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Mt. Hood Real Estate Blog

Liz Warren

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Inventory is Increasing on Mt. Hood

Thursday, May 16, 2024
by Liz Warren
 

The Number of Homes for Sale Is Increasing



 

There’s no denying the last couple of years have been tough for anyone trying to buy a home because there haven’t been enough houses to go around. But things are starting to look up.

There are more homes up for grabs this year. The graph below uses the latest data from Realtor.com to show in April 2024 there were more homes for sale than there were over the last few years (2021-2023):

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As Realtor.com explains:

“There were 30.4% more homes actively for sale on a typical day in April compared with the same time in 2023, marking the sixth consecutive month of annual inventory growth.”

But does this growing inventory make house hunting easier? Yes and no.

Using the latest weekly data from Calculated Risk, the graph below shows, that even with the growth lately, there are still way fewer homes for sale than there were in the last normal year in the housing market:

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What Does This Mean for You?

If you’ve been looking to buy but put your plans on hold because you just couldn’t find what you were searching for, you might see more options now than you did over the past few years – but don't expect a huge selection.

To check out your growing options, it's a good idea to work with a local real estate agent you trust. Real estate is all about location. And an agent can help you get the scoop on the homes available in the area you're interested in. Bankrate explains:

“In today’s homebuying market, it’s more important than ever to find a real estate agent who really knows your local area — down to your specific neighborhood — and can help you successfully navigate its unique quirks.”

Bottom Line

Let's team up so you have someone who can keep you in the loop on everything that might impact your move, like how many homes are up for sale right now.

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Perks Of Buying Vs. Renting

Wednesday, May 1, 2024
by Liz Warren

The Perks of Buying over Renting



 

Thinking about buying a home? While today’s mortgage rates might seem a bit intimidating, here are two solid reasons why, if you’re ready and able, it could still be a smart move to get your own place.

1. Home Values Typically Go Up Over Time

There’s been some confusion over the past year or so about which way home prices are headed. Make no mistake, nationally they’re still going up. In fact, over the long-term, home prices almost always go up (see graph below):

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Using data from the Federal Reserve (the Fed), you can see the overall trend is home prices have climbed steadily for the past 60 years. There was an exception during the 2008 housing crash when prices didn't follow the normal pattern, but generally, home values kept rising.

This is a big reason why buying a home can be better than renting. As prices go up and you pay down your mortgage, you build equity. Over time, this growing equity can really increase your net worth. The Urban Institute says:

“Homeownership is critical for wealth building and financial stability.”

2. Rent Keeps Rising in the Long Run

Here’s another reason you may want to think about buying a home instead of renting – rent just keeps going up over the years. Sure, it might be cheaper to rent right now in some areas, but every time you renew your lease or sign a new one, you’re likely to feel the squeeze of your rent getting higher. According to data from iProperty Management, rent has been going up pretty consistently for the last 60 years, too (see graph below):

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So how do you escape the cycle of rising rents? Buying a home with a fixed-rate mortgage helps you stabilize your housing costs and say goodbye to those annoying rent increases. That kind of stability is a big deal.

Your housing payments are like an investment, and you've got a decision to make. Do you want to invest in yourself or keep paying your landlord?

When you own your home, you're investing in your own future. And even when renting is cheaper, that money you pay every month is gone for good.

As Dr. Jessica Lautz, Deputy Chief Economist and VP of Research at the National Association of Realtors (NAR), says:

“If a homebuyer is financially stable, able to manage monthly mortgage costs and can handle the associated household maintenance expenses, then it makes sense to purchase a home.”

Bottom Line

If you're tired of your rent going up and want to explore the many benefits of homeownership, let’s talk to explore your options.

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Home Equity on Mt. Hood

Friday, April 26, 2024
by Liz Warren

If you’ve been a homeowner for at least a couple of years, keep reading. 

Because that means you may be sitting on a solid amount of equity. And if so, there are a few different ways you can use it to fuel your next move. 

