Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Sept. 14, 2022

Oregon Rent Hike Cap Soars to 14.6%

In a state with one of the most challenging housing crunches in the country, Oregon renters could face the highest possible maximum increase since the Legislature enacted limits on rent hikes three years ago.

Starting Jan. 1, 2023, landlords in Oregon may legally increase rents by up to 14.6%. This year, the cap is 9.9% – marking a 4.7 percentage point jump from one year to the next.

According to apartment rental company Zumper, the average rent as of Tuesday for a 1-bedroom residence in Portland is $1,500 per month. In 2023, the same unit could climb to up to $1,719 monthly – costing its renters $2,628 more for the year – if their landlord decides to institute the 14.6% maximum increase.

How did the state reach this rate for 2023?

Following the passage of SB 608, a statewide rental control law in the 2019 legislative session, the Oregon Office of Economic Analysis must calculate the rental increase cap amount as 7% plus the Consumer Price Index for All Urban Consumers, West Region, as most recently published by the Bureau of Labor Statistics.

SB 608 applies to rental residences in Oregon that are 15 years or older. It does not apply to housing that was built more recently.

Although rent increases have only been capped since 2019, the Oregon Department of Administrative Services created a table showing how much rent would have been allowed to rise each year since 2000 if the current formula had been in place earlier. The maximum increase would have been around 10% each year, the agency said.

The state rental increase cap announcement Tuesday, which Oregon is required to disclose by Sept. 30 annually, comes as the nation continues to grapple with high inflation.

Heightened prices at historic levels for gas, groceries and other needs have hit American wallets through the summer. Overall, the rise in housing costs has slowed slightly in the past few months after climbing during the pandemic, though affordability remains a struggle for many.

If a renter faces an increase, Oregon law requires notices in writing and served to the tenant to be legally effective.

-courtesy of https://www.opb.org/article/2022/09/13/oregon-maximum-rent-increase-announced/

Aug. 18, 2022

Barry Habib Predicts Mortgage Rates to Move into the 4s

Inflation is slightly down predominately due to lower fuel prices. What will happen to the mortgage & real estate industries. Renown mortgage industry prognosticator, Barry Habib, predicts mortgage rates to drop into the 4s near year end. 

 

Aug. 16, 2022

Housing Market Recession Is Here: Home Builders Slash Prices As Buyers Cancel Contracts, Mortgage Rates Rise

Home builder confidence plunged to a new two-year low in August as higher interest rates, lingering supply chain problems and record home prices continue to exacerbate housing affordability challenges, the National Association of Home Builders reported Monday, prompting some experts to warn that the housing market collapse could be far from over.

KEY FACTS

Home builder confidence posted its eighth consecutive monthly decline, falling 6 points to 49 to hit the lowest level since May 2020, according to the NAHB/Wells Fargo Housing Market Index released Monday.

“Ongoing growth in construction costs and high mortgage rates continue to weaken market sentiment,” NAHB Chair Jerry Konte said, noting that buyer traffic fell to the lowest level since April 2014, barring the spring of 2020 when the pandemic first hit, in a “troubling sign” that consumers are now “sitting on the sidelines due to higher housing costs.”

In a statement, NAHB Chief Economist Robert Dietz declared that tighter monetary policy and “persistently elevated” construction costs have “brought on a housing recession,” and predicted that single-family housing starts, or ​​new houses on which construction started, will decline in 2022 for the first time since 2011.

In another concerning sign for sentiment, 19% of respondents, which encompass nearly 1,000 home builders, reported slashing prices in the past month to help bolster sales or limit cancellations, with the median price reduction at approximately 5%.

“In short, the housing downturn has some way yet to run,” Pantheon Macro chief economist Ian Shepherdson said of the “grim” data in emailed comments, pointing out the home builder index has failed to surpass economist projections every month since January.

The other components in the survey, including present sales and expected sales, also fell again this month, tracking the “steep and sustained” decline in mortgage demand, which has plummeted nearly 30% from a December peak, Shepherdson notes.

