Best Time of the Year to Buy a Home in 2023
As the greater Portland real estate market cools off, 2023 looks to be a fantastic time to purchase a home. But even within that year there will be months where it is easier to find a home you want for a good price, and months where it will be a lot harder.
Overcome the challenges to buy a home in 2023, if you can.
Certainly, the high interest rates are a significant challenge, but be sure to check out the low rate assumable loan options to bypass the issue entirely. Also be sure to check if you qualify for any home buying down payment grants (you don’t have to be a first timer, but typically there is a cap on your income to be able to qualify). Bottom line, prices have been dropping all fall and winter of 2022, and are likely to continue to drop over the year in 2023 in many part of the Portland metro (though probably not all). See our full 2023 Portland real estate market forecast here.
A Huge Opportunity for Home Buyers and Investors
Lawrence Yun, NAR’s (National Association or Realtors) esteemed market analyst, believes that home price will stay flat (dropping in some locations, like Portland) in 2023, but increase 10% or more in 2024.
There is a real opportunity for new home buyers in the Portland market that hasn’t been around since the last crash in 08. (I started selling homes in Portland in 2003 and worked through that difficult period.)
Timing is Everything in Real Estate
Seasonal timing is huge in Portland, Oregon. Right now at the very end of 2022, is a fantastic time to pick up a home for sale because inventory is still high (though dropping fast) and price drops are everywhere. This means as a buyer you will have lots of choices and opportunity to get a deal on a property.
However, every year Christmas and New Years effectively wipes out the inventory as sellers give up or finally sell. Then January starts with a fresh slate, not a lot of homes for sale, but not a lot of buyers out (yet) either.
What is the best month to buy a home in Portland?
Every year the answer remains about the same. Typically if the overall market favors sellers, the best time to buy will be August, but if the market is starting to favor buyers (which we expect in 2023), then I would push that back a bit to Sept. or Oct. in order to give more time for prices to drop, while maintaining strong inventory (choices).
|Month||Inventory||Prices that Month||Best time to Buy a Home|
|January||Low||Flat||Since buyer traffic is light, home owners will likely be willing to negotiate. But you won’t have a lot of options to choose from.|
|February||Low, but increasing||Flat||Same as Jan. but with increasing options.|
|March||Low, but increasing from Feb.||Increasing slightly||This is not a good time to buy. Buyer traffic has increased faster than inventory, it is a good time to sell.|
|April||Low, but increasing from March||Increasing slightly||Same as March. Not a good time to buy.|
|May||Medium||Flat or slight increase||Not the best time to buy, but finally you will have a more options.|
|June||Medium – High||Flat or slight drop||Here you will have a lot of options and potentially find some deals, though not many.|
|July||High||Slight drop||This is a great time to buy, but the best is still coming as home owners haven’t gotten desperate yet.|
|August||Higher||Prices are dropping||Great time to buy.|
|September||High or Highest||Prices are dropping||Usually the best month to buy as inventory is high and home owners are starting to worry.|
|October||High or Highest||Prices are dropping||Great time to buy.|
|November||Medium, dropping||Prices are dropping||Good time to pick up a deal, though your options are starting to drop off.|
|December||Low, dropping||Prices are dropping||Good time to find a deal, but not very many options to choose from.|
Work with a Top Buyer’s Agent (not just a friend you met)
Kami Price is an experienced dedicated buyer’s agent, helping homeowners purchase homes in the greater Portland metro since 2004. She has helped hundreds of buyers find the perfect match. She is foreclosure and short sale certified, a certified negotiations expert, and more. Give her office a call today at 503-773-0000 to set up a no obligation consultation.November 28, 2022