Want to know what your equity might unlock for you?

         Home equity on Mt. Hood

 

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Firewood in the Mt. Hood National Forest News Release

Tuesday, April 23, 2024
by Liz Warren
 
Mt. Hood National Forest
 
Forest Service News Release
 
Firewood Season Opens on Mt. Hood National Forest
 
April brings more than rain showers! Just as seasonal road closures begin to lift, firewood season has opened on the Mt. Hood National Forest. Personal use firewood permits are available free of charge and commercial permits may be purchased at one of the Forest’s four district offices.
 
All woodcutters must obtain a firewood permit at a district office or by submitting a firewood permit application. Each household may harvest up to six cords annually with a free firewood permit for personal use only. Permits are valid through November 30.
 
Woodcutters that intend to harvest firewood for resale must purchase a commercial firewood permit, which is available upon request pending availability.
 
All woodcutters must carry their permit, firewood load tags, firewood map, and a current information sheet while harvesting. Woodcutters may only collect and cut downed wood. Felling standing trees, dead or alive, is illegal. Firewood cutting areas are described on the required firewood maps and information sheets, which are updated regularly and reflect the current Industrial Fire Precaution Level of each area. More firewood information is available at: www.fs.usda.gov/goto/mthood/firewood
 
Although some roads are reopening for the season, conditions across the Forest vary. Roads and trails may be muddy, wet, or even covered in deep snow for another month or two, especially at higher elevations. The Forest Service does not plow roads and can’t tow vehicles that get stuck, so it’s recommended that visitors come prepared with a winter driving kit and the Ten Essentials. Access to some areas may be limited due to wildfire closures. Driving in a fire closure area is prohibited.
 
Contact one of our district offices for information on current conditions: www.fs.usda.gov/detail/mthood/about-forest/offices
 
Some community members that rely on firewood to heat their home may struggle to harvest firewood due to age or physical disabilities. Read more about our Firewood Assistance Program: www.fs.usda.gov/goto/mthood/firewoodassistance
 
 
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USDA is an equal opportunity provider, employer, and lender.
 
Pile of firewood from Camp Creek Fire suppression work in 2023.
 
 
Mt. Hood National Forest
 
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Mortgage Rate Trends

Tuesday, April 23, 2024
by Liz Warren

The Best Way To Keep Track of Mortgage Rate Trends



 

If you’re thinking about buying a home, chances are you’ve got mortgage rates on your mind. You’ve heard about how they impact how much you can afford in your monthly mortgage payment, and you want to make sure you’re factoring that in as you plan your move.

The problem is, with all the headlines in the news about rates lately, it can be a bit overwhelming to sort through. Here’s a quick rundown of what you really need to know.

The Latest on Mortgage Rates

Rates have been volatile – that means they’re bouncing around a bit. And, you may be wondering, why? The answer is complicated because rates are affected by so many factors.

Things like what’s happening in the broader economy and the job market, the current inflation rate, decisions made by the Federal Reserve, and a whole lot more have an impact. Lately, all of those factors have come into play, and it’s caused the volatility we’ve seen. As Odeta Kushi, Deputy Chief Economist at First American, explains:

“Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.”

Professionals Can Help Make Sense of it All

While you could drill down into each of those things to really understand how they impact mortgage rates, that would be a lot of work. And when you’re already busy planning a move, taking on that much reading and research may feel a little overwhelming. Instead of spending your time on that, lean on the pros.

They coach people through market conditions all the time. They’ll focus on giving you a quick summary of any broader trends up or down, what experts say lies ahead, and how all of that impacts you.

Take this chart as an example. It gives you an idea of how mortgage rates impact your monthly payment when you buy a home. Imagine being able to make a payment between $2,500 and $2,600 work for your budget (principal and interest only). The green part in the chart shows payments in that range or lower based on varying mortgage rates (see chart below):

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As you can see, even a small shift in rates can impact the loan amount you can afford if you want to stay within that target budget.

