Mt. Hood Buyers Increasing Choices and Negotiating Power
Tuesday, October 11, 2022
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Mt. Hood Real Estate Market This Fall
Tuesday, October 11, 2022
What Are Experts Saying About the Fall Housing Market on Mt. Hood?
The housing market is rapidly changing from the peak frenzy it saw over the past two years. That means you probably have questions about what your best move is if you’re thinking of buying or selling this fall.
To help you make a confident decision, lean on the professionals for insights. Here are a few things experts are saying about the fall housing market.
Expert Quotes for Fall Homebuyers
A recent article from realtor.com:
“This fall, a more moderate pace of home selling, more listings to choose from, and softening price growth will provide some breathing room for buyers searching for a home during what is typically the best time to buy a home.”
Michael Lane, VP and General Manager, ShowingTime:
“Buyers will continue to see less competition for homes and have more time to tour homes they like and consider their options.”
Expert Quotes for Fall Sellers
Selma Hepp, Interim Lead of the Office of the Chief Economist, CoreLogic:
“. . . record equity continues to provide fuel for housing demand, particularly if households are relocating to more affordable areas.”
Danielle Hale, Chief Economist, realtor.com:
“For homeowners deciding whether to make a move this year, remember that listing prices – while lower than a few months ago – remain higher than in prior years, so you're still likely to find opportunities to cash-in on record-high levels of equity, particularly if you've owned your home for a longer period of time.”
Bottom Line
Mortgage rates, home prices, and the supply of homes for sale are top of mind for buyers and sellers today. And if you want the latest information for our area, let’s connect today.
Mt. Hood Fall Home Selling Checklist
Friday, September 23, 2022
![Fall Home Selling Checklist [INFOGRAPHIC] | MyKCM](https://files.mykcm.com/2022/09/20145029/20220923-MEM-1046x1686.png)
Some Highlights
- When it comes to selling your house, you want it to look its best inside and out so it catches the attention of buyers. A real estate professional can help you decide what to do to make that happen.
- Focus on tasks that can make it inviting, show it’s cared for, and boost your curb appeal.
- Let’s connect so you have advice on what you may want to do to get your house ready to sell this season.
Top Reasons Homeowners Are Selling Their Houses on Mt. Hood Right Now
Wednesday, September 21, 2022
Top Reasons Homeowners Are Selling Their Houses On Mt. Hood Right Now
Some people believe there’s a group of homeowners who may be reluctant to sell their houses because they don’t want to lose the historically low mortgage rate they have on their current home. You may even have the same hesitation if you’re thinking about selling your house.
Data shows 51% of homeowners have a mortgage rate under 4% as of April this year. And while it’s true mortgage rates are higher than that right now, there are other non-financial factors to consider when it comes to making a move. In other words, your mortgage rate is important, but you may have other things going on in your life that make a move essential, regardless of where rates are today. As Jessica Lautz, Vice President of Demographics and Behavioral Insights at the National Association of Realtors (NAR), explains:
“Home sellers have historically moved when something in their lives changed – a new baby, a marriage, a divorce or a new job. . . .”
So, if you’re thinking about selling your house, it may help to explore the other reasons homeowners are choosing to make a move today. The 2022 Summer Sellers Survey by realtor.com asked recent home sellers why they decided to sell. The visual below breaks down how those homeowners responded:
As the visual shows, an appetite for different features or the fact that their current home could no longer meet their needs topped the list for recent sellers. Additionally, remote work and whether or not they need a home office or are tied to a specific physical office location also factored in, as did the desire to live close to their loved ones.
The realtor.com survey summarizes the findings like this:
“The primary reason homeowners decided to sell in the last year was the realization that, after so much time spent at home, they wanted different features and amenities, such as walkability, outdoor space, pool, etc. . . . ”
If you, like the homeowners they surveyed, find yourself wanting features, space, or amenities your current home just can’t provide, it may be time to consider listing your house for sale.
Even with today’s mortgage rates, your lifestyle needs may be enough to motivate you to make a change. The best way to find out what’s right for you is to partner with a trusted real estate professional who can provide expert guidance and advice throughout the process. They can help walk you through your options, so you can make a confident decision based on what matters most to you and your loved ones.
Bottom Line
While the financial reasons for moving are important, there’s often far more to consider. Non-financial reasons can also be a significant motivating factor. If you need help weighing the pros and cons of selling your house, let’s connect today.
