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Mt. Hood Real Estate Blog

Liz Warren

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Displaying blog entries 411-420 of 1923

Is Inventory Increasing on Mt. Hood?

Thursday, September 16, 2021
by Liz Warren

Is the Number of Homes for Sale Finally Growing?


 

An important metric in today’s residential real estate market is the number of homes available for sale. The shortage of available housing inventory is the major reason for the double-digit price appreciation we’ve seen in each of the last two years. It’s the reason many would-be purchasers are frustrated with the bidding wars over the homes that are available. However, signs of relief are finally appearing.

According to data from realtor.com, active listings have increased over the last four months. They define active listings as:

“The active listing count tracks the number of for sale properties on the market, excluding pending listings where a pending status is available. This is a snapshot measure of how many active listings can be expected on any given day of the specified month.”

What normally happens throughout the year?

Historically, housing inventory increases throughout the summer months, starts to tail off in the fall, and then drops significantly over the winter. The graph below shows this trend along with the month active listings peaked in 2017, 2018, and 2019.Is the Number of Homes for Sale Finally Growing? | MyKCM

What happened last year?

Last year, the trend was different. Historical seasonality wasn’t repeated in 2020 since many homeowners held off on putting their houses up for sale because of the pandemic (see graph below). In 2020, active listings peaked in April, and then fell off dramatically for the remainder of the year.Is the Number of Homes for Sale Finally Growing? | MyKCM

What’s happening this year?

Due to the decline of active listings in 2020, 2021 began with record-low housing inventory counts. However, we’ve been building inventory over the last several months as more listings come to the market (see graph below):Is the Number of Homes for Sale Finally Growing? | MyKCMThere are three main reasons we may see listings continue to increase throughout this fall and into the winter.

  1. Pent-up selling demand – Homeowners may be more comfortable putting their homes on the market as more and more Americans get vaccinated.
  2. New construction is starting to take off – Though new construction is not included in the realtor.com numbers, as more new homes are built, there will be more options for current homeowners to consider when they sell. The lack of options has slowed many potential sellers in the past.
  3. The end of forbearance will create some new listings – Most experts believe the end of the forbearance program will not lead to a wave of foreclosures for several reasons. The main reason is the level of equity homeowners currently have in their homes. Many homeowners will be able to sell their homes instead of going to foreclosure, which will lead to some additional listings on the market.

The Mt. Hood real estate market is seeing a small increase in inventory. We are currently up to 15 units on the market. Only six of those properties are under $400,000. Affordability is an issue with demand staying high. 

Bottom Line

If you’re in the market to buy a home, stick with it. There are new listings becoming available every day. If you’re thinking of selling your house, you may want to list your home before this additional competition comes to market.

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Still Creek Cabin on Mt. Hood

Monday, September 13, 2021
by Liz Warren

Looking for a great getaway? This is it. This is a well maintained charmer with two bedrooms upstairs. A wonderful open floor plan features living room, kitchen and dining are all open to each other including windows galore letting in natural light. Wood stove will warm your toes after a day on the slopes. Large deck off of the dining room area for summer barbeques. Just steps to Still Creek which is one of the most popular creeks on the mountain. Dog and kid friendly Still Creek is great for summer wading and swimming. The cabin is located in the Mt. Hood National Forest. $350,000

Still Creek Cabin

 

 

Still Creek Cabin with tons of windows

 

 

       Still Creek in the Mt. Hood National Forest near Rhododendron Oregon      

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Mt. Hood 1935 Cozy Cabin in Rhododendron Oregon

Sunday, August 29, 2021
by Liz Warren

Enjoy your 1935 mountain getaway near all Mt. Hood activities. One bedroom and mini sleeping loft. Everything you need with wood walls, lots of ambiance, vaulted ceilings, paned windows, decks and a fenced yard! Cozy wood stove to warm up your toes, two covered porches, outbuilding and wood shed. There's even a utility room for washer and dryer. Jetted tub in the bathroom. Only one hour to Portland! Mt. Hood National Forest just down the street and about 20 minutes to the slopes. $295,000

Mt. Hood One Bedroom Cabin

Mt. Hood 1935 Cabin interior

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Mt. Hood Log Cabin in the Mt. Hood National Forest

