Part of the Fast Home Selling University educational series
If you are thinking of ever selling your house in Portland, you might be wondering when is the best time to do it. It’s an excellent question, because there is no definitive answer: different factors can affect the demand and supply of houses in the market, such as the season, the economy, the neighborhood, and the condition of your property. However, this article explains some useful trends and tips that can help you decide when to sell your house, and how to get the best possible offer with minimal effort.
Seasonal Trends
One of the most common factors that influence the housing market is the season. Typically, spring and summer are considered the peak seasons for selling a house, as more buyers are looking for a new home and are willing to pay more. This is especially true in Portland, where the weather is more favorable and the landscape is more attractive during these months.
However, selling your house in spring or summer also means facing more competition from other sellers who are trying to take advantage of the high demand. This means that you might have to invest more time and money in preparing your house for sale, such as staging, cleaning, repairing, and updating. You might also have to deal with multiple offers and negotiations, which can be stressful and time-consuming.
If you would like to sell your home without doing repairs, extensive cleaning, and staging, read further to learn how selling directly to an investor can shave months from your home sale.
Oregon Economic Trends
Another factor that affects the housing market is the economy. The state of the economy can influence the interest rates, the income levels, the employment rates, and the consumer confidence of buyers and sellers. For example, during a recession or a pandemic, fewer people might be able or willing to buy a house, which can lower the demand and the prices. On the other hand, during a boom or a recovery, more people might be looking for a new home or a better deal, which can increase the demand and the prices.
Portland’s housing market has been resilient despite the COVID-19 crisis, as it has seen a strong demand from buyers who are seeking more space and affordability. The median listing price of homes in Portland was $599,900 in August 2021, which was 12.4% higher than the same month in 2020. The inventory of homes for sale was also 26.8% lower than the previous year, which indicates a seller’s market.
Neighborhood Trends
A third factor that influences the housing market is the neighborhood. The location of your house can affect its value and appeal to different types of buyers. For example, some buyers might prefer a house that is close to downtown, public transportation, schools, parks, or other amenities. Others might prefer a house that is in a quiet, safe, or scenic area. The popularity and reputation of your neighborhood can also affect the demand and supply of houses in your area.
Some of the most popular neighborhoods in Portland for home buyers are Forest Park / Skyline Blvd., NW Cornell Rd / NW Skyline Blvd., SW Terwilliger Blvd / SW Boones Ferry Rd., NW Germantown Rd / NW Skyline Blvd., and SW Patton Rd / SW Humphrey Blvd. These neighborhoods have high median home values ranging from $863,000 to $1.3 million.
If you don’t live in a neighborhood with strong demand, selling your home on the open market may take considerably longer. In that case, you might consider selling directly to a home-buying investor like ibuyhaus to guarantee a sale within your time frame.
Property Trends
A fourth factor that influences the housing market is the property itself. The condition, size, style, age, features, and upgrades of your house can affect its value and attractiveness to buyers. For example, some buyers might prefer a house that is move-in ready, energy-efficient, modern, or spacious. Others might prefer a house that has character, charm, history, or potential. The curb appeal and landscaping of your house can also make a difference in how buyers perceive it.
According to HomeLight, some of the most popular features that buyers look for in a house in Portland are hardwood floors, quartz countertops, stainless steel appliances, open floor plans, and outdoor living spaces. These features can add value and appeal to your house and help it stand out from other listings.
Your Personal Situation
A large component of your personal situation is your finances: can you afford to make the necessary repairs and upgrades to list your home?
Older homes often have outdated plumbing and electrical systems that need to be updated to meet current codes and buyer expectations. Replacing the plumbing can cost between $4,500 to $10,000, while updating electrical systems can range from $8,000 to $15,000.
Another major consideration is the heating, ventilation, and air conditioning (HVAC) system. Older systems may not only be inefficient but could also pose safety risks. Installing a new HVAC system can cost approximately $7,000 to $12,000, depending on the size of the home and the type of system installed.
In addition to necessary repairs, cosmetic upgrades play a crucial role in increasing a home’s market value. This category includes painting, flooring, kitchen and bathroom renovations, and landscaping. While these improvements can vary widely in cost, an average budget might fall between $20,000 and $50,000.
It’s also prudent to budget for unanticipated costs. Older homes can have hidden issues such as termite damage, asbestos, or outdated wiring that can be expensive to remediate. A contingency budget of 10–20% of the total estimated renovation costs is generally advised.
How to Sell Your House Fast in Portland
If you want to sell your house fast in Portland without worrying about the best time or the market conditions, you might want to consider selling it to ibuyhaus. We buy houses in any condition, any location, and any situation. We pay cash for your house and close in as little as 7 days. We also take care of all the repairs, fees, and paperwork, so you don’t have to manage any aspect.
Whether you are facing foreclosure, divorce, inheritance, relocation, or any other reason, we can help you sell your house fast and hassle-free. We are not realtors or agents, we are professional house buyers who have been in business for several years. We have helped hundreds of homeowners in Portland and surrounding areas sell their houses quickly and easily.
If you want to find out how much we can offer for your house, simply fill out the form on this page and we will get back to you within 24 hours. You have no obligations by requesting a quote, and if will introduce you to a Portland-area real estate agent if you’d like additional advice.
