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Displaying blog entries 401-410 of 1876

Why You May Want To Cash in on

Your Second Home On Mt. Hood!

Why You May Want To Cash in on Your Second Home | MyKCM
 

When stay-at-home mandates were enforced last year, many households realized their homes didn’t really fulfill their new lifestyle needs. An office (in some cases two), a media room, space for children to learn, a gym, and a large yard are all examples of amenities that became highly desirable almost overnight.

Zelman & Associates recently reported that sales of primary residences grew by 9% in 2020. That increase in demand was met by the lowest supply of homes for sale in history. High demand and low supply caused prices to skyrocket over the past twelve months. Here are three home price indexes released most recently that show how home values have risen:

Prices increased by double digits in every region of the country and in 19 of 20 major metros. Chicago was the only exception, where prices still rose by 9%.

What does this mean to those who purchased a second home during the pandemic?

Many people didn’t want to give up a home in the city or close to their office. Instead, they purchased a larger second home farther away and moved there to stay safe and have more space. According to the same Zelman report, sales for second homes rose an astonishing 27% in 2020.

That large second-home retreat on a lake or in the mountains would demand a higher price than the average house. Let’s assume a buyer purchased such a home for $500,000. Assuming the middle 13.2% appreciation shown above, that home would now be worth about $566,000.

Those who bought second homes to improve their lifestyle during the height of the pandemic, or those who just wanted to be in a safer environment, also made a great investment.

What should these homeowners do now as the pandemic is receding, and the economy is reopening?

The buyers of those second homes now have a decision to make. Many will move back to the original home they still own (the one that’s closer to work, friends, and family). Should they keep the second home? That could depend on answers to questions like these:

  • Now that you may have to go back to the office (at least a few days a week) and students are required to physically attend school, would you still use the second house enough to warrant the expenses of an additional home?
  • Would you go to the second home on most weekends, or would you return to the movie theater, attend sporting events, eat out at fine restaurants, or spend your time traveling again?

Bottom Line

If you purchased a larger second home during the pandemic, you were able to make day-to-day life much easier for those important to you. You also made it much safer. However, with those goals already accomplished, you now need to decide whether to continue paying the extra expenses or sell the house and cash in your profit. If you decide selling makes sense, let’s connect today to discuss the value of your second home.

Historically Low Interest Rates

by Liz Warren

          

Homes Are Selling Fast!

by Liz Warren

Homes Across the Country Are Selling Fast 

Homes Across the Country Are Selling Fast [INFOGRAPHIC] | MyKCM
 

Some Highlights

  • In today’s whirlwind real estate market, houses are selling at astonishing speed – from sea to shining sea.
  • Four years ago, the average house spent 39 days on the market. Two years ago, homes were on the market for about 24 days. Today, that number has dropped to just 17 short days.
  • If you’re looking to sell your house quickly and on the best possible terms, today’s market can’t be beat. Let’s connect to discuss how to secure a speedy, top-dollar sale for your house.

Where is the Housing Market Headed on Mt. Hood?

by Liz Warren

Where Do Experts Say the Housing Market Is Heading?

Where Do Experts Say the Housing Market Is Heading? | MyKCM
 

As we enter the middle of 2021, many are wondering if we’ll see big changes in the housing market during the second half of this year. Here’s a look at what some experts have to say about key factors that will drive the industry and the economy forward in the months to come.

realtor.com

“. . . homes continue to sell quickly in what’s normally the fastest-moving time of the year. This is in contrast with 2020 when homes sold slower in the spring and fastest in September and October. While we expect fall to be competitive, this year’s seasonal pattern is likely to be more normal, with homes selling fastest from roughly now until mid-summer.”

National Association of Realtors (NAR)

Sellers who have been hesitant to list homes as part of their personal health safety precautions may be more encouraged to list and show their homes with a population mostly vaccinated by the mid-year.”

Danielle Hale, Chief Economist at realtor.com

“Surveys showed that seller confidence continued to rise in April. Extra confidence plus our recent survey finding that more homeowners than normal are planning to list their homes for sale in the next 12 months suggest that while we may not see an end to the sellers’ market, we might see the intensity of the competition diminish as buyers have more options to choose from.”

Freddie Mac

We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.”

Bottom Line

Experts are optimistic about the second half of the year. Let’s connect today to talk more about the conditions in our local market.

The Great Climb Fundraiser

Support us by sponsoring, donating, or participating in the journey.  Join our Mt. Hood getaway raffle!

Learn more: The Great Climb event on Facebook

Or email: [email protected]

Donate via GoFundMe: https://gofund.me/a6fd5cd3

upport us by sponsoring, donating, or participating in the journey. Join our Mt. Hood getaway raffle!

Learn more: 

 

Mt. Hood Real Estate Bidding Wars

by Liz Warren

Bidding Wars:They are everywhere! Bidding wars for properties have been happening for months now. I know the Portland metro market has experienced this along with outlying areas too but Mt. Hood properties are having our share and it will continue until inventory increases. 

            

Real Estate is Mt. Hood's Best Investment!

by Liz Warren

Americans Choose Real Estate as the Best Investment 

Americans Choose Real Estate as the Best Investment [INFOGRAPHIC] | MyKCM
 

Some Highlights

  • For the eighth year in a row, real estate maintained its position as the preferred long-term investment among Americans.
  • Real estate has been gaining ground against stocks, gold, and savings accounts over the last 11 years and now stands at its highest rating in survey history.
  • Let’s connect if you’re ready to make real estate your best investment this year.

Zig Zag Riverfront Cabin on Mt. Hood

by Liz Warren

This charmer has plenty of room for friends and family with three bedrooms and bonus loft with two sleeping areas. The location is right on the Zig Zag River in a beautiful forested setting with tall firs and cedars. Just a stone's throw away from the river. Stone fireplace in the living room with wood floors and beamed ceilings! Master bedroom is on the main level. Hot tub and sauna is perfect after a day on the slopes. It's only about 10 minutes to prime Mt. Hood slopes.   $359,950

Mt. Hood National Forest Cabin

Hot tub at a Zig Zag Riverfront Cabin Mt. Hood National Forest cabin stone fireplace

Zig Zag Riverfront Cabin on Mt. Hood

Take a tour of this Mt. Hood Cabin

Home Ownership on Mt. Hood

by Liz Warren

       

Its a Great Time for your House to Shine on Mt. Hood

by Liz Warren

Displaying blog entries 401-410 of 1876

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