It’s tools and visuals like these that take everything that’s happening and show what it actually means for you. And only a pro has the knowledge and expertise needed to guide you through them.

You don’t need to be an expert on real estate or mortgage rates, you just need to have someone who is, by your side.

Bottom Line

Have questions about what’s going on in the housing market? Let’s connect so we can take what’s happening right now and figure out what it really means for you.

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Mt. Hood Housing Market Myth Busters for 2024

Friday, April 19, 2024
by Liz Warren

          

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Timberline Lodge Catches Fire: News Release

Friday, April 19, 2024
by Liz Warren
 
Mt. Hood National Forest
 
Forest Service News Release
 
Quick response by local fire departments minimizes damage to iconic Timberline Lodge 
 
Sandy, Ore. (April 19, 2024) – Last night, fire departments from the Mt. Hood area and beyond responded to a three-alarm fire at historic Timberline Lodge. The fire departments, in coordination with Timberline Lodge employees, were quick to suppress the fire and ensure public and hotel guest safety. Although damage assessments have not yet begun, these efforts minimized the fire’s spread and prevented what could have been greater damages and losses.  
 
The Forest Service is participating in the fire investigations with other federal law enforcement. Timberline Lodge and ski area, as well as the upper portion of Timberline Access Road are currently closed.  
 
Responding agencies included Hoodland Fire District, Clackamas Fire Department, Estacada Fire District, Gresham Fire Department, Portland Fire and Rescue, and Oregon State Fire Marshal.  
 
“We extend the deepest gratitude to all of the fire departments that responded so quickly to extinguish the fire at Timberline Lodge”, said Meta Loftsgaarden, Forest Supervisor for the Mt. Hood National Forest. “We know Timberline Lodge holds a special place in the fabric of Oregon’s and the nation’s history and culture. Structural assessments of the damages caused to the lodge as well as the cherished works inside of it will begin as soon as they safely can.”   
 
Declared a National Historic Landmark in 1977, Timberline Lodge is one of Oregon’s most popular tourist attractions, drawing nearly two million visitors every year. Timberline Lodge operates under a special use permit issued by the Mt. Hood National Forest. Built during the Great Depression using craftspeople, artists, and workers employed through the Works Progress Administration and other New Deal programs, it continues to serve as an iconic ski lodge and mountain retreat.  
 
Additional updates will be provided as they become available. Reopening information and hours of operations for Timberline Lodge and the ski area are at:
 
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USDA is an equal opportunity provider, employer, and lender.
 
Firefighters responding to Timberline Lodge fire overnight, April 18, 2024
 
Photo showing damage to the attic of Timberline’s Lodge caused by last night’s fire.
 
 
Mt. Hood National Forest
 
 
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Use Your Tax Refund to Buy a Home on Mt. Hood

Monday, April 15, 2024
by Liz Warren

Ways To Use Your Tax Refund If You Want To Buy a Home



 

Have you been saving up to buy a home this year? If so, you know there are a number of expenses involved – from your down payment to closing costs. But did you also know your tax refund can help you pay for some of these expenses? As Credit Karma explains:

“If one of your goals is to stop renting and buy a home, you’ll need to save up for closing costs and a down payment on the mortgage. A tax refund can give you a start on the road to homeownership. If you’ve already started to save, your tax refund could move you down the road faster.”

While how much money you may get in a tax refund is going to vary, it can be encouraging to have a general idea of what’s possible. Here’s what CNET has to say about the average increase people are seeing this year:

“The average refund size is up by 6.1%, from $2,903 for 2023's tax season through March 24, to $3,081 for this season through March 22.”

