The Oregon real estate market is strong, with demand for homes strong and buyers competing in some areas for limited inventory. Home prices are well above the national average and steadily rising, with the statewide median price now at $513,100, up 3.6% from last year.
But even with this favorable market, it typically takes a month for a home to go under contract. The good news is, there are ways to speed up that process. Here’s a primer on how to sell your home fast in Oregon.
How to Sell my House Fast in Oregon?
Find the best Oregon Real Estate Agent
If you want to sell your home for top dollar and minimize the stress of the process, the first step is to find the right real estate agent in Oregon. They’ll help you navigate the Oregon real estate market, set a competitive price, and prepare your home for buyers.
Decide When to Sell Your Home
You may already have a timeline for your home sale. If you have a move date, it’s a good idea to work back from that date to get a rough idea of when you’ll be closing on your home.
Homes in Oregon typically stay on the market for 43 days on average. Once an offer is accepted, it takes about 35 days for that offer to close. The average home sells in Oregon on average 78 days this does not include the time it takes to prepare your home for sale.
However, the timeline can easily vary depending on the real estate market. Talk to your real estate agent to get a sense of the market, local knowledge, and how the market may change in the coming months.
Depending on your priorities, you may want to sell your home for the highest price possible or sell your home as quickly as possible (or both!). A real estate agent can help you time the market to find the best time to sell your home in Oregon.
Offers and Counteroffers
When a potential buyer submits an offer on your home (usually through their agent), you and your agent may offer a counteroffer if you wish. The counteroffer process can continue until an agreement is reached, one party ends negotiations, or the purchase contract expires after a certain period of time.
Home sellers are not required to respond to a potential buyer’s offer. If the buyer’s offer is very low or comes with unreasonable terms, you can reject or completely ignore the offer.
You may receive multiple offers, and that can be exciting! Be sure to consider all elements of the offer, including price, terms, and the buyer’s ability to close the deal. The best offer is not always the highest bid. Your agent can help you evaluate your offers and choose the best offer for you.
Get an Inspection
Buyers typically request and pay for a property inspection. If the inspector finds a problem, the Oregon seller is not contractually obligated to make any repairs, especially if the buyer requests an unreasonable inspection.
However, sellers who refuse to do repairs with buyers run the risk of the buyer walking away and finding another home in better condition or at a better price.
Damaged shingles, HVAC problems, and leaky plumbing are common repair requests from Oregon homebuyers. If possible, take care of these potential issues up front to speed up the closing process and potentially get a higher appraisal.
What should I fix before selling my home in Oregon?
Think like a buyer and figure out what needs to be fixed before you put your home on the market. Obvious issues like a leaky shower, cracked kitchen tiles, or dog-ripped carpets should be addressed before a potential buyer walks away. But don’t go crazy. Ask your agent what’s worth doing and what’s not.
Is it worth upgrading your home before you sell it?
Probably not. Major upgrades like a full kitchen remodel rarely pay for themselves. Supply chain issues and labor issues can also delay a sale. Look into faster, less expensive ways to increase your home’s value, like adding an energy-efficient thermostat or repainting your front door.
Should I pay to stage my home?
First impressions are everything, and home staging is one way to make sure your home leaves a good impression on everyone. From virtual staging, which can make your property stand out in online photos, to in-person staging, which includes things like furniture rentals, home staging costs can vary greatly, so talk to your real estate agent to see if your home would benefit from this service.
Is it a good time to sell a home in Oregon?
Yes. Oregon is currently experiencing a seller’s market with high prices and insufficient inventory to meet demand. According to Redfin’s April 2024 data, the state has just a two-month supply of homes available for sale. Typically, a balanced market that is neither favorable to buyers nor favorable to sellers requires a supply of 5-6 months.
What do I have to disclose to buyers?
Oregon home sellers are required to complete the state’s seller disclosure form, a lengthy document that outlines any defects that could affect the home’s value. Buyers have five business days to review this disclosure statement before they can withdraw their offer. Additionally, if your property is part of a homeowners association, be prepared to hand over documents that share the association’s finances, bylaws, and more.
Do I need a lawyer to sell my home in Oregon?
No, Oregon law does not require sellers to hire a lawyer for the transaction. However, it is generally a good decision to hire legal expertise. Selling a home is a complex undertaking with lengthy contracts, legal disclosures, and a lot of money at stake. A real estate attorney can ensure that your interests are protected and all issues are properly resolved.
Who pays for a title policy in Oregon?
The seller is generally responsible for paying for a title insurance policy in Oregon. The cost varies depending on the value of the home. The more expensive the home, the more expensive the title policy.