CRUCIAL QUOTE

“The collapse points to clear and substantial downside risk for housing construction over the next few months, as builders try to manage their excess inventory,” says Shepherdson. “That will be impossible without hefty price declines, now that developers are competing with rapidly rising inventory in the existing homes market.”

KEY BACKGROUND

The housing market has been on a volatile ride since the start of the pandemic. Booming demand, boosted by historically high savings and low interest rates, drove record growth in home sales and prices, but this year has brought forth a stark turnaround. New home sales plunged at a 61% annualized rate in the second quarter, as mortgage rates hit 6%, some 2.5 percentage points higher than one year prior. Last week, the National Association of Realtors reported housing affordability has hit its worst level in 33 years amid the higher mortgage rates and record prices.

WHAT TO WATCH FOR

A slew of housing data is slated for this week, including housing starts on Tuesday and existing home sales on Thursday.

Article provided by Forbes.com 

Aug. 12, 2022

Single Biggest Inventory Spike Since 2016

Historic. That's the best way to describe the pace at which the U.S. housing market slowed this summer.

Just look at July inventory data. Active listings on realtor.com jumped 128,200 last month to 747,500. That's the single biggest jump in the site's database that goes back to 2016. The previous record hike was May 2022 (+106,900 homes), which nearly got surpassed by the June 2022 jump (+102,900 homes).

 

While inventory usually rises around this time of year, seasonality alone can't explain this jump. The culprit is the ongoing housing cool-down. Simply put: We're watching the U.S. housing market flip from the pandemic housing boom into the pandemic housing slump.

"The rise in interest rates, even after accounting for the recent pullback, combined with higher home prices have pushed the cost of homeownership up 30% since the start of the year. At the same time, general angst about the economy, job security, and inflation is playing into the consumer mindset," Ali Wolf, chief economist at Zonda, tells Fortune. "Many [buyers] have found themselves debating whether they want to make one of the biggest purchases of their lives today or if they’d rather wait."

Spiking mortgage rates pushed the entire U.S. housing market into cool-down mode—but some markets are cooling much faster than others. Some have even seen inventory levels reach a level where home price declines can begin.

Let's take a look.

View this interactive chart on Fortune.com

Among the 917 regional housing markets tracked by realtor.com, 898 saw rising inventory levels—the number of unsold listings—between March and July. Of those, 346 markets saw at least a 100% uptick. In 57 markets, inventory rose by over 200%. That includes Idaho Falls, Idaho (387% uptick); Ogden, Utah (372% uptick); Provo, Utah (371% uptick); Coeur d'Alene, Idaho (365% uptick); and Salt Lake City (355% uptick).

It’s clear that Mountain West, Southwest, and Southeast regional housing markets are seeing the swiftest corrections. Many of these markets, like Austin and Phoenix, were among the go-to spots for pandemic movers. These markets attracted hordes of white-collar professionals who realized COVID-19 had given them the ability to work remotely on a permanent basis. Ironically, many of the markets they fled, like San Francisco and Seattle, are also seeing swift corrections.

"The market felt like it was in a state of free fall for some markets in the Southeast and Mountain West over the past couple of months with cancellations rising, homes sitting on the market longer, and more homes posting price drops," Wolf says. "In some of the hardest-hit markets, there are signs that housing demand is starting to flatten out, albeit at low levels compared to what we’ve seen over the past two years. Consumer confidence and housing affordability will be the key indicators to watch to see how long this trend lasts."

View this interactive chart on Fortune.com

While inventory levels are rising fast—up 96% since March 2022—they remain far below pre-pandemic levels. Nationally, active listings in July 2022 were 44% below July 2019.

Among the 917 markets tracked by realtor.com, 35 have inventory levels above July 2019. That's up from June, when just 18 markets were above pre-pandemic inventory levels. However, it shows we still have a long way to go until we're back to normalcy.

But balance could soon be on the way. Logan Mohtashami, lead analyst at HousingWire, thinks we could reach pre-pandemic inventory levels in 2023. Heading into 2022, Mohtashami was on "team higher rates." In his mind, spiking mortgage rates were the only way to pull us out of an "overheated" housing market where historically tight inventory levels gave home shoppers little choice but to engage in bidding wars.

