hood river real estate: Two Big Issues Facing the Housing Market in Early 2023
- 02/25/23 12:11 PM
Two Big Issues Facing the Housing Market in Early 2023
The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply:
“Two dynamics are keeping existing-home inventory historically low – rate-locked existing homeowners and the fear of not finding something to buy.”
Let’s break down these two big issues in today’s housing market.
Rate-Locked Homeowners According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):
But today, the typical mortgage rate offered to buyers is over 6%. As … (3 comments)
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hood river real estate: Spring into Action: Boost Your Home’s Curb Appeal
- 02/22/23 12:00 AM
Spring into Action: Boost Your Home’s Curb Appeal
To sell your home this spring, it may need more preparation than it would have a year or two ago. Today’s housing market has a different feel. There are more homes for sale than there were at this time last year, but inventory is still historically low. So, if a house has been sitting on the market for a while, that’s a sign it may not be hitting the mark for potential buyers. But here’s the thing. Right now, homes that are updated and priced at market value are still selling fast.
Today, homes with curb appeal that … (4 comments)
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hood river real estate: Why It’s Easy To Fall in Love with Homeownership
- 02/20/23 01:20 AM
Why It’s Easy To Fall in Love with Homeownership
No matter how the housing market changes, there are some things about owning a home that never change—like the personal benefits it can provide. When you own your home, you likely feel a sense of attachment because of the comfort it gives and also because it’s a space that’s truly yours.
Over the last few years, we’ve fully embraced the meaning of our homes as we spent more time than ever in them. As a result, the emotional benefits our homes provide have become even more important to us.
As the most recent State of the American Homeowner from Unison puts … (2 comments)
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hood river real estate: What You Should Know About Closing Costs
- 02/20/23 01:00 AM
Closing Cost Facts You Should Know
Before you buy a home, it’s important to plan ahead. While most buyers consider how much they need to save for a down payment, many are surprised by the closing costs they have to pay. To ensure you aren’t caught off guard when it’s time to close on your home, you need to understand what closing costs are and how much you should budget for.
What Are Closing Costs? People are sometimes surprised by closing costs because they don’t know what they are. According to Bankrate:
“Closing costs are the fees and expenses you must pay before becoming the … (3 comments)
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hood river real estate: Why Today’s Housing Market Isn’t Headed for a Crash
- 02/09/23 11:42 PM
Why Today’s Housing Market Isn’t Headed for a Crash
67% of Americans say a housing market crash is imminent in the next three years. With all the talk in the media lately about shifts in the housing market, it makes sense why so many people feel this way. But there’s good news. Current data shows today’s market is nothing like it was before the housing crash in 2008.
Back Then, Mortgage Standards Were Less Strict During the lead-up to the housing crisis, it was much easier to get a home loan than it is today. Banks were creating artificial demand by lowering lending standards and making … (4 comments)
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hood river real estate: HOOD-RIVER BRIDGE 4-DAY CLOSURE MAY 19-22, 2023
- 01/30/23 07:41 PM
The Hood River-White Salmon Interstate Bridge will be closed to all traffic for four consecutive days, May 19-May 22, 2023. Work crews will perform a complete replacement and adjustment of the counterweight ropes.
A big project with a big impact on traffic. More detailed information on the closure is available from the Port of Hood River.
Originally constructed in 1924, the bridge is beyond its design life, obsolete, and insufficient for modern vehicles and marine freight. During a 3-day closure in 2022, the bridge replacement partners created a video describing the impacts of such closures and the urgent need for replacement funding, viewable … (1 comments)
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hood river real estate: What Past Recessions Tell Us About the Housing Market
- 01/27/23 09:19 AM
What Past Recessions Tell Us About the Housing Market
It doesn’t matter if you’re someone who closely follows the economy or not, chances are you’ve heard whispers of an upcoming recession. Economic conditions are determined by a broad range of factors, so rather than explaining them each in depth, let’s lean on the experts and what history tells us to see what could lie ahead. As Greg McBride, Chief Financial Analyst at Bankrate, says:
“Two-in-three economists are forecasting a recession in 2023 . . .”
As talk about a potential recession grows, you may be wondering what a recession could mean for the … (1 comments)
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hood river real estate: Key Terms To Know When Buying a Home
- 01/19/23 10:56 PM
Key Terms To Know When Buying a Home
Some Highlights Buying a home is a major transaction that can seem even more complex when you don’t understand the terms used throughout the process. If you’re looking to become a homeowner this year, it’s important to know these housing terms and how they relate to the current market so you feel confident throughout the homebuying process. Let’s connect so you have expert answers for any questions as they come up. … (4 comments)
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hood river real estate: Planning to Retire? It Could Be Time To Make a Move.
- 12/18/22 11:42 PM
Planning to Retire? It Could Be Time To Make a Move.
If you’re thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your house and finding a home that more closely fits your needs.
Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about when making that decision.
Consider How Long You’ve Been in Your Home From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according … (0 comments)
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hood river real estate: More Negotiation Power When You Buy a Home Today?
- 12/18/22 11:39 PM
More Negotiation Power When You Buy a Home Today?
Did the frequency and intensity of bidding wars over the past two years make you put your home search on hold? If so, you should know the hyper-competitive market has cooled this year as buyer demand has moderated and housing supply has grown. Those two factors combined mean you may see less competition from other buyers.
And with less competition comes more opportunity. Here are two trends that may be the news you need to reenter the market.
1. The Return of Contingencies Over the last two years, more buyers were willing to skip important steps … (1 comments)
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hood river real estate: Selling? Today’s Housing Supply Gives You Two Opportunities
- 12/16/22 09:48 PM
Ready To Sell?Today’s Housing Supply Gives You Two Opportunities.
