Category: Buying Advice

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

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Market Snap Shot

l-lake-oswego-mansionIn a recent conversation with another Realtor here in Lake Oswego the comment was made “aren’t there any houses in Lake Oswego under a million dollars!”. It got me thinking about the fact that it’s been awhile since I did my affordability comparison with Sellwood in SE Portland. It also got me wondering about all the houses in Lake Oswego that are priced at a million dollars or greater. How many are there and are they selling?

I ran these numbers on February 1st and in 5 days time they will of changed, but it will give all of us a snap shot of current inventory and current activity.

There are currently 124 detached houses for sale. Of those, 56 are priced at a million dollars or greater. That means that million dollar properties make up 45% of the current inventory. I wanted to know how many million dollar homes had sold in the last six months. I decided if I was going to do it with the expensive houses I would also do it with the less expensive houses. Below you will find the results of my research:

Type Value Range # Active # Pending # Sold/6 Months # Month’s Inventory
Detached $100,000-$400,000 6 13 52 3 weeks
$400,001-$600,000 21 26 106 5 weeks
$600,001-$800,000 28 19 77 2 months
$800,001-$1,000,000 14 9 43 2 months
$1,000,001-$1,500,000 28 13 32 5 months
$1,500,001-$2,000,000 13 3 16 5 months
$2,000,001-$3,000,000 7 0 8 5 months
$3,000,001-$5,000,000 4 2 2 12 months
$5,000,001-$20,000,000 3 0 0 unknown
Attached All Price Ranges 6 6 27 5 weeks
Condos All Price Ranges 3 20 103 1 week

So the answer to my question is that while there are a lot of million dollar houses, they are selling quite well. The far right column shows you that based upon how many have sold in the last 6 months, how many months it will take to sell what is currently on the market. The less expensive homes are selling in just weeks.

The real shocker in this, to me, is what has happened to the condos. I have never in 28 years of selling real estate seen the condo inventory so low. In my experience there always seems to be a bit of a glut of condos available. Last summer there were many and some complexes had so much inventory that they just languished on the market. So what happened? Many complexes that were involved in litigation and special assessments have put that behind them and are now more stable and more financially healthy. The foreclosures and shortsales are pretty much gone (there may be a few hold outs yet to appear), but mostly I think it’s because first time home buyers are back in the game. The millenials have had a hard time getting established in good jobs, but it is happening and they are buying homes. If you own a condo in Lake Oswego, it is likely going up in value.

Lake Oswego vs Sellwood
I started doing this comparison between LO and Sellwood (a neighborhood in SE Portland) because I have long felt that thinking of Lake Oswego as a strictly rich community is unfair. I think there are a fairly broad range of households and that you can find affordable housing in Lake Oswego. I used Sellwood for the comparison because it is where I moved from when I came to Lake Oswego 18 years ago. I used to do this comparison about once a year, but I don’t think I’ve done it for quite a long time. So hear it is. My definition is based upon a detached home that is priced at $400,000 or less. In Lake Oswego there are currently 6. In Sellwood there is currently 1. So it continues to hold true that there are more “affordable” houses in Lake Oswego than there are in Sellwood. This has been the case every time I have done this exercise. But the take away is “only 6”?! and “only 1”?! Our property values have gone up so much that I’m not sure I can use the $400,000 price cap any more, in either area.

Most expensive and least expensive
The last part of this review is that I want to give you an idea of the least and most expensive detached house value in Lake Oswego. The least expensive house is offered at $320,000. It was built in 1964 and has 3 bedrooms and 1 bath, and 924 square feet. It’s on a .24 acre lot, needs a lot of updating, and is on a septic system. The most expensive house is offered at $15,000,000. It was built in 2006. It has 5 bedrooms, 6 full baths and 3 half baths. It has an elevator, a media room, a game room, a workout room, and more. It has 13,462 square feet. It sits on .66 of an acre that happens to be lake front along the North shore. It has also been on and off of the market for the past 4 years.