There's another reason to expect more inventory: Homebuilders currently have both a record number of homes under construction and a record number of unsold homes under construction. Those builders are already struggling to sell. As those new abodes hit the market, some regional housing markets could get temporarily oversupplied.

"I think there’s full awareness that in some markets, an increase in inventory may hit at a bad time—a time where demand has notably pulled back," Wolf tells Fortune. "Housing is believed to be structurally undersupplied but we run the risk of finding more homes on the market than buyers in the near term due to cyclical factors."

Fast-growing markets like Atlanta, Austin, Dallas, Houston, and Phoenix are particularly vulnerable to temporary oversupply.

View this interactive chart on Fortune.com

Detached from economic fundamentals

Regional housing markets that became the most detached from underlying economic fundamentals are now cooling fastest. These bubbly or frothy markets, including places like Denver and Nashville, simply saw home prices climb too high during the pandemic. Once historically low mortgage rates disappeared this spring, would-be buyers began to feel the full brunt of record home price appreciation. That saw some buyers call off or pause their search.

Simply being overvalued relative to underlying economic fundamentals doesn't guarantee a home price correction. That said, significantly "overvalued" housing markets are, historically speaking, at a greater risk of home price declines. According to Moody's Analytics, regional housing markets that are currently "overvalued" by more than 25% are very likely to see home prices decline between 5% to 10% over the coming 12 months.

View this interactive chart on Fortune.com

According to John Burns Real Estate Consulting, we've already seen a few housing markets, like Las Vegas, reach inventory supply levels that make it likely home prices will fall.

But nationally at least, industry insiders have mixed feelings about home price declines.

Forecast models produced by the Mortgage Bankers AssociationFannie MaeFreddie MacCoreLogic, and Zillow all have U.S. house prices moving higher over the coming year. Meanwhile, modest home price declines are currently being forecast by John Burns Real Estate Consulting, Capital Economics, Zelman & Associates, and Zonda. That's hardly a consensus.

Want to stay updated on the housing cooldown? Follow me on Twitter at @NewsLambert.

This story was originally featured on Fortune.com and has been copied from Yahoo.com

June 3, 2022

78% of Respondants with ARMs Say They Regret Their Home Buying Decision

Widespread Signs of Home Buyer Remorse are Emerging

Seventy percent of recent home buyers say they rushed their property purchase due to market pressure, according to a new survey of more than 1,000 consumers conducted by MoneyWise. Rising home prices and mortgage rates made many buyers speed up their timelines, the survey notes.

The speed of their decisions may later lead to some regrets, particularly when it comes to the mortgage. Seventy-eight percent of respondents with adjustable-rate mortgages say they regret their purchase decision. Fifty-five percent of those with a fixed rate feel the same, according to the survey.


Adjustable-rate mortgages are growing more popular as home buyers look for a cushion to offset rising rates. ARMs tend to have lower introductory rates, typically for five or seven years, but then reset to possibly higher mortgage payments later on.

Respondents to the MoneyWise survey also show some regrets about their loan terms. Seventy-one percent of recent home buyers who gravitated toward a 15-year loan say they regretted their decision. Those with a 30-year fixed-rate mortgage had the least regrets.

 

Buyer regret chart

 

 

 

Source: 
How Much Do Americans Know About Buying a Home?” MoneyWise (April 28, 2022)
Posted in Market Updates
May 31, 2022

Home Purchase Applications Are at 2009 Level

It’s an excellent time to discuss housing inventory. The housing market shifted in March of this year. As the 10-year yield broke above 1.94% and mortgage rates rose, we saw the impact on housing data. Since the summer of 2020, this has been my main talking point on what can cool down housing; it’s a 10-year yield above 1.94%, meaning rates above 4%.

We see this in the data. Purchase application data, while doing better than I thought it would with rates over 5%, is still negative year over year, and this time it’s real. Last year we had COVID-19 comps. Now, it’s no longer the case, this negative trend is real on a year-over-year basis.

