Author: Linda Rossi

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News & Notes

  • Mortgage Rates: One thing to remember about what you hear on the news is that good news for the economy in general means rates are going to rise for buying a house.  Bad news for the economy means rates stay where they are if they are low or get lower.  Here’s what MBS Quoteline is saying:  ” The Fed’s recent announcement that it may purchase additional Treasury securities (quantitative easing) to stimulate the economy has magnified the importance of economic news and increased daily volatility. Investors now evaluate each fresh piece of data in terms of its expected impact on Fed policy, and mortgage rates receive an extra benefit from weaker than expected data. In general, weaker economic growth leads to lower future inflation, which is favorable for mortgage rates. In addition, investors now expect higher levels of bond purchases by the Fed after weak data, and the increased demand also would be positive for mortgage rates. Of course, stronger than expected economic news will have the opposite effect and will push rates higher more quickly than usual.”
  • Selling Tip Of The Week: Color is important when selling your home.  I’m sure you’ve heard that it is good to use neutral tones on the walls, and your Realtor can advise you on the latest/most popular shades, but I’ve noticed that some people misinterpret “neutral”.  Neutral does not mean white.  I know that white is fun to play with tone on tone, but if you do too much white, it will make your home feel “cold” and people will have a difficult time “feeling the love”  : )     So, if you’ve got white walls that you think look realy clean and make your rooms look bigger, and off white or white carpet throughout…   you need to talk w/your Realtor about some light taupes or other schemes to bring some warmth into those rooms.
  • Buying Tip Of the Week: Pay attention to the garage in your new home.  What are you going to use it for?  I say there are two kinds of people… those who park in their garage and those who store “stuff” in it.  Does the garage in the home you’re contemplating meet your needs?  I recently had a Buyer about ready to write an offer when they realized that her beloved long-ish minivan would not fit in the garage.  Now she had a choice to make…  the home that fit the rest of the family’s needs… or the car?  In many older homes, garages were not made to fit the longer/larger vehicles of today.  So…  try your car out in the garage if you have any questions about it.  And if you have trouble squeezing it in, you might consider “carriage doors” that open out, as they are mounted on the outer side of the frame as opposed to the inner side which is where up & down sliding doors are mounted, thereby reducing your space.
  • “Should-I-Buy-Now-Or-Wait?-Calculator” – Here is a nifty tool from First American Title Company (came to me courtesy of Pam Edwards in the Clackamas Office… Thanks, Pam!). It allows you to calculate the difference between buying now & waiting… So, let’s say you found a home that is priced at $500,000.  You know rates are good now and are expected to rise, and/but you are thinking that maybe the house will come down in price (let’s say you think it may eventually come down to $450,000.) and so you are considering holding off on your offer.  This tool will allow you to punch in parameters and see just how much the picture would change if interest rates go up and your home lowers in value.  Pretty cool!  Here’s the link:  “Should-I-Buy-Now-Or-Wait?-Calculator” There are some additional tools there as well: Buy or Rent, for instance.

Very Best,

Linda

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Market Activity ~ Sept 27-Oct 3, 2010

Market activity last week brought Lake Oswego 10 new listings, 9 pending sales, and 12 closed sales according to RMLS.

See below for further details:

NEWLY LISTED (Sept 27-Oct 3, 2010)

Address List Price # Beds # Baths Total SF Prop Type
44 CRESTFIELD CT $75,000 2 1 923 CONDO
572 S STATE ST #8C $180,000 2 1 914 CONDO
5054 FOOTHILLS DR #69E $215,000 3 2 1252 CONDO
44 ORIOLE LN $270,000 4 2.1 2224 DETACHD
3541 RED CEDAR WAY $404,900 3 3 1963 DETACHD
17890 KELOK RD $417,900 4 2.1 3095 DETACHD
4978 MULHOLLAND DR $419,000 3 2.1 2498 ATTACHD
135 5th ST $539,900 4 1 2200 DETACHD
17606 WOODHURST PL $598,000 5 3.1 4488 DETACHD
15578 VILLAGE DR $799,000 3 2.1 3630 DETACHD

