Category: Buying Advice

What to do when buying real estate in Lake Oswego, Oregon

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News & Notes ~ Sept 2018 Data

Inventory is higher & prices have evened out a bit. Sounds like a good time to buy!  Its said that when the inventory gets to around 4.0 months, it becomes a balanced market. We’re not *quite* there, yet, but it is a leveling-out market now for sure, and fall is always a great time to buy anyway ; )

Here is your look at the most recent data for the entire Portland area (Sept) and how Lake Oswego fits in to this picture just below:

  • According to the RMLS Market Action Report for the Portland Metro Area, September, 2018:
    • There were 3,606 New Listings in September 2018 which was down slightly at  1.0% from September of 2017’s 3,644, and also down 14.4% from the previous month/August of 2018’s total of 4,214 .
    • At 2,272, September Closed Sales fell  14.6% from September 2017’s 2,660, and is also down 23.4 % from the previous month/August 2018’s total of 2,967.
    • September’s Pending Sales (accepted offers), at 2,471 were cooler at 9.5% down from Sept of 2017’s 2,730, and 10.5% down as well from the previous month/August 2018’s total of  2,760.
    • The Average Sale Price in September of $447,800 was up $21,100 from September 2017’s $426,700, and down from the previous month/August 2018’s $462,400 by $14,600.   

Neighborhoods: September’s Average Sale Price + 12-month Appreciation :

  • North Portland:  $416,300              5.7%   (Aug 403,000)
  • NE Portland:  $433,700                   3.8%   (Aug 468,800)
  • SE Portland:  $420,200                   6.9%   (Aug 427,500)
  • Gresham/Troutdale:   $352,200     9.5%   (Aug 360,000)
  • Milwaukie/Clackamas:  $437,400  5.0%   (Aug 444,000)
  • Oregon City/Canby:   $404,300      6.5%   (Aug 436,000)
  • Lake Oswego/West Linn:$627,000 3.4%   (Aug 745,100)
  • West Portland:    $631,700             3.4%   (Aug 646,200)
  • NW Wash County:  $486,200          3.8%   (Aug 557,900)
  • Beaverton/Aloha:     $402,800       7.7%   (Aug 406,600)
  • Tigard/Wilsonville:   $466,900       7.9%   (Aug 466,100)
  • Hillsboro/Forest Grove: $393,200  6.7%   (Aug 386,900)

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of September 2018 reported:

    •  507 Active Listings   (Aug 510)
    •  183 New Listings     (Aug 251)
    •  122 Pending Sales  (Aug 150)
    •  141 Closed Sales      (Aug 156)
    • Average Sale Price for September: $627,000  (Aug 745,100)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    •  61 Average Days on the Market   (Aug 58)
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Market Activity ~ Oct 15-21.2018

Greetings Property Blotter Readers!

There are 305 homes for sale in Lake Oswego right now. Last week 16 New properties entered the market, 10 moved to Pending status, and 13 were “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Oct 15-21, 2018)

Address List Price # Beds # Baths Total SF Prop Type
4 TOUCHSTONE #131 $199,900 3 2.1 1351 CONDO
4342 BOTTICELLI ST / Grnd $395,000 2 2.1 2285 CONDO
112 TOUCHSTONE TER $399,000 3 2.1 1952 TOWNHSE
4514 LOWER DR, B3 $409,900 3 2.1 1644 CONDO
668 MCVEY AVE #36 $418,000 2 1 852 CONDO
6182 SW DAWN ST $469,000 3 1.1 1300 DETACHD
17043 CRESTVIEW DR $539,500 4 2.1 2303 DETACHD
1508 PINE ST $579,900 4 3 2300 DETACHD
6414 FROST ST $597,900 3 2.1 2205 DETACHD
5262 ROSEWOOD ST $650,000 3 2 2275 DETACHD
15213 CANDLEWOOD CT $749,900 4 2.1 2784 DETACHD
828 8TH ST $1,169,000 3 3.1 2839 DETACHD
4146 Lakeview BLVD $1,500,000 4 3.1 3279 DETACHD
4620 Dogwood DR $1,595,000 4 3.1 3550 DETACHD
17129 KELOK RD $1,695,000 4 2.1 2896 DETACHD
2322 KNAUS RD $1,998,000 4 3.2 5087 DETACHD