Sounds great, right? Remember, your number is going to be different. But if you do get a refund, here are a few examples of how you can use it when buying a home. According to Freddie Mac:

  • Saving for a down payment – One of the biggest barriers to homeownership is setting aside enough money for a down payment. You could reach your savings goal even faster by using your tax refund to help.
  • Paying for closing costs – Closing costs cover some of the payments you’ll make at closing. They’re generally between 2% and 5% of the total purchase price of the home. You could direct your tax refund toward these closing costs.
  • Lowering your mortgage rate – Your lender might give you the option to buy down your mortgage rate. If affordability is tight for you at today’s rates and home prices, this option may be worth exploring. If you qualify for this option, you could pay upfront to have a lower rate on your mortgage.

The best way to get ready to buy a home is to work with a team of trusted real estate professionals who understand the process and what you’ll need to do to be ready to buy.

Bottom Line

Your tax refund can help you reach your savings goal for buying a home. Let’s talk about what you’re looking for, because your home may be more within reach than you think.

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The Perks of Downsizing When You Retire

Friday, April 12, 2024
by Liz Warren

The Perks of Downsizing When You Retire 



 

a screenshot of a cellphone

Some Highlights

  • If you’re about to retire, or just did, downsizing can be a good way to try to cut down on some of your expenses.
  • Smaller homes typically have lower energy and maintenance costs. Plus, you may have enough equity built up to fuel your move.
  • If you're thinking about moving to a smaller home, let’s go over your goals and look at your options in our local market.
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Why Over Pricing Your Home Can Cost You

Tuesday, April 2, 2024
by Liz Warren

Why Overpricing Your House Can Cost You



 

If you’re trying to sell your house, you may be looking at this spring season as the sweet spot – and you’re not wrong. We’re still in a seller’s market because there are so few homes for sale right now. And historically, this is the time of year when more buyers move, and competition ticks up. That makes this an exciting time to put up that for sale sign.

But while conditions are great for sellers like you, you’ll still want to be strategic when it comes time to set your asking price. That’s because pricing your house too high may actually cost you in the long run.

The Downside of Overpricing Your House

The asking price for your house sends a message to potential buyers. From the moment they see your listing, the price and the photos are what’s going to make the biggest first impression. And, if it’s priced too high, you may turn people away. As an article from U.S. News Real Estate says:

“Even in a hot market where there are more buyers than houses available for sale, buyers aren't going to pay attention to a home with an inflated asking price.”

That’s because no homebuyer wants to pay more than they have to, especially not today. Many are already feeling the pinch on their budget due to ongoing home price appreciation and today’s mortgage rates. And if they think your house is overpriced, they may write it off without even stepping foot in the front door, or simply won’t make an offer if they think it’s priced too high.

If that happens, it’s going to take longer to sell. And ideally you don’t want to have to think about doing a price drop to try to re-ignite interest in your house. Why? Some buyers will see the price cut as a red flag and wonder why the price was reduced, or they’ll think something is wrong with the house the longer it sits. As an article from Forbes explains:

“It’s not only the price of an overpriced home that turns buyers off. There’s also another negative component that kicks in. . . . if your listing just sits there and accumulates days on the market, it will not be a good look. . . . buyers won’t necessarily ask anyone what’s wrong with the home. They’ll just assume that something is indeed wrong, and will skip over the property and view more recent listings.”

Your Agent’s Role in Setting the Right Price

Instead, pricing it at or just below current market value from the start is a much better strategy. So how do you find that ideal asking price? You lean on the pros. Only an agent has the expertise needed to research and figure out the current market value for your home.

They’ll factor in the condition of your house, any upgrades you’ve made, and what other houses like yours are selling for in your area. And they’ll use all of that information to find that target number. The right price will bring in more buyers and make it more likely you’ll see multiple offers too. Plus, when homes are priced right, they still tend to sell quickly.

Bottom Line

Even though you want to bring in top dollar when you sell, setting the asking price too high may deter buyers and slow down the sales process.

 

Let’s connect to find the right price for your house, so we can maximize your profit and still draw in eager buyers willing to make competitive offers.

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Displaying blog entries 1-10 of 1850

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Liz Warren
Merit Properties Group - Keller Williams Realty PDX Central
Box 131
Welches OR 97067
Direct: 503-705-3090
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