Is This the Year to Invest in an Oregon Vacation Home?
We know how it goes — you’ve been dreaming about a vacation home for a while now, but you’ve been hesitant to pull the trigger and actually invest in one.Could this be the year to do it? Here are some things to consider while making your decision and determining if Oregon is the right place for you.
Why a Vacation Home in Oregon?
Oregon is an often overlooked vacation destination. Those who have been here call it the West Coast’s hidden treasure.
Though it doesn’t boast always-sunny skies and consistent 80°F temperatures, it does offer a picturesque environment to experience and explore all the different types of weather nature has to offer. Filled with some of the West Coast’s most breathtaking scenery, it’s the kind of place you can explore for years and always find something new to marvel at.
Oregon also is home to:
- A moderate climate with four seasons and year-round activities to accompany them all!
- Incredible, varied landscapes — from mountains and valleys, to cliffs and rivers.
- A less-busy, more serene sense of life, still with all the everyday amenities you need to thrive.
Things to Consider About Your Oregon Vacation Home
Investing in a vacation home is a large investment. That said, there are many important considerations to make beforehand. There are also factors to consider after the fact. Should you choose to invest in an Oregon vacation home, you’ll need a plan for how you’re going to approach the new adventure.
Below are our recommendations on what to think about before you make any home buying or building decisions.
Your Family’s Lifestyle and Needs
What’s your family like, and what do they enjoy doing? It’s important to reflect on things like family age, career situations, and hobbies and interests. You may be ready for a vacation home, but is the rest of your family on board too?
Think about:
- Family age — Is it just you and your spouse during post-retirement, or are you a younger family of four? Depending on your circumstances, your vacation goals could look very different.
- Career situations — Do you and/or the rest of your family have time to take away from work for vacation? Can they work remotely?
- Hobbies and interests — What types of activities does your family enjoy? Are they available in Oregon? The good news is that, yes, they probably are! See here for ideas.
- Vacation goals — Are you adventurous vacationers or do you crave peace and relaxation? You can get both in Southern Oregon!
Your Finances & Cost-Benefit Analysis
A vacation home is a large financial commitment, no matter where you end up. Are you financially ready to purchase a vacation home? Are you financially prepared to maintain one?
Although it’s a large commitment, a vacation home is well worth the cost if you can afford it. It can become a place to enjoy and make memories with family and friends, while also being a great real estate investment. Oregon has many up-and-coming towns and cities that would be wonderful places to invest in.
The State of Oregon’s Real Estate Market
That brings us to Oregon’s real estate market. This is an important consideration, especially with how much fluctuation we’ve seen across the United States in recent years.
As real estate professionals in Southern Oregon, we have a good understanding of what the market looks like going into 2023. While we can’t speak for the entire state, here’s what we’re seeing with the southern region.
- Supply and demand — Although demand is still lower than last year, we are seeing moderate increases each month. However, the supply still isn’t there to meet that demand (currently at a 5-year low). It’s difficult to find the perfect home or property right now.
- Days on market — Homes are staying on the market much longer than in the past two years. The region is currently averaging 50 days on the market.
- Prices — Good news! While home prices haven’t drastically plummeted since January 2022 highs, they are starting to settle back into normal territory.
- Mortgage rates — Mortgage rates in Oregon are trending around 23 basis points lower than the national average, and it’s looking like they may stabilize or decrease even further.
Buy vs. Build
If you’ve decided that you would like to invest in a Southern Oregon vacation home, your next decision is whether to buy or build. There’s no right or wrong answer here — it just depends on what’s best for you and your family.
For instance, buying might be right for you if you’re not particular about your home’s style or you’re willing to put work into fixing it. Building might be a better option if you’d like specific customization options and want to create the ideal space for your family without the hassle of renovation.
You can dive deeper into the pros and cons of buying vs. building in this blog.
The Plan for While You’re Away
A vacation home isn’t meant to be lived in year round. Do you have plans for what you’ll do with the property while you’re away? You’ll want to think about things like maintenance and security.
This is where choosing a gated, master-planned community can be highly beneficial. You’ll enjoy a HOA that covers things like lawn care or snow removal, and you’ll ensure that your property is secluded from the general public so it’s always safe and secure.
Ready to Invest in Your Southern Oregon Vacation Home? Choose Stage Pass.
If you’re ready to invest in an Oregon vacation home, there’s no better place to do it than The Vineyards at Stage Pass. Our gated, master-planned community offers all the natural beauty, relaxation, adventure, and amenities you need to get the most out of your investment while you’re here and while you’re away.
Contact our team to request a private tour or learn more about life in beautiful Southern Oregon.
