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Mt. Hood's Rental Crisis

Saturday, January 28, 2017
by Liz Warren

If you've been "thinking" about buying a home on Mt. Hood, this graph really says it all. We receive countless calls and inquiries from people looking for rentals in our area. Well, there are none. We haven't heard of any in about 8 months. Portland's rental crisis is our crisis too. Nationally, Portland's crisis is getting compared to San Francisco's crisis.

On the mountain many workers for the ski industry have been left out in the cold with few options for living close to work creating longer commute times. Many properties have been scooped up by investors looking for vacation rentals leaving fewer homes available for purchase. We've never seen inventory this low on the mountain. Bad for renters, good for sellers who are seeing escalating prices and bidding wars in many cases. 

Interest rates will be going up this year and are projected to end in the 4.5 to 5% by years end. Avoid contining rising rents and BUY A HOUSE TODAY!


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Mt. Hood Real Estate Sales for December 2016

Saturday, January 28, 2017
by Liz Warren

December sales on Mt. Hood totaled 18. When comparing December 2015 pending statistics, to December 2016, the pending sales for Dec/2016 were down 23% compared to Dec/2015 I know in our area much of that difference could be weather related with less mobility from snow on the mountain but in Portland metro too. The same will likely be true of January this year. 

 Lets take a look at 2016 though and see what a great year it was for mountain sales! The days on market shortened to 54. Year to date pending sales were up nearly 11% from 2015. This year we saw 212 residential sales close plus 34 parcels and lots. Land sales have picked up the most we've seen in years! The average selling price hit $257,300 for 2016. 

RMLS report for December

 

 

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December 2016 Real Estate Sales

Saturday, January 14, 2017
by Liz Warren

End of year Mt. Hood sales totaled eighteen to wrap up the year with a nearly eleven percent increase over 2015. The biggest challenge in 2016, in getting any home closed, were the appraisals. The appraisal shortage has increased closing times for nearly all loans going through financing. What once was a traditionally 30 day closing for a home sale is now frequently a three month process. Stress and frustration levels are at an all time high for buyers and sellers. Escalating costs for appraisals have increased costs for buyers hitting the $900-$2000 just for an appraisal. 

 

December 2016 Sales

Mt. Hood Real Estate Sales November 2016

Mt. Hood Real Estate Sales December 2016

Mt. Hood Real Estate Sales December 2016

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Mt. Hood Real Esate Sales for November 2016

Thursday, December 22, 2016
by Liz Warren

There were 22 sales of homes for November 2016 in the Mt. Hood area. From Government Camp down to Brightwood Oregon sales continue to soar. Record breaking numbers for Mt. Hood sales this year just continues to grow to levels not seen since 2005 and 2006. We don't foresee a slow down for 2017 with continued high demand and minimal supply the area should continue to produce escalating levels of demand. This should cause prices to rise and hopefully we will have a supply to satisfy buyer demand. 

Every pricing point is in a seller's market vs. a buyer's market. Most pricing points have a two month supply which may predict even higher prices coming for 2017!

 

Mt. Hood real estate sales for November 2016



Mt. Hood Real Esatte Sales for November 2016 for zip code 97028


Mt. Hood Real Estate Sales for November 2016 for zip code 97067

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Mt. Hood November Real Estate Sales

Sunday, December 18, 2016
by Liz Warren

Multiple listing service just came out with sales info for November on the mountain. A shrinking inventory with only 55 total listings on the market shows prices will rise in 2017 unless new inventory comes on the market. 

 The average sales price is inching up. There’s only eight properties currently on the market under $200,000 and half of those are on leased land. Since leased land cabins are cash only that doesn’t leave much inventory for buyers who need to obtain a mortgage for purchase. 

 Twenty one home and cabin sales closed in the Mt. Hood area. Seven of those were Mt Hood National Forest cabins. All were under $200,000 and driving the sub $200,000 market. The balance of sales were scattered through Timberline Rim, some near the Resort at the Mountain and the rest scattered through other mountain neighborhoods. 

 Three lot parcels closed this month. The interest in land and acreage has increased substantially this year as inventory is depleted and many people are realizing the scarcity of Mt. Hood properties will continue with the pressures of the Portland Metro population putting higher demand on vacation homes that are easy to get to. Our Mt. Hood area is very well developed and future growth is restricted by the bordering National Forest and large timber parcels.

It’s the best time to buy while prices are still affordable! 

 

Mt. Hood Real Estate Sales November 2016

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Where Are Americans Moving?

Friday, December 9, 2016
by Liz Warren

Where are Americans Moving to

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Holiday Tree Cutting on Mt. Hood

Monday, November 28, 2016
by Liz Warren

A holiday tradition on Mt. Hood is to trek out into the forest and make an adventure of finding and cutting your holiday tree.  For only $5.00, a permit will allow you to cut a holiday tree up to 12 feet high. There are permits for trees taller than 12 feet at an additional cost. Limit is 5 trees per household. 

    Clackamas River and Zigzag Ranger Districts Christmas Tree Permit Requirements

Permits may be purchased at Ranger Stations or at the following local stores in Sandy and Welches.

 

   ACE Heritage Hardware, 39181 Pioneer Boulevard, Sandy, OR. 503-668-8731

        Open Monday through Saturday, 8:00 a.m. - 6:00 p.m., Sunday 9:00 a.m. - 5:00 p.m.

        Hoodland Thriftway, 68280 East Highway 26, Welches, OR. 503-622-3244

Open Daily: 7:00 a.m. - 11:00 p.m.

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Thanksgiving Travelers Be Prepared for Snow!

Tuesday, November 22, 2016
by Liz Warren

There's a nip in the air and the hot chocolate is going out the door on Mt. Hood in preparation for lots of snow coming our way. Direct from KOIN News weather you can see the accumulations at each elevation. Government Camp is at 4,416 feet so expect over two feet at that location! The bottom of the hill at Kiwanis Camp Road (Forest Service Road 39) off Highway 26 is about 3,200 feet. 

Skiers and boarders are getting excited for area openings! Check the links below to see status of your favorite area. They may be opening as soon as Friday!

Snow forecast for Mt. Hood over Thanksgiving

Mt. Hood Meadows

Timberline

Ski Bowl

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October Mountain Sales Hit 18 for 2016

Tuesday, November 22, 2016
by Liz Warren

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. 

Mt. Hood Real Estate Sales for October 2016

Mt. Hood Reall Estate Sales for October 2016

Mt. Hood Real estate sales for October 2016

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Appraiser Shortage Rocks Real Estate Sales on Mt. Hood

Sunday, November 20, 2016
by Liz Warren

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

Appraisal fees in Portland


 

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Displaying blog entries 571-580 of 731

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