Displaying blog entries 21-30 of 306
We're finally seeing a bit of increase in inventory with up to twelve active listings in March. Twelve closed sales for the March with an average sales price of $591,900! As of today we have eight properties available. Two of the eight are over a million. Sadly lacking are few properties under $500,000.
Here is a charming log cabin and shop on a half acre of land in Welches. One bedroom and one and a half bath cabin with high vaulted ceilings plus wood stove and propane fireplace. Nicely wooded lot and spacious shop included. Walk to shops and restaurants. Only 20 minutes to the slopes of Mt. Hood! $550,000!
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This is one of the best locations on the Salmon River with views from every window! Located in Welches at the Shadow Hawk condominiums just across the street from the Mt Hood Oregon Resort. Open floor plan complete with fireplace, laminate floors, a deck off your living room with primo views up and down the river. Watch the Salmon swim by! Updated bathrooms with tile shower and tub in the other. Amenities include onsite manager and summer time pool. Only 20 minutes to the slopes in winter! Comes furnished turn key!
$365,000
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Hit the brakes! Super cute craftsman style home with two bedrooms one bath. Completely updated with beautiful hardwood floors upgraded gourmet kitchen with gas appliance and custom tile throughout. Beautiful tile bathroom with heated floors and hammered stainless steel sink.
The living room features vaulted ceilings and a propane fireplace with custom tile and wood mantel. Mini-splits for heat in three rooms! Hot tub and privacy screens. Amenities include pool and tennis courts. Too much to list! $435,000!
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When you make a move, you want to sell your house for the highest price possible. That might be why many homeowners are eager to list in today’s sellers’ market. After all, with record-low inventory and high buyer demand, many homes are selling for more than asking price. Data from the National Association of Realtors (NAR) shows 46% of homes are selling above list price today.
But even in a market like we have now, working with an agent to set the right asking price is critical, as pricing it too high or too low could have a negative impact on your final sale. Here’s why.
The price you set for your house sends a message to potential buyers. Price it too low and you might raise questions about your home’s condition or lead buyers to assume something is wrong with the property. Not to mention, you could leave money on the table, which decreases your future buying power if you undervalue your house.
On the other hand, price it too high and you run the risk of deterring buyers. When that happens, you may have to do a price drop to try to re-ignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder why the price was reduced and what that means about the home.
In other words, think of pricing your home as a target. Your goal is to aim directly for the center – not too high, not too low, but right at market value. Pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. That makes it more likely you’ll see a bidding war, too. And when a bidding war happens, you’ll likely get an even higher final sale price. Plus, when homes are priced right, they tend to sell quickly.
To get a look into the potential downsides of over or underpricing your house and the perks that come with pricing it at market value, see the chart below:
There are several factors that go into pricing your house and balancing them is the key. That’s why it’s important to lean on an expert real estate advisor when you’re ready to move. A local real estate advisor is knowledgeable about:
A real estate professional will balance these factors to make sure the price of your house makes the best first impression and gives you the greatest return on your investment in the end.
Even in a sellers’ market, pricing your house right is critical. Don’t rely on guesswork. Let’s connect to make sure your house is perfectly priced.
Rare opportunity in Brightwood! Three bedroom one-level home on nearly a half acre. Spread out and enjoy this private spot near the Salmon River a block away and only 20 minutes to the slopes of Mt. Hood. High wood beamed ceilings and huge windows bring natural light into the living, dining and kitchen area. Toe warming wood stove. Updated kitchen! Bonus bedroom or office. Master has its own bath. Two outbuildings plus carport. Washer/dryer hook up. RV parking. Fenced corner lot. 1 hour to PDX
$450,000
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After almost two years of double-digit increases, many experts thought home price appreciation would decelerate or happen at a slower pace in the last quarter of 2021. However, the latest Home Price Insights Report from CoreLogic indicates while prices may have plateaued, appreciation has definitely not slowed. The following graph shows year-over-year appreciation throughout 2021. December data has not yet been released.
