One of the most common questions people ask about the current Portland market is, “When’s the best time to buy or sell?”
Based on our market trends over the last 3 years, we have seen significant price increases indicating a strong seller’s market, and in recent months, the patterns have remained consistent. For sellers, the spring continues to be the best time to list, with some houses seeing upwards of 20 offers. Houses that garner the most bids tend to be ”done,” which means move-in ready, tastefully updated, and located in hot neighborhoods, or houses priced at or below $400,000.
Traditionally, the spring season has been March-July, but the last few years we have seen the market pick up shortly after New Years and remain competitive until mid-June (when school lets out). Don’t let that discourage you if you are a buyer because there are some options to get a great house without being part of the frenzy.
This summer calmed down a few weeks before July 4, which used to be the threshold date for slower market conditions. This enabled buyers to get in houses and have enough time to think about their options before a house went sale pending. It also allowed for some price negotiations if the conditions were right. Conditions that typically allowed for negotiations in this seller’s market include light cosmetic fixers, non-traditional floor plans or styles, location, and certain anomalies (for example, a lot split with new in-fill construction). As buyers, if you have the ability and patience to deal with some of these conditions, you may find yourself getting a good deal on a house. Again, timing is important! Typically, there is less competition from July to December, but also decreased inventory. That said, we encourage people who want to avoid the stress of bidding wars to consider buying in the late summer and fall months, leading into the holidays.
Look for our next blog, How to land that home as a buyer! in the next newsletter. Can’t wait? Call us! We are always happy to talk about the market and share the strategies that have worked for our buyers and sellers.