PENDING SALES (Sept 27-Oct 3, 2010)

Address List Price # Beds # Baths Total SF Prop Type CDOM
79 GALEN ST $69,900 2 2 995 CONDO 35
668 MCVEY AVE #54 $140,000 3 1.1 992 CONDO 5
2 MOUNTAIN CIR $160,000 2 1.1 1504 ATTACHD 21
6447 MCEWAN RD $169,900 2 1 912 DETACHD 115
6173 WASHINGTON CT $314,000 3 2 1440 DETACHD 10
1462 GREENTREE CIR $389,900 4 2.1 2507 DETACHD 138
571 2ND ST #307 $631,000 2 2 1561 CONDO
16461 CHAPIN WAY $749,900 4 2.1 4271 DETACHD 488
3151 DOUGLAS CIR $1,185,000 5 4.2 4400 DETACHD 125

SOLD (Sept 27-Oct 3, 2010)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
512 S STATE ST $129,900 $90,000 1 1 829 CONDO 106
510 S STATE ST $117,500 $95,100 1 1 829 CONDO 58
16790 LAKE FOREST BLVD $155,000 $120,000 2 1 780 DETACHD 32
4201 COLLINS WAY $279,000 $278,000 3 2 1230 DETACHD 53
15265 BOONES WAY $324,500 $300,000 2 2.1 1560 ATTACHD 21
4664 FIRWOOD RD $379,900 $347,900 3 2 1640 DETACHD 53
231 LAUREL ST $425,000 $388,000 3 3 2244 DETACHD 119
17778 MARYLCREEK DR $459,900 $400,000 3 2.1 2741 DETACHD 49
325 3RD ST $499,900 $441,500 2 2.1 1937 ATTACHD 189
15 SCARBOROUGH DR $549,000 $494,000 5 3.1 3310 DETACHD 58
1050 Schukart LN $599,000 $561,015 3 3.1 5847 DETACHD 207
17281 KELOK RD $1,195,000 $845,000 3 3 2682 DETACHD 370

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings

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Open Houses ~ Oct. 3, 2010

There are 31 properties to be held Open Sunday in Lake Oswego according to RMLS (detail below).

I’ll be holding two of my listings Open in one day… so you’ll see me running around town with my flashers on picking up and placing signs from the trunk of my car trying to bi-locate : )   Dianne and I LOVE to meet our Property Blotter readers, so please stop by and say “Hello” !

I’ll be at 4840 Lamont Way (By Lakeview & Bryant) from 11AM till 1:30PM.

This is a really cute Remodeled Cottage on a very Large & Private .23 acre lot in an Awesome Location very near the Lake, Waluga and Bryant Elem.  3 Bd, 2 Full Baths 1793 SF… much larger than it looks from outside… Generous Bedrooms and a detached Studio? Shop? Office? that is not included in the square footage.   Metal Roof, All New Carpet, Hardwoods in Fam Rm, Additions with Rejuvenation touches to match era, Remodeled Kitchen too + Sunroom Dining $335,000.

I’ll be at 979 Devon Lane (McVey to Cornell, up hill, Left at Larch, Right at Oxford, Left at Devon Lane) from 2 till 4:30 PM.