This week’s purchase application data showed week-to-week growth of 0.2%. The year-over-year data is down 16%. The four-week moving average is down 12.5%. I anticipated negative declines of 18%-22% by now, so that hasn’t happened yet on the four-week average. We will have more challenging comps to work in October of this year, and maybe that 18%-22% decline will happen then.

Today, however, the purchase application data is actually down to levels we saw in 2009!

Yes, crazy to think, but this is a survey trend data line, and the housing market was in free-fall at that time. That’s not the case now because we have’t had a credit boom post-2010 as we did from 2002 to 2005. If you connect the lines, you can see where we are on a historical basis.

What is going on here? How can housing inventory be so low today when it skyrocketed back in 2009? Let’s take a look here together because I have been worried about unhealthy home price growth since the breakout in housing demand in 2020, but it’s not because of record-breaking credit demand. It’s more of a lack of supply.

If you follow the trend of housing supply since 2014, it’s been falling every year — with a pause in 2018-2019 — and then collapsed lower post-2020. Now don’t get me wrong: demand is better in 2020 and 2021 than in any single year from 2008 to 2019. We had roughly 300,000 more existing home sales in 2020 than in 2019 and 800,000 more in 2021. I would average those two out because I believe we got some demand push through from the second-half surge in demand in 2020 into 2021.

So, on average, just 500,000 more homes were bought than in 2019. If I take existing home sales from 2017 levels, it’s roughly, on average, just 300,000. Currently, home sales are falling like when rates rise.

As you can see below, the inventory keeps falling from 2014 levels, and even with the weakness in demand this year, we are nowhere close to 2013 levels, let alone 2018 levels.

I don’t believe housing inventory below 1.52 million is a natural state for the U.S. housing market. This is a red danger zone area for forced bidding action, which destroyed my affordability models in just 2.5 years since the start of 2020. In reality, my worst fear for housing came true, and it got even worse in the early part of 2022 as we had record low inventory creating more forced bidding. You can understand why I upgraded the housing market from unhealthy to savagely unhealthy

Of course, being “team higher rates” since February of 2021 isn’t the most popular talking point, but in 2022 I increased my call for higher rates to create some balance — otherwise or pricing can get even worse. We are seeing higher rates do their thing. Today pending home sales came in at another decline.


Inventory data for the first time is showing growth, which is a good thing, folks; we don’t want to stay at these low levels and see more and more unhealthy home-price growth.

But we should ask: Why is inventory so much lower now if purchase application data is at 2009 levels — a period in time when inventory was rising noticeably in 2006, 2007, 2008 and 2009?

The first answer is that people are staying in their homes longer post-2008. Housing tenure ran at five to seven years from 1985-2007 and now is 11-13 years from 2008 2022. The Baby Boomers are not selling their homes en masse, and we have more investors providing shelter for renters than before.

However, the spike in inventory that we saw from 2006 to 2011 can be attributed to the massive credit bubble we had from 2002 to 2005. You don’t want to overcomplicate this topic. Credit stress was evident from 2005 to 2008. People were filing for foreclosures and bankruptcy for years, and then, after all that, the job loss recession happened in 2008.

With a credit boom and credit bust, the monthly supply for homes in America got over six months for years. It took many years to clear up the credit deleveraging process that needed to occur in the U.S. housing market due to rapid credit expansion with exotic loan debt products.

The housing market post-1996 has had a hard time creating more than six months’ supply unless you have extreme housing weakness and forced credit selling. These two factors were happening from 2006 to 2011 and added supply to the market. Demand has been stable enough to keep supply low, and we have no forced credit selling since the great financial crisis. This has been an issue in getting the market balanced for some years now.

What about the builders? We have more housing starts under construction now than in recent history! This is true except for one big reality!

The monthly spike in the new home sales sector looks like massive inventory should be here. Well, six months of that supply are homes that haven’t even been started, and only three months of supply are completed. We have a lot of multifamily construction going on that won’t help the homebuyer.

