Real Estate Information

Mt. Hood Real Estate Blog

Liz Warren

Blog

Displaying blog entries 391-400 of 1923

Interest Rates and Their History

Monday, November 8, 2021
by Liz Warren

Two Graphs That Show Why You Shouldn’t Be Upset About 3% Mortgage Rates

Two Graphs That Show Why You Shouldn’t Be Upset About 3% Mortgage Rates | MyKCM
 

With the average 30-year fixed mortgage rate from Freddie Mac climbing above 3%, rising rates are one of the topics dominating the discussion in the housing market today. And since experts project rates will rise further in the coming months, that conversation isn’t going away any time soon.

But as a homebuyer, what do rates above 3% really mean?

Today’s Average Mortgage Rate Still Presents Buyers with a Great Opportunity

Buyers don’t want mortgage rates to rise, as any upward movement increases your monthly mortgage payment. But it’s important to put today’s average mortgage rate into perspective. The graph below shows today’s rate in comparison to average rates over the last five years:Two Graphs That Show Why You Shouldn’t Be Upset About 3% Mortgage Rates | MyKCMAs the graph shows, even though today’s rate is above 3%, it’s still incredibly competitive.

But today’s rate isn’t just low when compared to the most recent years. To truly put today into perspective, let’s look at the last 50 years (see graph below):Two Graphs That Show Why You Shouldn’t Be Upset About 3% Mortgage Rates | MyKCMWhen we look back even further, we can see that today’s rate is truly outstanding by comparison.

What Does That Mean for You?

Being upset that you missed out on sub-3% mortgage rates is understandable. But it’s important to realize, buying now still makes sense as experts project rates will continue to rise. And as rates rise, it will cost more to purchase a home.

As Mark Fleming, Chief Economist at First American, explains:

“Rising mortgage rates, all else equal, will diminish house-buying power, meaning it will cost more per month for a borrower to buy ‘their same home.’”

In other words, the longer you wait, the more it will cost you.

Bottom Line

While it’s true today’s average mortgage rate is higher than just a few months ago, 3% mortgage rates shouldn’t deter you from your home buying goals. Historically, today’s rate is still low. And since rates are expected to continue rising, buying now could save you money in the long run. Let’s connect so you can lock in a great rate now.

Add Comment

Your Perfect Home on Mt. Hood

Friday, November 5, 2021
by Liz Warren

         

Add Comment

One Level Mt. Hood Village Two Bedroom Home

Friday, November 5, 2021
by Liz Warren

Opportunity knocks! This one level two bedroom home sits on nearly a third of an acre in Rhododendron. It's only one block to the Zig Zag River and twenty minutes to the slopes of Mt. Hood. The Mt. Hood National Forest is nearby and it's a short walk to Skyway for some awesome live music and killer barbeque!

Just under 900 square feet of living space, the home features a propane fireplace, vaulted ceilings, open floor plan, decks and your own forest! Super affordable for the mountain at $375,000! Sold as is!

Mt Hood Village One level Home

     A wall of windows in this Rhododendron one level home          Propane fireplace in one level Mt. Hood Ranch

Add Comment

Numbers Don’t Lie – It’s Still a Great Time To Sell On Mt. Hood

Friday, November 5, 2021
by Liz Warren

 

Numbers Don’t Lie – It’s Still a Great Time To Sell [INFOGRAPHIC] | MyKCM
 

Some Highlights

  • Heading into the end of the year, you might wonder if it’s still a good time to sell your house. Here’s what the latest data from the National Association of Realtors (NAR) says.
  • Housing supply is lower than last year, and home prices are up nationwide. Meanwhile, the average home is selling fast and receiving several offers. Listing now puts your house in the spotlight, meaning it could sell quickly – and for more than you’d expect.
  • Feeling motivated? If you’re ready to sell and capitalize on today's market, let’s connect.
Add Comment

Appraisals and Inspections

Tuesday, October 26, 2021
by Liz Warren

Knowledge Is Power When It Comes to Appraisals and Inspections

Knowledge Is Power When It Comes to Appraisals and Inspections | MyKCM
 

Buyers in today’s market often have questions about the importance of getting a home appraisal and an inspection. That’s because high buyer demand and low housing supply are driving intense competition and leading some buyers to consider waiving those contingencies to stand out in the crowded market.

But is that the best move? Buying a home is one of the most important transactions in your lifetime, and it’s critical to keep your best interests in mind. Here’s a breakdown of what to expect from the appraisal and the inspection, and why each one can potentially save you a lot of time, money, and headaches down the road.

Home Appraisal

The home appraisal is a critical step for securing a mortgage on your home. As Home Light explains:

“. . . lenders typically require an appraisal to ensure that your loan-to-value ratio falls within their underwriting guidelines. Mortgages are secured loans where the lender uses your home as collateral in case you default on the agreed-upon payments.”

Put simply: when you apply for a mortgage, an unbiased appraisal – typically required by your lender – is the best way to verify the value of the home. That appraisal ensures the lender doesn’t loan you more than what the home is worth.

When buyers are competing like they are today, bidding wars and market conditions can push prices up. A buyer’s contract price may end up higher than the value of the home – this is known as an appraisal gap. In today’s market, it’s common for the seller to ask the buyer to make up the difference when an appraisal gap occurs. That means, as a buyer, you may need to be prepared to bring extra money to the table if you really want the home.

