As predicted September was another busy month for sales in our area. We do expect sales to still be strong in October and start to slow a bit as November and December approach. Many people wonder is now a bad time to sell or buy? It is true Spring and Summer are the busiest months, but more people list during these months which results in more sales. Sellers prefer to wait till after the holidays or after the school year, but most buyers still continue to shop all year around. It is important to evaluate what the benefit is to you to sell now. Sometimes Spring is better because the market is improving, if we are in a downward motion Spring may not be better. As a buyer it is important to know there are not as many homes coming on the market during the Winter. Interest rates are still great now is a great time to take advantage of low rates. If you have any questions or would like specific information on a listing, please feel free to give us a call.
Another busy month in real estate and we expect another strong month in September/October. Currently in Hood River County there are 50 homes currently pending (accepted offer), Wasco County 36 homes pending, Klickitat County 49 homes pending, Skamania 18 homes pending. All counties showing much stronger sales compared to the beginning of the year. For example in March 2019 in Hood River County there were only 16 pending. This is truly a sign that inventory is picking up because sales are increasing AND inventory is increasing as well, remaining slightly above 100 homes. With the number of multiple offers on homes decreasing, inventory increasing and rates decreasing to 3 year lows - this can be encouraging for many Buyers who felt burnt out a year or two ago. It is also important as a Seller that you are paying attention to the changing market and asking about the market specific to your price range and area. If you have any questions or would like specific information on a listing, please feel free to give us a call.
Thank you everyone who came to celebrate with us! We are proud we have served this community for 50 years. We look forward to many more years! July was another busy month in the real estate world. 33 sales compared to 15 sales in January 2019. Inventory continued to increase slightly in August. Although not a major increase, inventory levels are the highest we have seen since 2014. Why the increase? It is hard to pinpoint one factor. One reason we have heard is that some sellers who were postponing selling now feel the market is flattening and think this is the best time to exit. Interest rates have also continued to decline and stay low. They are currently below 4% for a 30 year conventional loan. If you didn’t take advantage of refinancing last time rates were this low, you may want to inquire. Let us know if you would like some names of local lenders. If you have any questions or would like specific information on a listing, please feel free to give us a call.
Inventory continues to increase in Hood River County. We have been seeing this same increase in Wasco County as well. In Washington, Klickitat and Skamania County, the inventory has been more stable and we are not seeing these same increases yet. For buyers this may a bit of good news. The other bit of good news is interest rates have fallen back down below 4% for 30 year conventional mortgage. Sales were up this last month, 29 compared to 18 sales last month. This is typical, when inventory increases sales do tend to increase. However, unlike the previous years our inventory is increasing faster than sales.We are starting to see the market change. Many have predicted that thing may start to slow in 2020 - it will be interesting to see what happens this second half of 2019. Many have asked how Insitu layoffs have affected our market. So far we have not seen a noticeable change due to the layoffs. If you have any questions or would like specific information on a listing, please feel free to give me a call.
It’s starting to feel a lot like summer! With the warm weather and the end of the school year approaching it feels like the real estate market is picking up. As real estate agents we are starting to hear more and more people thinking about selling—so not quite reflected in the numbers yet. Currently there are 30 homes pending in Hood River County, about half of those are homes under $450k. Based on the pending data, under $450k the average days on market is 25, median days on market is 5. This is a very active segment of the market and one that is important to be prepared to move fast and to not be surprised if you are in a multiple offer situation. Comparatively above $450k in Hood River County the average days on market is 108 and the median is 38. The Fed has agreed to hold rates which is good news for buyers. Rates have been hovering around 4.25% for a 30 year fixed mortgage. If you have any questions or would like specific information on a listing, please feel free to give us a call.
April Newsletter
Friday, April 12th, 2019
.JPG)
Spring is here! It has been nice to see blue skies after our late snow fall this winter. Things seem to be picking up in our local real estate market. However, we have not seen an increase in inventory like we have been hoping for, since sales have been increasing at the same rate that homes are being listed for. Mortgage rates have been going back down, which is good news for buyers and if you currently have a mortgage with an interest rate near or above 5% it may be worth getting in touch with your lender, or let us know if you need a referral. Hood River County School District has been discussing school boundary changes that could become effective as soon as the upcoming school year. Visit their website to see some of the proposed changes. If you have any questions or would like specific information on a listing, please feel free to give me a call.
Currently listings for Hood River County are at their lowest level since June of 2017. Many people are hoping once the snow clears we may start to see more homes come on the market. Sales tend to follow our inventory as our inventory decreases so do the number of homes that sell. If you are thinking of listing now is a good time with the competition low. Another big news for the state of Oregon is on Feb 28th, Senate Bill 608 passed, effective immediately. This bill limits the ability of a landlord to terminate a tenancy without cause and also provides rent control. This bill will effect real estate sales because many times now a tenant will need 90 days notice and depending on how many rentals the landlord owns they may have to pay the tenant one month of rent as well to end tenancy. Many details of the bill are still being discussed, but if you would like a summary of the bill, let us know! If you have any questions or would like specific information on a listing, please feel free to give us a call.
Brrr! The snow has finally arrived in The Gorge. The inventory in Hood River County remain low and could drop a little further these next couple of months especially with the snow. Snow will sometimes cause sellers to delay sticking their home on the market. As many of the previous newsletters spoke about the market starting to flatten and signs that things are cooling off a little, we are now starting to see the data. The average residential price in Hood River County decline in 2018, going from $475,274 in 2017 to $457,620 in 2018. Other counties in The Gorge did not experience a decline, but have continued to see their average sales price increase. If you are a tenant or own a rental in Oregon—you may want to take a look at Senate Bill 608. If passed this bill will limit the amount a landlord can increase rent each year and changes the terms for landlords who are wanting to end tenancy with a tenant. If you have any questions or would like specific information on a listing, please feel free to give us a call!
Inventory is declining, which is typical this time of year. Affordability continues to be a problem in many areas including the Columbia River Gorge. In a poll, 86% of Oregonians viewed saving enough for a down payment and closing costs as a significant obstacle to buying a home. One new tax deduction is available to Oregonians as of 2019 to help with this. First time home buyers or home buyers who haven’t owned a home in 3 years may deposit up to $5,000 (single filers)/ $10,000 (married filers) into an account and have it be tax deductible to help with those costs— consult your tax account for more information. Many people are anxious to see what this new year brings in terms of our local real estate market. Some of our predictions — interest rates will continue to slowly rise, inventory levels will increase slightly compared to last year, days on markets will be longer, we won’t see as many sales as we did in 2018. If you have any questions or would like specific information on a listing, please feel free to give me a call.