During the span between 2019 and 2022, the COVID-19 pandemic significantly disrupted both society and economic activities. Nevertheless, the latest Survey of Consumer Finance, which has recently been unveiled, highlights widespread enhancements in the financial well-being of American families during this timeframe, especially concerning their net worth.
Credit life insurance is a specialized type of insurance designed to provide financial protection for borrowers and their families in the event of the borrower's untimely death. This insurance is often associated with loans, including mortgages, and is specifically tied to the outstanding balance of the loan. In the case of a home purchase, credit life insurance will cover the remaining mortgage balance if the homeowner passes away before the loan is fully paid off.
July was a very busy month here in The Gorge. Things are moving! As of July 31st almost the same number of homes sold in 2020 (134 homes) compared to 2019 (129 homes) in Hood River County. One thing different is the average price. Average price for 2019 was $469,000 compared to YTD average for 2020 $489,412 and in the last few months averages of $500k+. Prices are increasing, inventory has also dropped this month causing upward pressure on prices as well. We are seeing this same trend in both Wasco and Klickitat County - similar home sales and an increase in average price. You can see by the current pending home sales that we are expecting a strong and busy Fall. Not to mention historically low mortgage interest rates. Many would have expected the pandemic to cause the real estate market to crash again or sales to decline, but it has done just the opposite! If you have any questions or would like specific information on a listing, please feel free to give us a call.
Our market is still showing signs of strength! Pending homes (home that have an accepted offer) continue to increase from last month and comparing the number of sales last year at this same time. Inventory remains low. Both continue to be signs that prices will remain stable and the market is still going strong. At this point there are no signs that prices may fall. It continues to be one the most popular questions asked with so much uncertainty, how is the real estate market? At this point our answer is it not showing signs of slowing down or prices falling. It does appear there are more people who live in cities considering the possibility of moving out to more rural areas. Going back to business as usual does not seem to be in the near future, many people are understanding the luxury of having a back yard or the benefits of living a little outside the city. Interest rates are still at record lows! If you have any questions or would like specific information on a listing, please feel free to give us a call. Our office is closed to the public, but we are still here to help! We are still able to help with selling your home and are available to show you any home for sale!
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Many are still wondering this month, if COVID-19 is impacting our local real estate market. So far our market is still strong! Listings have dropped this last month, which typically we do see an increase as we head into the summer. Part of this could be due to sellers withholding putting their home on the market due to the risk of people coming into the home or the uncertainty of the future. However, with inventory remaining low and demand still high it is the equation for a strong market and no signs of prices decreasing. In all counties in The Gorge we saw the number of pending sales (homes with accepted offer) increase again. All counties (Hood River, Wasco, Klickitat & Skamania) show the number of pending sales have increased from April and also show an increase when compared to May 2019. Interest rates have remained low, which again is great for buying and refinancing. Refinancing activity is up! If you have any questions or would like specific information on a listing, please feel free to give us a call. Our office is closed to the public, but we are still here to help! We are still able to help with selling your home and are available to show you any home for sale!
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