PENDING SALES (Oct 15-21, 2018)

Address List Price # Beds # Baths Total SF Prop Type CDOM
47 EAGLE CREST DR #31 $167,900 2 1 1009 CONDO 154
202 CERVANTES / Grnd $205,000 2 2 890 CONDO 193
9 JUAREZ ST $449,900 4 3.1 2570 DETACHD 98
1425 CEDAR ST $489,900 4 2 1669 DETACHD 8
532 2ND ST $495,000 2 2.1 1392 CONDO 6
6122 CARMAN DR $539,900 4 2 1508 DETACHD 52
5670 CHARLES CIR $795,000 4 2.1 2968 DETACHD 102
16021 PARELIUS CIR $919,000 4 2.1 4075 DETACHD 6
18650 STAFFORD RD $1,100,000 4 2.1 2840 DETACHD 67
3150 UPPER DR $2,250,000 5 5 5071 DETACHD 1

SOLD (Oct 15-21, 2018)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
15938 QUARRY RD, A1 $219,900 $215,000 2 1 996 CONDO 3
1218 LAUREL ST $449,000 $400,000 4 2 1485 DETACHD 73
17310 CANYON DR $649,000 $545,000 5 3 2716 DETACHD 106
145 DEL PRADO ST $624,900 $600,000 3 2 2137 DETACHD 25
14 OTHELLO ST $625,000 $620,000 4 2.1 2538 DETACHD 183
2013 RIDGEWOOD RD $901,000 $660,870 4 2.1 3181 DETACHD 79
5561 KILCHURN AVE $799,888 $732,500 4 2.1 2803 DETACHD 63
19330 River Run DR $814,900 $765,000 4 4 3786 DETACHD 162
13613 PROVINCIAL HILL WAY $1,075,000 $999,500 5 3.1 4327 DETACHD 171
13589 ROGERS RD $1,099,950 $1,040,000 4 4 3302 DETACHD 123
3487 LAKE GROVE AVE $1,275,000 $1,220,000 4 3.1 3473 DETACHD 27
2812 Lakeview BLVD $2,500,000 $1,706,250 3 2 2566 DETACHD 349
3434 LAKEVIEW BLVD $6,988,000 $6,700,000 5 5.1 7102 DETACHD 44

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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Market Activity ~ Oct 1-7, 2018

Greetings Property Blotter Readers!

The market is relatively steady for this time of year. Last week 18 New properties entered the market, 19 moved to Pending status, and 17 were “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Oct 1-7, 2018)

Address List Price # Beds # Baths Total SF Prop Type
4640 LOWER DR $195,000 2 1.2 1170 CONDO
44 EAGLE CREST DR #22 $254,900 3 2 1085 CONDO
199 OSWEGO SMT #199 $264,900 2 2 1506 CONDO
4000 CARMAN DR #40 $279,000 2 2 906 CONDO
975 LUND ST $579,900 3 2 2300 DETACHD
939 DEVON LN $584,900 3 2 2165 DETACHD
8 HILLSHIRE DR $615,000 4 2.1 2848 DETACHD
13369 PETERS RD $625,000 4 2.1 2474 DETACHD
5807 RIDGETOP CT $710,000 5 2.1 2610 DETACHD
4858 MADRONA ST $799,900 3 2.1 1846 DETACHD
16736 SYLVAN CT $999,900 3 3 3914 DETACHD
2060 INDIAN TRL $1,250,000 3 2.1 2387 DETACHD
306 8th ST $1,299,900 4 4 2893 DETACHD
17686 Stafford (Lt4+TrctA) RD $1,595,000 5 3.1 4776 DETACHD
1074 Bayberry RD $1,625,000 3 3 3429 DETACHD
951 LAKE FRONT RD $1,658,000 3 2.1 1713 DETACHD
435 IRON MOUNTAIN BLVD $2,350,000 5 4.1 4714 DETACHD
1233 CHERRY LN $2,399,000 5 4.1 6052 DETACHD

PENDING SALES (Oct 1-7, 2018)

