It’s the time of year when many folks decide whether to get their house on the market now or wait until next spring. So maybe you’re asking yourself: Should I sell in Portland now or wait for Spring 2019?
There are good reasons to sell now and good reasons to wait: Here’s how to decide your plan of action.
The number of homes put on the market drops as we go from Summer to Winter and that means less competition from neighbors and less choices for buyers. Over 4,500 homes went on the market in May but by December that number is likely to be under 1,500. The buyers looking in the Fall and Winter fall into two categories: 1. Buyers who really need to buy, and 2. Investors. While there is less competition there are also fewer buyers so it might take a bit longer to sell.
There is a predicable seasonal cycle of average prices in Portland real estate. From June to February prices fall and then flatten out and then starting in March through May prices shoot up. Typically the larger and more expensive homes sell in the Spring and Summer and more investment and starter properties are sold in the Fall and Winter.
Condition: You control the condition of your property. If you’re half way through a remodel I suggest finishing it before you list no matter the season. If you’re selling as-is then price accordingly and season won’t matter as much.
Timing for your life: If you get a job transfer, lose income, come into money, get married, get divorced, or find your dream home then the timing for your life circumstances likely matters more than the market timing.
Nick Krautter is the author of The Golden Handoff: How to Buy and Sell a Real Estate Agent’s Business which debuted number one on Amazon for mergers and acquisitions. His goal is to teach real estate agents how to grow their business and to help them later retire and benefit from their years of hard work. For the last decade Nick has been a Realtor in Portland, Oregon, where he leads a team and frequently serves as a real estate expert for the media.