What a gorgeous hilltop home! Brand new listing.  Near Hallinan Elem and LakeRidge HS.  Talk about views… this one has Sweeping Panoramic Views including Mt Hood from a wall of windows.   Hardwoods, Granite, SubZero, Vaulted Ceilings, Decks including Private Master Deck w/Hot Tub, New Ht Pump, New Gutter Filter System, & on & on. Even has an Apartment with separate entrance!  & Basement with insulation & sliders that is not included in square footage but could be a shop, studio, family room (add a deck outside sliders?)  or storage… tons of potential.  4 Bedrooms including the Apartment, and 3 1/2 Baths.  $457,000.  (!!!) Check comparable values.  If you’re interested you’d better take a look now : )

There is a lot to see in Lake Oswego, and it should be a great day for touring.  Hope to see you!  Here you go:

Address L/Price # Beds # Baths Total SF Style Time
4000 CARMAN DR #85 $124,900 2 2 834 CONDO 1-4PM
4081 JEFFERSON PKWY $205,000 2 2.1 1618 TOWNHSE 12-3PM
18430 PILKINGTON RD $239,900 3 1.1 1029 DETACHD 2:30-4:30PM
6062 BURMA RD $269,987 4 2 1875 DETACHD 1-4PM
5713 SW KENNY ST $279,900 3 2 1384 DETACHD 2-4PM
4840 LAMONT WAY $335,000 3 2 1793 DETACHD 11-1:30PM
662 CLARA CT $399,900 3 3 2740 DETACHD 12-3PM
2602 ORCHARD HILL PL $409,900 3 2.1 2568 DETACHD 1-3PM
979 DEVON LN $457,000 4 3.1 2162 DETACHD 2-4:30PM
326 LAKE BAY CT $474,900 3 2 1400 DETACHD 1-3pM
12 SCARBOROUGH DR $499,900 4 2.1 2892 DETACHD 1-4PM
19319 SW DOGWOOD CT $499,900 4 2.1 3105 DETACHD 1-5PM
19415 SW DOGWOOD CT $519,900 5 3 3517 DETACHD 1-5PM
4398 GLACIER LILY ST $535,000 4 2.1 2936 DETACHD 3-5PM
19263 MEGLY CT $559,900 5 3 3213 DETACHD 1-5PM
19245 SW MEGLY CT $569,900 5 3 3490 DETACHD 1-5PM
5705 SOUTHWOOD DR $575,000 4 2.1 3360 DETACHD 1-3PM
13596 STREAMSIDE DR $579,900 4 2.1 3430 DETACHD 1-4PM
17981 MEADOWLARK LN $584,900 3 2.1 3250 DETACHD 12-3PM
15915 WALUGA DR $598,950 3 2.1 2939 DETACHD 1:30-3:30PM
5 CELLINI CT $697,000 5 3.1 4895 DETACHD 1-3PM
5321 AMBERWOOD CT $709,000 4 3 3315 DETACHD 2-4PM
1015 SOUTHSHORE BLVD $717,000 4 3 3542 DETACHD 12-1:45PM
649 9TH ST $767,500 3 2.1 2812 DETACHD 1-3PM
5320 SOUTHWOOD DR $779,000 4 3 3646 DETACHD 3-5PM
17301 CANAL CIR $799,000 3 2.1 1812 DETACHD 12:30-2:30PM
17896 KELOK RD $799,000 5 5 4323 DETACHD 2:30-4PM
17884 KELOK RD $799,000 5 3.1 4124 DETACHD 2:30-4PM
4018 COHO LN $1,045,500 4 4.1 4777 DETACHD 1-4PM
18209 SIENA DR $1,097,000 5 3.1 3839 DETACHD 1-4PM
1808 RIDGE POINTE DR $1,269,000 5 4.1 4155 DETACHD 1-4PM
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News & Notes

About Town:

  • What would YOU lock in the vault?  That is what the city of Lake Oswego is asking residents.  On 10/10/10 the city will culminate the celebration of its Centennial with the burial of a time capsule.  Submission of ideas are due by 9/30 HERE.
  • The Foothills Dock is now open!  Ribbon cutting is set for… tonight!  9/30 at 5:30PM.
  • Dianne has given you a heads-up regarding the Lake Draw-Down.  The draw-down will be 22 feet according to the city’s site.  We’re warned of increased truck traffic during this time.  Refill will begin in January, 2011 and continue until May.  Here is a link which includes videos & information on what the lake will look like during the draw-down.
  • October 16 marks this year’s “Neighbors Helping Neighbors” event.  If you would like to contribute your time to helping with yard work, tree & shrub removal, trimming and more… or if you need help yourself, please call: 503 635 0257, or visit the site HERE.

