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Mt. Hood Real Estate Blog

Liz Warren

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Time to Sell Your Mt. Hood Property?

by Liz Warren

Best Time to Sell? When Competition Is at an All-Time Low

Best Time to Sell? When Competition Is at an All-Time Low | MyKCM
 

In a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession. Of the respondents, 51% said they are “seriously worried.” That concern seems reasonable considering the current condition of the economy. The data, however, is showing that home purchasers are still very active despite the disruptions American families have experienced this year.

The latest Existing Home Sales Report published by the National Association of Realtors (NAR) revealed that 340,000 single-family homes sold in this country last month. NAR’s most recent Pending Sales Report (homes going into contract) surpassed last month’s number by over 44%, which far exceeded analysts’ projections of 15%. ShowingTime reported that appointments to see homes (both virtually and in-person) have increased in every region of the country and are up 21.4% nationwide over the same time last year.

While buyer activity is surging, the number of listings has fallen to an all-time low. Zelman Associates, in their latest residential real estate report, revealed that housing inventory as a percentage of households has fallen to 1.2%, which is half of the long-term average and lower than any other time in our history.

Bidding Wars Heating Up Again

With buyer demand growing and the supply of available homes shrinking, purchasers are again finding themselves needing to outbid other buyers. NAR, in a recent blog post, revealed:

“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”

Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.

The Mt. Hood Market has only twenty seven properties for sale as of today! There are only fifteen homes on the market under $400,000! In thirty five years I have never seen such a low inventory. 

Bottom Line

If you’re thinking of selling, don’t be concerned about putting your house on the market right now. There’s no better time to sell an item than when demand for it is high and supply is low. It is exactly at that time when you will negotiate your best possible deal.

Craftsman 1920's Mt. Hood home on nearly Half Acre

by Liz Warren

You will love this refurbished 1920's craftsman style cabin on nearly a half acre of land near Brightwood.  Vaulted ceilings and wood beams in the great room complete with stone fireplace. Wood floors and updated windows makes for a cozy getaway or for full time living. Master bedroom has it's own sitting porch! Second bedroom is spacious with barn doors and tons of light. 

The kitchen has everything you would need. The bathroom is huge with walk in shower and laundry area too. 

Completely landscaped with two new patios and fire pit. Seller added an outbuild too. Kids will love the yard and there's plenty of parking too. 

Just down the road is the Mt. Hood National Forest and Sandy Ridge Mountain Biking Park. $420,000.

Mt. Hood Craftsman Style Two bedroom cabinMt. Hood Craftsman style living room                Bedroom in 1920's cabin


 

Mt. Hood Classic Cabin on the Zig Zag River

by Liz Warren

They don't come along that often but this is a classic original cabin located right along  the Zig Zag River near Government Camp. High vaulted ceilings with beams and a beautiful stone fireplace are highlights of this cabin. Original paned windows let lots of light in. The kitchen and bath are original. One bedroom on the main level has a set of bunks and a bed. A charming loft is over the living room area with the perfect perch for sleeping. A pull down ladder takes you to the tucked away third bedroom. 

Overlooking the Zig Zag River is a spacious deck. The river is just a stone's throw from the deck. The cabin also has a near by outbuilding for wood. The cabin has a gated driveway shared by a neighboring cabin. This one won't last! $299,000!

    Classic cabin on the Zig Zag River            Stone Fireplace in a Government Camp CabinClassic 1930's Cabin on the Zig Zag River

Priicing Your Mt. Hood Property

by Liz Warren

           

Buying or Selling on Mt. Hood?

by Liz Warren

         

Is It Time to Sell your Mt. Hood Vacation Home?

by Liz Warren

                  Is it Time to Sell Your Vacation Home?

     Mt. Hood Vacation Cabin     Mt. Hood Vacation Home
 

The travel industry is one of the major sectors that’s been hit extremely hard by the COVID-19 pandemic. Today, it’s hard to know how long it will take for summer travelers to be back in action and for the industry to fully recover. Homeowners who rent their secondary properties on their own or through programs like Airbnb, which has over 660,000 listings in the U.S. alone, have been impacted in this challenging time. Some of these homeowners are considering selling their vacation homes, and understandably so.

A recent CNN article indicated:

“With global travel screeching to a halt during the pandemic, a number of Airbnb hosts are planning to sell their properties…These desperate moves come as hosts face the possibility of losing thousands of dollars a month in canceled bookings while bills, maintenance costs, and mortgage payments pile up.”

If you’re one of the property owners in this position, you too may be feeling the pain of decreased travel, especially as we prepare for the typical busy summer vacation season. A recent survey notes that 48% of Americans have already canceled summer travel plans due to the current health crisis. In addition, 36% indicated they don’t have vacation plans, and only 16% said they did not cancel their summer travel.

The same survey also asked, “How long will you wait before traveling again?” Not surprisingly, only 29% of respondents are planning to travel within the next 6 months. That means 71% are putting their plans on hold for at least 6 months, or are still unsure about future travel. That can continue to add to the significant income loss that many property renters felt this spring.Is it Time to Sell Your Vacation Home? | MyKCMIf you’re considering selling your rental property, know that there are two key factors indicating that selling your vacation home now may be your best move as a homeowner.

1. Inventory Shortage

The inventory of overall homes for sale is well below the demand from potential buyers, so many eyes may be searching for a home like yours. According to the National Association of Realtors (NAR), total housing inventory, meaning homes available to purchase, is down 19.7% from one year ago (see graph below):Is it Time to Sell Your Vacation Home? | MyKCMInventory across the country continues to be a challenge, with only a 4.1-month supply of listings available at the current sales pace. For a balanced market, where there are enough homes available for interested buyers to purchase, that number would need to bump up to a 6-month supply. This means we don’t have enough inventory for the number of buyers looking for homes, so selling in this scenario is ideal. Buyers are looking now, and some vacation homes make a great primary residence or second home for those eager to escape from more populated urban areas.

2. Home Prices

The lack of inventory is also keeping homes from depreciating in value. Today, prices are holding strong and experts forecast home price appreciation to continue throughout this year. Selling your home while prices are holding steady is a sound business move. You’ll likely have equity you’ve earned working for you as well. If your home has been vacant for the past few months, the forced savings you have built in your equity may help balance out possible rental income loss due to the slowdown in the travel industry.

Bottom Line

We don’t know exactly when heightened summer travel will return or what it will look like when it does. If you’re considering selling your vacation home, let’s connect today to determine your options in the current market.

Listings and Pending Sales in Portland Metro

by Liz Warren

Here are some stats showing COVID impact on new listings for the Portland Metro area for 2020 in RED. Prior two years are in green and blue. The second chart is for Pending sales for 2020.

Summer will be the new spring for sales this year. Listings are starting to fill in on Mt. Hood with twenty nine current properties for sale. This is the lowest inventory on the mountain ever!

Three Years of New Listings in Portland Oregon


Pending Sales for Portland Oregon in April 2020

Virtual Tours

by Liz Warren

                      

Interest Rates Hover Near Historic All-Time Lows [INFOGRAPHIC]

Interest Rates Hover Near Historic All-Time Lows [INFOGRAPHIC] | MyKCM
 

Some Highlights

  • Mortgage interest rates have dropped considerably this spring and are hovering at a historically low level.
  • Locking in at a low rate today could save you thousands of dollars over the lifetime of your home loan.
  • Let’s connect to determine the best way to position yourself for a move in today’s market.

            

Displaying blog entries 501-510 of 1878

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