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2013 Market Snapshot for Mt Hood Real Estate

2013VolumebyQuarter

In 2013 there were 158 Closed home sales in the Villages of Mt Hood from Alder Creek on the west to Government Camp to the east and also including the towns of Welches, Brightwood and Rhododendron, Oregon.  2013 closed sales were up from the 140 closed transactions in 2012 or a 13% increase in the number of sales for 2013 . Volume is a more impressive increase for 2013. Total Residential Sales volume for the year was up by approximately 28% over 2012.

Here are some additional Mt Hood Real Estate Market factoids:

  • The Median Sale price rose in 2013 to $201,750.  It was up from $172,000 for the 2012 Median Sale Price for Homes, Cabins and Condos.
  • The total number of Distressed Sales, either a Bank Owned or Short Sale transaction,  in the Villages of Mt Hood fell in 2013 to 14% of the total Number of closed sales or 9% of the total volume.  In 2012,  25% of the transactions were “Distressed” sales.  I predict these distressed sales will continue to dribble into the marketplace creating what is being called a “New Normal”. The new category of Judicial Forecloses for the state of Oregon may impact the marketplace.  Time will tell.
  • Forest Service cabins accounted to approximately 16% of the market in 2013. This is not much of a change from 2012.  The Median Sale price was  $115,000 in 2013 and in 2012 it was $148,500 . This was a 23% DROP in 2013, the only niche Mt Hood Market in 2013 to have experienced a decline. The reason for this decline was a large number of sales at the lower price points due to necessary infrastructure improvements ie. septic system installation that the buyers completed.
  • Waterfront properties account for a significant number of transactions each year in the Villages of Mt Hood. In 2013, 37% of the transactions were on streams, creeks, rivers or lakes.
  • There was an Increase in Government Camp condo volume in 2013 over 2012 by a walloping 101% .  Fewer distressed sales and increase in the High End Luxury condos sales account for the percentage increase.

Happy House Hunting in 2014!

Mt Hood Real Estate’s Market Snapshot: February 5, 2014

NewMHRElogo_sredhood2

Homes, Cabins & Condominiums: Mt Hood Area (153) per the Regional Multiple Listing Service (RMLS) which includes homes and cabins in Welches, Rhododendron , Brightwood, and Government Camp Oregon.

  • 86 Current Active Residential Home Listings which includes Single Family Homes, Cabins, & Condos. This is
  • heading towards a seasonal low for inventory. The question now is will there be inventory latter this spring and summer?
  • 22 Pending Home & Cabins are currently under contract.
  • 3 Short Sale Pending Residential Home Listings which is lower than in December 2013.
  • 12 Homes and Cabins have closed so far in 2014 one of which was a REO or Bank Owned property.

Lots and Acreage: Mt Hood Area (153)

  • 42 Active Undeveloped land listings in the Villages of Mt Hood.
  • 2 Pending Undeveloped land properties currently under contract.
  • 1 Undeveloped land property has sold so far in 2014.

Psst: Take a look at the Market Snapshots for January 2013 & March 2013 for an in-depth review of the Mt Hood Real Estate marketplace.

 

Home-Ownership, Still Part of the American Dream

It’s estimated that 10% of the homes sold in 2013 will be to buyers who lost a home in the past five years. Approximately 500Waiting periods.png,000 buyers who may have thought they wouldn’t own a home anytime in the near future will be homeowners again.

It’s estimated that several million of these previous homeowners will purchase again in the next eight years. This kind of activity will contribute significantly to the housing recovery.

Some people thought that the housing crisis would cause a shift in values placed on owning a home but the boomerang buyers definitely don’t support that theory. Having a home of your own, where you can raise your family, share with your friends and feel safe and secure is still part of the American Dream.

The rising rents, increasing prices and low, low mortgage rates are also influencing buyers into the market. In many cases, it is cheaper to own that to rent.

All new buyers, including those who have experienced foreclosures or bankruptcies, must have good credit history and the ability to repay the loan. It just may not take as long to reestablish the credit as some would-be buyers might have thought.