Mortgage Updates from Pat Goodell of Academy Mortgage:

  • Fannie, Freddie and FHA have come out with new condo guidelines that are meant to make it easier for condos to be approved, and for buyers to be able to purchase a condo.
  • FHA will be changing the allowable amount sellers can pay for closing costs/pre-paids.  Currently at 6% and will go to 3% — no date set but expected by the first of the year.

Enjoy that summertime weather for the next few days!   It should be great for touring homes on Sunday.  I’ll be holding two of my listings Open in Lake Oswego on Sunday…. come & say hi!  More on that & the rest of the Open Houses for you on Saturday.

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Market Activity ~ Sept 13-19, 2010

Market activity last week brought us 16 new listings, 2 pending sales, and 14 closed sales.

Two of the New Listings, Eagle Crest & Southwood, had been off the market for just a little less than 30 days & took a $30,000 price drop & approx $10,000 respectively.  Cameo was only off the market for a few days, but took a $250,000 price drop.  All show as New Listings with new Realtors as well.

See below for further details.

NEWLY LISTED (Sept 13-19, 2010)

Address List Price # Beds # Baths Total SF Prop Type
44 EAGLE CREST DR #1 $110,000 2 1 908 CONDO
3433 McNary PKWY #504 $189,900 2 2.1 1136 CONDO
37 ORIOLE LN $274,900 2 2 1520 DETACHD
1095 CORNELL ST $299,500 2 1 1416 DETACHD
427 9TH ST $299,900 4 2 2130 DETACHD
4760 LOWER DR $345,000 4 3 2500 DETACHD
13901 SUNDELEAF DR $350,000 4 0.3 1877 DETACHD
151 DEL PRADO ST $439,000 4 2.1 2447 DETACHD
326 LAKE BAY CT $474,900 3 2 1410 DETACHD
777 BERWICK CT $475,000 3 2 2324 DETACHD
14361 SHERBROOK PL $569,000 3 2.1 2100 DETACHD
5705 SOUTHWOOD DR $598,000 4 2.1 3360 DETACHD
15566 VILLAGE PARK CT $709,900 5 3.1 4692 DETACHD
193 FURNACE ST $769,950 2 2.1 2215 CONDO
13795 CAMEO CT $1,400,000 4 5.2 7190 DETACHD
1677 LESLIE LN $2,599,000 5 5.1 7534 DETACHD

PENDING SALES (Sept 13-19, 2010)

Address List Price # Beds # Baths Total SF Prop Type CDOM
4664 FIRWOOD RD $349,900 3 2 1640 DETACHD 53
17670 MARYLBROOK DR $499,000 4 3 3067 DETACHD 261

SOLD (Sept 13-19, 2010)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
47 EAGLE CREST DR #31 $84,950 $71,000 2 1 1009 CONDO 104
205 CERVANTES $164,900 $120,000 2 1.1 1216 CONDO 145
16200 PACIFIC HWY #8 $279,900 $221,500 2 2 1208 CONDO 120
3388 EDGEMONT RD $359,900 $250,000 3 2.1 1968 DETACHD 283
4236 HARVEY WAY $399,500 $348,000 3 2.1 1870 DETACHD 110
15580 PARTRIDGE DR $378,000 $350,000 3 2.1 2245 DETACHD 267
17518 REDFERN AVE $409,000 $365,000 3 2 1831 DETACHD 715
24 PARTRIDGE LN $449,000 $450,000 4 2.1 3224 DETACHD 40
5678 CHARLES CIR $580,000 $520,000 3 4 3455 DETACHD 495
14158 KIMBERLY CIR $530,000 $530,800 5 3 3648 DETACHD 40
19288 SW Megly CT $579,900 $562,400 5 3 3594 DETACHD 149
1425 CHANDLER RD $978,000 $750,000 4 3 3384 DETACHD 43
4912 FIRWOOD RD $999,900 $950,000 4 4 5640 DETACHD 21
19000 BRYANT RD $965,000 $965,000 5 3.1 5874 DETACHD 3

