Spring is a very advantageous time of year to buy real estate in Portland, Oregon for a multitude of reasons, this article will cover a few.
There are usually fewer buyers looking to buy in the Spring compared to the Summer. Many buyers wait to buy in the summer because there are more houses on the market so they have more options. Buyers also wait until the summer because the weather is nicer so they don’t have to be as concerned about moving in the rain.
Fewer buyers fighting for the same property results in better odds of your being accepted if you get into a multiple offer situation on a house.
Buying a home in March and April can save you money compared to buying in the summer months. Statistics from the Regional Multiple Listing Service show homes that sell in April and March have a lower average sale price than homes sold in May, June, and July.
The government declared there will most likely be 3 interest rate hikes in 2017. Janet L. Yellen, Chair of the Board of Governors of the Federal Reserve confirmed these rate hikes in a speech given on March 3rd, 2017. This is important for buyers to consider when trying to buy a home because interest rates can impact how much you can afford. The link below shows how different interest rates impact monthly mortgage payments.
(Mortgage Payments Calculated with 20% down or $80,000, Property Tax of $3,600 a year, and Home Insurance of $800 a year.)
The last reason March and April are great months to buy is because of the weather. Now you’re probably saying the weather?! I’ll explain.
Rainy weather and saturated soil can help reveal defects which wouldn’t be able to be detected if the weather was sunny and warm. Water intrusion and leaky roofs are more likely to be discovered during home inspections during the rainy season. These defects can be very costly to fix so it is important to give yourself and your inspector a better chance of catching them.