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The Number One Mistake Sellers Are Making on Mt. Hood: Overpricing Their House

Wednesday, August 21, 2024
by Liz Warren

The Number One Mistake Sellers Are Making: Overpricing Their House



 

In today's housing market, many sellers are making a critical mistake: overpricing their houses. This common error can lead to a home sitting on the market for a long time without any offers. And when that happens, the homeowner may have to drop their asking price to try to re-ignite buyer interest.

Data from Realtor.com shows the number of homeowners realizing this mistake and doing a price reduction is climbing (see graph below):

No Caption ReceivedIf you’re thinking about making a move yourself, here’s what you need to know. The best way to avoid making a costly mistake is to work with a trusted real estate agent to find the right price. Here’s a look at what’s at stake if you don’t.

Not Paying Attention To Current Market Conditions

Understanding current market conditions is key to accurate pricing. You don’t want to set your asking price based on what happened during the pandemic. The market has moderated a lot since then, so it’s far better to align your price with today’s reality.

Real estate agents stay updated on market trends and how they impact the pricing strategy for your house.

Pricing It Based on What You Want To Make (Not What It’s Worth)

Another misstep is pricing it based on what you want to make on the sale, and not necessarily current market value. You may see other homes in your neighborhood selling for top dollar and assume yours can do the same. But you may not be considering differences in size, condition, and features. For example, maybe that other house is waterfront or has a finished basement. To sum it up, Bankrate explains:

“How do you find that sweet spot of pricing for profit but not overpricing? The expertise of your agent can be truly valuable here. A knowledgeable agent will understand fair market value in your area, how much your house is worth and how much you might reasonably expect to get for it in the current market.”

An agent will do a comparative market analysis (CMA) to make sure your house is compared with truly similar properties to get an accurate look at how it should be priced.

Pricing High to Leave Room for Negotiation

Another common, yet misguided strategy is to price your house high on purpose, so you have more room to negotiate down during the sale. But this can backfire. A price that seems too high often deters potential buyers from even considering the home. So rather than leaving room for negotiation, what you’ll actually be doing is turning buyers away. U.S. News Real Estate explains:

“You want to sell your house for top dollar, but be realistic about the value of the property and how buyers will see it. If you've overpriced your home, chances are you'll eventually need to lower the number, but the peak period of activity that a new listing experiences is already gone.”

An agent can help you set a fair price that attracts buyers and encourages more competitive offers.

Bottom Line

Overpricing your home can have serious consequences. A knowledgeable real estate agent brings an objective perspective, in-depth market knowledge, and a strategic approach to pricing.

Let’s connect so you can avoid making a pricing mistake that’ll cost you.

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Reasons To Move in Today's Shifting Market

Wednesday, August 21, 2024
by Liz Warren

       

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Helpful Negotiation Tactics for Today's Housing Market

Monday, August 12, 2024
by Liz Warren

Helpful Negotiation Tactics for Today’s Housing Market



 

If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market. And while that doesn’t make this a buyer’s market, it does mean buyers may be able to ask for a little more. So, sellers need to be ready for that possibility and know what they’re willing to negotiate.

Whether you’re looking to buy or sell a house, here’s a quick rundown of potential negotiations that may pop up during your transaction. That way, you’re prepared no matter which side of the deal you’re on.

What Can You Negotiate?

Most things in a home purchase are on the negotiation table. Here’s a list of just a few of those options, according to Kiplinger and LendingTree:

  • Sale Price: The most obvious is the price of the home. And that lever is being pulled more often today. Buyers don’t want to overpay when affordability is already so tight. And sellers who aren’t realistic about their asking price may have to consider adjusting their price.
  • Home Repairs: Based on the inspection, a buyer is within their rights to ask the seller to make reasonable repairs. If the seller doesn’t want to do that, they could offer to reduce the home price or cover some closing costs, so the buyer has the money to take them on themselves.
  • Fixtures: Buyers can also ask for appliances or furniture to convey when the house changes hands. Having the seller throw in the washer and dryer cuts down on expenses the buyer would have when moving in. As the seller, you could leave your existing ones behind to sweeten the deal for your buyer, and get yourself new ones for your next place.
  • Closing Costs: Closing costs typically run about 2-5% of the home’s purchase price. Buyers can ask the seller to pay for some or all of these expenses to offset the cash the buyer has to bring to the table. 
  • Home Warranties: Buyers can also ask the seller to pay for a home warranty. This is great for buyers worried about the maintenance costs that may pop up after taking possession of the home. And since this concession usually isn’t terribly expensive for the seller, it can be a good option for both parties.
  • Closing Date: Buyers can ask for a faster or extended closing window based on their own timetable. The seller can also advocate for what they need based on their move to find the right compromise.