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings

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Lake Oswego Open Houses ~ Sept. 19, 2010

There are 34 properties to be held Open Sunday in Lake Oswego according to RMLS:

Address L/Price # Beds # Baths Total SF Prop Type Open
86 KINGSGATE RD F 103 $130,000 2 2 849 CONDO 12-2pm
4057 JEFFERSON PKWY $199,000 3 2.1 1460 TOWNHSE 1-3pm
605 Ash ST $235,000 3 2 1528 DETACHD 1-3pm
5713 SW KENNY ST $284,900 3 2 1384 DETACHD 1-3pm
65 GREENRIDGE CT $300,000 2 2 1314 TOWNHSE 1-3pm
15245 BOONES WAY $315,000 3 2.1 1600 TOWNHSE 1-3:30pm
14081 GOODALL RD $364,900 4 2 2250 DETACHD 1-3pm
138 KINGSGATE RD $379,900 3 2.1 1600 DETACHD 1-3pm
2634 ORCHARD HILL PL $449,500 3 2.1 2573 DETACHD 1-3pm
607 Ash ST $450,000 3 2.1 2200 DETACHD 1-3pm
326 LAKE BAY CT $474,900 3 2 1410 DETACHD 1-4pm
1551 WOODLAND TER $499,000 4 2 2712 DETACHD 1-4pm
12 SCARBOROUGH DR $499,900 4 2.1 2892 DETACHD 1-4pm
19319 SW DOGWOOD CT $499,900 4 2.1 3105 DETACHD 1-5pm
4 INDEPENDENCE AVE $519,000 4 3.1 3482 DETACHD 2-4pm
19415 SW DOGWOOD CT $519,900 5 3 3517 DETACHD 1-5pm
1060 UPPER DEVON LN $524,000 3 2.1 2400 DETACHD 12-2pm
17930 MEADOWLARK LN $549,900 4 4 3300 DETACHD 3-5pm
5705 SOUTHWOOD DR $598,000 4 2.1 3360 DETACHD 1-3pm
18212 WESTVIEW DR $598,900 4 2.1 3464 DETACHD 2-4pm
2044 RIDGEWOOD RD $658,900 4 2 2519 DETACHD 2:30-4pm
1483 WOODLAND TER $699,000 4 2.1 2794 DETACHD 10am-4pm
5321 AMBERWOOD CT $709,000 4 3 3315 DETACHD 1-3pm
1015 SOUTHSHORE BLVD $717,000 4 3 3542 DETACHD 1-2:45pm
5320 SOUTHWOOD DR $779,000 4 3 3646 DETACHD 1-3pm
17896 KELOK RD $799,000 5 5 4323 DETACHD 2:30-4pm
17884 KELOK RD $799,000 5 3.1 4124 DETACHD 2:30-4pm
16686 MAPLE CIR $999,000 4 3.2 3311 DETACHD 2-4pm
4018 COHO LN $1,076,250 4 4.1 4777 DETACHD 1-3pm
17281 KELOK RD $1,095,000 3 3 2682 DETACHD 1-3pm
18209 SIENA DR $1,097,000 5 3.1 3839 DETACHD 1-3pm
18246 BELLA TERRA DR $1,194,000 4 3.1 4196 DETACHD 1-3pm
14242 BRIDGE CT $1,999,950 5 4.2 6139 DETACHD 2-4pm
2572 GLEN EAGLES PL $2,050,000 5 4.2 6490 DETACHD 1-3pm
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“How Are Things In The Market Right Now?”

