Real Estate Information Archive

Blog

Displaying blog entries 311-320 of 1882

How To Win as a Buyer in a Sellers’ Market On Mt. Hood

by Liz Warren

 

How To Win as a Buyer in a Sellers’ Market| on Mt. Hood
 

Some Highlights

  • Even in today’s sellers’ market, there are still ways for buyers to win big.
  • Build a team of trusted professionals and make strategic plays as you budget and pick your desired neighborhoods. Then, be ready for the competition by getting a pre-approval letter and leaning on your expert advisors to draft a winning offer.
  • In a sellers’ market, you can still be the champion if you have the right team and strategy. Let’s connect today to make your game-winning play.

Want Top Dollar for Your Mt. Hood House or Cabin? Now’s the Time To List It.

Want Top Dollar for Your House? Now’s the Time To List It. | MyKCM
 

When you’re selling any item, you usually want to sell it for the greatest profit possible. That happens when there’s a strong demand and a limited supply for that item. In the real estate market, that time is right now. If you’re thinking of selling your house this year, here are two reasons why now’s the time to list.

1. Demand Is Very Strong This Winter

recent article in Inman News explains:

“Spring, the hottest time of year for homebuyers and sellers, has started early, according to economists. . . . ‘Home shopping season appears to already be in full swing!’”

And they aren’t the only ones saying buyers are already out in full force. That claim is backed up with data released last week by ShowingTime. The ShowingTime Showing Index tracks the average number of monthly buyer showings on active residential properties, which is a highly reliable leading indicator of current and future trends for buyer demand. The latest index reveals this December was the most active December in five years (see graph below):

Want Top Dollar for Your House? Now’s the Time To List It. | MyKCM

As the data indicates, buyers are very active this winter. Last December saw even more showings than December of 2020, which was already a stronger-than-usual winter. And remember – you want to sell something when there’s a strong demand for that item. That time is now.

2. Housing Supply Is Extremely Low

Each month, realtor.com releases data on the number of active residential real estate listings (listings currently for sale). Their most recent report reveals the latest monthly number is the lowest we’ve seen in any January since 2017 (see graph below):

Want Top Dollar for Your House? Now’s the Time To List It. | MyKCM

And don’t forget, the best time to sell an item is when there’s a limited supply of it available. This graph clearly shows how extremely low housing supply is today.

Even Though Supply Is at a Historic Low, Home Sales Are at a 15-Year High

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), existing-home sales totaled 6.12 million in 2021 – the highest annual level since 2006. This means the market is hot and homeowners are in a great place to sell now while sales are so strong.

NAR also reports available listings by calculating the current months’ supply of inventory. They explain:

“Months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.”

The current 1.8-months’ supply is the lowest ever reported. Here are the December numbers over the last five years (see graph below):

Want Top Dollar for Your House? Now’s the Time To List It. | MyKCM

The ratio of buyers to sellers favors homeowners right now to a greater degree than at any other time in history. Buyer demand is high, and supply is low. That gives sellers like you an incredible opportunity.

Mt. Hood has ONLY six properties for sale. Four of those are over a million dollars. There is nothing under $500,000!

Bottom Line

If you agree the best time to sell anything is when demand is high and supply is low, let’s connect to begin discussing the process of listing your house today.

Pre-Approval is Key to your Mt. Hood Purchase

by Liz Warren

          

Remote Working Drives Mt. Hood Real Estate Market

by Liz Warren

The Mt. Hood real estate market has been driven by remote working over the past two years during COVID. It's only one of the factors impacting our local market but it definitely has increased demand for Mt. Hood properties! When 19% of sellers say they are moving due to remote working, we know why the mountain is a popular move. 

How Remote Work Impacts Your Home Search [INFOGRAPHIC] | MyKCM
 

Some Highlights

  • If your workplace is delaying its return to office plans or is allowing permanent work from home options, that may open up new possibilities for your home search.
  • Ongoing remote work could give you the chance for a change in scenery, a move to an area with a lower cost of living, or finding a home with more home office space.
  • If you want to learn more about how remote work can give you more options, let’s connect to discuss your situation and priorities for your home search.

Inventory for Mt. Hood Real Estate

by Liz Warren

Where has all the inventory gone? Nationally it's down nearly 27% year over year. Mt. Hood area, which is Government Camp, Welches, Rhododendron and Brightwood has constantly been under 10 properties for sale for a couple of months now. We have the opportunity of a lifetime for sellers.

Nation Wide Lack of Inventory

Buyer demand has never been this high. Six properties are currently on the market and four over a million dollars! If you are a seller, this is time to make your move for maximum profits. The two properties under a million will be gone by next week.  

Current Real Estate  Inventory on Mt. Hood

Owning or Renting on Mt. Hood

by Liz Warren

Owning Is More Affordable than Renting in the Majority of the Country

Owning Is More Affordable than Renting in the Majority of the Country | MyKCM
 

If you were thinking about buying a home this year, but already pressed pause on your plans due to rising home prices and increasing mortgage rates, there’s something you should consider. According to the latest report from ATTOM Data, owning a home is more affordable than renting in the majority of the country. The 2022 Rental Affordability Report says:

“. . . Owning a median-priced home is more affordable than the average rent on a three-bedroom property in 666, or 58 percent, of the 1,154 U.S. counties analyzed for the report. That means major home ownership expenses consume a smaller portion of average local wages than renting.”

