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Timing your home purchase right can be highly beneficial. Depending on when you buy, you could save yourself quite a bit of money. The question is, should you buy a home in Portland, OR in 2021?
“Should I buy a home in Portland, Oregon? Is 2021 a good time to buy? Is a house a good investment right now?”
These are the kinds of questions Portland home buyers are asking themselves. And they’re certainly great questions to ask. Below, we have gathered some information to help you answer these and other real estate-related questions.
For many residents, buying a home in Portland, Oregon makes a lot of sense right now. The local housing market is hot right now, with home prices increasing quickly. As such, the market still remains strong.
Not only that, but home prices are expected to increase even more over the next 12 months. While higher home prices doesn’t really sound enticing when it comes to buying a home in Portland, it could make a great argument to get into the market sooner rather than later.
Not only can you spend less today than you would a few months from now, but you would also benefit from home price appreciation after buying and ride the wave of home equity increases.
Of course, these are all external market factors. From a market perspective, one could argue that now is a good time to buy a home in Portland, Oregon. But you have to make sure it’s a good time for you personally.
If you answered yes to these questions, then buying a home in Portland might be a good move for you in 2021.
As we head into 2021, Portland is still favoring sellers. That’s because there’s a lot of housing demand, but not enough inventory to satisfy it. In other words, there are more buyers in the market than homes for sale.
This was the story for a long time, and most analysts expect the trend to continue over the near future. The Portland housing market is still somewhat competitive.
According to Redfin, homes in Portland sell after 16 days on the market and typically only need one offer before selling. Homes sell for about 1% over listing price, so sellers are getting even more than what they’re asking for. Hot properties can sell for about 4% over listing price and go pending in as little as 4 days.
Housing inventory in the city is not nearly enough to shift the market. In fact, there is only a roughly 2-months supply of inventory in Portland, which is well below what is considered a balanced market.
Anyone planning to buy a home in the metro area in 2021 should be prepared for a high level of competition from other buyers. In this context, being prepared means having your financing lined up ahead of time, and making a strong first offer on a home.
According to real estate research firm Zillow, Portland home prices are expected to increase 10.4% over the next 12 months. Zillow recently reported a 8.5% increase in prices over the last 12 months from January 2021 to January 2022.
At the time this article was published, the median home value in Portland, Oregon sits at around $497,589.
There is still a lot of competition among homebuyers in Portland, Oregon, even though the local market has slightly cooled. Still, there are things you can do to improve your chance for success. Here are some ways to tip the scales in your favor.
So, should you buy a home in Portland in 2021? That’s a question only you can answer. But hopefully, we’ve given you enough information to reach that conclusion.
If you’re in the market to buy a home in Portland, Oregon, Sammamish Mortgage is available to help. We offer a wide variety of mortgage programs and tools with flexible qualification criteria. We’ve been helping buyers obtain the mortgages they need in Oregon, Washington, Colorado, and Idaho since 1992, and we’d love to help you too. Please contact us today to get started.
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