Address List Price # Beds # Baths Total SF Prop Type CDOM
202 CERVANTES / Grnd $205,000 2 2 890 CONDO 181
204 RIDGEWAY RD #204 $239,000 1 1 778 CONDO 12
668 MCVEY AVE #35 $280,000 1 1 636 CONDO 15
3954 CARMAN DR $289,999 2 2.1 1132 CONDO 96
5432 KENNY ST $444,900 3 1 1352 DETACHD 6
155 GREENWOOD RD $445,000 3 1 999 DETACHD 86
9 JUAREZ ST $449,900 4 3.1 2570 DETACHD 85
15008 TWIN FIR RD $494,900 7 2.4 3532 DETACHD 108
16800 LAKERIDGE DR $499,000 4 2.1 2160 DETACHD 65
1280 HALLINAN ST $524,900 3 2 1500 DETACHD 50
18238 TAMAWAY DR $679,900 5 3 5504 DETACHD 58
146 CHURCH ST $699,000 3 2 1924 DETACHD 4
5555 FIELDSTONE CT $699,900 4 2.1 2712 DETACHD 84
5 JUAREZ ST $749,000 5 3.1 4393 DETACHD 38
5326 WESTFIELD CT $775,000 4 3.1 3259 DETACHD 1
13637 Westlake DR $1,275,000 4 4.1 3927 DETACHD 171
17486 REDFERN AVE $1,449,900 4 4 3632 DETACHD 73
13705 KNAUS RD $1,675,000 4 3.1 5339 DETACHD 168
2812 Lakeview BLVD $1,900,000 3 2 2566 DETACHD 349

SOLD (Oct 1-7, 2018)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #44 $190,000 $180,000 2 1.1 823 CONDO 9
16250 PACIFIC HWY #47 $225,000 $235,000 2 1 1305 CONDO 3
210 S STATE ST #7 $299,900 $299,500 3 2 1284 CONDO 125
6096 HARRINGTON AVE $469,500 $465,000 3 2 2833 DETACHD 5
668 MCVEY AVE #31 $499,900 $499,000 3 1.1 992 CONDO 3
18421 INDIAN CREEK DR $515,000 $527,262 3 2 1836 DETACHD 4
4515 OAKRIDGE RD $630,000 $600,000 3 2.1 1981 ATTACHD 124
1871 KILKENNY DR $649,000 $609,000 5 2.1 3086 DETACHD 11
13220 THOMA RD $599,000 $625,000 3 2 2208 DETACHD 3
3413 ROYCE WAY $659,000 $628,000 3 2.1 2753 DETACHD 236
17226 TUALATIN ST $649,000 $629,000 4 2.1 1984 DETACHD 102
725 10TH ST $795,000 $744,000 3 2 2016 DETACHD 13
630 9TH ST $799,000 $789,000 4 3 2576 DETACHD 99
452 7TH ST $1,150,000 $1,010,000 4 2.1 2600 DETACHD 61
650 1ST ST $1,150,000 $1,025,000 3 2.1 2767 CONDO 24
2277 SUMMIT DR $1,288,000 $1,110,000 4 3.1 4659 DETACHD 66
17344 CEDAR RD $1,699,000 $1,662,500 5 2.1 2831 DETACHD 27

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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It’s the schools! It’s the schools! It’s the schools!

Lake Oswego High School
Hands down the number one reason that people move to Lake Oswego is for the schools. It’s why I moved here in 1998. It’s why my parents moved her with me in 1976. Previously I had lived in the Sellwood neighborhood of Southeast Portland. Sellwood is super charming and I loved my old Portland bungalow and jogging in Oaks Bottom. But when my daughter entered Sellwood Middle School I couldn’t help but wonder if Portland Public Schools was the best place for her. My family really values education. The curriculum in Portland just seemed a little loosy goosy to me. You only have this one shot at giving your kids the best opportunity possible and a great education goes along way towards accomplishing this goal.

The difference was night and day. Whereas in SE Portland teachers coped with a lot of disciplinary issues, in Lake Oswego kids arrived at school ready to learn. I know that my experience was from 1998, so it is not a reflection of what is currently the case between the two school districts, but the state-wide rankings have changed very little in 20 years.