One thing is true whether you’re a buyer or a seller, and that’s how much your agent can help you throughout the process. Your agent is your go-to for any back-and-forth. They’ll handle the conversations and advocate for your best interests along the way. As Bankrate says:

“Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own.”

They may also be able to uncover what the buyer or seller is looking for in their discussions with the other agent. And that insight can be really valuable at the negotiation table. 

Bottom Line

Buyers are regaining a bit of negotiation power in today’s market. Buyers, knowing what levers you can pull will help you feel confident and empowered going into your purchase. Sellers, having a heads up of what they may ask for gives you the chance to think through what you’ll be willing to offer.

Want to chat more about what to expect and the options you have? Let’s connect. 

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New Fires Around Mt. Hood

Tuesday, August 6, 2024
by Liz Warren

 

Thunderstorms spark new fires around Mt. Hood region

 

Mt. Hood National Forest firefighters responded to several new lightning starts on Monday, August 5 after a storm system passed through the area in the early morning hours.

 

Sandstone Fire is located on the Clackamas River Ranger District on the south side of Thunder Mountain, several miles north of Forest Road 70. It's currently burning in the 2006 Blister Fire burn scar and is estimated at approximately 350 acres. More accurate mapping will be provided once an infrared flight is available.

 

The fire is located in a challenging area with multiple hazard snags around the perimeter. Personnel are working to get ground resources closer to the fire. Scooper planes are using Timothy and Detroit Lakes to retrieve water and help slow the fire's growth.

 

Barlow Ridge Fire, located along Barlow Ridge south of OR Route 35 and east of U.S. Highway 26, was fully lined around the perimeter yesterday at roughly 0.25 acre. A helicopter from nearby Whisky Creek Fire dropped water on the fire, keeping the footprint small with the help of local engines and firefighters. Fire personnel will continue to patrol and mop up, which includes extinguishing and removing burning material, over the next several days.

 

Hunchback Fire is estimated at 0.1 acre. Containment lines held overnight and firefighters completed line construction today. Mop-up operations have begun. Smokejumpers are assisting and personnel will remain on scene and patrol for several days.

 

Fish Creek Divide Fire is estimated at 0.25 acre. Resources are on scene.

 

There are no closures at this time. We ask people to avoid the fire areas to allow firefighters to work safely.

 

Any evacuation notices for Sandstone Fire will be shared by the Clackamas County Sheriff's Office. Please be sure to follow them for updates and sign up for emergency alerts: www.clackamas.us/dm/publicalerts

 

Public use fire restrictions are in effect and open campfires are prohibited in Mt. Hood National Forest. For more information on fire restrictions, visit our website: www.fs.usda.gov/main/mthood/fire

Photo: Smoke from the Sandstone Fire, viewed from Estacada on Aug. 5. (Photo courtesy of Cara Lewis)
 
 
 
Mt. Hood National Forest
 
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Unlocking Benefits of Home Equity

Friday, July 26, 2024
by Liz Warren

          

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The Biggest Mistakes Homebuyers Are Making Right Now

Friday, July 19, 2024
by Liz Warren

The Biggest Mistakes Homebuyers Are Making Right Now



 

No Caption Received

Some Highlights

  • Want to know the biggest mistakes homebuyers are making today?
  • They include everything from putting off pre-approval for too long, holding out for the perfect home, buying more than they can afford, and skipping out on hiring a pro.
  • Let’s connect to make sure you have a pro on your side who can help you avoid these mistakes.
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One in a Million Salmon River Location!

