Get Ready to Buy a Home on Mt. Hood
Friday, January 3, 2025
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Happy New Year!
Thursday, January 2, 2025
Market Summary November Sales 2024
HAPPY NEW YEAR!
As we head into 2025 here is a brief recap of some stats of the 2024 market. Many real estate sites report that this was a very difficult year with so little inventory and high interest rates. Since the beginning of the year the average market absorption is 2.7 months which is a seller’s market and unbalanced based on all pricing points.
Once I removed the sales for Colton which are mapped into our area through RMLS, we had a total of 136 sales for the year. Here’s a rundown of some of the stats that may be interesting:
13 forest cabins sold
102 detached single family homes sold
11 sales were over $1,000,000
19 sales were in Government Camp
14 condos sold and 9 were in Government Camp
8 sales were in Mt. Hood RV Village with tiny homes
Predictions for 2025 include more inventory coming on the market. We’ll see how that plays out. Currently our mountain market has 36 active listings. There are nine currently pending. So we will see how much the inventory goes up soon after the holidays.
Interest rates, low inventory, and consumer debt are slowing buyers down. Here are predictions for interest rates in 2025. Consensus is that rates will be slightly lower than 2024 but if inventory doesn’t increase, buyers may be paying the same as a todays rates because prices will be higher.
Consumer debt is another obstacle. People are tapped out which makes saving for a home tough.
Consumer Debt
Here are the statistics for November 2024’s market from RMLS.
Listed below are the ten sales for November.
December 2024 National Overview
U.S. Real Estate Overview
Note: October 2024 data below are the most recent released by the National Association of Realtors.
Existing-home sales rose in October, according to the National Association of REALTORS®. Sales improved in all four major U.S. regions. Year-over-year, sales elevated in three regions but were unchanged in the Northeast.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – expanded 3.4% from September to a seasonally adjusted annual rate of 3.96 million in October. Year-over-year, sales progressed 2.9% (up from 3.85 million in October 2023).
"The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun. "Additional job gains and continued economic growth appear assured, resulting in growing housing demand. However, for most first-time homebuyers, mortgage financing is critically important. While mortgage rates remain elevated, they are expected to stabilize.”
Total housing inventory registered at the end of October was 1.37 million units, up 0.7% from September and 19.1% from one year ago (1.15 million). Unsold inventory sits at a 4.2-month supply at the current sales pace, down from 4.3 months in September but up from 3.6 months in October 2023.
The median existing-home price for all housing types in October was $407,200, up 4.0% from one year ago ($391,600). All four U.S. regions registered price increases.
"The ongoing price gains mean increasing wealth for homeowners nationwide,” Yun added. "Additional inventory and more home building activity will help price increases moderate next year.”
According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 29 days in October, up from 28 days in September and 23 days in October 2023.
First-time buyers were responsible for 27% of sales in October, up from 26% in September but down from 28% in October 2023. released in November 20234 – found that the annual share of first-time buyers was 32%. NAR's 2024 Profile of Home Buyers and Sellers – released earlier this month – found that the annual share of first-time buyers was 24%, the lowest ever recorded.
Cash sales accounted for 27% of transactions in October, down from 30% in September and 29% in October 2023.
Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in October, up from 16% in September and 15% in October 2023.
Distressed sales – foreclosures and short sales – represented 2% of sales in October, unchanged from last month and the previous year.
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.78% as of November 14. That's down from 6.79% one week ago and 7.44% one year ago.
Regional Breakdown
Existing-home sales in the Northeast in October grew 2.2% from September to an annual rate of 470,000, identical to October 2023. The median price in the Northeast was $472,900, up 7.6% from last year.
In the Midwest, existing-home sales bounced 6.7% in October to an annual rate of 950,000, up 1.1% from the prior year. The median price in the Midwest was $305,300, up 7.2% from October 2023.
Existing-home sales in the South climbed 2.9% from September to an annual rate of 1.77 million in October, up 2.3% from one year before. The median price in the South was $361,200, up 0.9% from one year earlier.
In the West, existing-home sales increased 1.3% in October to an annual rate of 770,000, up 8.5% from a year ago. The median price in the West was $627,700, up 4.4% from October 2023.
Warranties for older homes
New homes come with warranties to protect the buyer in case of the unexpected. But what about existing homes? Fortunately, there are a number of companies today who offer warranties for existing homes. Sellers can now offer their buyers a level of assurance that was previously reserved for new construction, and buyers can buy with confidence! If you are in the market to buy or sell, ask us about the advantages of a home warranty. You might be surprised at how much protection is offered at a very reasonable price.
Seller strategy
Selling your home in today's market requires strategy and execution. Here are some tips to help sellers reduce their time on market while getting excellent value:
- Make it shine. Buyers are attracted to attractive homes. To make your home stand out, mow the lawn, rake the leaves, wash your windows, and clean the carpets. These small things can make a big difference.
- Remove clutter. Not only do clean homes show better, but tidy homes offer more to the imagination. One person's treasure is another person's trash. Removing unnecessary clutter will help potential buyers envision their own potential for the home.
