Affordability is Increasing on Mt. Hood
Thursday, October 10, 2024
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How Much Does it Cost to Sell My House on Mt. Hood?
Thursday, October 10, 2024
How Much Does It Cost To Sell My House on Mt. Hood?
If you’re toying with the idea of selling your house, you’re probably wondering how much it’ll cost. To be honest, the final number will depend on several factors like the offer you accept, if you help with your buyer’s closing costs, how many repairs you tackle, and more.
So, to give you a ballpark of what to expect, here’s some information on a few of the expenses you’ll want to be ready for (see graph below):
But here’s something that puts those costs into perspective. Most homeowners today have a substantial amount of equity built up in their homes, and that means they stand to make significant gains when they sell. Chances are, you do too. This can help quickly recoup these selling costs. You may even have enough equity leftover to put some toward your next home purchase too.
Let’s dive into a few of the costs from the graph above, so you have a bit more context on what they include and where you may be able to save some money, when it makes sense.
Closing Costs and Commission
These are the fees you’ll pay at the closing table to cover various aspects of the sale. You’ll have your own closing costs and you may even offer to pay some of the buyer’s as a concession. As U.S. News Real Estate explains:
“Closing costs are fees that are paid to finalize the transaction and transfer ownership of the home to the buyer . . . Sellers can expect to pay 2% to 4% of the sale price of the home in fees and taxes on top of the agent commission. Based on the national median home sale price, this means that closing costs in 2023 for sellers are about $7,740 to $15,480. . .”
Taxes are going to vary by state and agent commissions depend on what you agree upon upfront. And keep in mind, that the numbers in the chart above are just an example, not exact figures. Not to mention, if you put money toward things like your property taxes, mortgage escrow, etc. as part of your current mortgage payments – there's a chance you’ll get a credit back at closing that can help offset some of these selling expenses.
Pre-Listing Inspection and Repairs
One optional step some sellers take is having a pre-listing inspection. It gives you an idea of what may pop up later on in the buyer’s inspection – because those are the items a buyer may ask you to toss in a credit (or concession) to cover later on.
This allows you to get a jump on any repairs and tackle them before you list, so your house is set up to impress from the start.
Again, if you want to skip this step, an agent can help. They’ll be able to give you advice on things like paint colors, small cosmetic repairs, what buyers are looking for, and whether it’s worth tackling anything else ahead of time. This will help make sure you’re spending money on things that are most likely to net you a solid return on your investment.
Home Staging
As inventory grows, you may want to take a few extra steps to make sure your house stands out. Staging is an optional way to make sure your house shows well. It can include bringing in rental furniture if the house is vacant or art to warm up the walls. Some staging can even be done virtually once the photos are taken. But, in general, how much does it cost? According to Bankrate:
“Home sellers typically pay somewhere between $782 and $2,817 in home staging costs . . . but the price tag can vary widely.”
If you want to skip this step, you could opt to lean on your agent’s advice for what looks good and what may feel cluttered. A great agent will suggest things like removing a chair to open up the flow of a room, laying down a rug to add warmth to a space, or taking down photographs to de-personalize strategic areas.
Why Leaning on an Agent Is Key
If you’re looking to cut down on your costs, you have options. But be careful of where you trim. You may be able to skip staging or a pre-listing inspection since those are optional, but you don’t want to skimp and sell without a pro.
An agent is your go-to expert throughout the transaction. They’ll offer customized advice every step of the way, including how to stage the house and what repairs to tackle. This can help you avoid hiring an outside stager or having to pay for a pre-listing inspection.
But that’s not the only way your agent adds value. They’ll also create tailored marketing and pricing strategies that’ll highlight the house’s best assets and any work you did to get the home show ready. And that can actually help your house sell for more in the long run.
Bottom Line
Want a better picture of what you should expect when you sell your house? Let’s have a conversation and walk through it together.
