Where Are Americans Moving?
Friday, December 9, 2016
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October Mountain Sales Hit 18 for 2016
Tuesday, November 22, 2016
The numbers are still up for October 2016 sales on Mt. Hood. Despite huge obstacles in appraisal delays, which are causing many closings to take 60-90 days, more than likely these sales started in August and were just now coming to completion!
Sales were scattered throughout all property types and areas. A couple of leased land cabins closed, two Mt. Hood RV Village units closed (Mobile homes with rental spaces), a couple of Timberline Rim and Twinberry Loop homes, plus three Government Camp properties including two chalets over $500,000 and one Collins Lake Condo unit. Buyers are still taking a great advantage of low interest rates that are starting to creep upwards.
Appraiser Shortage Rocks Real Estate Sales on Mt. Hood
Sunday, November 20, 2016
Getting a mortgage these days is filled with massive amounts of documentation, strict regulations red tape and on top of that a huge shortage of appraisers in the Northwest. The further away from urban centers the more delays you will face! What once was a thirty to forty five day process is now becoming a sixty to ninety day process. Not only is the Mt. Hood area, only one hour from Portland, facing extended closings, if you're in Southern Oregon or at the coast you need to count on a ninety day closing.
I've had three transactions assigned to appraisers coming from the Bend area to get the work done for the loan! Portland's mass influx of new residents has shaken the mortgage process and most appraisers are looking for the short drive near PDX vs. the hour East to service Rhododendron, Welches and Brightwood and Government Camp. It's not just the Northwest though, appraisals are affecting all other areas of the country too. Part of the problem is the amount of education and training it takes to become an appraiser. The bar for entry is too high! Current costs of appraisals on the mountain run $600.00 plus. Many I've seen have reached the $700-$750 range. Add on the expedited appraisal fee and we are talking $900 plus.
The impact of the appraisal issue hits both buyers and sellers.
*Delayed closings are rampant!
*Buyers loose their lock on interest rates.
*Try to plan a move without knowing when the appraiser will take place.
*Excessive fees to buyers to "expedite" their appraisal.
Here are few articles I found online that discuss some of the issues and resolutions. Bottom line: if you want your house to close by June 1st and move into your new home by the beginning of summer, I suggest you get under contract by March to get that accomplished which changes the mind set of most buyers and sellers in the process. Currently we don't see any resolution to the problem in the near future so it's best to plan ahead.
Southern Oregon Appraisal Delays
Only eight appraisers in Clatsop County: Astoria, Oregon
The system is broken: Bend, Oregon
Mt. Hood Real Estate Sales for October
Monday, November 14, 2016
As we head into fall, the past month of October was still packed full of pending sales and 20 completed sales, probably finishing up summer contracts that have been going through the mortgage process. I'm warning buyers and sellers that some transactions are taking 2 to 3 months to close due to extensive appraisal waiting times.
October saw higher sale prices making the average sale price $326,700 for the month. Closed sales for the year so far has hit 171! With only 60 active listings the inventory is thinning quickly with continued high demand and low supply. Interest rates are inching up after the election results so any first time home buyers should make their move now!
September Closed Sales on Mt. Hood Were Huge!
Saturday, October 22, 2016
September 2016 saw a huge number of closed sales for Rhododendron, Welches, Brightwood and Government Camp. Area 153 in the multiple listing service reported 27 residential sales closed for the month.
Rising equities in Portland, new residents and increased density in Portland has caused an uptick in buyers for the Mt. Hood area. This includes full time and second home buyers heading for the Cascade Foothills. Our properties are much more affordable than inside the urban growth boundary making mountain living very attractive to many!
Timberline Rim, which is Mt. Hood's largest subdivision running along the Sandy River, saw seven sales close for the month. The "Rim" as locals call it, is one of the most affordable areas to purchase on the mountain. Most homes were built within the last twenty five or so years so they are relatively new compared to many of our 1930's and 40's cabin which frequently have financing challenges.