At first glance, the increase in housing supply compared to last year may not sound like good news for prospective sellers, but it actually gives you two key opportunities in today’s housing market.
An article from Calculated Risk helps put the inventory gains the market has seen in 2022 into perspective by comparing it to recent years (see graph below). It shows supply has surpassed 2021 levels by 58%. But the further back you look, the more you’ll understand the bigger picture. And if you go all the way back to 2019, the last normal year in real … (3 comments)
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hood river real estate: Key Advantages of Buying a Home Today
- 12/11/22 12:49 PM
Key Advantages of Buying a Home Today
There’s no doubt buying a home today is different than it was over the past couple of years, and the shift in the market has led to advantages for buyers today. Right now, there are specific reasons that make this housing market attractive for those who’ve thought about buying but have sidelined their search due to rising mortgage rates.
Buying a home in any market is a personal decision, and the best way to make that decision is to educate yourself on the facts, not following sensationalized headlines in the news today. The reality is, headlines do … (1 comments)
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hood river real estate: Home Sweet Home: The Emotional Benefits of Homeownership
- 11/27/22 05:34 PM
Home Sweet Home: The Emotional Benefits of Homeownership
Some Highlights While there are many financial perks to owning a home, there are also powerful non-financial benefits to consider if you’re thinking about making a move. Homeownership allows you to express yourself, gives you greater privacy and comfort, enhances your connection to your community and loved ones, and is an achievement to feel proud of. Let’s connect today to discuss all that homeownership has to offer. … (3 comments)
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hood river real estate: Saving for a Home
- 11/14/22 10:38 PM
Saving for a Home
If you’re planning to buy a home, knowing what to budget for and how to save may sound scary at first. But it doesn’t have to be. One way to take the fear out of budgeting is understanding some of the costs you might encounter. And to do that, turn to trusted real estate professionals. They can help you plan your finances and prepare your budget.
Here are just a few costs experts say you can expect.
1. Down Payment Saving for your down payment is likely top of mind as you set out to buy a home. But do you … (3 comments)
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hood river real estate: VA Loans: Making Homes for the Brave Achievable
- 11/11/22 01:57 PM
VA Loans: Making Homes for the Brave Achievable
Some Highlights VA Loans can help make homeownership possible for those who have served our country. These loans offer great benefits for eligible individuals and can help them buy a VA-approved house or condo, build a new home, or make improvements to their house. Homeownership is the American Dream. One way we can honor and thank our veterans is to ensure they have the best information about the benefits of VA home loans. … (0 comments)
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hood river real estate: Homeownership as the American Dream
- 11/08/22 02:08 PM
Homeownership as the American Dream
Buying a home is a powerful decision, and it remains a key part of the American Dream. In fact, the 2022 Consumer Insights Report from Mynd found the majority of people polled still view homeownership as a key life achievement. Let’s explore just a few of the reasons why so many Americans continue to value homeownership.
The Financial Benefits of Owning a Home One possible reason homeownership is viewed so highly is because owning a home is a significant wealth-building tool, and it provides meaningful financial stability over renting by locking in your monthly housing payments for the length of your home loan. … (1 comments)
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hood river real estate: 3 Trends - Good News for Today’s Homebuyers
- 11/04/22 12:47 PM
3 Trends - Good News for Today’s Homebuyers
While higher mortgage rates are creating affordability challenges for homebuyers this year, there is some good news for those people still looking to buy a home.
As the market has cooled this year, some of the intensity buyers faced during the peak frenzy of the pandemic has cooled too. Here are just a few trends that may benefit you when you go to buy a home today.
1. More Homes To Choose from During the pandemic, housing supply hit a record low at the same time buyer demand skyrocketed. This combination made it difficult to find a … (1 comments)
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hood river real estate: Forecasting The Future For Home Prices?
- 10/20/22 08:09 AM
What’s Ahead for Home Prices?
As the housing market cools in response to the dramatic rise in mortgage rates, home price appreciation is cooling as well. And if you’re following along with headlines in the media, you’re probably seeing a wide range of opinions calling for everything from falling home prices to ongoing appreciation. But what’s true? What’s most likely to happen moving forward?
While opinions differ, the most likely outcome is we’ll fall somewhere in the middle of slight appreciation and slight depreciation. Here’s a look at the latest expert projections so you have the best information possible today.
What the Experts Are Saying … (1 comments)
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hood river real estate: What is Happening to Housing Supply & Demand?
- 10/20/22 07:47 AM
The Latest on Supply and Demand in Housing (Nationally)
Over the past two years, the substantial imbalance of low housing supply and high buyer demand pushed home sales and buyer competition to new heights. But this year, things are shifting as supply and demand reach an inflection point.
The graph below helps tell the story of just how different things are today.
This year, buyer demand has eased as higher mortgage rates and mounting economic uncertainty moderated the market. This slowdown in demand is clear when you look at the red bar on the graph. It uses the latest data from ShowingTime to illustrate how showings (an … (1 comments)
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hood river real estate: Inflation & Buying a Home
- 10/20/22 07:36 AM
Should You Still Buy a Home with the Latest News About Inflation?
While the Federal Reserve is working hard to bring down inflation, the latest data shows the inflation rate is still high, remaining around 8%. This news impacted the stock market and added fuel to the fire for conversations about a recession.
You’re likely feeling the impact in your day-to-day life as you watch the cost of goods and services climb. The pinch it’s creating on your wallet and the looming economic uncertainty may leave you wondering: “should I still buy a home right now?” If that question is top of mind for you, here’s what you need to know.
Homeownership … (3 comments)
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Two Big Issues Facing the Housing Market in Early 2023
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