Buying a home on the Oregon Coast can be a life-changing experience, with its stunning landscapes, unique communities, and diverse culture. However, like any housing market, the Oregon Coast has its own seasonality, with each season presenting unique advantages and challenges for home buyers and homeowners. In this article, we'll explore the best time to buy and finance a home on the Oregon Coast, based on the seasonality of the housing market and the latest research.
Spring
Spring is a popular time for home buying on the Oregon Coast, with the warmer weather and blooming flowers creating a sense of renewal and excitement. Zillow reports the median home value on the Oregon Coast in March 2022 was $522,187, a 3.3% increase from the previous year. Additionally, interest rates were at historic lows, with the average rate for a 30-year fixed-rate mortgage at 3.13% in March 2022, according to Bankrate. However, spring can also be a rainy season on the coast, which can impact your ability to view homes and conduct inspections. Competition can be high during this time, too, which may result in bidding wars and higher prices.
Summer
Summer is the peak season for tourism on the Oregon Coast, with many visitors flocking to the beaches, parks, and attractions. As a result, summer can be a challenging time to buy a home, as inventory tends to be lower than in the spring, and sellers may be less motivated to negotiate on price. According to Redfin, the median home sale price on the Oregon Coast in July 2021 was $446,500, a 32.9% increase from the previous year. Additionally, the coastal weather can be unpredictable, with fog, wind, and cooler temperatures impacting your ability to enjoy the outdoors. However, if you're looking to finance a home, summer may be a good time to lock in a low interest rate, as rates tend to remain stable during this time.
Fall
Fall is a transitional season on the Oregon Coast, with some advantages and disadvantages for home buyers. On one hand, the crowds start to thin out, and the weather can be milder and more pleasant. There may be less competition from other buyers during the fall season, as families with children have already settled into their new homes before the start of the school year. Another interesting trend to note is Realtor.com reports the median listing price on the Oregon Coast in October 2021 was $474,000, which is a 15.2% increase from the previous year. Inventory may start to dwindle as sellers take their homes off the market for the winter, so keep this potential in mind. But if you're looking for a great deal, the fall season can be an excellent time to buy because sellers tend to be more motivated to negotiate on price. Also, according to Redfin, the average interest rate for a 30-year fixed-rate mortgage in October 2021 was 3.13%, which is slightly lower than the summer average.
Winter
Winter is the slow season for tourism on the Oregon Coast, and the same can be true for the housing market. There may be less competition from other buyers, and sellers may be more motivated to negotiate on price. According to Zillow, the median home value on the Oregon Coast in December 2021 was $518,134, a 1.9% increase from the previous year. Additionally, interest rates may be lower during the winter months, making it an attractive time or buyers to finance a home. According to Bankrate, the average interest rate for a 30-year fixed-rate mortgage in December 2021 was 2.93%, the lowest of the year. However, winter weather can also be a factor, with rain, wind, and occasional snow making it difficult to view homes and conduct inspections. Additionally, with fewer homes on the market, finding the perfect home may take longer.
Buying a home on the Oregon Coast is a major investment, and the timing of your purchase can have a significant impact on your experience. While there's no one "best" season to buy and finance a home, understanding the seasonality of the market can help you make informed decisions and navigate the process more smoothly. Whether you're looking for low interest rates, motivated sellers, or a wide selection of homes to choose from, each season on the Oregon Coast presents its own opportunities and challenges. By working with a knowledgeable real estate agent and lender, you can find the perfect home and financing solution that meets your needs and budget, no matter what season it is.