I hope you found this both interesting and helpful. Feel free to call if you have any questions. Linda, Whitney and I are always here to help.
Dianne

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News & Notes ~ December & 2015 Numbers

Well, the latest numbers for the entire Portland area for December and 2015 are in!  This is particularly interesting because the numbers are through December 31st…therefore there are figures for December (best look at what’s happening “right now”) AND for the entire year.

I usually give our Property Blotter Readers a glimpse at the whole Portland market and how Lake Oswego fits into it below. Here you go!

According to the RMLS Market Action Report for the Portland Metro Area:

  • There were 1,548 New Listings in December which was 2–down / -0.1% from December of 2014, and also down 28.4% from November of 2015.
  • At 2,710, December Closed Sales were up a whopping 25.9% from November and up  21% over December of 2014.
  • December Pending Sales (accepted offers), at 1,936, fell 22.7% from November, and/but were up 16.1% over December 2014.
  •  The Average Sale Price in December of $367,600 was down $12,000 from November’s Average of $355,600, and up $36,000 (!!) from December 2014’s Average of $331,600.
  • The Year-End (Year-To-Date/YTD) Average Sale Price for the Overall Portland Area was $354,500. That compares to 2014’s YTD Average Sale Price which was $333,000.
  • The big story is about Inventory which was at 1.2 months as of December 31st…The lowest since 1999.

Average Sale Prices By Area YTD for 2015 were:

  • North Portland: $335,000
  • NE Portland:  $376,700
  • SE Portland: $330,100
  • Gresham/Troutdale: $263,000
  • Milwaukie/Clackamas: $335,600
  • Oregon City/Canby: $325,200
  • Lake Oswego/West Linn: $541,800
  • W Portland: $495,100
  • NW Washington County: $442,700
  • Beaverton/Aloha: $297,300
  • Tigard/Wilsonville: $370,600
  • Hillsboro/Forest Grove: $293,900

The combined areas of Lake Oswego and West Linn  for the month of December 2015 reported:

    •  255 Active Listings
    •  86 New Listings   
    •  98 Pending Sales 
    •  143 Closed Sales 
    • Average Sale Price for December of $567,300 
      • 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.
    • Average Time on the Market: 81 Days
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Market Activity ~ Jan 18-24, 2016

It is that time of year; the time where people who’ve taken their homes off the market during holiday season etc decide to put them back on or at least change their ML#’s to “refresh” the Listings for the new year. While this is a common practice, and is a useful strategy for Sellers to consider, it is not as helpful to our Property Blotter readers who are looking for new properties entering the market. So… we do the sorting work for you and remove those that have been refreshed in this manner. For this cycle, out of 13 that appeared to be New, we show 4 actually New in Lake Oswego.  (Yes, Inventory is still quite low. Overall Portland Area Inventory as of Dec 31st was 1.2 months…)

During the period of January 18-24, 2016 (last week) in Lake Oswego, we saw 4 New properties enter the market, 19 move to Pending status, and 9 “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Jan 18-24, 2016)

Address List Price # Beds # Baths Total SF Prop Type
59 GREENRIDGE CT $369,000 3 2.1 2004 ATTACHD
142 DEL PRADO ST $495,000 4 3 1950 DETACHD
14 DOVER WAY $1,099,000 5 3.1 4593 DETACHD
12975 SW ELK ROCK RD $1,500,000 5 3.1 3878 DETACHD

PENDING SALES (Jan 18-24, 2016)

