Buying or Selling on Mt. Hood?
Friday, June 12, 2020
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Mt. Hood Real Estate Blog
Liz Warren
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Is It Time to Sell your Mt. Hood Vacation Home?
Wednesday, June 3, 2020
Is it Time to Sell Your Vacation Home?
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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.
If 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):
Inventory 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
Saturday, May 30, 2020
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!
Buying on Mt. Hood? Take Advantage of Today's Interest Rates
Friday, May 22, 2020
Interest Rates Hover Near Historic All-Time Lows [INFOGRAPHIC]
![Interest Rates Hover Near Historic All-Time Lows [INFOGRAPHIC] | MyKCM](https://files.mykcm.com/2020/05/21093649/20200522-MEM-1046x837.png)
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.
Mt. Hood Short Term Vacation Rentals
Wednesday, May 20, 2020
Here is the latest communication from Clackamas County concerning unincorporated short term vacation rentals:
Yesterday the Board of County Commissioners agreed to delay for six months (until Nov. 17, 2020) any further action on possible regulations for short-term rentals in unincorporated Clackamas County. The action was taken because of the changed circumstances brought about by the COVID-19 pandemic, including:
- Almost total loss of revenue for the county’s Tourism Department, which was going to help fund start-up costs for a possible short-term rental registration program
- Dramatic drop in demand for short-term rentals
The status of short-term rentals in the county will continue to be as it has been, with no registration program or specific regulations except for the requirement to pay Transient Lodging Tax to the county's Finance Department (see details here: https://www.clackamas.us/finance/transient.html) . On November 17, the Board of Commissioners will again discuss the issue of possibly regulating short-term rentals based on the situation at that time.
Regulations as currently drafted will remain on the website at www.clackamas.us/planning/str. We will notify you when this issue is brought before the Board again or if there are other changes. For more information, contact Senior Planner Martha Fritzie at [email protected].
Thank you for your interest. Take care.
Ellen Rogalin, Community Relations Specialist
Clackamas County Public & Government Affairs
Transportation & Development | Business & Community Services
503-742-4274 | 150 Beavercreek Road, Oregon City, OR 97045
Office hours: 9 am – 6 pm, Monday-Friday
Mt. Hood Three Bedroom in Gaated Arrahwanna Estates
Thursday, May 14, 2020
Here's a private secluded home on over a half acre of land in the gated community of Arrah Wanna Estates located in Welches, Oregon. This home features three bedrooms and two baths with just under 1800 square feet of living space. Wood floors and vaulted ceilings are features of the living room. An open floor plan opens to the kitchen that features stainless steel appliances. A few steps more and you're into the family room or hobby room for projects. It also might make a great office.
There's one bedroom on the main level. Stairs take you up to a spacious master suite with sitting room, closet area and a remodeled bathroom that includes a tub, shower and skylight. A cozy loft bedroom sits over the living room
Outside features include a covered patio area and two different yard areas to use. A pergola is over the barbeque area. There's also multiple outbuildings. Just off the two car carport is an attached shop or storage area. Another outbuilding has storage and what was once a two horse stall with a fenced closed in area.
The asking price is $425,000.
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Mt. Hood Real Estate Sales April 2020 stats
Wednesday, May 13, 2020
The final numbers for April 2020 sales are out from RMLS. Take a look at these recent numbers:
April had 31 active listings on the market. I've never seen this little inventory on the market in the past 35 years. Pending sales have dropped 42% for April. For 2020 the cumulative pending sales are down just a tad under 17%. April saw a total of 8 sales. On the plus side there are currently 21 pending sales that should be closing eventually.
I know credit is tightening so a good credit score is a must in order to buy in this market. Many lenders are cutting out home equity loans which cuts off a good source of down payments and cash for buyers. It will be interesting to see what effect this tightening of credit will do to our market. All indications are that we will continue with a strong seller's market at this time and hopefully with some opening up we will see more properties hit the market.
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Displaying blog entries 531-540 of 1904
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