Lakeridge High School
My son struggled in school. We took the time to have him tested and the Doctor who did the testing came up with an in-depth program to monitor him throughout the school day. It was basically a rewards system that was designed to keep him engaged with the classroom activities and not be distracted and not paying attention. I took that plan to his 4th grade teacher and without batting an eye she got on board. This already busy teacher with a full classroom and a full lesson plan had the energy and desire to add this new task to her day. I am so grateful!

Both of my kids did great. No, they weren’t super stars in academia or athletics. They were just regular kids that had their ups and their downs. I think being a kid, and particularly being a teenager, is pretty tough. Kids need a safe place with structure that gives them the tools to succeed. I feel like Lake Oswego Schools did this for them. My daughter went on to college, my son chose the military.

I’m so glad that we moved here at a time when my kids could benefit from the schools. If you are in this stage of your life, and are thinking you need to move your kids to get them into some of the best public schools in the state, think about a move to LO. You won’t regret it.

For a ranking of Lake Oswego schools as they compare to other schools statewide and nationally, click here.

Thanks for reading,
Dianne

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News & Notes ~ August Numbers 2018

Activity continues to be mixed in the Portland area.  A lot of it is seasonal/happens every year. Some looks like a slight cooling trend.

Here is your look at the most recent data for the entire Portland area (August) and how Lake Oswego fits in to this picture just below:

  • According to the RMLS Market Action Report for the Portland Metro Area, August, 2018:
    • There were 4,214 New Listings in August 2018 which was up 4.1% from August of 2017’s 4,048, and down 2.3% from the previous month/July of 2018’s total of 4,312 .
    • At 2,967, August Closed Sales fell  2.2% from August 2017’s 3,034, and/but were up 8.4 % from the previous month/July 2018’s total of 2,736.
    • August’s Pending Sales (accepted offers), at 2,760 were cooler at 10.2% down from August of 2017’s 3,072, and 10.1% down as well from the previous month/July 2018’s total of  3,071.
    • The Average Sale Price in August of $462,400 was up $26,700 from August 2017’s $436,400, and also up from the previous month/July 2018’s $455,100 by $7,300.   

Neighborhoods: August’s Average Sale Price + 12-month Appreciation :

  • North Portland:  $403,000              4.6%   (July 415,900)
  • NE Portland:  $468,800                   4.1%   (July 467,400  )
  • SE Portland:  $427,500                   7.3%   (July 425,400)
  • Gresham/Troutdale:   $360,000   10.5%   (July 361,500)
  • Milwaukie/Clackamas:  $444,000  5.2%   (July 427,400  )
  • Oregon City/Canby:   $436,000      7.7%   (July 439,400)
  • Lake Oswego/West Linn:$745,100 5.1%   (July 689,700)
  • West Portland:    $646,200             3.6%   (July 591,000)
  • NW Wash County:  $557,900          4.4%   (July 552,500)
  • Beaverton/Aloha:     $406,600        8.0%   (July 383,600 )
  • Tigard/Wilsonville:   $466,100        8.1%   (July 452,700  )
  • Hillsboro/Forest Grove: $386,900  7.5%   (July 403,100)

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of August 2018 reported:

    •  510 Active Listings   (July 498)
    •  251 New Listings     (July 269)
    •  150 Pending Sales  (July 164)
    •  156 Closed Sales      (July 153)
    • Average Sale Price for August: $745,100  (July 689,700)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    •  58 Average Days on the Market   (July 53)
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Market Activity ~ Sept 3-9, 2018

Greetings Property Blotter readers1

There are 315 homes for sale in Lake Oswego. Last week 18 New properties entered the market, 12 moved to Pending status, and 18 were “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Sep 3-9, 2018)

