Housing Market Graphs Showing Why This Will Not Be Like 2008
Tuesday, March 24, 2020
Real Estate Information
Mt. Hood Real Estate Blog
Liz Warren
Blog
Pages:
Displaying blog entries 531-540 of 1878
Mt. Hood Home and Cabin Owners: Get Your Property Ready to Sell Now!
Sunday, March 8, 2020
What is the Impact of the Coronavirus on the US Housing Market?
Sunday, March 8, 2020
Impact of the Coronavirus on the U.S. Housing Market
The Coronavirus (COVID-19) has caused massive global uncertainty, including a U.S. stock market correction no one could have seen coming. While much of the news has been about the effect on various markets, let’s also acknowledge the true impact it continues to have on lives and families around the world.
With all this uncertainty, how do you make powerful and confident decisions in regard to your real estate plans?
The National Association of Realtors (NAR) anticipates:
“At the very least, the coronavirus could cause some people to put home sales on hold."
While this is an understandable approach, it is important to balance that with how it may end up costing you in the long run. If you’re considering buying or selling a home, it is key to educate yourself so that you can take thoughtful and intentional next steps for your future.
For example, when there’s fear in the world, we see lower mortgage interest rates as investors flee stocks for the safety of U.S. bonds. This connection should be considered when making real estate decisions.
According to the National Association of Home Builders (NAHB):
“The Fed’s action was expected but perhaps not to this degree and timing. And the policy change was consistent with recent declines for interest rates in the bond market. These declines should push mortgage interest rates closer to a low 3% average for the 30-year fixed rate mortgage.”
This is exactly what we’re experiencing right now as mortgage interest rates hover at the lowest levels in the history of the housing market.
At this point in time, we have not seen any impact in the Mt. Hood real estate market. In fact, with lower interest rates many of our buyers are refinancing their primary homes, pulling out cash and purchasing their second homes to take advantage of this opportunity.
Bottom Line
The full impact of the Coronavirus is still not yet known. It is in times like these that working with an informed and educated real estate professional can make all the difference in the world.
Government Camp Alpine Crest Lot For Sale
Sunday, March 8, 2020
Rare opportunity to build your home in Alpine Crest with Mt. Hood view in Government Camp, Oregon. This lot is over a quarter of an acre and has a fantastic location to easily get to the slopes of Mt. Hood! It's one of the largest lots in the subdivision with all homes over a half a million dollars in value. Minimal HOA to pay for plowing too!
Tired of sitting in traffic on weekends to get to the slopes? Avoid those 5:00 am get up times and build your own chalet at the foot of Mt. Hood so you're first on the slopes.
More info on 90011 E. Morrison Lane in Alpine Crest Government Camp, Oregon
$280,000
Hackett Creekfront Home on Over an Acre!
Wednesday, March 4, 2020
This light and bright charmer sits on 1.15 acres on Hackett Creek. Three bedrooms and two bath home with open floor plan. Toe warming wood stove warms up the house with high vaulted ceilings and a wall of windows facing your own private forest. Steps out the living room slider is a spacious deck with a star gazing hot tub after a day on the slopes.
The living room has tons of natural light. Two bedrooms are located on the main level. Upstairs boasts the master bedroom with bathroom and walk in closet. Bonus office or den is upstairs too. Enjoy the extra deep attached two car garage!
$399,950
.jpeg)
.jpeg)
More details for 67051 E. Barlow Trail!
Clackamas County Vacation Rental Update
Saturday, February 15, 2020
Good morning,
The Board of Commissioners continued the first public hearing on draft short-term rental regulations at its business meeting on Feb. 13. After testimony was completed, commissioners had a number of questions and comments, and voted to table the topic rather than go ahead with a second public hearing, as previously planned. You can see the video of the meeting hereand read the most recent proposed regulations and background information here, beginning on page 5.
We will share information about any additional proposed changes to the regulations and upcoming meetings as they are set. Thank you.
Comments/questions? Check out www.clackamas.us/planning/str or contact Senior Planner Martha Fritzie at [email protected] or 503-742-4529.
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
Great News for Renters Who Want to Buy a Home on Mt. Hood
Thursday, February 6, 2020
Great News for Renters Who Want to Buy a Home on Mt. Hood
Rents in the United States have been skyrocketing since 2012. This has caused many renters to face a tremendous burden when juggling their housing expenses and the desire to save for a down payment at the same time. The recent stabilization of rental prices provides a great opportunity for renters to save more of their current income to put toward the purchase of a home.
Just last week the Joint Center of Housing Studies of Harvard University released the America’s Rental Housing 2020 Report. The results explain the financial challenges renters are experiencing today,
“Despite slowing demand and the continued strength of new construction, rental markets in the U.S. remain extremely tight. Vacancy rates are at decades-long lows, pushing up rents far faster than incomes. Both the number and share of cost-burdened renters are again on the rise, especially among middle-income households.”