On top of everything else that we need to deal with on housing, housing completion data has looked terrible for years. People forget when rates rose to 5% in 2018, it delayed housing construction from really growing for 30 months. Then COVID-19 happened and the rest is history; I can’t express to you enough how everything that was supposed to go right for housing flipped negatively, and this is just one of them.

So when we look at the housing starts data, we need more context with it, and we can see that it has a much different backdrop than what we saw from 2002 to 2005, when housing starts were driven by new home sales and single-family starts on a credit bubble. Now we see a different reality with a big push in multifamily construction and a lack of complete data.


Of course, one of the issues now is that rising rates impact the new home sales sector more than the existing home market, so the builders, while not in the same situation they were in in 2002-2005, will be more cautious in building homes with the rising rate risk cancelations and future buyers. They’re at a disadvantage because their homes are more expensive than the existing home supply.

Hopefully, this article outlines the issues we have had with housing since 1996 and why it’s been hard to get inventory to grow unless we see major demand weakness and forced credit selling. I am rooting for more listings than anyone else, but I understand the limits that we have been under post-1996.

Higher mortgage rates in the past have created more days on the market and cooled down the rate of price growth, which I am hoping for again. However, the homeowner’s credit profile is much better this time around. Their cash flow is better.

They have fixed debt costs while their wages rise, an excellent hedge against all this inflation we are dealing with.

On top of all that above, they have nested equity, and more than 40% of the homes in America have no mortgage debt at all. I am hoping that if demand gets weaker, home sellers won’t be so stingy and will lower their prices because they have so much equity now. Hey, a person can hope, right!

Enjoy the Memorial Day weekend and realize that not all economic cycles run with the same playbook. We have to learn to talk about the housing market in a more sophisticated way that doesn’t have to do with an epic housing crash for clicks. Sometimes a long, painful drag is even just as bad and that home prices rising way too much is the crisis now.

The post Purchase apps are at 2009 level: where’s the inventory? appeared first on HousingWire.

April 11, 2022

Must See Luxury Homes

Netflix reality series dazzles viewers with architectural gems from around the world.

 

If you could build the house of your dreams, what features would you include?

An abundance of bedrooms and baths? A state-of-the-art kitchen? An indoor pool?

What about a hidden entrance, an in-house café, or a custom garage for your fleet of luxury cars?

In Netflix’s new reality documentary series, the UK import “The World’s Most Extraordinary Homes,”(link is external) award-winning architect Piers Taylor and acclaimed actress and property developer Caroline Quentin find all these amenities and more as they travel the globe exploring unique, contemporary homes that take residential architecture to new levels of creativity.

The show is particularly timely, as the luxury market is growing,(link is external) with sales rising by 15% and prices increasing by 20% in 2021.

Read on for our top picks from the show’s spectacular and surprising collection.

A house fit for a Bond villain


The grandly named Villa Am See in Weggis, Switzerland, doesn’t just nestle into the Alps—it’s actually built into the side of a hill. The lower level of the luxury residence is an enormous, custom-built garage that was hollowed out of a steep rock wall to shelter owner Adi Herzog’s six Porsches. From the garage, a narrow, moodily lit entranceway leads to an elevator that rises up through the interior of the hill to living space perched on the summit. The house itself is composed of three glass-fronted boxes that are angled to maximize views of nearby Lake Lucerne. Construction of Villa Am See took seven years from planning through to completion. Herzog wanted the building to reflect his love of cars—the interior features gas pump nozzles, dashboard gauges, and even kitchen utensils shaped like wrenches. But Taylor and Quentin remark that the seclusion and the spectacular view from the study give them Bond villain vibes. “I feel like I really should be taking over the world,” says Taylor.

Enchanting architecture


Jikka House in Izukogen, Japan, is a fairy-tale structure with more than one intriguing twist. The residence can’t be approached by car. Instead, visitors must follow a stone footpath that winds through the woods to a clearing where Jikka House’s five cream-colored conical domes rise up toward the treetops. Each dome harbors rooms that feature touches of design magic. A bathroom floor spirals down gently into a tub. Crescent-shaped windows and an oculus brighten every room. And the spacious kitchen with its extra-long tables doubles as a café where locals come to chat and have lunch; owner Nobuko Suma charges about $10 per person. In addition, there’s a charming story attached to Jikka House, which means “parents’ home” in Japanese. When Suma’s architecture-loving son was 12 years old, she told him she’d like him to build her a beautiful home. Upon graduation from university, the son made the design and construction of Jikka House his first professional project.