Address List Price # Beds # Baths Total SF Prop Type
3668 SPRING LN/Upper $284,900 2 2 1117 CONDO
4433 THUNDER VISTA LN/Grnd $370,000 3 2.1 2002 CONDO
5305 KENNY ST $425,000 3 1 1170 DETACHD
391 LIVINGOOD LN $540,000 5 3 3872 DETACHD
13422 AUBURN CT $639,698 3 2.1 2612 ATTACHD
38 BRIARWOOD RD $800,000 7 2.2 2554 DETACHD
13459 PROVINCIAL HILL WAY $819,900 3 2.1 2896 DETACHD
1041 CHANDLER RD $899,000 3 2 1696 DETACHD
161 FURNACE ST/Main $950,000 2 2 2134 CONDO
4105 PFEIFER CT $989,000 5 2.1 4176 DETACHD
548 4TH ST $1,195,000 3 4.1 3186 TOWNHSE
13659 WESTLAKE DR $1,350,000 4 3.1 4274 DETACHD
2148 SUMMIT DR $1,495,000 5 2.1 3883 DETACHD
3123 DOUGLAS CIR $1,549,000 4 3.1 3664 DETACHD
3177 STONEBRIDGE WAY $1,598,000 4 4.2 5097 DETACHD
3817 UPPER DR $1,629,000 4 3.1 4246 DETACHD
1978 EGAN WAY $1,698,000 4 5.2 6761 DETACHD
1527 LAKE FRONT RD $5,295,000 5 6.1 7220 DETACHD

PENDING SALES (Sep 3-9, 2018)

Address List Price # Beds # Baths Total SF Prop Type CDOM
15938 QUARRY RD A1 $219,900 2 1 996 CONDO 3
210 S STATE ST #7 $299,400 3 2 1284 CONDO 125
40 WHEATHERSTONE $429,000 3 2.1 1692 CONDO 35
19071 LONGFELLOW AVE $465,000 3 1 1152 DETACHD 95
17797 OVERLOOK CIR $499,900 4 2.1 2908 DETACHD 71
18421 INDIAN CREEK DR $515,000 3 2 1836 DETACHD 4
17226 TUALATIN ST $629,000 4 2.1 1984 DETACHD 102
5668 VICTORIA CT $729,000 4 2.1 3024 DETACHD 5
13822 MELROSE PL $995,000 4 3.1 3529 DETACHD 51
624 ATWATER RD $1,250,000 5 3.1 4463 DETACHD 4
4287 HAVEN ST $1,299,950 4 3.1 4007 DETACHD 56
18284 MEADOWLARK LN $1,375,000 5 5.1 5425 DETACHD 3

SOLD (Sep 3-9, 2018)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
4 TOUCHSTONE #122 $186,000 $169,200 2 2 984 CONDO 44
47 EAGLE CREST DRbb#15 $185,000 $182,000 2 1 1009 CONDO 8
209 OSWEGO SMT / Upper $250,000 $245,000 2 2 1383 CONDO 27
12868 BOONES FERRY RD $399,900 $385,500 2 2.1 1136 CONDO 63
4862 INDIAN CREEK CT $499,990 $499,990 3 2 1390 DETACHD 45
3585 LAKE GROVE AVE $550,000 $545,000 4 2 1575 DETACHD 46
26 PARTRIDGE LN $550,000 $550,000 4 3 2464 DETACHD 4
31 WESTRIDGE DR $619,000 $641,500 5 2.1 3492 DETACHD 5
18028 WESTMINSTER DR $805,000 $670,000 4 3.1 4501 DETACHD 116
1445 GREENTREE CIR $675,000 $675,000 4 3 2842 DETACHD 37
13984 CHELSEA DR $849,000 $807,500 4 2.1 3216 DETACHD 86
17851 WESTVIEW DR $869,000 $840,000 4 3.1 3433 DETACHD 146
927 OAK ST $895,000 $875,000 5 3.1 2864 DETACHD 50
17637 WOODHURST PL $949,500 $925,000 5 3.2 4833 DETACHD 104
18955 BRYANT RD $998,900 $975,000 4 2.1 3647 DETACHD 73
13857 AMBERWOOD CIR $995,000 $980,000 4 2.1 3916 DETACHD 7
2107 GOODALL CT $1,079,000 $1,000,000 4 3 3029 DETACHD 82
13910 STAMPHER RD $1,950,000 $1,750,000 4 3.1 4488 DETACHD 35

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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Tips & Tidbits ~ Contract Timelines

* Make sure to pay attention to timelines in the contract.