Friday, July 19, 2024
by Liz Warren

  Salmon Riverfront Cabin Mt. Hood Villages

  Welches Salmon River mini lodge with three bedrooms           Fireplace at Nolan Lodge on the Salmon River

Relax on your Salmon Riverfront Deck on Mt. Hood

One in a million and one of a kind. This "10" location is perched above the Salmon River on a shared gated private drive in Welches. Multiple decks and outstanding views up and down the river make this location the best you'll find on Mt. Hood! The National Forest is right across the river so you'll never see other homes from this spot. A massive old growth tree greats you as you walk to the covered deck and entry.The open vaulted ceilings and windows facing the river make a charming living room setting. Just past the stone fireplace you'll find a spacious vintage kitchen and dining room. An old fashioned wood cook stove is just behind the fireplace. Down the hall is a bedroom and bathroom with shower. The spacious primary bedroom includes a walk in closet and primary bathroom. Watch the river roll by from your bedroom perch. You can even see the river lying in bed. Downstairs is a family room with a small bunk bedroom with an outside entry. A small storage room is attached to the house for storing your mountain toys. A stone pathway will take you to a sitting area with fire pit. It's the perfect spot for an evening barbecue or to hop into the river on hot days! You've never seen anything like this location and probably never will with current county regulations. The property has it's own well and a brand new septic is in process of going in. It's also got a generator and it's own well too! Perfect base for all of your Mt. Hood activities. $950,000

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Fire Restrictions in the Mt. Hood National Forest

Wednesday, July 10, 2024
by Liz Warren

Mt. Hood National Forest

Forest Service News Release

 

Fire Restrictions on Mt. Hood National Forest

 

 

Due to dry and hot conditions, campfires are prohibited across the Mt. Hood National Forest beginning Friday, July 12, 2024.

 

All campfires, charcoal or briquette fires, pellet fires, or any other open fires are prohibited under a Forest Order, including in developed campgrounds. Portable cooking stoves, lanterns, and heating devices using liquefied or bottled fuel, such as propane, are still allowed as they can be instantly switched off. 

 

The recent hot weather has caused Fire Danger Indices to rise, and with no rain or cool-down in the forecast, fire personnel anticipate the potential for fires to continue to remain high through the summer. With the current dry and warm long-range forecast, wildfire starts pose a greater threat to firefighter safety, public safety, and personal property. 

 

“Most wildfires are human-caused. With our hot, dry summer conditions any fire can become a big problem fast, putting lives and property at risk,” said Dirk Shupe, Fire Management Staff Officer for the Mt. Hood National Forest. “We’re thankful for the vast majority of folks who take fire safety seriously and help us protect our public lands.”

 

More wildfire information and the full text of the Forest Order.

 

For more information about the local and regional fire outlook visit: https://gacc.nifc.gov/nwcc/predict/outlook.aspx

 

Neighboring national forests are also beginning to enact public use restrictions for the wildfire season. Find more about restrictions and fire safety on adjacent national forests:

 

And remember, fireworks and other explosive devices are always prohibited on national forests.

 

USDA is an equal opportunity provider, employer, and lender.

 
 
 
Mt. Hood National Forest
 
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Asking Prices Matter These Days

Tuesday, July 9, 2024
by Liz Warren

Why Your Asking Price Matters Even More Right Now



 

If you’re thinking about selling your house, here’s something you really need to know. Even though it’s still a seller’s market today, you can’t pick just any price for your listing.

While home prices are still appreciating in most areas, they’re climbing at a slower pace because higher mortgage rates are putting a squeeze on buyer demand. At the same time, the supply of homes for sale is growing. That means buyers have more options and your house may not stand out as much, if it’s not priced right.

Those two factors combined are why the asking price you set for your house is more important today than it has been in recent years.

And some sellers are finding that out the hard way. That’s leading to more price reductions. Mike Simonsen, Founder and President of ALTOS Research, explains:

“Looking at the price reductions data set . . . It all fits in the same pattern of increasing supply and homebuyer demand that is just exhausted by high mortgage rates. . . As home sellers are faced with less demand than they expected, more of them have to reduce their prices.”

That’s because they haven’t adjusted their expectations to today’s market. Maybe they’re not working with an agent, so they don’t know what’s happening around them. Or they’re not using an agent who prioritizes being a local market expert. Either way, they aren’t basing their pricing decision on the latest data available – and that’s a miss.