Address List Price # Beds # Baths Total SF Prop Type CDOM
44 EAGLE CREST DR $150,000 2 1 908 CONDO 3
48 EAGLE CREST DR #5E $205,000 2 2 1443 CONDO 16
3968 CARMAN DR $239,900 2 2.1 1129 CONDO 5
1248 OAK ST $310,000 2 1 900 DETACHD 69
668 MCVEY AVE #57 $340,000 3 1.1 985 CONDO 142
6 THE GROTTO $375,000 3 2 1381 DETACHD 14
5329 CHARLETON CT $379,900 3 2 1120 DETACHD 8
18088 BELMORE AVE $405,000 3 1.1 1304 DETACHD 10
3759 LANEWOOD ST $419,000 3 2.1 1783 DETACHD 4
6286 HARRINGTON AVE $449,999 3 2 3219 DETACHD 249
13160 PETERS RD $460,000 3 2.1 1946 DETACHD 11
490 G AVE $499,000 5 2 2126 DETACHD 7
136 D AVE $575,000 2 2.1 1741 ATTACHD 9
524 WEIDMAN CT $669,000 4 2.1 3450 DETACHD 13
15837 ALLISON PL $679,000 4 2.1 3534 DETACHD 125
5371 SOUTHWOOD DR $724,900 3 3 2751 DETACHD 3
5646 GRAND OAKS DR $729,000 3 2.1 3388 DETACHD 33
5355 ROSALIA WAY $925,000 4 3.1 3764 DETACHD 1
3487 LAKE GROVE AVE $1,050,000 4 3.1 3473 DETACHD 6

SOLD  (Jan 18-24, 2016)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
4000 CARMAN DR #12 $158,500 $158,500 2 2 866 CONDO 23
4 MOUNTAIN CIR $305,000 $303,000 2 1.1 1598 CONDO 23
1857 BOCA RATAN DR $330,000 $330,000 3 2 1611 ATTACHD 0
17422 BLUE HERON RD $399,900 $400,000 3 2 1954 DETACHD 94
225 HIDALGO ST $499,900 $492,500 4 2.1 2299 DETACHD 21
16717 SYLVAN CT $749,999 $680,000 4 3.1 4949 DETACHD 176
17154 LOWENBERG TER $799,960 $800,000 5 3.1 3514 DETACHD 65
806 6TH ST $1,109,900 $1,075,000 4 2.1 2730 DETACHD 123
17096 CHAPIN WAY $1,445,000 $1,495,000 4 5 4395 DETACHD 128

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 ~ Dec 14-27, 2015

As the year draws to a close and the holidays are in full swing, we here at the Property Blotter have had our hands full serving our clients AND spending time with our families : )  We hope this has been a similarly busy and Joyous time for our loyal readers!

This Market Activity Report reflects the last two weeks of activity here in Lake Oswego.

Dec 14-27 in Lake Oswego we saw 10 New properties enter the market, 22 move to Pending status, and 34 “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Dec 14-27, 2015)

Address List Price # Beds # Baths Total SF Prop Type
15938 QUARRY RD #3A $169,900 2 1 988 CONDO
668 MCVEY AVE #42 $260,000 2 1 836 CONDO
1775 KILKENNY RD $484,900 4 2 2560 DETACHD
1430 LARCH ST $529,000 3 3 2279 DETACHD
2 CREEKSIDE TER $549,900 5 2.1 2906 DETACHD
5646 GRAND OAKS DR $729,000 3 2.1 3388 DETACHD
1317 LAUREL ST $735,000 3 2.1 2259 DETACHD
5330 LOWER DR $749,000 3 2.1 2526 DETACHD
4287 HAVEN ST $1,249,950 4 3.1 4007 DETACHD
3133 DOUGLAS CIR $1,350,000 4 3.1 3981 DETACHD

PENDING SALES (Dec 14-27, 2015)