 

I’ve talked about these things herein before, but I think it was a few years back, so here’s a refresher~

Buyers: For instance: The typical scenario is 10 business-days for Inspections. In this situation I try to schedule any Inspections sooner rather than later so as to give time for thought on the Buyers’part, and/or additional Inspections or estimates for any repairs. You need to keep in mind that any repairs need to be negotiated *prior* to 5PM on that last business day of your Inspection Period. If you are the Buyer, don’t wait till the last second to approach these issues with the Seller (i.e with your Realtor). Once you pass the 5PM deadline, if you’ve done so without negotiating repairs, you’re moving forward without repairs ; )

Another example is the Closing Date– The Closing Date in the contract is an “On or Before” date. If you are the Buyer in a transaction, and the Lender tells you at the last minute that they’re not going to make that date and says “Oh, just extend the Closing Date”, you can indeed to that with an Addendum… IF THE SELLER ALSO AGREES IN WRITING. Keep in mind that its always possible that the Seller has received a verbal or other Offer higher than yours during the process that might be tempting, or that their timeline may be “do or die” because of how the dominoes fall on their end (moving van schedules, Closing on another transaction, etc). So…Usually people will agree to this, but as the Buyer, your Earnest Money is on the line if you do not meet your agree-upon timelines.

The same goes for Sellers– You must deliver Possession on the date and time agreed, for instance.

If a Buyer sends you a Repair Addendum and you do not respond by close to 5PM on the 10th business day (well before that would be recommended : ) your Buyer could misinterpret your lack of response as a signal that you are pushing them beyond where they’re comfortable and leaving them with repairs they do not want to take on. They may pull their Offer so as to protect themselves. That would not be good.

As in all things, just proceed with Good Faith! And in a home-selling/buying situation,  abide by the timelines and you’ll be fine!

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Market Activity ~ Aug 20-26, 2018

Summer is indeed winding down. There are, however, plenty of great homes out there and lots of activity. Right at this moment there are 299 homes for sale in Lake Oswego. Last week 13 New properties entered the market, 21 moved to Pending status, and 16 were “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Aug 20-26, 2018)

Address List Price # Beds # Baths Total SF Prop Type
86 KINGSGATE RD G202 $179,500 2 2 849 CONDO
100 KERR PKWY #44 $190,000 2 1.1 823 CONDO
45 EAGLE CREST DR #413 $204,900 2 1.1 1056 CONDO
4417 THUNDER VISTA LN $325,000 2 2.1 2002 CONDO
1710 ASPEN CT $439,900 3 2 1437 DETACHD
4301 COLLINS WAY $519,000 3 2 1617 DETACHD
6187 FROST LN $564,900 4 2.1 2149 DETACHD
6150 KENNY ST $625,000 3 2.1 2070 DETACHD
5311 CHILDS RD $719,000 4 3 1929 DETACHD
14495 PFEIFER DR $739,500 4 2.1 3732 DETACHD
5 JUAREZ ST $749,000 5 3.1 4393 DETACHD
3487 LAKE GROVE AVE $1,275,000 4 3.1 3473 DETACHD
862 CEDAR ST $1,365,000 4 3.1 3914 DETACHD

PENDING SALES (Aug 20-26, 2018)

Address List Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #31 $159,000 1 1 618 CONDO 12
4000 CARMAN DR E74 $204,888 2 2 836 CONDO 56
4000 CARMAN DR A10 $209,900 2 2 836 CONDO 51
39 OSWEGO SMT / Grnd $220,000 2 2 1212 CONDO 71
44 EAGLE CREST DR #22 $222,900 3 2 1085 CONDO 39
4000 CARMAN DR #50 $239,000 1 1 890 CONDO 140
213 OSWEGO SMT $245,000 2 2 1383 CONDO 15
12848 BOONES FERRY RD $389,900 2 2.1 1182 CONDO 34
6291 HARRINGTON AVE $425,000 3 2 1472 DETACHD 6
1651 WOODLAND TER $445,000 5 3 2737 DETACHD 35
507 ASH ST $449,500 4 3 4666 DETACHD 206
5228 BONITA RD $485,000 3 2 1310 DETACHD 6
17590 BLUE HERON RD $499,900 4 2.1 2160 DETACHD 3
17143 REBECCA LN $529,000 3 2.1 1943 DETACHD 45
5475 WILLOW CT $549,000 3 2.1 2438 ATTACHD 63
17310 CANYON DR $550,000 5 3 2716 DETACHD 82
1400 LEE ST $579,900 5 3 2840 DETACHD 62
3075 ROYCE WAY $775,000 4 3.1 3724 DETACHD 125
650 1ST ST $1,150,000 3 2.1 2767 CONDO 24
1828 EGAN WAY $1,195,000 3 2.1 3779 DETACHD 340
1175 WESTWARD HO RD $1,599,900 3 3.1 3547 DETACHD 38