As the graph shows, appreciation has remained steady at around 18% over the last five months.
In addition, the latest S&P Case-Shiller Price Index and the FHFA Price Index show a slight deceleration from the same time last year – it's just not at the level that was expected. However, they also both indicate there’s continued strong price growth throughout the country. FHFA reports all nine regions of the country still experienced double-digit appreciation. The Case-Shiller 20-City Index reveals all 20 metros had double-digit appreciation.
Experts had projected the supply of housing inventory would increase in the last half of 2021 and buyer demand would decrease, as it historically does later in the year. Since all pricing is subject to supply and demand, it seemed that appreciation would wane under those conditions.
Buyer demand, however, did not slow as much as expected, and the number of listings available for sale dropped instead of improved. The graph below uses data from realtor.com to show the number of available listings for sale each month, including the decline in listings at the end of the year.
Here are three reasons why the number of active listings didn’t increase as expected:
1. There hasn’t been a surge of foreclosures as the forbearance program comes to an end.
2. New construction slowed considerably because of supply chain challenges.
3. Many believed more sellers would put their houses on the market once the concerns about the pandemic began to ease. However, those concerns have not yet disappeared. A recent article published by com explains:
“Before the omicron variant of COVID-19 appeared on the scene, the 2021 housing market was rebounding healthily from previous waves of the pandemic and turned downright bullish as the end of the year approached. . . . And then the new omicron strain hit in November, followed by a December dip in new listings. Was this sudden drop due to omicron, or just the typical holiday season lull?”
No one knows for sure, but it does seem possible.
Home price appreciation might slow (or decelerate) in 2022. However, based on supply and demand, you shouldn’t expect the deceleration to be swift or deep.
In case you missed this:
HAPPY NEW YEAR!
These are interesting times for Mt. Hood real estate as we head into 2022. After reviewing Novembers final sales we see a total of 18 closing with six sales under $400,000. Timberline Rim, one of the mountains most affordable subdivisions, saw five sales with three over a half a million dollars! November also produced the first $500,000 forest service cabin sale! More "off the chart" record breaking numbers were in Collins Lake at Government Camp. Three units have sold since July for $537,000, $557.000 and one at $606,000.
Needless to say, nearly every property that hits the market has five or more offers on the table making this the most amazing sellers market in Mt. Hood history. Two thousand twenty two will be very interesting if we don't get more inventory soon. Currently there are seven properties for sale and three are over a million dollars.
Recent snows may have slowed buyers down a little bit but the bottom line is once the current eleven pending sales close we will be down to nearly zero properties. Who knows what next year will look like at this point. This year we had a 30% increase in prices which was probably the greatest of all the areas tracked in our multiple listing. No doubt about it, Mt. Hood is the place to be!
Listed below are Novembers closed sales in Brightwood, Welches, Rhododendron and Government Camp.
December National News
U.S. Real Estate Overview
Note: November 2021 data below are the most recent released by the National Association of Realtors.
Existing-home sales rose in November, denoting three consecutive months of increases, according to the National Association of Realtors®. Three of the four major U.S. regions reported growth in monthly sales, while the fourth region held steady in November. From a year-over-year perspective, only one region experienced a rise in sales as the three others saw home sales decline.
Total existing-home sales (transactions that include single-family homes, townhomes, condominiums and co-ops) grew 1.9% from October to a seasonally adjusted annual rate of 6.46 million in November. Sales fell 2.0% from a year ago (6.59 million in November 2020).
Total housing inventory at the end of November amounted to 1.11 million units, down 9.8% from October and down 13.3% from one year ago (1.28 million). Unsold inventory sits at a 2.1-month supply at the current sales pace, a decline from both the prior month and from one year ago.
The median existing-home price for all housing types in November was $353,900, up 13.9% from November 2020 ($310,800), as prices increased in each region, with the highest pace of appreciation in the South region. This marks 117 straight months of year-over-year increases, the longest-running streak on record.
