For many homeowners and potential homeowners, the question often arises — “When is the best time to buy and sell Central Oregon real estate?” Buyers want to find the best bang for their buck, while sellers hope to cash in at the top of the market. With conflicting goals, finding the best time to buy or sell real estate can be challenging. Bend real estate brokers work with both buyers and sellers to match people with homes and get the best price for their clients. In years past, real estate has been a seasonal industry. The prevalence of digital marketing has leveled the playing field and now, anytime can be the best time to buy and sell Central Oregon real estate.
The Seasonality of Buying and Selling Central Oregon Real Estate
In the days before the Internet, many realtors and their clients scrambled to get listings on the market by mid-to-late February in order to be prepared for the spring season — traditionally the best time to list a property. This gave buyers breathing room — get a mortgage, close the deal before the end of the school year. After the spring season, realtors often found post-Labor Day September to be a great time to list.
According to a 2017 article in the New York Times, the increase of digital marketing and the amount of information available online changed the rules of buying and selling real estate. Now, clients list homes at any time to see if anyone is out there waiting. People buy from photos and online listings alone. With the prevalence of Internet marketing, real estate has grown to be a 24/7 industry.
Seasonality can’t be completely discounted, as many still find selling a home difficult in the winter. Some view August as a month of low inventory and wonder why anyone would want to waste their last days of summer on buying a home. But what it comes down to, especially with motivated buyers — they likely don’t care what time of the year it is.
Buying and Selling Based on Circumstance
Rather than seasonality, buyers and sellers use the 24/7 real estate market to their advantage based on circumstance. Whether you plan on buying or selling Central Oregon real estate in the near future, odds are your life will dictate when you list your home for sale or search for a home to buy. Do you have children? For many parents considering relocation, the start and end of the school year plays a major role in the decision of when to buy or sell a home in Central Oregon.
Looking at the first quarter real estate statistics for Bend, we see an increase in the value and number of homes sold. A decrease in the average number of days on the market looks promising for sellers. An average of 122 days on the market for homes sold in the first quarter of 2018 speaks to the movement towards a 24/7 real estate industry. Though the number of days on market has decreased from 2016 to 2017 and 2017 to 2018, matching buyers with perfect home and sellers with the perfect buyer remains the highest priority for Bend real estate agents like myself. I work with clients, both buyers and sellers, to find the right home to meet personal and lifestyle needs rather than have listings dictated by the calendar.
Factors to Consider When Buying and Selling Central Oregon Real Estate
When planning on buying or selling Central Oregon real estate and property, consider these factors:
- Shopping for a new home during peak seasons often means more inventory to choose from, meaning your dream home may be for sale when more homes are on the market.
- More competition during the peak season may result in bidding wars, which could result in buyers not getting the deal they were hoping for.
- Buying or selling a home during the sunny season can make it easier to spot potential issues with the roof and air conditioning.
- Expect firm asking prices in the peak season.
- Listing in off-peak seasons means less competition and buyers may be able to find a better deal.
In Central Oregon, selling or buying a home in the winter months may mean views obstructed by snow, which makes the inspector’s job more difficult.
When it comes down to buying and selling Central Oregon real estate, the best time to buy or sell is when the time is right for you and your circumstances. With the rise in digital marketing and online real estate information, finding a home can be done anytime during the day or night. No longer will you be limited to advertisements in the paper or driving around neighborhoods looking for ‘For Sale’ signs.
I can assist you in finding the perfect home for you and your family no matter the season. As a third-generation Bendite, I’m a true local and can help you buy or sell your home in Central Oregon. Anytime is the best time to buy or sell Central Oregon real estate when you work with me at Cascade Sotheby’s.