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.

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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.

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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!

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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.

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It has been cold, but no snow yet! We are heading towards the end of the year. Winter does tend to be a slower time of year but overall the real estate market appears to be changing and not just making a seasonal adjustment. We have been seeing the usual inventory decline, but this Winter is a different market than last winter. When looking at Hood River County we have seen a 4% decline in average residential sales price. The Dalles and White Salmon areas have still been showing signs of strong markets with 8-10% increases in sales price. The days on  market in Hood River County has also increased averaging 90 days on market for 2018 and 52 for 2017. It will be interesting to see what this spring brings to our area. One thing we do like to remind people are these are general trends, if you would like to find out what the market is like for your particular property, let us know, it really does vary based on 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.

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We are starting to see that the number of homes on the market are beginning to taper off as we approach the  holidays/winter. The number of homes for sale currently is almost the exact same number as last year at this time. Overall in 2018 our inventory level has been more consistent, we did not see the super low inventory levels in the summer like in 2017. We are still seeing interest rates for mortgages increase slightly, currently they are   hovering around 5% for 30 year fixed conventional loan. They still do predict rates to continually slowly increase. As the winter approaches it is important to remember to winterize sprinkler systems, clean gutters and downspouts, disconnect hoses and a good time to replace your furnace filter if you haven’t done it recently. If you ever need any recommendations for service people to help you with items like these never hesitate to reach out to us! If you have any questions or would like specific information on a listing, please feel free to give us a call.

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Fall is here! The weather is cooler, kids are back in school & the fall colors are coming out! September has traditionally been one of the highest months as far as active listings, which seems to have held true this year. Typically inventory will then go down as we approach the holidays. Many people wonder is now a good time sell and we do believe it is. Many sellers withhold listings because they don’t want to be bothered with showings or moving during the holidays or winter, but many buyers continue their search and are anxious to get into a new home before the holidays or year-end. Usually there are not as many sales during the winter months but it is  correlated with the number of homes on the market. Many buyers that are looking right now are even more anxious because they are worried about interest rates going up, which has continued to be the trend. 30-year interest rate have continued to inch close to 5%. If you have any questions or would like specific information on a listing, please feel free to give us a call.

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Fall is coming and school has started! August was another strong month for home sales. We are finally starting to see the inventory increase in Hood River County, which is typical for September in our area. Compared to last year at this time we are at about the same level. A little over 70% of inventory in Hood River County is above $400,000 and 15% is above 1 million. In Wasco County there are currently 108 homes for sale, last year at this time there were 128 homes. Unlike Hood River only 20% of the inventory is above $400,000 and under 2% over 1 million. Even though Wasco County is only 20 minutes from Hood River, they are very different markets! Just like the national statistics, our home prices have been climbing faster than our rent prices. We have seen a slight uptick in rents but nothing like we did 2 years ago. If you have any questions or would like specific information on a listing, please feel free to give us a call.

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Inventory has been remaining steady these last couple of months. However, if you feel like there hasn’t been a lot of new listings entering the market compared to last summer, it is true! Based on the graph above it may appear there were more homes for sale this last June, but really the inventory is just not moving as fast. In June 2017 there were 50 new listings in Hood River County, but in June 2018 there were only 34 new listings. It seems as though affordability is always a topic discussed in Hood River County. Nationally the median home price is $296,000. In Hood River County our median home price for 2018 is $446,224. About $150k higher than the     national average, which is one reason affordability is always a concern! Wasco County the median home price is $225,000, Klickitat County $301,595, Skamania County $306,518.  If you have any questions or would like specific information on a listing, please feel free to give us a call.

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We’ve been hearing the question a lot how’s the market? Things are still busy. Closed sales this last month           increased by 50%. Majority of sales that closed in June are homes that went under contract in April & May. Currently there are 43 homes pending (have an accepted offer). Inventory has slightly increased and we do have more inventory compared to last year at this time. Interest rates have been fluctuating these last couple of months, but comparatively to last summer they are higher. Days on market have also increased, where last year at this time the average days on market was 49 days versus currently 62 days. Overall it is important to know as a Buyer and Seller the market has changed from last summer, but is still very competitive.  If you have any questions or would like specific information on a listing, please feel free to give us a call.

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