Properties typically remained on the market for 18 days in November, equal to October and down from 21 days in November 2020. Eighty-three percent of homes sold in November 2021 were on the market for less than a month.
In October, first-time buyers were responsible for 26% of sales in November, down from 29% in October and from 32% in November 2020. NAR's 2021 Profile of Home Buyers and Sellers – released earlier this month – reported that the annual share of first-time buyers was 34%.
Investing in Real Estate
Today's low interest rates and rising home prices have created some great investment opportunities!
Investing in real estate has unique advantages over other types of investments. Let's take a look at some of the reasons why real estate investment should be on the "short list" for many investors:
Many investors are taking advantage of these great market conditions. Have questions? Give us a call. We are happy to help!
Are bi-weekly payments right for you?
Many people ask about bi-weekly payment plans designed to reduce the interest paid out over the course of your loan. These programs help the borrower budget an extra payment a year, and over time this can knock years off the repayment schedule.
Many people are surprised to learn that they can do this themselves without any special programs, simply by submitting an extra principal payment as they are able. By submitting an extra payment, you get the advantages of an early payout, without the extra contractual obligation. Want more information on other mortgage options?
Contact us today for our list of preferred local mortgage experts who can help you position yourself for a great year in 2020!
It's Now Much Easier to Buy A Home
Since the pandemic began, Americans have reevaluated the meaning of the word home. That’s led some renters to realize the many benefits of homeownership, including the feelings of security and stability and the financial benefits that come with rising home equity. At the same time, many current homeowners have decided their house no longer meets their needs, so they moved into homes with more space inside and out, including a home office for remote work.
However, not every purchaser has been able to fulfill their desire for a new home. Here are two obstacles some homebuyers are facing:
This past week, both of those challenges have been mitigated to some degree for many purchasers. The FHFA (which handles mortgages by Freddie Mac, Fannie Mae, and the Federal Housing Administration) is raising its loan limit for prospective purchasers in 2022. The term used to describe the maximum loan amount they will entertain is the Conforming Loan Limit.
Investopedia explains the difference in a recent post:
“Conforming loans are the only loans that meet the requirements to be acquired by Fannie Mae and Freddie Mac. Jumbo loans, which exceed the conforming limit, are the most common type of nonconforming loan.”
A Forbes article earlier this year explains the benefits of a conforming loan and why they exist:
“Since lenders can’t sell non-conforming loans to Fannie Mae or Freddie Mac to free up their cash, they’re a bit riskier for the lender. This is especially true for jumbo loans, which aren’t backed by any government guarantees. If you default on a jumbo loan, it’s a huge blow to the lender.
Thus, lenders generally charge higher interest rates to compensate, and they can have even more requirements. For example, lenders who give out jumbo loans often require that you make a down payment of at least 20% and show that you have at least six months’ worth of cash in reserve, if not more.”
The FHFA has significantly increased its Conforming Loan Limits for 2022. Sandra L. Thompson, FHFA Acting Director, explains in the press release that:
“Compared to previous years, the 2022 Conforming Loan Limits represent a significant increase due to the historic house price appreciation over the last year. While 95 percent of U.S. counties will be subject to the new baseline limit of $647,200, approximately 100 counties will have conforming loan limits approaching $1 million.”
This means that more homes now qualify for a conforming loan with lower down payment requirements and easier lending standards – the two challenges holding many buyers back over the last year.
The Federal Housing Administration (FHA) also increased its Conforming Loan Limits for 2022. That could also mean an easier path to homeownership for many prospective buyers. As the Forbes article explains:
“FHA loans can be very beneficial if you don’t have as much savings, or if your credit score could use some work.”
Buying your first or your next home may have just gotten much easier (less stringent qualifying standards) and less expensive (possibly lower mortgage rate). Let’s connect to discuss how these changes may impact you.
Displaying blog entries 21-30 of 306