Will My House Still Sell in Today’s Market?
Monday, September 19, 2022
Will My House Still Sell in Today’s Market?
If recent headlines about the housing market cooling and buyer demand moderating have you worried you’ve missed your chance to sell, here’s what you need to know. Buyer demand hasn’t disappeared, it’s just eased from the peak intensity we saw over the past two years.
Buyer Demand Then and Now
During the pandemic, mortgage rates hit record lows, and that spurred a significant rise in buyer demand. This year, as rates increased due to factors like rising inflation, buyer demand pulled back or softened as a result. The latest data from ShowingTime confirms this trend (see graph below):
The orange bars in the graph above represent the last few months of data and the clear cooldown in the volume of home showings the market has seen since mortgage rates started to rise. But context is important. To get the full picture of where today's demand stands, let's look at the July data for the past six years (see graph below):
This second visual makes it clear that, while moderating compared to the frenzy in 2020 and 2021, showing activity is still beating pre-pandemic levels – and those pre-pandemic years were great years for the housing market. That goes to show there’s still demand if you sell your house today.
What That Means for You When You Sell
The key to selling in a changing market is understanding where the housing market is now. It’s not the same market we had last year or even earlier this year, but that doesn’t mean the opportunity to sell has passed.
While things have cooled a bit, it’s still a sellers’ market. If you work with a trusted local expert to price your house at the current market value, the demand is still there, and it should sell quickly. According to a recent survey from realtor.com, 92% of homeowners who sold in August reported being satisfied with the outcome of their sale.
Bottom Line
Buyer demand hasn’t disappeared, it’s just moderated this year. If you’re ready to sell your house today, let’s connect so you have expert insights on how the market has shifted and how to plan accordingly for your sale.
Mt. Hood Power Shut Down
Friday, September 9, 2022
Here is the latest from PGE:
PGE SHUTS POWER OFF TO HELP KEEP CUSTOMERS, COMMUNITIES SAFE
News Release from PGE
Posted on FlashAlert: September 9th, 2022 4:10 PM
Dangerous conditions, extreme fire danger expected to prolong outage
PORTLAND, Ore., Sept. 9, 2022 — As of 1 p.m. today, PGE turned off power to approximately 30,000 customer homes and businesses located in 10 designated PSPS areas and two additional areas with high fire risk as a safety measure to help protect people, property and the environment.
The 10 designated PSPS areas are as follows: Mt. Hood Corridor and Foothills (Area 1); Columbia River Gorge (Area 2); Oregon City (Area 3); Estacada (Area 4); Scotts Mills (Area 5); Portland West Hills (Area 6); Tualatin Mountains (Area 7); Northwest Hills (Area 8); Central West Hills (Area 9); and Southern West Hills (Area 10).
In partnership with local officials, PGE also implemented preventive outages in two additional areas: Silverdale/Corbett and Silver Falls. PGE turned off power in these limited areas with higher risk of fire in response to unique and extreme weather conditions. If there is need identified by PGE and emergency responders to proactively shut off power in other areas to protect people and property, we will do so.
If the event duration is as anticipated and assuming there is no damage to our system, power restoration could begin as early as Saturday evening. Damage to our equipment and/or system could create delays in restoration timing. To help reduce the impact on affected customers and communities, PGE will provide updates at least every 24 hours until power is fully restored.
PGE Community Resource Centers are open from 7:00 a.m. to 7:00 p.m. every day, until power is fully restored to the areas. Information, bottled water, ice, access to charging for personal devices and Wi-Fi will be available. More information can be found on portlandgeneral.com/psps; locations include:
- Area 1: Welches Elementary School, 24901 E Salmon River Rd, Welches
- Area 1, 2, 3, 4: Estacada Baptist Church, 29101 SE Eagle Creek Rd, Estacada
- Area 5: Silverton Safeway, 301 Westfield St, Silverton
- Area 7,8, 9: Banks Jim’s Thriftway, 12350 NW Main St, Banks
- Area 9,10: Sheridan High School, 433 S Bridge St., Sheridan
The State of Oregon and several counties are also providing resources. Call 2-1-1 or 1-866-698-6155 for a complete list of resources in your area.
PGE will monitor conditions and as soon as weather conditions return to normal, will begin inspecting all power lines and equipment to make necessary repairs so lines and equipment can be safely re-energized. PGE, contract and mutual assistance crews are preparing the system for restoration and responding to unplanned outages caused by high gusty winds, and when weather normalizes, will work as quickly as safety allows to restore power.