Sunday, August 29, 2021
by Liz Warren

Mt. Hood National Forest log cabin on leased land. Two bedroom getaway! Vaulted ceilings and cozy fireplace with insert. Wood beams and cedar walls. Open floor plan. Comes furnished. Washer and dryer too! Deck on the front and covered porch on the back. Outbuilding for storage. Short walk to Still Creek for swimming, wading and spawning salmon in fall. Enjoy the outdoors in your Mt. Hood retreat only one hour from PDX. About 20 minutes to slopes. $275,000

   Log Cabin on Mt. Hood

Mt. Hood Log Cabin Interior

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What To Do with Your Mt. Hood Vacation Home as Summer Ends

Tuesday, August 24, 2021
by Liz Warren

What To Do with Your Mt. Hood Vacation Home as Summer Ends


 

As summer comes to a close, is it time to think about selling your vacation home? Based on recent data and expert opinions, it’s something you may want to consider. According to research from the National Association of Realtors (NAR), vacation home sales are up 57.2% year-over-year for January-April 2021.

If you’ve taken your last vacation this summer, here are reasons you should consider selling your vacation home this year.

1. Remote work continues to drive demand for vacation homes.

As the report from NAR says, based on continuously evolving work needs, there could be more interest in your second home than you think:

“In 2020, across all nine divisions, the fraction of the workforce that work from home is typically higher in the vacation home counties than in the non-vacation home counties… The opportunity to work from home could further raise the demand for vacation homes in future years.

Recent data shows we’ll likely see a sustained increase in the rate of remote work over the next five years. That means your vacation home could be highly sought after by certain buyers. Lawrence Yun, Chief Economist at NAR, puts it best, saying:

"Vacation homes are a hot commodity at the moment . . . . With many businesses and employers still extending an option to work remotely to workers, vacation housing and second homes will remain a popular choice among buyers."

2. Selling could allow you to upgrade your vacation spot – or even your day-to-day scenery.

When demand is high, so is buyer competition. When competition is strong, buyers will do everything they can to make their offer on your vacation home as appealing as possible. This can include things like all-cash offers and more. If you sell now, you’ll be able to benefit from high buyer competition and pick the offer with the best possible terms for you. That offer could give you the opportunity to purchase the primary residence of your dreams.

Or, if you find that you’ll continue working from home, you could consider taking up more permanent residence in your vacation home and selling your primary residence instead. While this isn’t a choice everyone can consider, it could be a great option.

No matter what the situation, you don’t have to make the decision on your own. Your trusted real estate advisor can help you determine your best option when you’re ready to sell.

Bottom Line

Buyers remain interested in vacation homes this year for a number of reasons. Now that summer is winding down, it’s time to think about taking advantage of today’s demand for vacation homes. Let’s connect today if you’re ready to give your second home its day in the sun.

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What Does a Sellers' Market on Mt. Hood Mean?

Tuesday, August 17, 2021
by Liz Warren

What Does Being in a Sellers’ Market

on Mt Hood Mean?

What Does Being in a Sellers’ Market Mean? | MyKCM
 

Whether or not you’ve been following the real estate industry lately, there’s a good chance you’ve heard we’re in a serious sellers’ market. But what does that really mean? And why are conditions today so good for people who want to list their house?

It starts with the number of houses available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (see graph below):What Does Being in a Sellers’ Market Mean? | MyKCMWhen the supply of houses for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. That creates increased competition among purchasers which leads to more bidding wars. And if buyers know they may be entering a bidding war, they’re going to do their best to submit a very attractive offer. As this happens, home prices rise, and sellers are in the best position to negotiate deals that meet their ideal terms.

Right now, there are many buyers who are ready, willing, and able to purchase a home. Low mortgage rates and the ongoing rise in remote work have prompted buyers to think differently about where they live – and they’re taking action. If you put your house on the market while supply is still low, it will likely get a lot of attention from competitive buyers.

The Mt. Hood market currently has twelve single family residence for sale. Eight of those are over $600,000. Two properties in Government Camp are over $1,000,000. 

Bottom Line

Today’s ultimate sellers’ market holds great opportunities for homeowners ready to make a move. Listing your house now will maximize your exposure to serious buyers who will actively compete against each other to purchase it. Let’s connect to discuss how to jumpstart the selling process.

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Home Price Appreciation on Mt. Hood

Monday, August 16, 2021
by Liz Warren

A Look at Home Price Appreciation and What It Means for Sellers on Mt. Hood!