The Number One Mistake Sellers Are Making on Mt. Hood: Overpricing Their House
Wednesday, August 21, 2024
The Number One Mistake Sellers Are Making: Overpricing Their House
In today's housing market, many sellers are making a critical mistake: overpricing their houses. This common error can lead to a home sitting on the market for a long time without any offers. And when that happens, the homeowner may have to drop their asking price to try to re-ignite buyer interest.
Data from Realtor.com shows the number of homeowners realizing this mistake and doing a price reduction is climbing (see graph below):
If you’re thinking about making a move yourself, here’s what you need to know. The best way to avoid making a costly mistake is to work with a trusted real estate agent to find the right price. Here’s a look at what’s at stake if you don’t.
Not Paying Attention To Current Market Conditions
Understanding current market conditions is key to accurate pricing. You don’t want to set your asking price based on what happened during the pandemic. The market has moderated a lot since then, so it’s far better to align your price with today’s reality.
Real estate agents stay updated on market trends and how they impact the pricing strategy for your house.
Pricing It Based on What You Want To Make (Not What It’s Worth)
Another misstep is pricing it based on what you want to make on the sale, and not necessarily current market value. You may see other homes in your neighborhood selling for top dollar and assume yours can do the same. But you may not be considering differences in size, condition, and features. For example, maybe that other house is waterfront or has a finished basement. To sum it up, Bankrate explains:
“How do you find that sweet spot of pricing for profit but not overpricing? The expertise of your agent can be truly valuable here. A knowledgeable agent will understand fair market value in your area, how much your house is worth and how much you might reasonably expect to get for it in the current market.”
An agent will do a comparative market analysis (CMA) to make sure your house is compared with truly similar properties to get an accurate look at how it should be priced.
Pricing High to Leave Room for Negotiation
Another common, yet misguided strategy is to price your house high on purpose, so you have more room to negotiate down during the sale. But this can backfire. A price that seems too high often deters potential buyers from even considering the home. So rather than leaving room for negotiation, what you’ll actually be doing is turning buyers away. U.S. News Real Estate explains:
“You want to sell your house for top dollar, but be realistic about the value of the property and how buyers will see it. If you've overpriced your home, chances are you'll eventually need to lower the number, but the peak period of activity that a new listing experiences is already gone.”
An agent can help you set a fair price that attracts buyers and encourages more competitive offers.
Bottom Line
Overpricing your home can have serious consequences. A knowledgeable real estate agent brings an objective perspective, in-depth market knowledge, and a strategic approach to pricing.
Let’s connect so you can avoid making a pricing mistake that’ll cost you.
Helpful Negotiation Tactics for Today's Housing Market
Monday, August 12, 2024
Helpful Negotiation Tactics for Today’s Housing Market
If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market. And while that doesn’t make this a buyer’s market, it does mean buyers may be able to ask for a little more. So, sellers need to be ready for that possibility and know what they’re willing to negotiate.
Whether you’re looking to buy or sell a house, here’s a quick rundown of potential negotiations that may pop up during your transaction. That way, you’re prepared no matter which side of the deal you’re on.
What Can You Negotiate?
Most things in a home purchase are on the negotiation table. Here’s a list of just a few of those options, according to Kiplinger and LendingTree:
- Sale Price: The most obvious is the price of the home. And that lever is being pulled more often today. Buyers don’t want to overpay when affordability is already so tight. And sellers who aren’t realistic about their asking price may have to consider adjusting their price.
- Home Repairs: Based on the inspection, a buyer is within their rights to ask the seller to make reasonable repairs. If the seller doesn’t want to do that, they could offer to reduce the home price or cover some closing costs, so the buyer has the money to take them on themselves.
- Fixtures: Buyers can also ask for appliances or furniture to convey when the house changes hands. Having the seller throw in the washer and dryer cuts down on expenses the buyer would have when moving in. As the seller, you could leave your existing ones behind to sweeten the deal for your buyer, and get yourself new ones for your next place.
- Closing Costs: Closing costs typically run about 2-5% of the home’s purchase price. Buyers can ask the seller to pay for some or all of these expenses to offset the cash the buyer has to bring to the table.
