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Mt. Hood Real Estate Blog

Liz Warren

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Displaying blog entries 1-10 of 1892

Henry Creek 1945 Fixer Upper

by Liz Warren

Henry Creek Fixer Upper on Mt. Hood

    Mt. Hood Henry Creek 1945 Original         Original 1945 Waterfront Cabin on Mt. Hood

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

More Buyers Are Purchasing Multi Family Homes

by Liz Warren

Why More People Are Buying Multi-Generational Homes Today



 

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 Home

In 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.

Bottom Line

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.

2025 Housing Market Forecasts for Mt. Hood Real Estate

by Liz Warren

2025 Housing Market Forecasts



 

a screenshot of a graph

Some Highlights

  • Wondering what to expect when you buy or sell a home this year? Here’s what the experts say lies ahead.
  • Mortgage rates are projected to come down slightly. Home prices are forecast to rise in most areas. And, there will be more homes available for sale.
  • Want to know more about what this could mean for your plans this year? Let’s connect to discuss your 2025 goals. 

How Interest Rates Affect Your Monthly Payment

by Liz Warren

        

Get Ready to Buy a Home on Mt. Hood

by Liz Warren

           

Happy New Year!

by Liz Warren

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.

 

Mt. Hood Furture interest rates prediction

Consumer debt is another obstacle. People are tapped out which makes saving for a home tough.

Consumer Debt

consumer debt

Here are the statistics for November 2024’s market from RMLS.

 

November 2024 sales for Mt. Hood Real Estate

Listed below are the ten sales for November.

 

Mt. Hood Real Estate Sales for 2024 November

Mt Hood Real Estate Sales November 2024

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.

Existing-home sales rose in October, according to the National Association of REALTORS®. Sales improved in all four major U.S. regions. Year-over-year, sales elevated in three regions but were unchanged in the Northeast.
 
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – expanded 3.4% from September to a seasonally adjusted annual rate of 3.96 million in October. Year-over-year, sales progressed 2.9% (up from 3.85 million in October 2023).

National Association of Realtors October 2024 Data

"The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun. "Additional job gains and continued economic growth appear assured, resulting in growing housing demand. However, for most first-time homebuyers, mortgage financing is critically important. While mortgage rates remain elevated, they are expected to stabilize.”
 
Total housing inventory registered at the end of October was 1.37 million units, up 0.7% from September and 19.1% from one year ago (1.15 million). Unsold inventory sits at a 4.2-month supply at the current sales pace, down from 4.3 months in September but up from 3.6 months in October 2023.
 
The median existing-home price for all housing types in October was $407,200, up 4.0% from one year ago ($391,600). All four U.S. regions registered price increases.
 
"The ongoing price gains mean increasing wealth for homeowners nationwide,” Yun added. "Additional inventory and more home building activity will help price increases moderate next year.”
 
According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 29 days in October, up from 28 days in September and 23 days in October 2023.
 
First-time buyers were responsible for 27% of sales in October, up from 26% in September but down from 28% in October 2023. released in November 20234 – found that the annual share of first-time buyers was 32%. NAR's 2024 Profile of Home Buyers and Sellers – released earlier this month – found that the annual share of first-time buyers was 24%, the lowest ever recorded.
 
Cash sales accounted for 27% of transactions in October, down from 30% in September and 29% in October 2023.
 
Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in October, up from 16% in September and 15% in October 2023.
 
Distressed sales – foreclosures and short sales –  represented 2% of sales in October, unchanged from last month and the previous year.
 
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.78% as of November 14. That's down from 6.79% one week ago and 7.44% one year ago.
 
Regional Breakdown
 
Existing-home sales in the Northeast in October grew 2.2% from September to an annual rate of 470,000, identical to October 2023. The median price in the Northeast was $472,900, up 7.6% from last year.
 
In the Midwest, existing-home sales bounced 6.7% in October to an annual rate of 950,000, up 1.1% from the prior year. The median price in the Midwest was $305,300, up 7.2% from October 2023.
 
Existing-home sales in the South climbed 2.9% from September to an annual rate of 1.77 million in October, up 2.3% from one year before. The median price in the South was $361,200, up 0.9% from one year earlier.
 
In the West, existing-home sales increased 1.3% in October to an annual rate of 770,000, up 8.5% from a year ago. The median price in the West was $627,700, up 4.4% from October 2023.

 

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:

  • Make it shine. Buyers are attracted to attractive homes. To make your home stand out, mow the lawn, rake the leaves, wash your windows, and clean the carpets. These small things can make a big difference.
     