A Look at Home Price Appreciation and What It Means for Sellers | MyKCM
 

When you hear the phrase home price appreciation, what does it mean to you? Through context clues alone, chances are you know it has to do with rising home prices. And as a seller, you know rising home prices are good news for your potential sale. But let’s look past the dollar signs and dive deeper into the concept. To truly understand home price appreciation, you need to know how it works and why it matters to you.

Investopedia defines appreciation like this:

“Appreciation, in general terms, is an increase in the value of an asset over time. The increase can occur for a number of reasons, including increased demand or weakening supply, or as a result of changes in inflation or interest rates. This is the opposite of depreciation, which is a decrease in value over time.” 

Recent report from RMLS for area 153, Mt. Hood reports 20.4% average sale percentage change with the average pricing point at $443,300!

When we consider this definition and how it applies to real estate, a few words stick out: supply and demand. In today’s real estate market, we’re experiencing high buyer demand and very few sellers listing their homes for sale (see maps below):A Look at Home Price Appreciation and What It Means for Sellers | MyKCMNo matter the industry, anytime there’s more demand than supply, prices naturally rise. It happens because buyers are willing to pay more to secure the scarce product or service they’re looking for. That’s exactly what’s happening in today’s real estate market. Buyers are competing with one another to purchase a home, leading to bidding wars that drive prices up. For sellers, the rising prices mean that opportunity is knocking.

According to Quicken Loans, the national average home price appreciation rate is between 3-5% in a typical year. Today, home prices are appreciating well beyond the norm thanks to high demand. Here are the latest expert projections on the rate of home price appreciation for this year (see chart below):A Look at Home Price Appreciation and What It Means for Sellers | MyKCM

Compared to the normal pace of 3-5% appreciation per year, the current average forecast of nearly 11.5% is significant.

For sellers, this means that with the current rise in prices, your house may be worth more than you realize. That price appreciation helps give your equity a boost. Equity is the difference between what you owe on the home and its market value based on factors like price appreciation. It works like this (see chart below):A Look at Home Price Appreciation and What It Means for Sellers | MyKCMYou can use your built-up equity to power a move into your dream home, or you can put it toward life-changing goals like funding an education or opening a business.

But don’t wait. While price appreciation is strong now, those same experts say it’ll start to appreciate at a more normalized pace next year. If you list your house sooner rather than later, you’ll be in a better position to capitalize on the higher-than-average home price appreciation we’re seeing today.

Bottom Line

If you’re thinking of selling your house, there really is no time like the present. Let’s connect so you can get an expert market analysis of your home and its potential.

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Sellers Are in a Sweet Spot on Mt. Hood

Friday, August 13, 2021
by Liz Warren

Sellers Are in a Sweet Spot On Mt. Hood

Sellers Are in a Sweet Spot [INFOGRAPHIC] | MyKCM
 

Some Highlights

  • In today’s sellers’ market, you’re set up to win big when you list your house.
  • That’s because homes are selling fast, receiving 4.4 offers on average and often selling above the asking price. Then, when you buy your next home, you’ll also win by addressing your changing needs and taking advantage of near historic-low mortgage rates.
  • If you’re ready to make a move, let’s connect so you can capitalize on today’s market and find your next dream home.
  • Sellers, call me today to discuss todays market and selling your home or cabin. Liz Warren 503-705-3090.
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Cooling Center Open in Welches

Thursday, August 12, 2021
by Liz Warren

Direct from the Clackamas County website:

 

The locations below will open as cooling centers when temperatures reach above 90° unless noted. Estacada Community Watch will activate once temps are over 98°.

We’ve identified multiple cooling centers throughout the county for members of the public. These centers are open when temperatures are dangerously warm. Read tips for staying cool and other heat-related impacts.

Residents who do not have access to cool places are encouraged to visit a center to avoid the heat and relax.

Due to COVID-19, please be advised that wearing a face covering is required at all cooling centers.

Please call 2-1-1 or visit their website for more info. 
For general information call 503-655-8224.

Need transportation? Check out the links below to find public transportation to a cooling center near you.

Welches Cooling Center During Heat Wave

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Economic Impact of a Home Sale

Thursday, August 12, 2021
by Liz Warren

          

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Displaying blog entries 411-420 of 1923

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