Read more about Bidding Wars This Spring, Spring’s Wild Card and Boomerang Buyers.

By |April 9th, 2013|Categories: Uncategorized|Tags: |0 Comments

Tax Time, Just Around the Corner

One of the drawbacks to low mortgage rates is that the total interest and property taxes paid for the year may be lower than the standard Image 4-1-13deduction.  A little planning might be able to help you at least every other year.

Most homeowners know they can deduct their qualified mortgage interest and property taxes on their Schedule A of their 1040 tax return or to take the standard deduction if it is greater.  See Your Deduction…Your Choice.

Deductions are taken in the year that they’re actually paid.  If a homeowner paid their 2012 property taxes in 2013, they would not be deductible on their 2012 tax return.  Then, if the 2013 property taxes were paid in 2013, both the 2012 and 2013 taxes could be deducted on the 2013 Schedule A.

By delaying the payment of the 2012 taxes until 2013, the combination of the 2012 and 2013 taxes might exceed the 2013 standard deduction and provide a higher deduction.

Other Schedule A expenses such as charitable contributions and medical expenses may be bunched also.  From a practical standpoint, since most mortgage payments are due monthly, the mortgage interest would not be bunched.

This information should be discussed with your tax advisor or  CPA to see how it might apply to your individual situation.  The key is you must be aware of the strategy early to be able to use it.

By |April 1st, 2013|Categories: Uncategorized|Tags: , , |0 Comments

Visit Eight National Forests in the Pacific Northwest

Spring and Summer is upon us.  Here is a YouTube of some beautiful National Forests including the Mt Hood National Forest that surrounds most of the “Villages of Mt Hood”.

You-Tube-PNW NatForests


Published on Jun 14, 2012 by the USFS

Features scenes from eight National Forests in the Pacific Northwest which contains 17 National Forests, a National Scenic Area, a National Grassland, and two National Volcanic Monuments, all within the States of Oregon and Washington. Learn more about the locations shown in this video at
http://www.fs.usda.gov/detail/r6/abou…

The Windward side of Mt Hood consists of Brightwood, Welches, Rhododendron, and Government Camp and is often referred to as the “Villages Of Mt Hood.”

If you are looking for Mt Hood Cabins for Sale check out Mt Hood Real Estate.net

Mt Hood Closed Residential Sales: Dec 2012 through Feb 2013

Here is a list of Homes, Condos and Cabins closed in the months of December 2012, January 2012 and February 2013 in the Villages of Mt Hood from Alder Creek to Government Camp on the Western slopes of Mt Hood. This area includes homes in Welches, Brightwood, Rhododendron, Government Camp and Sandy, Oregon.

Closed Sales,Dec12,Jan,Feb13

Check out all unique Homes and Cabins in the Mt Hood area by property type:

Interest Rates are excellent and Home Prices are still affordable, a winning combination to to buy in 2013. When looking to buy Mt. Hood Real Estate come to MtHoodRealEstate.net

Market Snapshot: March 22,2013

Homes, Cabins & Condominiums: Mt Hood Area (153)

  • 86 Active homes and Cabins Currently listed for sale. Includes Single Family Residences, Condos & Cabins. Keep an eye on this number!
  • 21 Pending Sales
  • 8 Short Sales Pending Sales(This is a New Multiple Listing Category starting in 2012)
  • 22 Homes and cabins sold to date in 2013.

Lots and Acreage: Mt Hood Area (153)

  • 40 Active land listings in the Mt Hood Area or Villages of Mt Hood
  • 1 Pending Sale
  • 2 Sold Undeveloped Land Properties to date in 2013.

Mt Hood Real Estate For Sale  in the Villages of Mt Hood includes:

Market Snapshot is a Periodic Peek at Mt Hood Real Estate Market Conditions provided by Blythe Creek.

Interesting Piece of History

A 30 year fixed-rate mortgage hasn’t always been the standard. As part of FDR’s New Deal in 1934, the Federal Housing Administration was created to help Americans purchase homes with affordable terms.

