In the real estate market, timing is everything, but the conventional wisdom about when to buy may be flawed. In Beaverton, Oregon, a cautious market is presenting a unique opportunity for buyers, especially when compared to hotter markets like the Bay Area. Carey Hughes, Principal Broker at Carey Hughes Homes, argues that buyers fixated on interest rates are optimizing for the wrong variable, and this could be a costly mistake.
The current market in Beaverton is balanced, with more inventory and less competition than in recent years. This is a stark contrast to the Bay Area, where scarcity and bidding wars define the landscape. Hughes points out that in Beaverton, buyers have leverage they haven't had in years. Sellers are more willing to negotiate, offering concessions like closing cost credits that can effectively lower the interest rate.
The primary concern for many buyers is the interest rate, hovering near 7%. This anxiety is keeping them on the sidelines, but Hughes emphasizes that this very hesitation is what creates the opportunity. “Cautious buyers are afraid of the interest rate, and so that is holding them back from even looking,” Hughes says. “And this is a time where they actually have more opportunities.”
One of the key distinctions Hughes makes is between purchase price and interest rate. While rates can be refinanced later, the purchase price is permanent. “Rates are not forever, and your original purchase price is,” Hughes says. “The key point is to get in at a good price. That is the best way to set off your long-term investment.”
Buyers who enter the market during a period of low price appreciation establish a lower baseline. If they wait for rates to drop, they risk facing renewed competition, which could drive prices up and negate any savings from a lower rate. Hughes monitors a specific threshold: “As soon as the interest rates adjust without the risk of war and inflation, buyers are going to come back when they’re closer to six or six and a quarter,” she says. “That’s a threshold we see. And then the prices start appreciating.”
For those acting now, that appreciation would represent equity gained from a lower entry point. For those who wait, it could mean paying more later. Hughes is clear that the market is not collapsing. “The bottom is not falling out in real estate in any way,” she says. “We have a very stable market, but there’s an opportunity where price appreciation is not aggressively happening. And this is when you get ahead as a buyer.”
Monthly affordability remains a challenge, but Hughes advises buyers to look beyond the rate and consider the total cost of ownership, including the potential for negotiation. “Negotiation can bring adjustments in price. It can bring closing cost credits to help buyers buy down the interest rate so they can get better affordability,” she says. “If the home’s been on the market for a while, you can get some help from the seller.”
For those considering a move to Beaverton, Hughes recommends starting with a local agent who knows the neighborhoods, schools, and commuter routes. Getting pre-approved is a crucial next step, as it sets a realistic budget and positions buyers to act when the right property appears. In a market where buyers have time, preparation matters more than speed.
Once pre-approved, Hughes suggests touring six to eight homes across different neighborhoods and price levels in a single afternoon. This helps build a frame of reference for what different prices offer in terms of location, condition, and style. When the right property comes along, buyers will recognize it immediately.
If rates do fall toward the six percent range, competition will likely return, and today's negotiating leverage will vanish. Buyers who made their move during this window will have locked in lower purchase prices, the one number in the transaction that cannot be changed later. As Hughes puts it, “The key point is to get in at a good price.”