Address List Price # Beds # Baths Total SF Prop Type CDOM
16250 PACIFIC HWY #54 $124,900 1 1 841 CONDO 97
4634 LOWER DR Grnd $139,900 2 1.1 1260 CONDO 4
44 EAGLE CREST DR #6 $139,900 1 1 798 CONDO 6
Upper $146,000 1 1 829 CONDO 232
48 EAGLE CREST DR #2C $149,900 3 2 1623 CONDO 410
4 TOUCHSTONE #150 $149,900 2 2 984 CONDO 9
19251 Indian Creek AVE $350,000 4 2 1550 DETACHD 40
17273 BRYANT RD $395,900 3 1.1 1452 DETACHD 251
17422 BLUE HERON RD $399,900 3 2 1954 DETACHD 94
6210 CHILDS RD $400,000 3 1.1 1296 DETACHD 125
5849 FERNBROOK CIR $419,500 3 1.1 1239 DETACHD 3
4660 UPPER DR $509,000 4 3 3100 DETACHD 155
5554 ROYAL OAKS DR $525,000 3 2 1861 DETACHD 255
5192 COVENTRY CT $550,000 4 2.1 2259 DETACHD 3
6150 KENNY ST $559,000 3 2.1 2070 DETACHD 150
547 2ND ST Upper $625,000 2 2 1529 CONDO 38
19468 35TH CT $788,500 3 2 2641 DETACHD 3
408 NORTHSHORE RD $929,900 4 4 3753 DETACHD 0
806 6TH ST $1,099,900 4 2.1 2730 DETACHD 123
3137 DOUGLAS CIR $1,450,000 4 3.1 4246 DETACHD 0
15845 OSWEGO SHORE CT $1,875,000 4 4.2 5500 DETACHD 583
1193 FAIRWAY RD $3,095,000 5 4.2 7028 DETACHD 153

SOLD  (Dec 14-27, 2015)

Address Opening Price Close Price # Beds # Baths Total SF Prop Type CDOM
61 GALEN RD Grnd $110,000 $110,000 1 1 550 CONDO 3
66 OSWEGO SMT #66 $124,900 $115,500 1 1 764 CONDO 12
192 OSWEGO SMT #192 $144,750 $148,600 2 2 1383 CONDO 304
4 TOUCHSTONE #130 $159,900 $175,000 2 2 984 CONDO 2
75 GALEN RD Grnd $171,900 $178,500 2 2 993 CONDO 3
200 BURNHAM RD #406 $265,000 $220,000 2 1 1199 CONDO 153
27 AQUINAS ST $380,000 $342,000 3 2.1 1568 DETACHD 142
80 KINGSGATE RD $349,900 $360,000 3 2 1186 DETACHD 3
5934 KENNY ST $389,900 $391,000 4 2 1596 DETACHD 62
2301 WEMBLEY PARK RD $460,000 $400,000 3 2.1 1864 DETACHD 17
55 NorthShore RD #4 $415,000 $410,000 2 2 1554 CONDO 36
19229 LONGFELLOW AVE $419,900 $423,000 2 2 1740 DETACHD 4
3674 CARMAN DR $449,000 $430,000 3 2.1 1965 ATTACHD 38
2222 CREST DR $639,000 $497,250 4 3.1 2820 DETACHD 133
17520 REDFERN AVE $549,900 $499,999 3 2 1776 DETACHD 48
4095 COLTSFOOT LN $500,000 $500,000 3 2 1958 DETACHD 0
316 MIDDLECREST RD $664,000 $546,000 3 2.1 3202 DETACHD 75
4724 AVERY LN $599,900 $595,000 4 2.1 2731 DETACHD 23
207 EVERGREEN RD $579,000 $600,000 3 3.1 1789 ATTACHD 37
1293 TIMBERLINE DR $699,000 $612,000 3 3 2957 DETACHD 85
1053 YATES ST $664,900 $660,000 3 2.1 2598 DETACHD 24
15821 SPRINGBROOK CT $699,900 $668,779 2 2 2208 DETACHD 10
13485 STREAMSIDE DR $749,900 $720,000 3 3 3023 DETACHD 18
17454 CANAL CIR $805,000 $755,000 3 2.1 2475 DETACHD 47
1255 BICKNER ST $875,000 $850,000 4 2.1 2764 DETACHD 53
1651 VILLAGE PARK LN $899,000 $862,000 4 3.1 4273 DETACHD 230
17346 CANAL CIR $995,000 $887,500 4 3 3406 DETACHD 37
1211 Bayberry RD $1,125,000 $977,750 6 5 4277 DETACHD 79
769 2ND ST $1,125,000 $1,050,000 5 2.1 3308 DETACHD 900
725 5th ST $1,124,900 $1,075,000 3 3 2748 DETACHD
2091 SUMMIT DR $1,150,000 $1,100,000 3 2.1 2660 DETACHD 40
13180 SW Thoma RD $1,250,000 $1,184,690 5 4.1 5043 DETACHD 96
3796 LAKEVIEW BLVD $1,995,000 $1,840,000 3 2.2 4150 DETACHD 448
17700 UPPER CHERRY LN $2,500,000 $2,350,000 5 5.1 6850 DETACHD 8

