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Mt. Hood Short Term Vacation Rentals

Wednesday, May 20, 2020
by Liz Warren

Here is the latest communication from Clackamas County concerning unincorporated short term vacation rentals:

Yesterday the Board of County Commissioners agreed to delay for six months (until Nov. 17, 2020) any further action on possible regulations for short-term rentals in unincorporated Clackamas County.  The action was taken because of the changed circumstances brought about by the COVID-19 pandemic, including:

  • Almost total loss of revenue for the county’s Tourism Department, which was going to help fund start-up costs for a possible short-term rental registration program
  • Dramatic drop in demand for short-term rentals

 

The status of short-term rentals in the county will continue to be as it has been, with no registration program or specific regulations except for the requirement to pay Transient Lodging Tax to the county's Finance Department (see details here:  https://www.clackamas.us/finance/transient.html) .  On November 17, the Board of Commissioners will again discuss the issue of possibly regulating short-term rentals based on the situation at that time.

 

Regulations as currently drafted will remain on the website at www.clackamas.us/planning/str.  We will notify you when this issue is brought before the Board again or if there are other changes.  For more information, contact Senior Planner Martha Fritzie at [email protected].

 

Thank you for your interest.  Take care.

 

Ellen Rogalin, Community Relations Specialist

Clackamas County Public & Government Affairs

Transportation & Development | Business & Community Services

503-742-4274  | 150 Beavercreek Road, Oregon City, OR 97045

Office hours:  9 am – 6 pm, Monday-Friday

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Mt. Hood Real Estate Sales April 2020 stats

Wednesday, May 13, 2020
by Liz Warren

The final numbers for April 2020 sales are out from RMLS. Take a look at these recent numbers:

Mt. Hood Real Estate Sales for April 2020 from RMLS

April had 31 active listings on the market. I've never seen this little inventory on the market in the past 35 years.  Pending sales have dropped 42% for April. For 2020 the cumulative pending sales are down just a tad under 17%.  April saw a total of 8 sales. On the plus side there are currently 21 pending sales that should be closing eventually. 

I know credit is tightening so a good credit score is a must in order to buy in this market. Many lenders are cutting out home equity loans which cuts off a good source of down payments and cash for buyers. It will be interesting to see what effect this tightening of credit will do to our market. All indications are that we will continue with a strong seller's market at this time and hopefully with some opening up we will see more properties hit the market. 

 

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The Economic Impact for Buying a Home on Mt. Hood

Monday, May 11, 2020
by Liz Warren

           

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The Big Question for Mt. Hood Buyers and Sellers In Today's Market

Monday, May 11, 2020
by Liz Warren

Will Home Values Appreciate or Depreciate in 2020?

Will Home Values Appreciate or Depreciate in 2020? | MyKCM
 

With the housing market staggered to some degree by the health crisis the country is currently facing, some potential purchasers are questioning whether home values will be impacted. The price of any item is determined by supply as well as the market’s demand for that item.

Each month the National Association of Realtors (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for the REALTORS Confidence Index.

Their latest edition sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand) during this pandemic.

Buyer Demand

The map below was created after asking the question: “How would you rate buyer traffic in your area?”Will Home Values Appreciate or Depreciate in 2020? | MyKCMThe darker the blue, the stronger the demand for homes is in that area. The survey shows that in 34 of the 50 U.S. states, buyer demand is now ‘strong’ and 16 of the 50 states have a ‘stable’ demand.

Seller Supply

The index also asks: “How would you rate seller traffic in your area?”Will Home Values Appreciate or Depreciate in 2020? | MyKCMAs the map above indicates, 46 states and Washington, D.C. reported ‘weak’ seller traffic, 3 states reported ‘stable’ seller traffic, and 1 state reported ‘strong’ seller traffic. This means there are far fewer homes on the market than what is needed to satisfy the needs of buyers looking for homes right now.

With demand still stronger than supply, home values should not depreciate.

What are the experts saying?

Here are the thoughts of three industry experts on the subject:

Ivy Zelman:

“We note that inventory as a percent of households sits at the lowest level ever, something we believe will limit the overall degree of home price pressure through the year.”

Mark Fleming, Chief Economist, First American:

“Housing supply remains at historically low levels, so house price growth is likely to slow, but it’s not likely to go negative.”

Freddie Mac:

“Two forces prevent a collapse in house prices. First, as we indicated in our earlier research report, U.S. housing markets face a large supply deficit. Second, population growth and pent up household formations provide a tailwind to housing demand.”

