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STR Owners on Mt. Hood Need to Register Their Units by December 6, 2023

Tuesday, November 21, 2023
by Liz Warren

This information is direct from Clackamas County's website concerning unincorporated Clackamas County STR's registration information.

Short-term rental (STR) owner/operator registration form now online

Date

Deadline Dec. 6; Only STRs in unincorporated areas affected

The registration form for owners/operators of short-term rentals (STRs) in unincorporated Clackamas

County is now online at www.clackamas.us/str.

In September, the Board of County Commissioners unanimously approved STR rules and regulations after

two public hearings were held on the issue. The regulations take effect after 90 days from that time,

meaning that applications are due to Clackamas County by end of day on Wednesday, Dec. 6.

Registration forms at www.clackamas.us/str can be completed and emailed into [email protected] 

or mailed to the county’s finance department:

  Clackamas County Finance Department 
   c/o STR Registration
   Suite 490
   2051 Kaen Road
   Oregon City, OR 97045

Registration forms can also be delivered in person to the finance department as well. Appointments

can be made by emailing [email protected].

Within 30 days after receiving an accurate and complete registration form, county staff will provide

registration confirmation.

Per the regulations, registration for owners/operators is mandated. No STR may be publicly advertised

for rent unless it has been registered with Clackamas County. Full STR regulations can be found at www.clackamas.us/str.

STR owners will continue to pay the county’s transient lodging tax (TLT) of 6%, and pay a newly-enacted

.85% STR user fee on total rental amounts. Payment of TLTs will continue to be made at www.clackamas.us/finance/transient.html. Payments for the .85% user fee will be able to be

made at www.clackamas.us/str.

The first payments to Clackamas County for the .85% user fees will be due on Jan. 15, 2024, for the

time period of Dec. 7, 2023 – Dec. 31, 2023. Future payments will be due on the 15th of each month for

the fees associated with the full previous calendar month. Any STR owner/operator that is not registered

risks non-compliance, which is detailed in the regulations available at www.clackamas.us/str.

As the regulations only affect the unincorporated areas of Clackamas County, registrations are only due

from owners/operators of STRs within unincorporated Clackamas County – there is no effect on STRs

located within city limits.

The Board of County Commissioners intends to revisit these regulations in two years to evaluate the

cost and efficacy of the program and make a determination whether to continue, amend, or discontinue

the regulations.

Future STR updates can also be found at www.clackamas.us/str. STR owners and interested parties

with questions can email [email protected].

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2024 Housing Market Forecast

Friday, November 17, 2023
by Liz Warren

2024 Housing Market Forecast 


       
 

Some Highlights

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Home Price Seasonality Is Coming Back

Thursday, November 16, 2023
by Liz Warren

          

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Invest In Your Future With Homeownership

Thursday, November 9, 2023
by Liz Warren

          

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Homeowner Net Worth on Mt. Hood Has Skyrocketed

Tuesday, November 7, 2023
by Liz Warren

 

      
 

If you’re weighing your options to decide whether it makes more sense to rent or buy a home today, here’s one key data point that could help you feel more confident in making your decision. Every three years, the Federal Reserve Board releases the Survey of Consumer Finances (SCF). That report covers the difference in net worth for both homeowners and renters. Spoiler alert: the gap between the two is significant.

The average homeowner’s net worth is almost 40X greater than a renter’s. And here’s the data to prove it (see graph below):

 

The Big Reason Homeowner Net Worth Is So High

In the previous version of that report, the net worth of the average homeowner was roughly $255,000 and that of the average renter was $6,300. But in the release that just came out this year, the gap widened as homeowner net worth climbed dramatically. As the Survey of Consumer Finances (SCF) report says:

“. . . the 2019-2022 growth in median net worth was the largest three-year increase over the history of the modern SCF, more than double the next-largest one on record.”

One of the biggest reasons homeowner net worth skyrocketed is home equity.

Over the last few years, known as the ‘unicorn’ years for housing, home prices went through the roof. That’s because there weren’t enough homes for sale, and there was a big influx of buyers rushing to buy them and take advantage of the then record-low mortgage rates. That imbalance of supply and demand pushed prices higher and higher. As a result, most homeowners who had a home during that time saw their equity grow a lot.

