Home Prices Are Making a Comeback
Friday, August 4, 2023
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Mt. Hood Real Estate Blog
Liz Warren
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Displaying blog entries 111-120 of 1877
Housing Market Forecast for the Rest of 2023
Friday, August 4, 2023
Some Highlights
- Want to know what experts say will happen in the rest of 2023? Home prices are already appreciating again in many areas. The average of the expert forecasts shows positive price growth.
- Where mortgage rates go for the rest of the year will depend on inflation. Based on historical trends, rates are likely to ease as inflation continues to cool.
- Even though low inventory continues to be a challenge, experts project 5 million homes will still sell this year. That pace should pick up if rates come down.
Pricing Your Home Right Matters Today
Monday, July 31, 2023
Pricing Your House Right Still Matters Today
While this isn’t the frenzied market we saw during the ‘unicorn’ years, homes that are priced right are still selling quickly and seeing multiple offers right now. That’s because the number of homes for sale is still so low. Data from the National Association of Realtors (NAR) shows 76% of homes sold within a month and the average saw 3.5 offers in June.
To set yourself up to see advantages like these, you need to rely on an agent. Only an agent has the expertise needed to find the right asking price for your house. Here’s what’s at stake if that price isn’t accurate for today’s market value.
The price you set for your house sends a message to potential buyers.
Price it too low and you might raise questions about your home’s condition or lead buyers to assume something is wrong with it. Not to mention, if you undervalue your house, you could leave money on the table, which decreases your future buying power.
On the other hand, price it too high and you run the risk of deterring buyers from ever touring it in the first place. When that happens, you may have to do a price drop to try to re-ignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder why the price was reduced and what that means about the home.
A recent article from NerdWallet sums it up like this:
"Your house’s market debut is your first chance to attract a buyer and it’s important to get the pricing right. If your home is overpriced, you run the risk of buyers not seeing the listing . . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house."
Think of pricing your home as a target. Your goal is to aim directly for the center – not too high, not too low, but right at market value.
Pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. That makes it more likely you’ll see multiple offers too. Plus, when homes are priced right, they still tend to sell quickly.
To get a high-level look into the potential downsides of over or underpricing your house and the perks that come with pricing it at market value, see the chart below:
Lean on a Professional’s Expertise to Price Your House Right
So why is an agent essential in finding the right price? Your local agent has the skill and the insight necessary to find the market value of your home. They’ll use their expertise to determine a realistic listing price by assessing:
- The prices of recently sold homes
- The current market conditions
- The size and condition of your house
- The location of your house
Bottom Line
Pricing your house at market value is critical, so don’t rely on guesswork. Let’s connect to make sure your house is priced right for today’s market.
Still Creek Cabin in the Mt. Hood National Forest
Wednesday, July 26, 2023
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$479,950
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If you're looking for a top location on Still Creek with a beautiful cabin and an open floor plan, soaring windows, fireplace and wood stove, you've come to the right spot. A "TEN" location just steps to the water with an easy to get to wading spot. Comes furnished too!The cabin boasts a bedroom and bath on the main level with slider to the outside deck. Upstairs is a very spacious loft and two bedrooms with multiple beds and another bathroom! You can really sleep a lot of folks in this cabin and the convenience of a bath on each level is a huge bonus. Speaking of bonus, you can have internet at this location just in case you need to work remotely. The great room features vaulted ceilings with floor to ceiling windows in the living room, wood floors, stone fireplace and toe warming wood stove for cool nights. Recent upgrades include mini splits, new stainless steel appliances, quartz counters and tile flooring! There's even a washer and dryer in the mud room!Comes completely furnished too. The creekside deck is huge and sunny. It?s perfect for summer barbecues. Watch the salmon spawning in the fall from your deck. Still Creek is dog and kid friendly compared to other Mt. Hood waterways. It's rated #1 locally. The Rhododendron location is private and on a gated shared driveway. This spot is only 20 minutes to the slopes of Mt. Hood for skiing and snow boarding. Hike and mountain bike in the Mt. Hood National Forest out your front door. You can even walk to grocery stores, coffee and restaurants from this location. leased land cabins may not be used as primary residence or airbnb rentals. Only an hour from Portland and the airport, this is one of the nicest getaways you can find on Mt. Hood!
How to Make Your Best Offer on a Mt. Hood Home
Wednesday, July 26, 2023
Tips for Making Your Best Offer on a Home
While the wild ride that was the ‘unicorn’ years of housing is behind us, today’s market is still competitive in many areas because the supply of homes for sale is still low. If you’re looking to buy a home this season, know that the peak frenzy of bidding wars is in the rearview mirror, but you may still come up against some multiple-offer scenarios.
Here are a few things to consider to help you put your best foot forward when making an offer on a home.
1. Lean on a Real Estate Professional
Rely on an agent who can support your goals and help you understand what’s happening in today’s housing market. Agents are experts in the local market and on the national trends too. They’ll use both of those areas of expertise to make sure you have all the information you need to move with confidence.
Plus, they know what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller needs can help your offer stand out. As an article from Forbes says:
"Getting to know a local realtor where you’re hoping to buy can also potentially give you a crucial edge in a tight housing market."