If you want to avoid making a pricing mistake that could turn away buyers and delay your sale, you need to work with an agent who really knows your local market. If you lean on the right agent, they’ll help you avoid making mistakes like:

  • Setting a Price That’s Too High: Some sellers have unrealistic expectations about how much their house is worth. That’s because they base their price on their gut or their bottom line, not the data. An agent will help you base your price on facts, not opinion, so you have a better chance of hitting the mark.
  • Not Considering What Houses Are Actually Selling for: Without an agent’s help, some sellers may use the wrong comparable sales (comps) in their area and misjudge the market value of their home. An agent has the expertise needed to find true comps. And they’ll use those to give you valuable insights into how to price your house in a way that’s competitive for you and your future buyer.
  • Overestimating Home Improvements: Sellers who have invested a significant amount of money in home improvements may overestimate how much those upgrades affect their home's value. While certain improvements can increase a home's appeal, not all upgrades are going to get a great return on their investment. An agent factors in what you’ve done and what buyers in your area actually want as they set the price.
  • Ignoring Feedback and Market Response: Some sellers may be resistant to lowering their asking price based on feedback they’re getting in open houses. An agent will remind the seller how important it is to be flexible and respond to market feedback in order to attract qualified buyers.

In the end, accurate pricing depends on current market conditions – and only an agent has all the data and information necessary to find the right price for your house. The right agent will use that expertise to develop a pricing strategy that’s based on current market conditions and designed to get your house sold. That way you don’t miss the mark.

Bottom Line

The right asking price is even more important today than it’s been over the last few years. To avoid making a costly mistake, let’s work together.

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How Long Will It Take To Sell My House on Mt. Hood?

Tuesday, June 25, 2024
by Liz Warren

How Long Will It Take To Sell My House on Mt. Hood?



 

You want your house to sell fast. And you may be wondering how long the whole process is going to take. One way to get your answer? Work with a local real estate agent.

They have the expertise to tell you how quickly homes are selling in your area and what’s impacting timelines for other sellers. That way you have realistic expectations and can work together to come up with a plan that’s based on today’s market.

Here’s a high-level overview of just one of the factors a great agent will walk you through – the supply of homes for sale and how that impacts your process.

The Growing Supply of Homes for Sale

Over the past few months, the number of homes for sale has increased. This is good news when you move because it means you’ll have more options as you search for your next home. But it also means buyers have more to choose from, so if your house doesn’t stand out – it may take a bit longer to sell.

Available inventory is made up of new listings (homes that were just put up for sale) and active listings (homes that were already on the market but haven’t sold yet). And if you look at data from Realtor.com you can see a good portion of the recent growth is from active listings that are sticking around (see the blue bars in the graph below):

 

How It’s Impacting Listings Today

Think of the homes on the market like loaves of bread for sale in a bakery. When a fresh batch of bread is put out, everyone wants the newest and hottest one. But if a loaf sits there too long, it starts to get stale, and fewer people want to buy it.

The same goes for homes. New listings are the freshest and most sought-after. But if a home isn’t priced correctly, doesn’t show well, or it doesn’t have an effective sales or marketing strategy behind it, it can sit on the market and become less appealing to buyers over time.

An Agent Will Help Your House Stand Out and Sell Quickly

Timing is important to you. You want to get this done, fast. By leaning on a pro, they’ll make sure your listing is fresh and doesn’t stick around long enough to go stale. As the National Association of Realtors (NAR) explains:

“Home sellers without an agent are nearly twice as likely to say they didn’t accept an offer for at least three months; 53% of sellers who used an agent say they accepted an offer within a month of listing their home.”

Your agent will factor the recent inventory growth into their plan and create a customized selling strategy for your house. The supply of homes for sale can vary a lot by area. So they’ll do things like share their valuable insights into what’s happening with supply in your market, help you price your home correctly, and create a marketing plan that gets your home noticed.

Don’t let your listing get stale—reach out to a real estate agent today to make sure your listing is fresh and appeals to buyers from the start. It makes a big difference. 

Bottom Line

If you want your house to sell fast, you need to work with a pro. Let’s connect so you’ve got someone who understands the current market trends and how to build a strategy around those factors, so your house is set up to sell quickly.

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Displaying blog entries 21-30 of 1886

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