Home Inspection

Like the appraisal, the inspection is important because it gives an impartial evaluation of the home. While the appraisal determines the current value of the home, the inspection determines the current condition of the home. As the American Society of Home Inspectors puts it:

“Home inspections are the opportunity to discover major defects that were not apparent at a buyer’s showing. . . . Your home inspection is to help you make an informed decision about the house, including its condition.”

If there are any concerns during the inspection – an aging roof, a malfunctioning HVAC system, or any other questionable items – you have the option to discuss and negotiate any potential issues with the seller. Your real estate advisor can help you navigate this process and negotiate what, if any, repairs need to be made before the sale is finalized.

Keep in mind – home inspections are critical because they can shed light on challenges you may face as the new homeowner. Without an inspection, serious, sometimes costly issues could come as a surprise later on.

Bottom Line

Both the appraisal and the inspection are important steps in the home buying process. They protect your best interests as a buyer by providing unbiased information about the home’s value and condition. Let’s connect so you have an expert guiding you throughout the entire process.

Add Comment

More Homes Available on Mt. Hood

Tuesday, October 26, 2021
by Liz Warren

There Are More Homes Available Now than There Were This Spring on Mt. Hood

There Are More Homes Available Now than There Were This Spring | MyKCM
 

There’s a lot of talk lately about how challenging it can be to find a home to buy. While housing inventory is still low, there are a few important things to understand about the supply of homes for sale as we move into the end of the year.

The Number of Homes for Sale Usually Peaks in the Fall

In the residential real estate market, trends generally follow a predictable and seasonal pattern. Typically, the number of homes available for sale (or active monthly listings) peaks in the fall. But in a chapter where so little feels normal, the question becomes: should we expect a fall peak this year?

If we look at the active monthly listings for 2021 (shown in the chart below), we’ll see that the number of homes on the market has increased fairly steadily since spring this year. The realtor.com data shows we’re still seeing an increase in active inventory month-over-month. While that gain is a bit smaller month-to-month (see August to September in the chart), September numbers are still up from the month prior.There Are More Homes Available Now than There Were This Spring | MyKCMThe important takeaway here is the latest monthly numbers show growth. At the end of September, buyers had more options to pick from than they did this spring. That’s encouraging for buyers who may have paused their search months ago because they had trouble finding a home. Danielle Hale, Chief Economist at realtor.com, sums this up nicely:

“Put simply, this September buyers had more options than they've had all year and while that's typical of early fall, that's not what happened in 2020. Still, it's important to remember that while buyers may have an easier time this fall than they did in the spring, the market remains more competitive than it has been historically at this time of year.” 

As Hale says, a fall peak in inventory is in line with typical seasonal trends. While it’s impossible to say for certain what the future holds for housing inventory, we do know both buyers and sellers have opportunities this season based on the latest data.

What Does That Mean for You?

If you’re thinking of buying a home, rest assured you do have more options now than you did earlier this year – and that’s a welcome relief. That said, today’s market is still highly competitive. This isn’t the time to slow your search. It’s actually the season when the number of homes available for sale tends to peak. Focus on the additional options with renewed energy this season and be prepared for ongoing competition from other buyers.

If you’re considering selling your house, realize that while growing, inventory is still low. Selling now means you’ll be in a great position to negotiate with buyers – and competition among buyers is good news for your bottom line. Eager buyers will likely be motivated to act before the holidays, giving you the benefit of a fast sale.

Current Mt. Hood inventory sits at 15 active listings. There's also 15 land listings available on the market too!

Bottom Line

Whether you’re buying or selling, there’s still a chance to make your goals a reality this season. Let’s connect so we can discuss what’s going on with the local market and current trends and what they mean for you.

Add Comment

Where Will I Go If I Sell My House?

Sunday, October 24, 2021
by Liz Warren

          

Add Comment

Mt. Hood Charmer on Wooded Lot in Rhododendron

Saturday, October 23, 2021
by Liz Warren

This Zig Zag Riverfront cabin in the Mt. Hood National Forest is one of a kind. Like new and architecturally designed and filled with craftsman touches, this amazing cabin is one of the best built I've ever seen on leased land! Two bedrooms and a loft upstairs, one and a half baths,  and a huge great room complete with floor to ceiling windows and custom tile flooring. Wood walls from top to bottom! Tall windows look right over the Zig Zag River. The living room features a wood stove and pellet stove along with an outside deck right off the living room area. There's even a garage! Campfire ring for stories and some-mores! Only minutes to the slopes and hiking trails near by. Leased land in the Mt. Hood National Forest.  $575,000

Cascade Street Chalet in Rhododendron Oregon

Cascade Street Chalet in Rhododendron Oregon    Covered Porch View from Cascade Street House

Add Comment

Growing Home Equity in the Mt. Hood Real Estate Market!

Friday, October 22, 2021
by Liz Warren

Your Home Equity Is Growing on Mt. Hood!

Your Home Equity Is Growing [INFOGRAPHIC] | MyKCM
The home equity on Mt. Hood has skyrocketed to new heights! With minimal inventory and the highest demand we have ever seen in the Mt. Hood area, its the prime time to sell your property.

Some Highlights

  • If you’re a homeowner, today’s rising equity is great news. On average, homeowners have gained $51,500 in equity since this time last year.
  • Whether it’s funding an education, fueling your next move, or starting a business, your home equity is a great tool you can use to power your dreams.
  • Ready to sell? Let’s connect to talk about how you can take advantage of your rising equity to reach your goals.
Add Comment

Supply and Demand for Properties on Mt. Hood

Thursday, October 21, 2021
by Liz Warren

             

Add Comment

Displaying blog entries 391-400 of 1923

Syndication

Categories

Archives