Liz Warren
Displaying blog entries 1-10 of 1892
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Step back in time to this 1945 original Mt. Hood Cabin on Henry Creek. It's a fixer and needs some love but nothing has been changed since built. Two bedrooms, one bath on a half acre of land in Rhododendron Oregon.
$450,000
Today, 17% of homebuyers are choosing multi-generational homes — that’s when you buy a house with your parents, adult children, or even distant relatives. What makes that noteworthy is that 17% is actually the highest level ever recorded by the National Association of Realtors (NAR). But what’s driving the recent rise in multi-generational living?
Top Benefits of Choosing a Multi-Generational HomeIn the past, homebuyers often opted for multi-generational homes to make it easier to care for their parents. And while that’s still a key reason, it’s not the only one. Right now, there’s another powerful motivator: affordability.
According to the latest data from NAR, cost savings are the main reason more people are choosing to live with family today.
The rising cost of homeownership is making it harder for many people to afford a home on their own. This has led to more families pooling their resources to make buying a home possible.
By combining incomes and sharing expenses like the mortgage, utility bills, and more, multi-generational living offers a way to overcome financial challenges that might otherwise put homeownership out of reach. As Rick Sharga, Founder and CEO at CJ Patrick Company, explains:
“There are a few ways to improve affordability, at least marginally. . . purchase a property with a family member — there are a growing number of multi-generational households across the country today, and affordability is one of the reasons for this.”
You may even find it helps you afford a bigger home than you would have been able to on your own. So, if you need more room, but can’t afford it with today’s rates and prices, this could be an option to still get the space you need.
On top of the financial benefits, it could also bring your family closer together and strengthen your bonds by getting more quality time together.
If you’re considering a move, buying a multi-generational home might be worth exploring – especially if your budget is stretched too thin on your own.
Let’s discuss your needs and find a home that fits your family’s unique situation.
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.
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:
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!
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One of the biggest questions on everyone’s minds right now is: when will mortgage rates come down? After several years of rising rates and a lot of bouncing around in 2024, we’re all eager for some relief.
While no one can project where rates will go with complete accuracy or the exact timing, experts offer some insight into what we might see going into next year. Here’s what the latest forecasts show.
After a lot of volatility and uncertainty, the most updated forecasts suggest rates will start to stabilize over the next year, and should ease a bit compared to where they are right now (see graph below):
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“While mortgage rates remain elevated, they are expected to stabilize.”
It’s important to note that the timing and the pace of what happens with mortgage rates is one of the most challenging forecasts to make in the housing market. That’s because these forecasts hinge on a few key factors all lining up. So don’t be fooled, because while rates are expected to come down slightly, they’re going to be a moving target. And the ups and downs of ongoing economic drivers will likely stick around. Here’s a look at just a few of the things that’ll influence where they go from here:
Remember, these forecasts are based on the best information available right now. As new economic data comes out, experts will revise their projections accordingly. So, don’t try to time the market based on these forecasts alone.
Instead, the best thing you can do is focus on what you can control right now. Work on improving your credit score, put away any extra cash for your down payment, and automate your savings. All of these things will help you reach your homeownership goals even faster.
And be sure to connect with a trusted agent and a lender, so you always have the latest updates – and an expert opinion on what that means for your move.
If you’re planning to move and want to stay informed about where mortgage rates are heading, let’s connect.
Displaying blog entries 1-10 of 1892
