Back to Blog

When is The Best Time To Buy A House in Portland, Oregon to Get a Good Deal?

Sammamish Mortgage
Published:
February 14, 2020
Last updated:
February 26, 2021

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.

In This Article

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 30 days, according to RedFin, which is about twice as long as Portland’s average of 16.

This is quite low, but not surprising given the fact that Portland is currently experiencing a competitive market right now. A lower DOM would suggest that it’s a seller’s market. As such, competition is strong, which means buyers will face 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 Portland 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 there 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.

Live Portland Mortgage Rates Apr, 16, Fri, 2021

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 over the past couple of years, 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 if 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.

Get an Instant Mortgage Rate Quote Today

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 have been offering a wide variety of mortgage programs and products with flexible qualification criteria since 1992. Please contact us if you have mortgage-related questions.

Other Blogs You May Like
Income Needed to Buy a Home in the Seattle Area, 2021 Income Needed to Buy a Home in the Seattle Area, 2021
April 14, 2021

The median price of homes in the Seattle metro area has gone up over the years, though they have slowed down over the past 12 months. But exactly what type of income do you need to be able to afford…

Read more
5 Tips for Buying Your First Condo in Portland, Oregon 5 Tips for Buying Your First Condo in Portland, Oregon
April 8, 2021

Gearing up to buy your first condo in Portland, Oregon? It’s a smart move. Portland is a great city, and condominium life is a good way to experience it without the maintenance hassles of a traditional detached home. But there…

Read more
11 Best Neighborhoods in Portland Oregon 11 Best Neighborhoods in Portland Oregon
April 8, 2021

Summary: Portland, OR has quickly become a highly attractive place for people to flock to. Its natural beauty, thriving economy, and affordable housing market make it a great place to live. This article will list some of the best neighborhoods…

Read more
Here’s How You Can Buy The Home Of Your Dreams Now That Things Are Opening Up Here’s How You Can Buy The Home Of Your Dreams Now That Things Are Opening Up
April 7, 2021

As economies begin to relax COVID-19 restrictions, the real estate business is also enjoying greater freedom to conduct transactions. With housing supplies low and buyer demand high, home seekers must be diligent and patient to find the right property.

Read more
Buying a House in Oregon With Little to No Money Down Buying a House in Oregon With Little to No Money Down
April 5, 2021

For many home buyers in Oregon, the down payment represents the biggest obstacle to homeownership. But it may only be a perceived obstacle. The truth is, there are several ways for buyers to reduce their down-payment expenses when buying a…

Read more
How Does Earnest Money Work for Oregon Home Buyers? How Does Earnest Money Work for Oregon Home Buyers?
April 5, 2021

Home buyers in Oregon tend to have a lot of questions about earnest money deposits. First-time buyers, in particular, want to know how earnest money works, how much they should pay, etc. And we have your answers! Here’s an overview…

Read more
Rent Or Own? Which Makes More Sense For You? Rent Or Own? Which Makes More Sense For You?
April 2, 2021

Should you rent or bite the bullet and make a home purchase? It’s a question that many people ask themselves. But while renting may offer more flexibility and not require as much of a commitment, there are certain benefits of…

Read more
5 Homebuying Acronyms You Need to Know 5 Homebuying Acronyms You Need to Know
April 1, 2021

Buying a home and scouring listings typically requires a little inside knowledge in the lingo that is used. Check out this infographic to get familiar with some homebuying acronyms you should know.

Read more
The Escrow Process in Washington State The Escrow Process in Washington State
April 1, 2021

For some home buyers in Washington State, the escrow process can seem like a mysterious step along the path to homeownership. This is especially true for first-time buyers who have never been through it before. Today, we will shed some…

Read more
3 Ways to Prevent Your Offer on a Home From Being Rejected 3 Ways to Prevent Your Offer on a Home From Being Rejected
April 1, 2021

Summary: Finding the home of your dreams takes a lot of time and effort. You don’t want to risk losing out on a deal when you put in an offer. This article will discuss ways to help ensure your offer…

Read more

Begin your home loan process today! Our mortgage advisors are standing by. Request a free personalized rate quote. (425) 401-8787