- Consider removing art and personal keepsakes. This one is tough for certain people emotionally, but don't take it personally. Some savvy sellers go beyond de-cluttering and remove all (or most) of their personal artwork, family photos and personal mementos to make easier for potential buyers to imagine the home being theirs.
- Pay attention to the market. Work with your agent and price your home to sell. A competitively priced home is the one that sells first, and in this market that counts for a lot. Even in fast-moving markets in many parts of the United States, overpricing your home can lead to selling it for less or incurring greater holding costs than if you had priced the house appropriately in the first place. An experienced agent will help you arrive at the most advantageous price for your home.
These simple tips can help you sell your home and take advantage of our today's market. Please contact us if you have any questions about selling your home. We are here to help!
Forest Service News Release for Winter Safety on Mt. Hood
Friday, December 20, 2024
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Zig Zag Riverfront Cabin
Monday, November 18, 2024
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$400,000
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This unique Zig Zag Riverfront location has a chalet style two bedroom cabin with the river rolling by right in front of the huge well built benched deck. This is the place to spend your summers enjoying the sounds of the river with friends and family. Remote work with ease with internet access at your cabin too. Entering the main living room you have a massive wall of windows with tons of natural light nearly filling up the entire cabin. The open floor plan also boasts a floor to ceiling brick fireplace for cozy fires after a day on the slopes only 10 minutes away! The dining area is shared with the living room and it’s perfect for playing board games or sharing meals.The kitchen, bathroom and a bedroom are on the main level. The kitchen has the essentials and is steps away from the living room. The bathroom has a tile shower. The main level bedroom has a closet and is tucked away from the main living areas. Right over the living room is a massive sleeping loft. The current owners have multiple beds to sleep all the kids with friends or has the potential of dividing space off for a second private bedroom. There’s views of the Zig Zag River from the loft. A huge bonus is the brand new propane furnace that was just installed this month! It heats up fast and you’ll be set for easy warm ups this winter. This cabin is just off the road down a driveway through two massive stone pillars that mark a shared driveway. The cabin is on the right with a garage/outbuilding. It has extra wide steps to a covered porch entry complete with benches. Located in the Mt. Hood National Forest on leased land and only 1.5 miles to grocery stores, restaurants and coffee! Cabins may be used as second homes but no "nightly rentals" allowed. Get out of that weekend traffic and hit the slopes early from here! Sellers have enjoyed this cabin for a very long time but it's time to move on to new adventures. Only 1 hr to PDX.
Slash Burning in the Mt. Hood National Forest
Thursday, October 31, 2024
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Why Your Mt. Hood House Will Shine in Today's Market
Monday, October 28, 2024
Why Your House Will Shine in Today’s Market
Even though there are more homes available for sale than there were at this time last year, there are still more buyers than there are houses to choose from. So, know that if you’ve got moving on your mind, your house can really stand out.
There are several key reasons why there aren’t enough homes to go around and understanding them will help you see why the market is working in your favor if you’re ready to make a move.
What’s Causing the Shortage?
1. Underproduction of Homes: For years, the industry hasn’t built enough homes to keep up with demand. As Zillow explains:
“In 2022, 1.4 million homes were built — at the time, the best year for home construction since the early stages of the Great Recession. However, the number of U.S. families increased by 1.8 million that year, meaning the country did not even build enough to make a place for the new families, let alone begin chipping away at the deficit that has hampered housing affordability for more than a decade.”
2. Rising Costs: Building materials, labor shortages, and supply chain disruptions caused by the pandemic have all made it harder and more expensive to build homes. This can either limit or stop new home construction in some areas.
3. Regional Imbalances: Some markets are more affected by the shortage of homes than others. Popular and more desirable areas have more people moving in faster than new homes can be built. The number of new building permits issued doesn’t always keep pace with job growth in these regions, and that leads to even tighter markets and higher prices.
How Big Is the Problem?
According to estimates from Real Estate News, the U.S. is facing a housing shortfall of roughly 3.3 million homes, based on an average of several expert insights (see graph below):
This shows there’s a significant number of homes that need to be built just to meet current demand from buyers. But what about future demand?
According to John Burns Research and Consulting (JBREC), over the next 10 years, the U.S. will need about 18 million new homes to meet projected demand, including homes for new households, second homes, and replacements for aging or unusable homes.
So, even though more homes are on the market compared to last year, there still aren’t enough of them to go around. This is where you can really win if you’re ready to sell your house.
What You Need To Remember
If you’re thinking about selling, the shortage of homes for sale means your house is likely to get some serious attention from buyers. It’ll take years to climb out of this inventory deficit, and the market is still very tight. So, when buyers are competing for relatively few homes like they are right now, that creates more interest in the houses that are on the market, putting upward pressure on prices and ultimately working in your favor.
And since every market is different, it’s important to work with a real estate agent who understands local trends. They can help you price your house right and create a strategy to attract the right buyers.
Bottom Line
While there are more homes for sale than there were at this time last year, there’s still a shortage overall. And this puts you in the driver’s seat as a seller. Let’s connect so you have someone who can help you take advantage of today’s market.
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