a little, and things start to balance back out for both buyers and sellers.
Home loans and mortgage resources from CCCU
Since mortgage rates are currently low and the heat of the summer real estate market is still a few months away, the best time to buy a house in Portland might be now. If you’re ready to purchase your first house, move into a new home, invest in real estate, or refinance your current home loan
, our Portland community credit union has you covered.
At CCCU, we’re dedicated to helping Portlanders save money and make the best financial decisions. We offer adjustable fixed-rate mortgages, 100% home financing for those who qualify, and traditional fixed-rate
mortgages, including FHA (Federal Housing Administration) loans.
or stop by one of CCCU’s three Portland branches to chat with a lender.