Modernist marvel


When work began on the Spencer House in Sarasota, Fla., the neighbors—and the local press—took notice. Owners Gary and Beth Spencer had demolished the traditional mid-century house that stood on the lot, and a massive concrete tower rose up in its place. “There was an unofficial beauty contest,” says architect Guy Peterson, who designed Spencer House. “Everyone was saying, do you like it? Do you not like it?” But once the home was completed, all fears were calmed. The striking, bright-white home with accents in Corbusier blue (named for pioneering modernist architect Le Corbusier) was greeted with acclaim and became a popular local landmark. The interior is even more astonishing than the exterior. The first floor features an enclosed courtyard with palm trees and other local flora. The open-plan living space features a sunken, walk-in swimming pool that runs the entire length of the first level. The house rises several more stories to a terrace at the top with a well-stocked bar and a spectacular view. “It’s like being in your own resort,” says Gary Spencer.

Swimming in the air


The Wall House in Cascais, Portugal, is a study in contrasts. It first presents as a 21st-century fortress, with an apparently solid wall of hedge that slides back with the press of a button to reveal a drawbridge that leads to the front door—an 8-foot-wide, 8-foot-high panel of glass. Within is a maze of walls in concrete, glass, and timber that all move to reveal more or less of the landscape outside—the glass wall in the living room, for example, slides away to allow access to the neighboring golf course. But the real centerpiece of the house is the courtyard that features two pools—one set into the ground, and one transparent-bottomed pool seemingly floating in the air above. The rooftop pool is a marvel of engineering, made of acrylic and steel and balanced by a counterweight planted in the ground. “Everywhere you turn there’s something beautiful, something fun,” says Quentin of the house. “It’s a real treat.”

The house of the future?


Some people collect modern art. French developer Christian Bourdais collects modern architecture. In the historic town of Mattaraña, Spain, Bourdais commissioned architects Office KGDVS to build a residence that challenges our perceptions of how to live. The result was Solo House 2, the second modern home in Bourdais’ collection, which he plans to grow to 15 and market as vacation rentals. The house is a dramatic circular structure, 147 feet in diameter and designed to make the most of the panoramic views from its hilltop setting. The circle encloses a courtyard with a pool, and four crescent-shaped segments of domestic space, comprising three bedrooms, a bath, a utility room, and a combined living room, kitchen, and dinette area. Exterior walls of glass can be completely opened to the outdoors. “This is a house that reminds me of the joy, the artistry of architecture,” says Taylor.

A masterpiece of recycling


In the bustling, burgeoning metropolis of Navi Mumbai, India, stands the Collage House, which combines the latest contemporary design with a deep reverence for India’s architectural heritage. Built on a frame of concrete and steel to house four generations of one family, the structure is an artistic, innovative example of recycling, upcycling, salvaging, and reclaiming. The front facade is a dramatic patchwork of handcrafted doors and windows that have all been salvaged from demolition sites. The central courtyard features a rich variety of reclaimed materials—pipes, tile, and stone—that all serve the practical purpose of funneling away rain during the monsoon season. A glass pavilion on the rooftop terrace is supported by 100-year-old antique columns. One showstopper bathroom is lined from floor to ceiling in salvaged mirrors—and the exposed water pipes, painted pink, wind around the room providing support for lighting, towels, and even bath tissue. “It’s so witty, so engaging, and so purposeful,” says Taylor. “I think I need to raise my own game now.”