Bottom Line

Looking at these maps and listening to the experts, it seems that prices will remain stable throughout 2020. If you’re thinking about listing your home, let’s connect to discuss how you can capitalize on the somewhat surprising demand in the market now.

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How Much Equity in Your Mt. Hood Home?

Wednesday, May 6, 2020
by Liz Warren

Why Home Equity Is a Bright Spark in the Housing Market

Why Home Equity is a Bright Spark in the Housing Market | MyKCM
 

Given how we have seen more unemployment claims than ever before over the past several weeks, fear is spreading widely. Some good news, however, shows that more than 4 million initial unemployment filers have likely already found a new job, especially as industries such as health care, food and grocery stores, retail, delivery, and more increase their employment opportunities. Breaking down what unemployment means for homeownership, and understanding the significant equity Americans hold today, are important parts of seeing the picture clearly when sorting through this uncertainty.

One of the biggest questions right now is whether this historic unemployment rate will initiate a new surge of foreclosures in the market. It’s a very real fear. Despite the staggering number of claims, there are actually many reasons why we won’t see a significant number of foreclosures like we did during the housing crash twelve years ago. The amount of equity homeowners have today is a leading differentiator in the current market.

Today, according to John Burns Consulting, 58.7% of homes in the U.S. have at least 60% equity. That number is drastically different than it was in 2008 when the housing bubble burst. The last recession was painful, and when prices dipped, many found themselves owing more on their mortgage than what their homes were worth. Homeowners simply walked away at that point. Now, 42.1% of all homes in this country are mortgage-free, meaning they’re owned free and clear. Those homes are not at risk for foreclosure (see graph below):Why Home Equity is a Bright Spark in the Housing Market | MyKCMIn addition, CoreLogic notes the average equity mortgaged homes have today is $177,000. That’s a significant amount that homeowners won’t be stepping away from, even in today’s economy (see chart below):Why Home Equity is a Bright Spark in the Housing Market | MyKCMIn essence, the amount of equity homeowners have today positions them to be in a much better place than they were in 2008.

Bottom Line 

The fear and uncertainty we feel right now are very real, and this is not going to be easy. We can, however, see strength in our current market through homeowner equity that has not been there in the past. That may be a bright spark to help us make it through.

Check out the average sales price over the years for the Mt. Hood area. 

Mt. Hood Real Estate Sales Prices Over the Years

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Expert Opinions on the Market

Thursday, April 30, 2020
by Liz Warren

             

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A Recession Does Not Equal A Housing Crisis

Thursday, April 23, 2020
by Liz Warren

             

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What Buyers and Sellers Want on Mt. Hood

Thursday, April 16, 2020
by Liz Warren

Today’s Homebuyers Want Lower Prices. Sellers Disagree.

Today’s Homebuyers Want Lower Prices. Sellers Disagree. | MyKCM
 

The uncertainty the world faces today due to the COVID-19 pandemic is causing so many things to change. The way we interact, the way we do business, even the way we buy and sell real estate is changing. This is a moment in time that’s even sparking some buyers to search for a better deal on a home. Sellers, however, aren’t offering a discount these days; they’re holding steady on price.

According to the most recent NAR Flash Survey (a survey of real estate agents from across the country), agents were asked the following two questions:

1. “Have any of your sellers recently reduced their price to attract buyers?”

Their answer: 72% said their sellers have not lowered prices to attract buyers during this health crisis. 

2. “Are home buyers expecting lower prices now?”

Their answer: 63% of agents said their buyers were looking for a price reduction of at least 5%.Today’s Homebuyers Want Lower Prices. Sellers Disagree. | MyKCM

What We Do Know  

In today’s market, with everything changing and ongoing questions around when the economy will bounce back, it’s interesting to note that some buyers see this time as an opportunity to win big in the housing market. On the other hand, sellers are much more confident that they will not need to reduce their prices in order to sell their homes. Clearly, there are two different perspectives at play.

Bottom Line

If you’re a buyer in today’s market, you might not see many sellers lowering their prices. If you’re a seller and don’t want to lower your price, you’re not alone. If you have questions on how to price your home, let’s connect today to discuss your real estate needs and next steps.

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Mt. Hood Homeowners Have A Lot of Equity

Thursday, April 9, 2020
by Liz Warren

             

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Get Ready to Purchase a Home On Mt. Hood

Friday, April 3, 2020
by Liz Warren

           

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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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