Prior to then, many loans had an amount due at the end of the term called a balloon. Most mortgages had adjustable interest rates even though some might be fixed for a short time. While banks would loan money on a home, they retained the right to call the note due at any time which could exert considerable stress on borrowers.

FHA, during this time, introduced mortgages that offered a fixed rate of interest to the borrower for a 30 year term. This fully amortized loan provided borrowers a financial vehicle that would help them achieve the American Dream while minimizing the risk of having a loan called without the resources to pay it off. It brought long-term stability to the housing market and helped stimulate the economic recovery at a very difficult time in our nation’s history.

Roughly, a third of the mortgages created in 2011 were less than 30 year terms. Many homeowners, similar to those after the Great Depression, would like to get their home paid for as soon as possible. Shorter term mortgages typically have a lower interest rate but higher payments due to fewer years to amortize the mortgage.

By |March 20th, 2013|Categories: Uncategorized|Tags: |0 Comments

Simple Heat Pump Maintenance

Some people refer to the heating and air conditioning systems as the “comfort systems.”  If you’ve ever had to be without one in the dead of winter or the heat of summer, lack of comfort may be an understatement. Your pocketbook will know it!!  Simple maintenance with a HVAC checklist is something that every homeowner can perform. 

Periodically

  • Change your filter every 90 days; every 30 days if you have shedding pets.
  • Maintain at least two feet of clearance around outdoor air conditioning units and heat pumps.
  • Don’t allow leaves, grass clippings, lint or other things to block circulation of coils.
  • Inspect insulation on refrigerant lines leading into house monthly and replace if missing or damaged.

Annual, in spring

  • Confirm that outdoor air conditioning units and heat pumps are on level pads.
  • Pour bleach in the air conditioner’s condensation drain to clear mold and algae which can cause a clog.
  • Avoid closing more than 20% of a home’s registers to keep from overworking the system.
  • Replace the battery in the home’s carbon monoxide detector.

Even with the attention that performing this list will provide, it is recommended that you have your units serviced annually by a licensed contractor.  Furnaces can be inspected for carbon monoxide leaks and preventative maintenance may help avoid costly repairs.  Click Here if you’d like a recommendation.

By |March 18th, 2013|Categories: Uncategorized|0 Comments

How Does Low Inventory Relate to Buying or Selling?

Low inventory is a relative term depending on how you’re comparing it.  Would the comparison be to total number of homes on the market last year, homes in a certain price range or homes in a certain area?  In some situations, it’s a combination of all of those things.

altIn any given market, inventories will fluctuate based on area and price range.  The National Association of REALTORS® considers a balanced market to be six months’ supply of homes.  If it takes longer than six months to sell, it is thought to be a buyer’s market and less than six months, a seller’s market.  Most buyers and sellers probably feel inventory equilibrium is more like three month’s supply of homes.

Inventory has a direct impact on price.  During the housing bubble, demand decreased, supply ballooned to four million houses and prices dropped dramatically.  Increased inventories due to foreclosures, bank’ revised lending practices and builder’s lack of new housing starts each contributed to the dramatically lower prices.

As the market has recovered, economic conditions have improved,  interest rates have remained low, foreclosures have slowed and gradually, the inventory has been reduced to approximately two million houses.  When demand is constant but inventory is reduced, price tends to increase because the same number of people are trying to buy a smaller than normal number of homes.

Based on the low mortgage rates that have been inching up each week in 2013 and an improving consumer confidence level, most markets are experiencing some increase in demand.  With inventory decreasing, buyers in the marketplace can see that prices are increasing.

Just as signs of spring can be seen to be just around the corner, it should be recognized what direction prices will be moving.  Hindsight is 20/20 but we can’t purchase or sell in the past.  We need to make decisions today on what we think will happen in the future.

If you’re curious to know what inventory conditions are for your specific market, send me an email with the price range and area and I’ll send you a report.  blythe@mthoodrealestate.net

By |March 7th, 2013|Categories: Uncategorized|Tags: |0 Comments