By Bonnie Roseman, November 26, 2018
People often ask if they should wait till spring. My answer is, maybe. Homes sell every day of the year, so it is OK to go with the schedule that works best for you. Winter offers a more manageable pace with less frenzy. Spring is typically the busiest time of the year, with the highest prices and the most competition. As summer goes along things often settle down and price reductions crop up. Fall is generally pretty steady and then the cycle begins again, with prices and activity beginning to increase a week or so into the new year.
There are a myriad of variables that will impact your decision about when to list or look. Your next step may determine when is is the best time to maximize your financial position in the market.
Selling
If you are selling a property and not replacing it, consider the costs of waiting vs. a possible increase in the value if you wait. If the house is vacant it probably make sense to go for it right away, but if the carrying costs are covered it may make sense to wait for things to heat up. If you are planning on buying a more expensive home, winter can be great because you will save more on the new home than the possible missed increase on the home you are selling. If you are buying a less expensive home it may make sense to wait to maximize the sales price since that difference will be greater than it will be on the lower price tag property.
Buying
If you are buying and don’t need to sell a home first, winter can be a fantastic opportunity to get a good deal and have time to think about your decisions, though there may be fewer homes to choose from. Spring will typically bring more selections, but also more competitors and increasing prices. If your focus is buying, starting the search sooner than later is a good idea. The unknown changes of future home values and interest rates can have a big impact on your buying power. Although the market bumps up and down, prices generally trend up.
Today’s Stats
Click here to view a report on the most current market information for Portland, Or.
Things have softened and inventory has increased, but it is still a bit a of a seller’s market here in PDX.
Bonnie Roseman
Principal Broker | Earth Advantage | ADU Specialist | OR
She/Her
Hello, we’re so glad you’re here! My team and I are ready to answer all of your real estate questions and help you make a move when the time is right...
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