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Mt. Hood Housing Recovery

by Liz Warren

Just How Strong Is the Housing Recovery?

Just How Strong Is the Housing Recovery? | MyKCM
 

The residential real estate market has definitely been the shining light in this country’s current economic situation. All-time low mortgage rates coupled with a new appreciation of what a home truly means has caused the housing market to push forward through this major health crisis. Let’s look at two measures that explain the resilience of the real estate market.

Purchase Mortgages

The number of buyers getting a mortgage to purchase a home is a strong indicator of the strength of a housing market. Below is a graph of the week-over-week percent change in that number, as reported by the Mortgage Bankers’ Association:Just How Strong Is the Housing Recovery? | MyKCMThe number dropped dramatically in March and mid-April when the economy was shut down in response to COVID. It increased substantially from later in April through the middle of June. The strong increase in May and June was the result of the pent-up demand from earlier in the spring along with the normal business that would have been done during that time.

Since July, the market has remained consistent on a weekly basis, but still reflects a double-digit increase from the levels one year ago. The August 12 report shows a whopping 22% increase over last year.

Pending Contracts

Like purchase mortgages, pending contracts are also a powerful indicator of the strength of the real estate market. Zillow reports each week on the percent change in the number of homes going into contract. Here’s a graph of their data:Just How Strong Is the Housing Recovery? | MyKCMThe graph mirrors the one above, showing a drop in early spring followed by a strong recovery in late spring and early summer. Then, in July, it settles into a consistent level of deals. That level, like the one for purchase mortgages, is well ahead of the level seen last year. The last report revealed that pending deals were 16.9% greater than the same time last year.

Bottom Line

Both indicators prove the housing market recovered quickly from the early setback caused by the shelter-in-home orders. They also show that Americans have realized the importance of their homes during this time and are buying more houses than they did prior to the pandemic.

A Recession Does Not Equal A Housing Crisis

by Liz Warren

             

What Buyers and Sellers Want on Mt. Hood

by Liz Warren

Today’s Homebuyers Want Lower Prices. Sellers Disagree.

Today’s Homebuyers Want Lower Prices. Sellers Disagree. | MyKCM
 

The uncertainty the world faces today due to the COVID-19 pandemic is causing so many things to change. The way we interact, the way we do business, even the way we buy and sell real estate is changing. This is a moment in time that’s even sparking some buyers to search for a better deal on a home. Sellers, however, aren’t offering a discount these days; they’re holding steady on price.

According to the most recent NAR Flash Survey (a survey of real estate agents from across the country), agents were asked the following two questions:

1. “Have any of your sellers recently reduced their price to attract buyers?”

Their answer: 72% said their sellers have not lowered prices to attract buyers during this health crisis. 

2. “Are home buyers expecting lower prices now?”

Their answer: 63% of agents said their buyers were looking for a price reduction of at least 5%.Today’s Homebuyers Want Lower Prices. Sellers Disagree. | MyKCM

What We Do Know  

In today’s market, with everything changing and ongoing questions around when the economy will bounce back, it’s interesting to note that some buyers see this time as an opportunity to win big in the housing market. On the other hand, sellers are much more confident that they will not need to reduce their prices in order to sell their homes. Clearly, there are two different perspectives at play.

Bottom Line

If you’re a buyer in today’s market, you might not see many sellers lowering their prices. If you’re a seller and don’t want to lower your price, you’re not alone. If you have questions on how to price your home, let’s connect today to discuss your real estate needs and next steps.

Mt. Hood Homeowners Have A Lot of Equity

by Liz Warren

             

What Experts Are Saying About This Market

by Liz Warren

           

Your Mt. Hood Home May Have More Home Equity than you Think!

by Liz Warren

             

Forecast for Mt. Hood Market 2020

by Liz Warren

          

Thinking of Buying or Selling on Mt. Hood?

by Liz Warren

        

Price increase on Mt. Hood?

by Liz Warren

Will home prices on Mt. Hood increase this year? Experts in the market say they will based on National surveys and information. Historically that increase is around 3% per year.  So far, homes under $400,000 seem to be doing well for sales but once you jump up into the higher pricing points, things are a little slow. In general Government Camp commands the upper limit for sales on the mountain above $500,000.

 

                  

Buying A Home On Mt. Hood?

by Liz Warren

 

               

Displaying blog entries 221-230 of 379

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