Supply and Demand in the Mt. Hood Real Estate Market
Thursday, August 30, 2018
Today's Mt. Hood real estate market has a current inventory of 55 homes available. Our current supply will last around four months.
Real Estate Information Archive
Blog
Displaying blog entries 1-7 of 7
Mt. Hood Condos On Golf Course at Mt. Hood Oregon Resort
Wednesday, August 29, 2018
Are you looking for a great getaway with no maintenance right on the golf course at the Mt. Hood Oregon Resort, formally the Resort at the Mountain? Four great choices are currently for sale in Welches. Two are located in the Whispering Woods complex with amenities including a swimming pool and work out facilities. Two are located in the Clear Hills Condo association with great Salmon Valley views. Skiers will love the convenience of cutting that long drive back and forth for winter skiing. This is an affordable alternative to dishing out weekend hotel fees!
Government Camp Condos can be found here
Three Real Estate Myths
Wednesday, August 29, 2018
There are many conflicting headlines when it comes to describing today’s real estate market. Some are making comparisons to the market we experienced 10 years ago and are starting to believe that we may be doomed to repeat ourselves. Others are just plain wrong when it comes to what it takes to qualify for a mortgage.
Today, we want to try and clear the air by shedding some light on what’s causing some of these headlines, as well as what’s truly going on.
Myth #1: We Are Headed for Another Housing Bubble
Home prices have appreciated year-over-year for the last 76 straight months. Many areas of the country are at or near their peak prices achieved before the last housing bubble burst. This has many worried that we are headed towards another housing bubble.
Reality: The biggest challenge facing today’s real estate market is a lack of homes for sale! Demand is strong, as many renters have come off the fence and are searching for their dream homes. The Mt. Hood area has 55 single family residence for sale and 12 of those properties are in the Mt. Hood National Forest.
Historically, a normal market requires a 6-month supply of inventory in order for prices to rise with the rate of inflation. According to the National Association of Realtors (NAR) there is currently a 4.3-month supply of inventory. This rings true for area 153, the Mt. Hood area with a 4 month supply of homes, a seller's market.
The US housing market hasn’t had 6-months inventory since August 2012! The concept of supply and demand is what is driving home prices up!
Myth #2: The Rumored Recession Will Lead to Another Housing Market Crash
Economists and analysts know that the country has experienced economic growth for almost a decade. When this happens, they also know that a recession can’t be too far off. But what is a recession?
Merriam-Webster defines a recession as “a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two consecutive quarters.”
Reality: Recession DOES NOT equal housing crisis. Many people associate these two terms with one another because the last time we had a recession it was caused by a housing crisis. According to the Federal Reserve, over the last 40 years, there have been six recessions. In each of the previous five recessions, home values appreciated.
Myth #3: There is an Affordability Crisis Looming
Rising home prices have many concerned that the average family will no longer be able to afford the most precious piece of the American Dream – their own home.
There are many different affordability indexes supported by different organizations that all measure different data. For this reason, there is a lot of confusion about what “affordable” actually means.
The monthly cost of a home is determined by the home’s price and the interest rate on the mortgage used to purchase it. According to Freddie Mac, interest rates have risen from 3.95% in January to 4.59% just last week.
Reality: As we mentioned earlier, home prices have appreciated year-over-year for the last 76 months, largely driven by high demand and low supply.
According to a recent study by Zillow, the percentage of median income necessary to buy a home in today’s market (17.1%) is well below the mark reached in 1985 – 2000 (21%), as well as the mark reached in 2006 (25.4)! Interest rates would have to increase to 6% before buying a home would be less affordable than historical norms.
The starter-home market has appreciated at higher levels (9.4% year-over-year) than any other market. One reason for this is the fact that many of the first-time buyers who have flocked to the starter-home market are being met with high competition. For some hopeful buyers, it may take more than a good offer to stand out from the crowd!
Bottom Line
There is a lot of confusion in today’s real estate market. If your future plans include buying or selling, make sure you have a trusted advisor and market expert by your side to help guide you to the best decision for you and your family.
Hood To Coast Run Today
Friday, August 24, 2018
Today is the day Hood to Coast, one of the biggest relay races in the country, fills our Highway 26 with funky vans and costumed runners for miles and miles. The race starts at Timberline Lodge and ends at Pacific City at the beach. Here are some fun facts about the run from the official website.
Air quality has been a big concern with lots of smoke socked in the Mt. Hood Village area. Predictions say the lift should come around noon today and with our cool temperatures that have rolled in the majority of runners may be spared the smoke filled air.
Drivers should be on top of their game watching for distracted van drivers and streams of runners throughout the course.
Rare 1922 Classic Cabin First Time Offered to Market in Brightwood Oregon
Sunday, August 19, 2018
A Mt. Hood family treasure, the Eldridge/Davis cabin, hand built and crafted by Charles Eldridge around 1922 and passed down for many generations. The time has come to let go of this classic rustic 400 square foot cabin nestled under tall firs near the Salmon River. Paned windows and rustic wood floors have been carefully maintained throughout its 100 year life. Brand new septic just installed. Step back in time and enjoy this historic gem. Located in the infamous Country Club subdivision along the Salmon River. Sold as is, cash only. One hour from PDX! $144,950
.jpeg)
Affordable Mt. Hood Condo in Welches
Friday, August 10, 2018
.jpeg)
.jpeg)
Displaying blog entries 1-7 of 7
Syndication
Categories
- (0)
- Government Camp Real Estate (657)
- Mt Hood Inspiration-Morning Coffee (256)
- Mt. Hood 1031 Tax Exchanges (64)
- Mt. Hood Economic Conditions (736)
- Mt. Hood Local Events (353)
- Mt. Hood Mortgage and Financing Information (344)
- Mt. Hood National Forest Cabins (447)
- Mt. Hood New Properties on Market (306)
- Mt. Hood Sales Information (348)