- Home Warranties: Buyers can also ask the seller to pay for a home warranty. This is great for buyers worried about the maintenance costs that may pop up after taking possession of the home. And since this concession usually isn’t terribly expensive for the seller, it can be a good option for both parties.
- Closing Date: Buyers can ask for a faster or extended closing window based on their own timetable. The seller can also advocate for what they need based on their move to find the right compromise.
One thing is true whether you’re a buyer or a seller, and that’s how much your agent can help you throughout the process. Your agent is your go-to for any back-and-forth. They’ll handle the conversations and advocate for your best interests along the way. As Bankrate says:
“Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own.”
They may also be able to uncover what the buyer or seller is looking for in their discussions with the other agent. And that insight can be really valuable at the negotiation table.
Bottom Line
Buyers are regaining a bit of negotiation power in today’s market. Buyers, knowing what levers you can pull will help you feel confident and empowered going into your purchase. Sellers, having a heads up of what they may ask for gives you the chance to think through what you’ll be willing to offer.
Want to chat more about what to expect and the options you have? Let’s connect.
New Fires Around Mt. Hood
Tuesday, August 6, 2024
Thunderstorms spark new fires around Mt. Hood region
Mt. Hood National Forest firefighters responded to several new lightning starts on Monday, August 5 after a storm system passed through the area in the early morning hours.
Sandstone Fire is located on the Clackamas River Ranger District on the south side of Thunder Mountain, several miles north of Forest Road 70. It's currently burning in the 2006 Blister Fire burn scar and is estimated at approximately 350 acres. More accurate mapping will be provided once an infrared flight is available.
The fire is located in a challenging area with multiple hazard snags around the perimeter. Personnel are working to get ground resources closer to the fire. Scooper planes are using Timothy and Detroit Lakes to retrieve water and help slow the fire's growth.
Barlow Ridge Fire, located along Barlow Ridge south of OR Route 35 and east of U.S. Highway 26, was fully lined around the perimeter yesterday at roughly 0.25 acre. A helicopter from nearby Whisky Creek Fire dropped water on the fire, keeping the footprint small with the help of local engines and firefighters. Fire personnel will continue to patrol and mop up, which includes extinguishing and removing burning material, over the next several days.
Hunchback Fire is estimated at 0.1 acre. Containment lines held overnight and firefighters completed line construction today. Mop-up operations have begun. Smokejumpers are assisting and personnel will remain on scene and patrol for several days.
Fish Creek Divide Fire is estimated at 0.25 acre. Resources are on scene.
There are no closures at this time. We ask people to avoid the fire areas to allow firefighters to work safely.
Any evacuation notices for Sandstone Fire will be shared by the Clackamas County Sheriff's Office. Please be sure to follow them for updates and sign up for emergency alerts: www.clackamas.us/dm/publicalerts
Public use fire restrictions are in effect and open campfires are prohibited in Mt. Hood National Forest. For more information on fire restrictions, visit our website: www.fs.usda.gov/main/mthood/fire
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Fire Restrictions in the Mt. Hood National Forest
Wednesday, July 10, 2024
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Vacation Home on Mt. Hood is the Ultimate Upgrade
Thursday, June 20, 2024
Why a Vacation Home Is the Ultimate Summer Upgrade
Summer is officially here and that means it’s the perfect time to start planning where you want to vacation and unwind this season. If you’re excited about getting away and having some fun in the sun, it might make sense to consider if owning your own vacation home is right for you.
An Ameriprise Financial survey sheds light on why people buy a second, or vacation, home (see below): 
- Vacation destination or a place to get away from the stresses of everyday life (81%) – Having a second home to use as a vacation spot can be a special place where you go to relax and take a break from your daily routines and stressors. It also means you won’t have to worry about finding somewhere to stay when you go there.
- Better weather (49%) – Buying in a place where there may be nicer weather can be a great escape, especially if it’s cold or rainy where you usually live. It lets you enjoy sunny days and warm temperatures, even when it’s not so nice back home.