Speaking of affordable, two tiny homes at the Mt. Hood RV Village Resort changed hands. These properties have recreational amenities with indoor pool and weight room plus gated access for security. Downsizers love these properties and the space rent runs in the area of $550 a month.
forest service cabin inventory is way down with multiple offers on many cabins as soon as they hit the market. Only about five cabins are currently for sale. Three closed in September. These are great getaways for urban dwellers who need space to relax and get away from the crowds of big cities and small spaces.
Here are the twenty seven sales that closed in September.
Mt. Hood Real Estate Sales for August 2016
Thursday, September 15, 2016
August sales topped 20 this past month and the average sales price is inching up as lower priced properties disappear. The marketing time is down to an average of 59 days for the month.
There's only 45 homes, condos and cabins for sale in Welches, Rhododendron and Brightwood right now. Government Camp inventory is higher with 33 properties for sale. Good weather has brought buyers out in force so a good fall in sales should continue with low interest rates.
Closing times are delayed by exceptionally long appraisal delays. It sometimes takes 6-8 weeks to get an appraisal in the area. Lengthy closing dates are the norm creating chaos for buyers and sellers trying to make plans. The appraisal crisis isn't going away so it's something to keep in mind with any real estate transaction in the works with a mortgage of any kind.
July Mt. Hood Real Estate Sales Increase at Top Priced Properties
Thursday, August 25, 2016
Good news for higher priced homes in the Mt. Hood area for July. Three homes sold for over $500,000 and two in the $400,000 range. Dwindling inventory and affordable mid price range homes are few and far between in this market with multiple offers coming in on many properties.
As home equities rise in Portland we are seeing many new buyers purchasing that second home. We are also seeing many new full time residents moving to the mountain to escape the urban density of Portland. Here are the July sales for Mt. Hood.
July 2016 Sales Numbers for Mt. Hood From RMLS
Saturday, August 20, 2016
July sales numbers are in to multiple listing and here is how the month stacked up against 2015 and year to date. Pending sales are up 28% over July 2015! With this past month's sales closing we see a total of 101 year to date. Shorter days on market with a 42 day average is a big improvement. Buyer demand has been high. Many buyers are searching for waterfront which is in major shortage for 2016. Sellers with waterfront are getting top dollar for their properties. The majority of waterfront buyers have moved from deeded properties to leased land where this is a small supply of cabins.
Closing times for lender purchases are taking lots of extra time to complete. Sometimes up to 60 days due to the Northwest appraiser shortage. Buyers and sellers are frustrated with the time frames. More rural properties outside of the urban growth boundary are suffering the most with 6 to 8 week appraisal time lines. It's at a crisis point for the real estate industry. Patience is the word of the year in getting properties to close on time with current appraisal challenges.
June 2016 Sales Numbers from RMLS for Mt. Hood
Saturday, July 16, 2016
The latest RMLS sales statistics are in for the Mt. Hood area. Numbers are showing fifteen closed sales for the month of June, 2016. Activity is at a booming pace right now with occasional multiple offers depending on the property or price range.
BIGGEST CHALLENGE right now for financed properties: APPRAISALS. Lenders are having a nearly impossible time getting appraisers to come to the mountain and complete appraisals. The pace and appraisal business in Portland is in so much in demand that coming to Mt. Hood is frequently turned down for easier jobs closer to the urban core. Count on a good 30 days before you'll see an appraisal for a bank loan and that may not include the "due time" back to the lender-an additional 7-10 days.
Delayed closings are becoming the norm for our area and that is brutal for buyers moving from far away and sellers timing their new purchase and move. I receive multiple calls in a week from mortgage brokers, banks and AMC's (Appraisal Management Companies) begging for names of appraisers. Welcome to the Mt. Hood summer market!
Top Ten Cities People Are Moving To
Thursday, June 2, 2016
As we all have noticed, lots of people are moving to Oregon from out of state. Here is a recent graphic from Realtor.com showing where people are moving to and the average price of the homes in those cities.
The Portland median home price is $416,300 which is the highest on this list. We've seen a significant number of out of state buyers moving to the mountain due to affordability. We're also seeing baby boomers who have lived in Portland all their lives heading to the mountain for retirement and some elbow room. Our inventories are down which means rising prices for homes in our area.
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