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December Mt. Hood Market Update

by Liz Warren

          

Mt. Hood Homeownership

by Liz Warren

A 365 Day Difference in Homeownership

A 365 Day Difference in Homeownership | MyKCM
 

Over the past year, mortgage rates have fallen more than a full percentage point. This is a great driver for homeownership, as today’s low rates provide consumers with some significant benefits. Here’s a look at three of them:

  1. Refinance: If you already own a home, you may want to decide if you’re going to refinance. It’s one way to lock in a lower monthly payment and save substantially over time, but it also means paying upfront closing costs too. You have to answer the question: Should I refinance my home?
  2. Move-up or Downsize: Another option is to consider moving into a new home, putting the equity you’ve likely gained in your current house toward a down payment on a new one that better meets your needs – something that’s truly a perfect fit for your family.
  3. Become a First-Time Homebuyer: There are many financial and non-financial benefits to owning a home, and the most important thing is to first decide when the time is right for you. You have to determine that on your own, but know that now is a great time to buy if you’re considering it. Just take a look at the cost of renting vs. buying

Why 2019 Was a Great Year for Homeownership

Last year at this time, mortgage rates were 4.63% (substantially higher than they are today). If you’re one who waited for a better time to make a move, market conditions have improved significantly. Today’s low mortgage rates combined with increasing wages are making homes much more affordable than they were just one year ago, so it’s a great time to get more for your money and consider a new home.

The chart below shows how much you would save based on today’s rates, compared to what you would have paid if you purchased a house exactly one year ago, depending on how much you finance.A 365 Day Difference in Homeownership | MyKCM

Bottom Line

If you’ve been waiting since last year to make your move into homeownership, or to find a house that better meets your needs, today’s low mortgage rates may be just what you need to get the process going. Let’s get together to discuss how you can benefit from the current rates.

5 Reasons To Sell This Winter

by Liz Warren

5 Reasons to Sell This Winter

5 Reasons to Sell This Winter | MyKCM
 

Below are five compelling reasons to list your house this winter.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase, and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Inventory is still under the 6-month supply needed for a normal housing market. This means in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market.

Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

Many homeowners were reluctant to list their homes over the last couple of years, for fear they would not find a home to move into. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell.

3. Buyers Are Serious at This Time of Year

Traditionally, homeowners think about spring as a great time to list their homes, when more buyer traffic may be out there actively searching. In the winter, however, the buyers who are seeking a home – whether for relocation or otherwise – are serious ones. They’re ready to make offers and they’re eager to move, often quickly. Your house may be exactly what they’re looking for, so listing when other potential sellers are holding off may be your best opportunity to shine.

4. There Will Never Be a Better Time to Move Up

If your next move will be into the premium or luxury market, now is the time to move up. There is currently ample inventory for sale at higher price ranges. This means if you're planning on selling a starter or trade-up home and moving into your dream home, you’ll be able to do that now. Demand for your entry-level home is high, and inventory in the luxury or premium market is too.

According to CoreLogic, prices are projected to appreciate by 5.6% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and in your mortgage) if you wait.

5. It’s Time to Move On With Your Life

Look at the reason you decided to sell in the first place and determine whether it’s worth waiting. Is money more important than being with family? Are you ready to go on with your life the way you think you should?

Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market this winter. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

Should you rent or buy on Mt. Hood?

by Liz Warren

          

Don't Get Spooked by Today's Real Estate Market

by Liz Warren

Mt. Hood September Sales 2019

by Liz Warren

Mt. Hood September 2019 Real Estate Sales

Mt. Hood sales are up with pending sales in September reaching 31% higher than this same time period in 2018. Average sales price is $354,000! Twenty sales closed in September and the activity is continuing into October. There are currently 63 residential properties for sale and there are 29 pending sales as of today. These numbers bode well for a great fall of activity. 

Mt. Hood October Market

by Liz Warren

 

            

Mt. Hood Vacation Rentals

by Liz Warren

If there's one dominating market segment on Mt. Hood these days, it's the vacation rental market. This frequently combines an owners personal use with funds to offset their expenses to help pay off that mortgage or create a stream of income. 

Clackamas County has studied the vacation rental market since there are no zoning and regulation policies for vacation rentals. Here is a recent notification from the county if you've been following the studies and local meetings:

The Clackamas County Board of Commissioners is holding a policy session on Wednesday, Sept. 25 to discuss draft regulations for short-term rentals in unincorporated Clackamas County.  The meeting is scheduled from 9:30-11 a.m. in the Board Hearing Room on the 4th floor of the Public Services Building, 2051 Kaen Rd., Oregon City.

The materials prepared for the meeting by staff, including the draft regulations, are available here: https://dochub.clackamas.us/documents/drupal/41f33e9e-8da9-420d-9b13-0abb8e81722c.  The purpose of the meeting is for staff and commissioners to discuss next steps related to these draft regulations.  The public is welcome to observe, but there will not be an opportunity for public comment.  An audio-tape of the meeting will be available later in the week at https://www.clackamas.us/meetings/bcc/presentation

 

Thinking of Buying or Selling on Mt. Hood?

by Liz Warren

        

Appreciation

by Liz Warren

Appreciation Is Strong: It Might Be Time to Sell

Appreciation Is Strong: It Might Be Time to Sell | MyKCM
 

There’s no doubt that today’s housing market is changing, and everything we see right now indicates it is time to sell. Here’s a look at why selling now is likely to drive the greatest return on your largest investment.

Home values have been appreciating for several years now, growing at a strong, steady, and impressive pace. In fact, the average annual appreciation rate since 2012 has nearly doubled the average rate from the more normal market of the 1990s (think: pre-bubble).Appreciation Is Strong: It Might Be Time to Sell | MyKCMAppreciation, however, is projected to shift back toward normal, meaning home prices will likely keep climbing over the next few years, but they are not projected to continue to increase at such a high rate.

Here’s What That Means for Homeowners:

As noted in the latest Home Price Expectation Survey (HPES) powered by Pulsenomics, experts forecast an average annual appreciation rate closer to 3.2% over the next five years, which is more in line with a historically normal market (3.6%). The good news is, there’s still time to take advantage of the current strength of home prices by selling your house now.Appreciation Is Strong: It Might Be Time to Sell | MyKCMLooking at the projections as they stand today, 2019 is slated to drive the strongest appreciation as compared to the upcoming few years. With average home prices still on the rise, the pace at which they are predicted to continue increasing will likely soften by 2020.

Bottom Line

If you’re thinking about selling your house, now is a great time to make your move. Don’t get stuck waiting until projected home price appreciation rates potentially re-accelerate again in 2023. You’ll likely earn the greatest return on your investment by selling now before the prices start to normalize next year.

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