- Rental income (41%) – You can rent it out to other people when you’re not using it, which can help you make some extra money.
- Primary residence in the future (33%) – You can eventually move into the home full-time during retirement. That means you can enjoy vacations there now and have a getaway ready for your future.
- Having a venue for gatherings with family and friends (25%) – It would be a special spot where you can have parties, regular family trips, and create fun memories.
Ways To Buy Your Vacation Home
And you don’t have to be wealthy to buy a vacation home. Bankrate shares two tips for how to make this dream more achievable for anyone who’s interested:
- Buy with loved ones or friends: If you’re okay with sharing the vacation home, you can go in on the purchase price together and pool your resources to make it more affordable.
- Put a savings plan in place: This will require patience and persistence but consider adding a vacation home savings plan to your budget and contributing to it monthly.
Finding Your Dream Spot with a Little Help from an Agent
If the idea of basking in the sun at your very own vacation home sounds appealing, you might want to start looking now. Summer's when everyone's trying to buy their slice of paradise, so it’s best to start early.
Your first move is to team up with a real estate agent. They know all the ins and outs of the area you want to be in, and which homes you should look at. Plus, they can give you the lowdown on everything you need to know about having a second home and how it can benefit you. The same article from Bankrate says:
“Buying real estate in a new area — or even one you’ve vacationed in for many years — requires expert guidance. That makes it a good idea to work with an experienced local lender who specializes in loans for vacation homes and a local real estate professional. Local lenders and Realtors will understand the required rules and specifics for the area you are buying, and a local Realtor will know what properties are available.”
Bottom Line
If the idea of owning your own vacation home appeals to you, let’s chat.
Selling Smart on Mt. Hood
Monday, June 10, 2024
Selling Smart: Why a Real Estate Agent Makes All the Difference
If you’re considering selling your house on your own as a “For Sale by Owner” (FSBO), you want to think about if it’s really worth the extra stress. Going this route means shouldering a lot of responsibilities by yourself – and, if you’re not an expert, that opens the door for mistakes to happen and can quickly become overwhelming.
A report from the National Association of Realtors (NAR) shows two key areas where people who sold their own house struggled the most: pricing and paperwork.
Here are just a few of the ways an agent makes those tasks a whole lot easier.
Getting the Price Right
Setting the right price for your house is important. And, if you’re selling your house on your own, two common issues can happen. You might ask for too much money (overpricing). Or you might not ask for enough (underpricing). Either can make it hard to sell your house. According to NerdWallet:
“When selling a home, first impressions matter. Your house’s market debut is your first chance to attract a buyer and it’s important to get the pricing right. If your home is overpriced, you run the risk of buyers not seeing the listing.
. . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house.”
To avoid these problems, team up with a real estate agent. Agents know how to figure out the perfect price because they have a deep understanding of the local housing market. And they’ll use that expertise to set a price that matches what buyers are willing to pay, giving your house the best chance to impress from the start.
Understanding and Performing Paperwork
Selling a house involves a bunch of paperwork and legal documentation that has to be just right. There are a lot of rules and regulations to follow, and that makes it a bit tricky for homeowners to manage everything on their own. Without a pro by your side, you could end up facing liability risks and legal complications.
Real estate agents are experts in all the contracts and paperwork needed for selling a house. They know the rules and can guide you through it all, reducing the chance of mistakes that might lead to legal problems or delays. As an article from First American explains:
“To buy or sell a home you need to accurately complete a lot of forms, disclosures, and legal documents. A real estate agent ensures you cross every ‘t’ and dot every ‘i’ to help you avoid having a transaction fall through and/or prevent a costly mistake.”
So, instead of dealing with the growing pile of documents on your own, team up with an agent who can be your advisor, helping you avoid any legal bumps in the road.
Bottom Line
Selling a house on your own can cost you a lot of time and stress. Let’s connect so you have help with all the finer details, including setting the right price, handling all the paperwork, and so much more. That way we can take that stress off of your plate.
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