“How Are Things In The Market Right Now?” Hmmm… I guess I’m writing more of a philosophical or “opinion piece” today. This is such an interesting question… I hear it every day in one form or another.  Often it is accompanied by “Things are pretty bad, aren’t they?  I hear they’re getting worse.” or “I’m ready to buy but think maybe I should wait till prices drop more.” or “I read that….”   All of these are motivated by a combination of media influence, a desire to make good decisions, and some good ‘ole car-wreck-neck-jerking thrown in.  We are all in the same boat, and Realtors have some inside knowledge that folks would like to have. The truth is, aside from offering some statistics (local, please), and some of what I’ve heard experts predicting, I always say the same thing… “I don’t really believe in statistics… in my own life anyway.”   Real Estate is like that as a profession.  You need a combination of faith, perseverance, and real skill to offer clients in order to achieve successful outcomes. I usually say ( in addition to the numbers or current trends I’m aware of), “Things are pretty good here in my world”.  What you really need to assess is:  How are things in your world?.

You’ll notice that there are fewer Realtors around than there used to be.  One thing you can be sure of; The Realtors who are in business right now are in business for a reason…  namely the three I outlined above. Talk to your Realtor, and begin to assess your own situation.

Is the market in the right shape for your purpose right now?    I don’t know- Ask yourself:

  • Are you needing a bigger home/Is your family growing etc?
  • Is there a change in your living- or relationship-status that necessitates some movement?
  • Are you being transferred in your job?
  • Would you really like to (or do you need to) downsize?
  • Is a change of schools for your kids in order?
  • Have you been wanting a real estate  investment opportunity?
  • Do your friends all live on the other side of town?

These are just a few of the reasons you might want to take advantage of the current really low prices, and really low interest rates. So… for those three variations on questions I get about the market:

  • Assess your own local market data, and talk to a mortgage broker about your own unique set of facts pertinent to your choice to act or not.  Then make the Right Decision for you based on more than rumors or innuendo.
  • As far as prices go… no one really knows for sure, but one thing is true: According to the experts, interest rates are not going lower….  So even if you wait for home prices to lower a little more (assuming they do… locally in the metro area , according to RMLS, sold prices increased from July2010  to August 2010 by 0.8%… & 1% from August ’09)   you will have negated any benefit by most likely settling for higher interest rates.
  • When reading or listening to news reports about real estate- “Consider the source”… and the subject matter.  Very often folks are hearing national information on the national news, and while that can be interesting in gauging where markets might be headed based on experiences in the past (what states declined first… what states followed in both negative and positive trends, and in what order…) the only really relevant information to your particular situation is local.  The adjunct to that of course is how that information intersects with your personal goals.

Read our Market Activity Report every Monday. Talk to your Realtor.  Talk to a Mortgage Broker.  Get the facts and then decide for yourself.  Life is happening everywhere… all at the same time!  : )  Don’t let fear and natural but morbid fascination with negative news stories run your life.  (That’s MY two cents!  : ) Very Best, Linda

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More Control Issues

I wrote a couple of weeks ago about what you have control over when Selling your home and what you do not.  I promised to address some “control issues” around Buying as well, and so here are a few thoughts:

Lenders:  Do you have control over whether you are approved to purchase a home that you fall in love with? Yes. When you begin your search for a new home, the first stop ought to be a good lender.  A decent percentage of home Buyers do not begin this way, and it is the source of much disappointment and frustration.  I often will take Sellers out looking for properties when I list their home on the market so that they can begin to get an idea of what they like & don’t like in a new home, (and it gives them the opportunity to see how other homes are presented… giving them *hopefully* an incentive to tidy theirs up and create a good showing : )  Very often these clients of mine poo poo talking to a lender before we venture out… they think they know about what they are approved for, and/or will tell me they talked w/someone awhile back who approved them for such & such.  I’ll admit to giving in at times to Buyers who have not yet been to a lender or who have not handed me an approval letter as yet, and I will tell you I have seen tears when people think they’ve found “the one” & then decide that’s a good time to talk to a lender. Here are some pointers:

