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2007-Second Home and Investor Numbers Will Surprise You

by Liz Warren

This is a real eye opener considering 2007 reports on the market! Second home and investment buyers purchased about one third of properties sold in 2007 according to the National Association of Realtors. Vacation home sales only declined two percent from 2006 to 2007. (12% of total sales in 2007).

Despite the fact that we are in a credit crunch and in tough economic times, second homes are elective purchases. Locally we know that at least a third of homeowners in Portland have no mortgage. We also know that Oregon ranks 47th in the subprime problem-which means there is extra money available for purchasing second homes.

Actually, it’s a bonanza of an opportunity for buyers with super low interest rates, softening prices and increased inventory. Yes, primary home sales have softened the most but second home sales have not seen the declines locally that many media outlets have declared.

Believe it or not 28% of second home buyers paid cash for their purchase. Many second home  buyers are looking to purchase now knowing their investment will appreciate greatly in the next five to ten years. Portland metro has a particularly great opportunity with a recreational area so close to the city, many weekenders take advantage of the quick one hour drive making the Mt. Hood area a premium destination for a rec home that can be used year round.

Market Statistics for Mt. Hood

by Liz Warren

Mid February has shown an incredible slowing of listings and sales. Only two properties have closed this month and inquiries are down. On the other end of the spectrum, listings are not exactly hitting the market. It just seems to be a total slowing of the entire process. Interest rates aren't bad at all but with the home equity faucet turned off, spending is down and sales have drastically slowed down.

Traditional Four Bedroom Home New On Market

by Liz Warren

If you're thinking about moving to Welches, here is a great home that just hit the market. It's a four bedroom, two and a half bath traditional style home built in 2001. Features include a bonus family room with woodstove, fully fenced back yard, arched hallways, walk in master closet, fruit trees, fire pit and garden area. You can walk to shopping from the house and it's very close to the Welches Grade and Middle School.

Take a tour here: http://www.visualtour.com/show.asp?T=896856

Snow In Welches!

by Liz Warren

Another snow filled day in Welches!

What kind of a Market does the Mountain have?

by Liz Warren

There's a lot of talk of doom and gloom out in the media of massive foreclosure rates, mortgage fraud, over saturated markets and other issues.. Recently the National Association of Reatlors is seeing stabilization in the national market with some areas still trying to absorb the excess inventory.  Let's face it, real estate is a "local" market and can't be dictated by sweeping "national trends". Take a look at current statistics for area "153" the mountain market straight from the Multiple Listing Service. This area serves statistics  from Cherryville Hill (half way between Brightwood and Sandy) to Government Camp.

The market has a general two month supply of homes. Naturally, many sellers take their homes off the market in winter thinking there are few buyers but recent listings with multiple offer situations prove that there are many active buyers waiting for any new listing to hit the market. Rates are fantastic and with predictions of nearly 7% fixed rates by the end of 2007, NOW is a GREAT time to BUY or SELL!

 

Displaying blog entries 1-5 of 5

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