2. Get Pre-Approved for a Home Loan
Having a clear budget in mind is especially important right now given the current affordability challenges. The best way to get a clear picture of what you can borrow is to work with a lender so you can get pre-approved for a home loan.
That’ll help you be more financially confident because you’ll have a better understanding of your numbers. It shows sellers you’re serious, too. And that can give you a competitive edge if you do get into a multiple-offer scenario.
3. Make a Fair Offer
It’s only natural to want the best deal you can get on a home. However, submitting an offer that’s too low does have some risks. You don’t want to make an offer that will be tossed out as soon as it’s received just to see if it sticks. As Realtor.com explains:
“. . . an offer price that’s significantly lower than the listing price, is often rejected by sellers who feel insulted . . . Most listing agents try to get their sellers to at least enter negotiations with buyers, to counteroffer with a number a little closer to the list price. However, if a seller is offended by a buyer or isn’t taking the buyer seriously, there’s not much you, or the real estate agent, can do.”
The expertise your agent brings to this part of the process will help you stay competitive and find a price that’s fair to you and the seller.
4. Trust Your Agent’s Expertise Throughout Negotiations
During the ‘unicorn’ years of housing, some buyers skipped home inspections or didn’t ask for concessions from the seller in order to submit the winning bid on a home. An article from Bankrate explains this isn’t happening as often today, and that’s good news:
“While the market has largely calmed down since then, sellers are still very much in the driver’s seat in this era of scarce housing inventory. It’s not as common for buyers to waive inspections anymore, but it does still happen. . . . It’s in the buyer’s best interest to have a home inspected . . . Inspections alert you to existing or potential problems with the home, giving you not just an early heads up but also a useful negotiating tactic.”
Fortunately, today’s market is different, and you may have more negotiating power than before. When putting together an offer, your trusted real estate advisor will help you think through what levers to pull and which ones you may not want to compromise on.
Bottom Line
When you buy a home this summer, let’s connect so you have an expert on your side who can help you make your best offer.
STR Rental Regulations are Back in the News at Clackamas County
Friday, July 14, 2023
The Clackamas County Board of Commissioners has set a public hearing for Thursday, August 10, on proposed regulations regarding the operation of short-term rentals (STRs) in unincorporated Clackamas County. A news release with more details is attached or you can read it online. All interested people are encouraged to testify, either in person or remotely through Zoom at this evening meeting. There will also be a second public hearing, which will be scheduled later. More information about the proposed new regulations on operating STRs, as well as the Zoning & Development Ordinance (ZDO) amendments that became effective May 30, 2023, allowing STRs in specific areas of the county, are available at
www.clackamas.us/str
. The full proposed regulations for STR operations can be found online. STR owners and interested parties with questions can contact Policy Advisors Caroline Hill or Everett Wild at
503-655-8581
or [email protected]. For questions related to communications about STRs, please contact Senior Community Relations Specialist Dylan Blaylock at [email protected] or
503-742-5917
. Thank you. Ellen Rogalin, Senior Community Relations Specialist Clackamas County Public & Government Affairs Clackamas County Transportation & Development 150 Beavercreek Road, Oregon City, OR 97045 Primary:
503-742-4274
Secondary:
971-276-2487
Hours of operation: 9 am – 6 pm, Monday-Friday
www.clackamas.us
Here is a link to the site mentioned above:
Fire Season Begins on Mt. Hood
Friday, July 7, 2023
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Mt. Hood Real Estate Market is a Sweet Spot for Sellers
Thursday, July 6, 2023
Today’s Housing Inventory Is a Sweet Spot for Sellers
One of the biggest challenges in the housing market right now is how few homes there are for sale compared to the number of people who want to buy them. To help emphasize just how limited housing inventory still is, let’s take a look at the latest information on active listings, or homes for sale in a given month, as it compares to more normal levels.
According to a recent report from Realtor.com:
“On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels.”
The graph below helps illustrate this point. It uses historical data to provide a more concrete look at how much the numbers are still lagging behind the level of inventory typical of a more normal market (see graph below):
It’s worth noting that 2020-2022 are not included in this graph. That’s because they were truly abnormal years for the housing market. To make the comparison fair, those have been omitted so they don’t distort the data.
When you compare the orange bars for 2023 with the last normal years for the housing market (2017-2019), you can see the count of active listings is still far below the norm.
What Does This Mean for You?
If you’re thinking about selling your house, that low inventory is why this is a great time to do so. Buyers have fewer choices now than they did in more normal years, and that’s continuing to impact some key statistics in the housing market. For example, sellers will be happy to see the following data from the latest Confidence Index from the National Association of Realtors (NAR):
- The percent of homes that sold in less than a month ticked up slightly to 74%.
- The median days on market went down to 18 days, showing homes are still selling fast when priced right.
- The average number of offers on recently sold homes went up to 3.3 offers.
Bottom Line
When supply is so low, your house is going to be in the spotlight. That’s why sellers are seeing their homes sell a little faster and get more offers right now. If you’ve thought about selling, now’s the time to make a move. Let’s connect to get the process started.
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