  • Get the facts up front before you begin looking for properties.  That way you are only looking at homes you would be actually able to purchase. In any undertaking, you want to begin with facts so that you can make good decisions about how to proceed.
  • Don’t worry about taking a lender’s time before you have a property in mind.  This is what they do.  They are used to it.
  • Listen to your Realtor and any other qualified advisors when you are looking for a good lender.  Get a good referral.  You should have at least three from which to choose. ***The lender is the entity holding the most amount of control in the end stages of any mortgage transaction.  A lender who knows and works well with your Realtor will be inclined to nurture the process… especially in the end stages.  And one who is experienced and skilled will be able to field any last-minute issues that may arise so that you actually get to the completion of your transaction.

Negotiating – Do you have control of the negotiation process? Yes.

So, you’ve fallen in love with a property, and you are “countering” with the Sellers over various items.  Your job is to keep a cool head, and remember what is important to you.  Your Realtor will give you good advice on pros & cons of different options, and in the end, it is your decision how to proceed.  Remember your budget and look at the bottom line.  That said, also give some thought to how important a few dollars a month may or may not be to you if you are achieving other goals.  Remember… You’re in the driver’s seat. You get to decide what’s right or wrong for you.

Earnest Money or Promissory Note? – You make this decision too, and the one about how much it will be.  I advise my clients that the earnest money is their statement to the Seller reflecting their sincerity (earnestness : ) in wanting to purchase their home.  The Seller will be taking their home off of the market if they accept your offer, and so you are showing good faith, and in the event you do NOT abide by the contract you are, in essence, compensating them for taking their home off the market for you for a time.

An earnest money check always gives a better impression with an offer (and you are trying to get them to agree to accept your offer right?) than a promissory note. The exception to this would be if you are out of state and making an offer without the ability to hand your Realtor an earnest money check.  People tend to understand this circumstance.

Your earnest money goes toward the bottom line of your transaction, and is held by the escrow office as a neutral third party while your transaction is in process.    If, for instance, you find something during your inspection period that causes you to want to retract your offer, escrow will return your earnest money, and you can begin looking for another suitable property.  The contract also states that you must be able to get funding… so if you are not able to obtain funding through no fault of your own, you should receive your earnest money back as well.  If the home does not appraise for at least the sale price, and either you, the Seller, or both of you are unwilling to negotiate price or come to some other arrangement, you should receive your earnest money back. The only way to lose your earnest money, really, is to violate some term of the contract.  As long as you meet the time lines in the contract, and perform as you have agreed, your earnest money is safe.

Well, I hope that these tidbits were helpful.  That’s enough discussion of  “control issues” for now…  I’ve got to run and assist some fantastic Buyers in making some decisions of their own!

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Market Activity ~ Aug 23-29, 2010

We had 15 New properties enter the market in Lake Oswego this last week, 5 go to Pending status, and 7  Closed/Sold.

Here’ your weekly update (see below the tables for additional notes):

NEWLY LISTED (August 23-29, 2010)

Address List Price # Beds # Baths Total SF Prop Type
79 GALEN ST $69,900 2 2 995 CONDO
5180 W SUNSET DR $289,000 1 1 736 DETACHD
2240 SOUTHSHORE BLVD $309,000 3 1 1120 DETACHD
19189 INDIAN SPRINGS RD $347,000 4 3 2156 DETACHD
580 2ND ST $395,000 2 1.2 1464 CONDO
5644 WINDFIELD LOOP $399,000 3 3 1800 DETACHD
2355 GREENTREE RD $449,900 3 2 1992 DETACHD
4978 MULHOLLAND DR $459,000 3 2.1 2498 ATTACHD
17787 BLUE HERON DR $469,950 4 3 2448 DETACHD
310 DURHAM ST $475,000 3 2.1 1940 ATTACHD
1119 OAK ST $524,900 4 2.1 2123 DETACHD
877 CORNELL ST $739,000 3 3 3100 DETACHD
5320 SOUTHWOOD DR $795,000 4 3 3646 DETACHD
844 5TH ST $829,000 3 3 2590 DETACHD
17010 Chapin WAY $1,115,000 4 3.1 4032 DETACHD