Other experts in the industry offer additional perspectives on renting today. In the latest Single-Family Rent Index from CoreLogic, single-family rent saw the fastest year-over-year growth in over 16 years when comparing data for November each year (see graph below):

Owning Is More Affordable than Renting in the Majority of the Country | MyKCM

Molly Boesel, Principal Economist at CoreLogic, stresses the importance of what the data shows:

Single-family rent growth hit its sixth consecutive record high. . . . Annual rent growth . . . was more than three times that of a year earlier. Rent growth should continue to be robust in the near term, especially as the labor market continues to improve.”

What Does This Mean for You?

While it’s true home prices and mortgage rates are rising, so are monthly rents. As a prospective buyer, rising rates and prices shouldn’t be enough to keep you on the sideline, though. As the chart above shows, rents are skyrocketing. The big difference is, when you rent, that rising cost benefits your landlord’s investment strategy, but it doesn’t deliver any sort of return for you.

In contrast, when you buy a home, your monthly mortgage payment serves as a form of forced savings. Over time, as you pay down your loan and as home values rise, you’re building equity (and by extension, your own net worth). Not to mention, you’ll lock in your mortgage payment for the duration of your loan (typically 15 to 30 years) and give yourself a stable and reliable monthly payment.

When asking yourself if you should keep renting or if it’s time to buy, think about what Todd Teta, Chief Product Officer at ATTOM Datasays:

“. . . Home ownership still remains the more affordable option for average workers in a majority of the country because it still takes up a smaller portion of their pay.”  

If buying takes up a smaller portion of your pay and has benefits renting can’t provide, the question really becomes: is renting really worth it?

Bottom Line

If you’re weighing your options between renting and buying, it’s important to look at the full picture. While buying a home can feel like a daunting process, having a trusted advisor on your side is key. Let’s connect to explore your options so you can learn more about the benefits of homeownership today.

Sell Your Property Before Spring On Mt. Hood

by Liz Warren

     

Selling Your Home or Cabin on Mt. Hood Tips

by Liz Warren

       

Act Now Before Mortgage Rates Climb!

by Liz Warren

With Mortgage Rates Climbing, Now’s the Time To Act

With Mortgage Rates Climbing, Now’s the Time To Act | MyKCM
 

Last week, the average 30-year fixed mortgage rate from Freddie Mac jumped from 3.22% to 3.45%. That’s the highest point it’s been in almost two years. If you’re thinking about buying a home, this news may have come as a bit of a shock. But the truth is, it wasn’t entirely unexpected. Experts have been calling for rates to rise in their 2022 projections, and the forecast is now becoming a reality. Here’s a look at the projections from Freddie Mac for this year:

  • Q1 2022: 3.4%
  • Q2 2022: 3.5%
  • Q3 2022: 3.6%
  • Q4 2022: 3.7%

As the numbers show, this jump in rates is in line with the expectations from Freddie Mac. And what they also indicate is that mortgage rates are projected to continue climbing throughout the year. But should you be worried about rising mortgage rates? What does that really mean for you?

As rates increase even modestly, they impact your monthly mortgage payment and overall affordability. If you’re looking to buy a home, rising mortgage rates should be an incentive to act sooner rather than later.

The good news is, even though rates are climbing, they’re still worth taking advantage of. Historical data shows that today’s rate, even at 3.45%, is still well below the average for each of the last five decades (see chart below):

With Mortgage Rates Climbing, Now’s the Time To Act | MyKCM

That means you still have a great opportunity to buy now with a rate that’s better than what your loved ones may have paid in decades past. If you buy a home while rates are in the mid-3s, your monthly mortgage payment will be locked in at that rate for the life of your loan. As you can see from the chart above, a lot can change in that time frame. Buying now is a great way to protect yourself from rising costs and future rate increases while also securing your payment amount for the long term.

Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), says:

Mortgage rates surged in the second week of the new year. The 30-year fixed mortgage rate rose to 3.45% from 3.22% the previous week. If inflation continues to grow at the current pace, rates will move up even faster in the following months.”

Bottom Line

Mortgage rates are increasing, and they’re forecast to be even higher by the end of 2022. If you’re planning to buy this year, acting soon may be your most affordable option. Let’s connect to start the homebuying process today.

Mt. Hood Real Estate Statistics for November 2021

by Liz Warren

Check out the Mt. Hood Real Estate statistics for November 2021 from our multiple listing service. Some crazy highlights include an average sale price of $557,300!! Pending sales down nearly 59% compared to last year at this time.  Only six active listings for the month! Hard to believe but a whopping 18 closed sales for the month. The Average Sales Price is up 30.7% for the year!

 

Mt. Hood Real estate info for November 2021

 

Statistics for the Portland Metro area for December are below. Inventory sits at a tab more than a half of a month!!! I don’t know anyone who has ever seen anything like this. Where are the sellers right now?

 

Mt. Hood and Portland Area RMLS statistics for December 2021

 

 

 

Displaying blog entries 311-320 of 1882

Syndication

Categories

Archives