If you’re still in the middle of making your decision on whether to rent or buy, you may wonder if you missed the boat on the big net worth boost. But here’s what you need to realize. As a recent article in The Ascent explains:

“Whether your net worth increased in recent years or not, there are steps you can take to boost that number in the coming years. . . buying a home can be a great way to grow your net worth, since home values have a tendency to rise over time.”

Historically, home prices climb over time. Even now that mortgage rates are closer to 7-8%, prices are still rising in many areas of the country because supply is still low compared to demand. That’s why expert forecasts for the next few years call for ongoing appreciation – just at a pace that’s more typical for the housing market.

While it likely won’t be the record ramp-up that happened over the last few years, people who buy now should continue to grow equity in the years ahead. That means, if you’re ready and able to buy a home today, you’ll be making an investment that’ll help build your net worth in the long run.

As Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says:

“. . . when deciding to rent vs buy, one must calculate the total cost of homeownership (maintenance, utilities, commuting, etc.) and the total financial benefit. Based on new Fed data . . . the median net worth of homeowners was $396,200 vs renters at $10,400. There is no question about the wealth gains that homeownership provides.”

Bottom Line

If you’re on the fence about whether to rent or buy a home, remember that homeownership can give your net worth a big boost over time. If you want to learn more about this or the many other benefits of owning a home, let’s connect.

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A Rise in Foreclosures and Bankruptcies

Sunday, November 5, 2023
by Liz Warren

               

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Overcoming Fears About Today's Market

Saturday, November 4, 2023
by Liz Warren

          

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The Perks of Selling Your House When Inventory Is Low

Tuesday, October 24, 2023
by Liz Warren

The Perks of Selling Your House When Inventory Is Low



 

When it comes to selling your house, you’re probably trying to juggle the current market conditions and your own needs as you plan your move.

One thing that may be working in your favor is how few homes there are for sale right now. Here’s what you need to know about the current inventory situation and what it means for you.

The Supply of Homes for Sale Is Far Below the Norm

When you’re selling something, it helps if what you’re selling is in demand, but is also in low supply. Why? That makes it even more desirable since there’s not enough to go around. That’s exactly what’s happening in the housing market today. There are more buyers looking to buy than there are homes for sale.

To tell the story of just how low inventory is, here’s the latest information on active listings, or homes available for sale. The graph below uses data from Realtor.com to show how many active listings there were in September of this year compared to what’s more typical in the market.

 

As you can see in the graph, if you look at the last normal years for the market (shown in the blue bars) versus the latest numbers for this year (shown in the red bar), it’s clear inventory is still far lower than the norm.

Currently our Mt. Hood inventory for single family homes and condos is at 26! Nearly a third of those properties are over a million dollars!

What That Means for You

Buyers have fewer choices now than they did in more typical years. And that’s why you could still see some great perks if you sell today. Because there aren’t enough homes to go around, homes that are priced right are still selling fast and the average seller is getting multiple offers from eager buyers. Based on the latest data from the Confidence Index from the National Association of Realtors (NAR):

  • 69% of homes sold in less than a month.
  • 2.6 offers: the average number of offers on recently sold homes.

An article from Realtor.com also explains how the limited number of houses for sale benefits you if you’re selling:

“. . . homes spent two weeks less on the market this past month than they did in the average September from 2017 to 2019 . . . as still-limited supply spurs homebuyers to act quickly . . .”

Bottom Line

Because the supply of homes for sale is so low, buyers desperately want more options – and your house may be just what they’re looking for. Let’s connect to get your house listed at the right price for today’s market. You could still see it sell quickly and potentially get multiple offers.

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Home Price Growth is Returning to Normal

Friday, October 20, 2023
by Liz Warren

Home Price Growth Is Returning to Normal 



 

Some Highlights

  • If you're wondering what’s happening with home prices, know they’re still rising, just at a slower pace – and that’s perfectly normal for this time of year.  
  • Based on typical seasonality in the market, prices go up most in the spring during the peak buying season, and then price growth slows down as the year goes on.
  • Home prices aren’t falling. They’re just rising slower and going back to normal seasonal trends. That’s a good thing. If you're curious about prices in our area, let’s connect.
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Home Prices for the Rest of the Year

Thursday, October 12, 2023
by Liz Warren

       

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Displaying blog entries 101-110 of 793

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