According to the most recent Zillow Rent Index, which measures the estimated market-rate rent for all homes and apartments, the typical U.S. rent now stands at $1,600 per month. Here is a graph of how the index’s median rent values have climbed over the last eight years:
Is Good News Coming?
There seems, however, to be some good news on the horizon. Four of the major rent indices are all reporting that rents are finally beginning to stabilize in all rental categories:
1. The Zillow Rent Index, linked above, only rose 2.6% over the last year.
2. RENTCafé’s research team also analyzes rent data across the 260 largest cities in the United States. The data on average rents comes directly from competitively rented, large-scale, multi-family properties (50+ units in size). Their 2019 Year-End Rent Report shows only a 3% increase in rents from last year, the slowest annual rise over the past 17 months.
3. The CoreLogic Single Family Rent Index reports on single-family only rental listing data in the Multiple Listing Service. Their latest index shows how overall year-over-year rent price increases have slowed since February 2016, when they peaked at 4.2%. They have stabilized around 3% since early 2019.
4. The Apartment List National Rent Report uses median rent statistics for recent movers taken from the Census Bureau American Community Survey. The 2020 report reveals that the year-over-year growth rate of 1.6% matches the rate at this time last year; it is just ahead of the 1.5% rate from January 2016. They also explain how “the past five years also saw stretches of notably faster rent growth. Year-over-year rent growth stood at 2.6% in January 2018, and in January 2016 it was 3.3%, more than double the current rate.”
It seems tenants are getting a breather from the rapid rent increases that have plagued them for almost a decade.
If you're looking for local monthly rentals on Mt. Hood, you might want to try these two resources:
Mountain Retreats at 503-622-3212 in Brightwood or Welches Mountain Properties at 503-622-4275 right in Welches.
Bottom Line
Rental expenses are beginning to moderate, and at the same time, average wages are increasing. That power combination may allow renters who dream of buying a home of their own an opportunity to save more money to put toward a down payment. That’s sensational news!
Give me a call or drop me an email if you would like more into on how to get a pre-approval for buying!
Mt. Hood Vacation Rental Public Hearing Letter
Wednesday, February 5, 2020
On January 30, the County Board of Commissioners held its first public hearing on the proposed new regulations on short-term/vacation rentals in unincorporated Clackamas County. Before the meeting the commissioners received the results of the online questionnaire and additional public comments submitted by email.
After hearing testimony from 16 people, the board decided to extend the first public hearing until Thursday, Feb. 13, and asked to meet with staff to discuss the issues at a policy session.
That policy session was held yesterday afternoon. After much discussion, the Board of Commissioners continued to support the draft regulations, but did ask staff to make the following changes:
- Allow guest houses to be used as short-term rentals. (Current county code prohibits guest houses – defined as an adjacent sleeping area without a kitchen or laundry – from being rented.)
- Increase the maximum occupancy per short-term rental to two people multiplied by the number of sleeping areas plus four additional people. (For example, a two-bedroom home would have a maximum occupancy of eight people.) The total maximum occupancy for any short-term rental, even one with six or more sleeping areas, would remain at 15 people.
- Allow owners of short-term rentals in unincorporated Clackamas County inside the Portland urban growth boundary (UGB) to use a dwelling or guest house on a lot adjacent to their primary residence to be used as a short-term rental. (The current proposed language requires a short-term rental in the UGB to be the owner’s primary residence or located on the same lot as the owner’s primary residence.)
- Set fines for violation of short-term rental regulations similar to those for many other code enforcement violations -- $250 for first citation, $500 for second citation, $75/month administrative fee while the case is open, and additional charges for each day the violation continues.
The updated draft regulations will be available online at www.clackamas.us/planning/str later this week. As before, people who wish to comment are invited to send an email to Senior Planner Martha Fritzie at [email protected] or testify in person at the continuation of the first hearing or the second hearing. Both hearings will be in the Board Meeting Room on the 4th floor of the Public Services Building, 2051 Kaen Road, Oregon City.
- Continuation of first public hearing: Board of Commissioners Business Meeting, 10 a.m., Thursday, Feb. 13
- Second public hearing and Board action: Board of Commissioners Business Meeting, 10 a.m., Thursday, Feb. 27
Thank you for your continued interest.
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
Pages:
Displaying blog entries 531-540 of 1878
Syndication
Categories
- (0)
- Government Camp Real Estate (685)
- Mt Hood Inspiration-Morning Coffee (256)
- Mt. Hood 1031 Tax Exchanges (66)
- Mt. Hood Economic Conditions (761)
- Mt. Hood Local Events (358)
- Mt. Hood Mortgage and Financing Information (359)
- Mt. Hood National Forest Cabins (466)
- Mt. Hood New Properties on Market (308)
- Mt. Hood Sales Information (350)