SOLD (Aug 20-26, 2018)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #5 $159,000 $149,000 1 1 617 CONDO 59
4 TOUCHSTONE #99 $210,000 $205,000 2 2 984 CONDO 25
4000 CARMAN DR C 49 $327,995 $300,000 2 1.1 1004 CONDO 61
45 GREENRIDGE CT $394,900 $394,900 3 2.1 1645 TOWNHSE 36
6137 Childs RD $399,900 $421,000 3 1 946 DETACHD 6
15451 Tanager DR $577,000 $569,000 2 2 1970 DETACHD 7
5564 BONITA RD $649,000 $603,500 3 2.1 2435 DETACHD 71
1911 WOODLAND TER $650,000 $655,000 3 2.1 2060 DETACHD 3
12777 SIERRA VISTA DR $699,000 $670,000 4 2.1 3144 DETACHD 108
220 4TH ST $649,000 $687,250 3 2 1840 DETACHD 6
1159 BAYBERRY RD $949,000 $887,500 4 2.1 2508 DETACHD 26
2949 WESTVIEW CIR $989,900 $980,000 4 3 3326 DETACHD 35
820 FAIRWAY RD $1,224,000 $1,195,000 4 3.1 3758 DETACHD 36
18262 MEADOWLARK LN $1,398,800 $1,312,888 5 3.1 4757 DETACHD 67
629 Middlecrest RD $1,449,000 $1,325,000 4 4 3575 DETACHD 85
893 CEDAR ST $1,375,000 $1,335,000 4 3.1 3740 DETACHD 182

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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Home Warranties

It is extremely common for home warranties to become part of a purchase agreement in the sale of a house. There is a section of the OREF (Oregon Real Estate Forms) that asks if a warranty will be included in the sale, at what price, and who will pay for it. I like to council my clients that the time to think about a warranty is before you are signing paperwork. Do a little leg work now so that you can know if you want a warranty and which warranty your prefer.

There are numerous companies that offer warranties. By far the big dog in the field is American Home Shield. I don’t know whether they are the oldest company, but they are certainly the largest. Having said that, their warranty may not be your top choice. You won’t know without doing some research.

Different companies offer different coverage. I’m going to start by saying that warranties generally cover the “mechanical” aspects of a house. Think things that involve a power source. This would be things like the hot water heater and the dishwasher. They generally don’t cover “structural” aspects of a house. This would be things like the roof and the foundation.

The coverage is paid for at closing, in a lump sum. It lasts for 365 days from the date of closing. When you go to use the warranty you call an 800 number to place a work order. The warranty company then sends out a local contractor that they have in their network (you don’t get to choose the contractor). To get them to show up at your door you pay a service call fee (usually about $60-$80). That’s it. They do the repair and your cost is mostly limited to the cost of the service call fee.

I have heard that warranties are used on average a little over two times per warranty. If you have one, you are very, very likely to use it.

I think all companies have a basic package that you can then add options to. Most start at a price around $350, although there is a good warranty out there for $295 that I recently saw. I think the big differences in the pricing has to do with how appliances are covered and limitations to coverage. For instance, many don’t cover the washer, dryer, and refrigerator. Those have to be added on as options. Some will cover the furnace but only up to $1500. This is why you want to do your research now.

