Jumping into the Oregon real estate market, whether as a buyer or seller, means encountering the inevitable reality of closing costs. These expenses hover around a modest 0.9% of the property’s final sale price statewide. For instance, the median home value in Oregon as of September 2023 stood at $502,000. That translates into closing costs near $4,518 on an average house. Yet, the story shifts with geography: in Bend, where homes fetch a median price of $725,000, closing fees typically escalate to about $6,525. Meanwhile, in smaller markets like Pendleton, with median prices near $269,900, these charges dip to roughly $2,429.
Who Picks Up the Closing Tab in Oregon?
Across Oregon, as nationwide, the responsibility for closing costs is split between buyers and sellers, though certain fees tend to fall more heavily on one side. Oregon doesn’t mandate involving a lawyer during closings, but securing legal counsel is a smart move—legal fees themselves are part and parcel of your closing expenditures. Let’s unpack the specifics.
Buyer’s Share of Closing Expenses
Buyers usually shoulder fees linked to securing a mortgage, such as:
- Lender Charges: These can range widely—from application and credit check fees to loan origination costs and beyond.
- Home Appraisal: Lenders will require one, typically costing about $500, but the price shifts depending on the property’s size, locale, and condition.
- Inspection Fees: A thorough home inspection is a smart safeguard and often covers a variety of checks to help buyers spot issues before sealing the deal.
Seller’s Closing Cost Responsibilities
Sellers generally absorb:
- Real Estate Agent Commissions: Usually the heftiest chunk, these fees range from 5% to 6% of the sale price. For a $502,000 home in Oregon, commissions can top $30,000.
- Title Insurance: Sellers typically pick up the tab for the owner’s title insurance policy in this state.
- Transfer Taxes: Most property transfer taxes must be settled at closing.
- Wire Transfer Fees: When the remaining mortgage balance is sent to the lender, sellers may incur a nominal fee.
Quick Reality Check — Median Home Prices & Closing Costs in Oregon (Sept 2023)
| Statewide Median | $502,000 | $4,518 |
| Bend | $725,000 | $6,525 |
| Pendleton | $269,900 | $2,429 |
Strategies to Slim Down Your Closing Costs in Oregon
While some expenses—like state taxes—are set in stone, savvy buyers and sellers can find ways to trim other fees. Having a well-versed local real estate agent is worth their weight in gold. Whether it’s digging up comparable neighborhood sales, hunting for a home within a prized school zone, or pricing your property just right, their insider knowledge is invaluable. Plus, a skilled realtor will haggle on your behalf and make sure the paperwork marathon doesn’t trip you up.
Frequently Asked Questions
What’s the usual range of closing costs for Oregon homes?
ClosingCorp figures show that Oregon’s closing costs average around 0.9% of the purchase price, excluding agent commissions. Buyers mainly face expenses tied to their mortgage, including application and loan origination fees, plus appraisal and inspection costs. Sellers typically cover agent commissions, the heftiest chunk of the bill.
Does the seller have to pay any closing fees in Oregon?
Absolutely. Sellers always carry some closing costs no matter the state, and Oregon is no exception. Aside from footing the real estate agents’ commissions, sellers often pay title fees, seller concessions, and wire transfer charges when paying off their current mortgage.