April 1, 2022

Fixer Friday - April 1st

3317 SE 25th Ave Portland

4 Bedroom | 1 Bath | 2420 Square Feet

$449,900 | ML # 22437670

REHAB ESTIMATE $100k | ARV $675k - $700k

*Budgets and ARV are estimates not guarantees. Buyer due diligence on all data

April Fools Fixer Friday by Marshall Rosario

 

Property Description

Charming home built in 1912. This 4 bedroom/1 bath Fixer is super close in to everything. Original wood floors.Large yard for entertaining or gardening.Unfinished basement has plenty of storage and enough space for a hobby room. Detached 2 car garage.Cash or rehab loan.On bus line with Walk

See Full Listing

 

Comparable Sales

 

Posted in Buyers, Investors
March 31, 2022

Competition Heats Up With 5 Offers Per Home Sold

March 21, 2022

The spring market is already blooming, and so is the competition. Buyer competition intensified ahead of spring in February and likely will intensify further over the next few weeks.

On average, there were nearly five offers for every home sold in February, higher than in recent months, according to the February 2022 REALTORS® Confidence Index Survey. Real estate professionals who were surveyed reported more than five offers, on average, in Massachusetts, Georgia, Texas, Colorado, Utah, Washington, and California.

Nationwide, 48% of buyers’ offers were above the list price, according to NAR’s data. On average, those offers were about 2.9% above the list price; on the median-priced home, that would be about $10,000 over the asking price. However, 13% of the offers were 10% above the list price.

Real estate pros report that in general their buyers typically lose two homes before succeeding on the third try, according to the study.

Homes are selling quickly under the intense competition. Eighty-four percent of listings were on the market for less than a month.

“Competition could intensify in 2022 before waning in 2023 as home buyers compete to lock in at the current rates,” Gay Cororaton, a research economist for NAR, writes on the association’s blog. “Mortgage rates may rise more steeply in 2023.” View the latest on rates.

 

Source: 
February 2022 REALTORS® Confidence Index Survey: Buyer Competition Intensifies to 5 Offers Per Home Sold,” National Association of REALTORS® Economists’ Outlook blog (March 18, 2022)
March 15, 2022

McKenzie Terrace

 

Today we introduce to you McKenzie Terrace in CedarMill, by local builder Creekwood Homes! This is a 6 home subdivision off nw 113th and Valrose, just north of Cornell Rd. Creekwood homes has been in business for 16 years and has an A+ BBB rating with no CCB complaints or violations filed. 

See these listings and other area new construction here or contact us for more information.

🔸6 New Homes⁠
🔸2,800 – 3,200 SF⁠
🔸Main Floor Bedrooms and Full Baths
🔸Spacious Backyards
🔸Covered Outdoor Living

This is a prime location with two shopping centers within about a mile including Timberland Towncenter. Timberland hosts a variety of stores including pubs, coffee shops, pizza, a gym and market of choice. The draw of this area also includes the easy access to hwy 26 and highly sought after schools. 

 

COMMUNITY

 

Creekwood has two homes under construction with estimated completion of July.  The Avery Plan is a  2,885 square foot home with 4 bedrooms a bonus room, 3 full baths and a 2 car garage. It’s listed at $1,025,000. The Riley Plan is a 5 bedroom with a bonus room, 3 full baths and a 2 car garage with 3,161 square feet listed at $999,950. 

 

AVAILABLE - 

 

Lot 5 - Avery Plan - $1,025,000

2,885 sf | 4 Bed + Bonus | 3 Bath | 2 car garage 

 

Lot 6 - Riley Plan - $999,950

3,161 sf | 5 Bed + Bonus | 3 Bath | 2 car garage 

 

COMING SOON - 

 

Lot 3 | Avery (Reverse) Plan| 2,885 sf | 4 Bed + Bonus | 3 Bath | 2 car garage 

 

Lot 4 | Arlington Plan | 2,911 sf | 4 Bed + Bonus | 3 Bath | 2 car garage 

 

These are beautifully designed homes with guest bedrooms/baths on the main, 10' ceilings, HW flooring & gourmet kitchens w/ large quartz islands and walk-in pantries. Primary suite w/ quartz counters, tile showers, soaking tubs, & oversized walk-in closets. Fully Landscaped front and backyards w/ irrigation and covered patios.

 

 

Design Selections: https://bit.ly/MTDesignPackages

 

See these listings and other area new construction here or contact us for more information.