Now is the part where I get to tell you my story. I bought my home and the seller bought me a home warranty. It was from a National company that was well known. I had two occasions to use it and my conclusion from my experience was that the warranty company was very motivated to fix problems, but not to buy me new stuff. I bought an older home with older elements. I knew from my home inspection that the dishwasher was pretty much shot. The seals around the door were all cracked from wear and age. The darn thing couldn’t be run without water leaking all over the floor. I called the warranty company and they sent out a contractor who did a proposal to spend about $300 on installing new seals. This was on an ancient dishwasher that hadn’t run a full cycle in quite some time. I suggested it was a waste of money to put a band aid on that old thing. That lead to a proposal from the warranty company that I could apply the $300 towards a new dishwasher, which I did. I paid the difference and I got a new dishwasher. I was happy with this solution. My second use of the warranty was for my furnace, which was also extremely old. It quit working, I called the warranty company, the furnace was repaired. It took perhaps 5-6 weeks for it to quit working again. I called the warranty company, it was repaired, winter came to an end and my warranty expired. The next winter the furnace went out again. This time I called an HVAC company of my choice and when they came out they red tagged the furnace and told me it wasn’t safe to operate. I bought a new furnace. In hindsight, I should have called the warranty company for that second repair, but I should have also paid my own HVAC company for their opinion. I think if I had done that I would have been able to use my warranty towards my new furnace. Live and learn, right?

I do think warranties are an excellent option when you buy a house. The purchase of a house is expensive and a warranty will give you some peace of mind that you’ll be financially able to manage the house a little more easily during that first year of ownership.

At the end of the first year you will be given the option to renew the warranty. I have had clients who do this every year for years and years. They love their warranties!

Here is a link to ConsumersAdvocate.org and their list of the 10 best warranties for 2018. Within their website they have links to the various warranties along with phone numbers to call and ask questions. Do your research now. Get the best warranty for your circumstance. To go to ConsumersAdvocate.org click here.

As always, thanks for reading!
Dianne

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News & Notes ~ July 2018

Activity overall is mixed in the Portland area in relation to 2017, and the general consensus is that the market  is leveling out a bit.

Here is your look at the most recent data for the entire Portland area (July) and how Lake Oswego fits in to this picture just below:

  • According to the RMLS Market Action Report for the Portland Metro Area, July, 2018:
    • There were 4,312 New Listings in July 2018 which was up 2.6% from July of 2017’s 4,202, and down 4.5% from the previous month/June of 2018’s total of 4,515.
    • At 2,736, July Closed Sales fell  2.0% from July 2017’s 2,793, and/but were also down 7.1 % from the previous month/June 2018’s total of 2,946.
    • July’s Pending Sales (accepted offers), at 3,071 were up slightly at  1.0% from July of 2017’s 3,040, and were also up 0.4% from the previous month/June 2018’s total of  3,059.
    • The Average Sale Price in July of $455,100 was up $7,700 from July 2017’s $447,400, and down from the previous month/June 2018’s $472,400 by $17,300.   

Neighborhoods: July’s Average Sale Price + 12-month Appreciation :

  • North Portland:  $415,900              6.7%   (June 430,100)
  • NE Portland:  $467,400                   4.8%   (June 490,000  )
  • SE Portland:  $425,400                   6.9%   (June 443,600)
  • Gresham/Troutdale:   $361,500   10.5%   (June 357,900)
  • Milwaukie/Clackamas:  $427,400  5.5%   (June 434,100  )
  • Oregon City/Canby:   $439,400      7.4%   (June 434,100)
  • Lake Oswego/West Linn:$689,700 6.3%   (June 685,700)
  • West Portland:    $591,000             1.4%   (June 635,600)
  • NW Wash County:  $552,500          4.5%   (June 572,200)
  • Beaverton/Aloha:     $383,600        7.9%   (June 400,100 )
  • Tigard/Wilsonville:   $452,700        8.6%   (June 481,500 )
  • Hillsboro/Forest Grove: $403,100  8.5%   (June 409,900)

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of July 2018 reported:

    •  498 Active Listings   (June 341)
    •  269 New Listings     (June 261)
    •  164 Pending Sales  (June 192)
    •  153 Closed Sales      (June 154)
    • Average Sale Price for July: $689,700  (June 685,700)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    •  53 Average Days on the Market   (June 52)