  • Remove clutter. Not only do clean homes show better, but tidy homes offer more to the imagination. One person's treasure is another person's trash. Removing unnecessary clutter will help potential buyers envision their own potential for the home.
     
  • Consider removing art and personal keepsakes. This one is tough for certain people emotionally, but don't take it personally. Some savvy sellers go beyond de-cluttering and remove all (or most) of their personal artwork, family photos and personal mementos to make easier for potential buyers to imagine the home being theirs
     
  • Pay attention to the market. Work with your agent and price your home to sell. A competitively priced home is the one that sells first, and in this market that counts for a lot. Even in fast-moving markets in many parts of the United States, overpricing your home can lead to selling it for less or incurring greater holding costs than if you had priced the house appropriately in the first place. An experienced agent will help you arrive at the most advantageous price for your home.

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!

 
 

Forest Service News Release for Winter Safety on Mt. Hood

by Liz Warren

Mt. Hood National Forest

www.fs.usda.gov/mthood

 

Forest Service News Release

 

Enjoy the Winter – Safely! – on Mt. Hood National Forest

 

 

As we approach the solstice, more and more people are searching for winter adventures on Mt. Hood National Forest. National forests are ideal for sledding, skiing, snowmobiling, and more, but there are necessary precautions to take before heading out. The best way to enjoy your public lands safely is to plan ahead, especially in the winter.

 

Always check the weather forecast and visit TripCheck.com for highway conditions in Oregon before leaving home. Driving in the winter at high elevations can mean snowy and icy roads, limited visibility, snowplows, and heavy ski traffic. Prepare your vehicle – carry tire chains and a winter weather kit, which should include extra food, water, layers, and blankets. Consider carpooling or using public transit, such as the Mt. Hood Express or Gorge-To-Mountain Express buses.

 

Most of the Forest has no cell service. Online mapping services are not always reliable, and Mt. Hood National Forest roads aren’t plowed. Many Forest roads are closed seasonally due to snow, winter range wildlife habitat, or resource protection. Motor Vehicle Use Maps are free and show all Mt. Hood National Forest roads, as well as seasonal closures. Pick up a paper copy at one of our offices or download a georeferenced PDF for your smartphone: https://www.fs.usda.gov/goto/mthood/mvum

 

Sno-Parks are popular for winter recreation and can fill up quickly on weekends. If a parking lot is full, it’s important to have a backup plan. Do not park along the highway, in no-parking zones, or block other vehicles. Emergency vehicles need unobstructed access to operate safely. Vehicles blocking traffic or parked illegally are subject to ticketing and towing. For more information on snow levels, check the weekly Mt. Hood Sno-Park conditions report or follow us on Facebook.

 

Nearly all Sno-Parks on Mt. Hood require vehicles to display a Sno-Park permit. The Oregon Sno-Park permit program is managed by ODOT (Oregon Department of Transportation) and money earned from permits sales directly funds plowing and maintenance of Sno-Parks. Learn more: https://www.tripcheck.com/Pages/Sno-Parks-Permits

 

Have a fun and safe winter on the mountain!



 

Winter Driving Essentials: cell phone charger; flashlight & flares; full tank of gas; extra water and food; extra clothes, boots, gloves, hat; blankets or sleeping bag; ice scraper/snow brush and shovel; snow tires or chains and jumper cables; first aid kit. Layering basics: 1) Base layer, 2) middle layer, 3) outer layer, 4) protect your extremities, 5) suitable footwear, 6) accessorize.

 

 

 

Flood Information on Mt. Hood

by Liz Warren

Flood information on Mt. Hood's history

When Will Mortgage Rates Come Down?

by Liz Warren

When Will Mortgage Rates Come Down?



 

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.

Mortgage Rates Are Expected To Ease and Stabilize in 2025

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):

a blue and white graph with numbers

As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says

“While mortgage rates remain elevated, they are expected to stabilize.”

Key Factors That’ll Impact the Future of Mortgage Rates

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:

  • Inflation: If inflation cools, rates could dip a bit more. On the flip side, if inflation rises or remains stubbornly high, rates may stay elevated longer.
  • Unemployment Rate: The unemployment rate also plays a significant role in upcoming decisions by the Federal Reserve (the Fed). And while the Fed doesn’t set mortgage rates, their actions do reflect what’s happening in the greater economy, which can have an impact.
  • Government Policies: With the next administration set to take office in January, fiscal and monetary policies could also affect how financial markets respond and where rates 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.

Bottom Line

If you’re planning to move and want to stay informed about where mortgage rates are heading, let’s connect.

Investors Are Not Buying Up All The Homes

by Liz Warren

         

Displaying blog entries 1-10 of 1892

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