PGE will continue communicating directly with customers in the impacted areas and will share information with news media, social media and other channels. Customers can find the latest information on portlandgeneral.com/psps, by following PGE on social media -- @PortlandGeneral on Twitter and @PortlandGeneralElectric on Facebook or by calling customer service at 503-228-6322. Our advisors can provide assistance in more than 200 languages.
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About Portland General Electric Company: Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon. The company serves approximately 900,000 customers with a service area population of 2 million Oregonians in 51 cities. PGE owns 16 generation plants across Oregon and other Northwestern states and maintains and operates 14 public parks and recreation areas. For more than 130 years, PGE has powered the advancement of society, delivering safe, affordable, and reliable energy to Oregonians. PGE and its approximately 3,000 employees are working with customers to build a clean energy future. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE is committed to achieving at least an 80% reduction in greenhouse gas emissions from power served to customers by 2030 and 100% reduction by 2040. In 2021, PGE became the first U.S. utility to join The Climate Pledge. For the eighth year in a row PGE achieved a perfect score on the 2021 Human Rights Campaign Foundation's Corporate Equality Index, a national benchmarking survey and report on corporate policies and practices related to LGBTQ workplace equality. In 2021, PGE, employees, retirees, and the PGE Foundation donated $4.8 million and volunteered 15,760 hours with more than 300 nonprofits across Oregon. For more information visit www.PortlandGeneral.com/news.
Contact Info:
PGE Communications, [email protected]; 503-464-2067
It's Still a Seller's Market on Mt. Hood
Friday, September 2, 2022
![Here's Why It's Still a Sellers' Market [INFOGRAPHIC] | MyKCM](https://files.mykcm.com/2022/09/01081742/20220902-MEM-1046x1874.png)
Some Highlights
- While buyer demand has moderated and housing supply has grown in recent months, it’s still a sellers’ market because inventory is low.
- The latest data shows sellers continue to benefit from serious buyers and competitive offers. In July, the average home received 2.8 offers and 39% sold over the asking price.
- You haven’t missed your opportunity to sell. Let’s connect to start the process today.
What's Happening With Home Prices Today?
Wednesday, August 31, 2022
What’s Actually Happening with Home Prices Today?
One of the biggest questions people are asking right now is: what’s happening with home prices? There are headlines about ongoing price appreciation, but at the same time, some sellers are reducing the price of their homes. That can feel confusing and makes it more difficult to get a clear picture.
Part of the challenge is that it can be hard to understand what experts are saying when the words they use sound similar. Let’s break down the differences among those terms to help clarify what’s actually happening today.
- Appreciation is when home prices increase.
- Depreciation is when home prices decrease.
- Deceleration is when home prices continue to appreciate, but at a slower or more moderate pace.
Experts agree that, nationally, what we’re seeing today is deceleration. That means home prices are appreciating, just not at the record-breaking pace they have over the past year. In 2021, data from CoreLogic tells us home prices appreciated by an average of 15% nationwide. And earlier this year, that appreciation was upward of 20%. This year, experts forecast home prices will appreciate at a decelerated pace of around 10 to 11%, on average.
The graph below uses the latest data from CoreLogic to help tell the story of how home prices are decelerating, but not depreciating so far this year.
As the green bars show, home prices appreciated between 19-20% year-over-year from January to March. But over the last few months, the pace of that appreciation has decelerated to 18%. This means price growth is still climbing compared to last year but at a slower rate.
As the Monthly Mortgage Monitor from Black Knight explains:
“Annual home price growth dropped by nearly two percentage points . . . – the greatest single-month slowdown on record since at least the early 1970s. . . While June’s slowdown was record-breaking, home price growth would need to decelerate at this pace for six more months to drive annual appreciation back to 5%, a rate more in line with long-run averages.”
Basically, this means, while moderating, home prices are still far above the norm, and we’d have to see a lot more deceleration to even fall in line with more typical rates of home price growth. That’s still not home price depreciation.
The big takeaway is home prices haven’t fallen or depreciated nationwide, they’re just decelerating or moderating. While some unique and overheated markets may see declines, nationally, home prices are forecast to appreciate. And when we look at the country as a whole, none of the experts project home prices will net depreciate or fall. They’re all projecting ongoing appreciation.
Bottom Line
If you have questions about what’s happening with home prices in our local area, let’s connect.
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