PENDING SALES (Aug 23-29, 2010)

Address List Price # Beds # Baths Total SF Prop Type CDOM
1684 BOCA RATAN DR $248,900 3 2 1611 ATTACHD 531
18929 INDIAN SPRINGS RD $324,900 5 3 3380 DETACHD 7
1480 Hemlock ST $388,800 4 3 2246 DETACHD 92
26 INDEPENDENCE AVE $515,000 4 3 3694 DETACHD 117
13595 KNAUS RD $599,000 4 2.1 3339 DETACHD 15

SOLD (August23-29, 2010)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
1728 ASPEN CT $279,900 $250,000 3 2.1 1852 DETACHD 385
139 TOUCHSTONE CT $279,900 $270,000 2 2.1 1846 ATTACHD 33
4490 LAKEVIEW BLVD $299,900 $290,000 3 2 1727 DETACHD 90
3068 DUNCAN DR $424,000 $369,750 4 4 3281 DETACHD 272
12748 SW 22ND AVE $699,000 $435,000 4 2.1 2584 DETACHD 373
12819 ALTO PARK RD $1,097,500 $927,000 4 4.1 3944 DETACHD 115
1097 CHANDLER RD $1,439,000 $1,390,000 4 4.1 5313 DETACHD 42

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings

Posted on

Lake Oswego Open Houses ~ Sunday, 8/29/10

There are 22 Open Houses in Lake Oswego Sunday according to RMLS.  Enjoy! :

Address L/Price # Bdrms # Bath Total SF Style Time
1400 BONNIEBRAE DR $169,500 2 1 864 TOWNHSE 1-3PM
446 5TH ST $327,000 2 1.1 1092 TOWNHSE 1-3PM
466 5TH ST $329,900 2 1.1 1092 TOWNHSE 1-3PM
138 KINGSGATE RD $379,900 3 2.1 1600 DETACHD 1-3PM
5717 BONITA RD $380,000 4 2 2572 DETACHD 12-3PM
32 CHURCHILL DOWNS $399,900 4 2.1 3016 DETACHD 2-4PM
16909 CRESTVIEW DR $474,900 4 3 2553 DETACHD 2-4PM
920 EVERGREEN RD $499,500 3 2 1622 DETACHD 1-4PM
12 SCARBOROUGH DR $499,900 4 2.1 2892 DETACHD 1-4PM
19415 SW DOGWOOD CT $519,900 5 3 3517 DETACHD 1-4PM
1625 BEDFORD CT $549,900 2 2.1 2460 DETACHD 2-4PM
19245 SW MEGLY CT $579,900 5 3 3490 DETACHD 1-5PM
18212 WESTVIEW DR $598,900 4 2.1 3464 DETACHD 2:30-4:300PM
1277 HIDE A WAY LN $599,900 5 3 3120 DETACHD 12-3PM
1785 PALISADES TERRACE DR $749,900 5 4.1 5052 DETACHD 1-3PM
3030 WESTVIEW CT $795,000 4 2.1 3415 DETACHD 2-4PM
3771 LAKE GROVE AVE $825,000 6 4 4228 DETACHD 1-2:45PM
18209 SIENA DR $1,097,000 5 3.1 3839 DETACHD 1-3PM
18246 BELLA TERRA DR $1,194,000 4 3.1 4196 DETACHD 1-3PM
2569 GLEN EAGLES PL $1,199,000 5 4.2 4591 DETACHD 1-3PM
1808 RIDGE POINTE DR $1,269,000 5 4.1 4155 DETACHD 1-3PM
18024 SKYLAND CIR $1,665,000 4 3.2 4131 DETACHD 1-3PM