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 ~ Nov 23-29, 2015

Last week, Nov 2-8, Lake Oswego we saw 4 New properties enter the market, 4 move to Pending status, and 11 “Closed”/Sold.

Following is the breakdown for you according to RMLS for last week:

NEW on Mkt (Nov 23-29, 2015)

Address List Price # Beds # Baths Total SF Prop Type
4333 WOODSIDE CIR $124,900 1 1 764 CONDO
66 OSWEGO SMT #66 $359,000 3 2 1532 ATTACHD
670 IRON MOUNTAIN BLVD $674,900 5 3 3275 DETACHD
19285 MEGLY CT $1,649,000 4 3.2 5421 DETACHD

PENDING SALES (Nov 23-29, 2015)

Address List Price # Beds # Baths Total SF Prop Type CDOM
9 ORIOLE LN $439,000 3 3 1928 DETACHD 10
19626 PERCH CT $465,900 3 2.1 1770 DETACHD 8
706 5TH ST $1,099,900 4 2.1 2730 DETACHD 173
13624 GOODALL RD $1,449,000 4 4.2 4411 DETACHD 262

SOLD  (Nov 23-29, 2015)

Address Open Price Closed Price # Beds # Baths Total SF Prop Type CDOM
4434 THUNDER VISTA LN $254,900 $252,000 2 2.1 1970 ATTACHD 36
16 WHEATHERSTONE $325,000 $332,000 3 2.1 1692 CONDO 3
1228 CEDAR ST $349,500 $335,000 3 2 1302 DETACHD 43
116 GREENRIDGE CT $344,900 $344,900 4 2.1 2832 CONDO 0
18561 SW KRISTI WAY $349,000 $355,000 3 2.1 1440 DETACHD 30
5253 TIMBERGROVE ST $357,500 $372,000 3 2 1410 DETACHD 8
5875 BONITA RD $519,000 $515,000 5 3.1 2650 DETACHD 27
10 DEL PRADO ST $519,900 $517,000 5 3 3104 DETACHD 7
12777 SIERRA VISTA DR $694,000 $671,000 4 2.1 3144 DETACHD 135
1032 WESTWARD HO RD $969,000 $1,100,000 4 3.1 3824 DETACHD 797
13710 KNAUS RD $1,950,000 $1,750,000 4 4.2 5780 DETACHD 538

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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News & Notes ~ October 2015 Numbers

Here are the October numbers for Portland and the Lake Oswego/West Linn areas (RMLS lumps them together).

According to the RMLS Market Action Report for the Portland Metro Area, October, 2015:

  • There were 3,063 New Listings in October which was down 10.5% from September (3,424), but up 6.3% from October of 2014.
  • At 2,717, October Closed Sales fell 9.7% from September’s 3,010, and were up  9.2% from October of 2014’s 2,487.
  • October Pending Sales (accepted offers), at 2,996 were up slightky at 0.8% from September’s 2,971, and fared 20.8% better than October of 2014’s 2,480 total.
  •  The Average Sale Price in October of $360,000 was up significantly at $11,000 over September’s $349,000, and also up almost $25,000 over October of 2014’s $335,600. 

The combined areas of Lake Oswego and West Linn  for the month of October 2015 reported:

    •  390 Active Listings  (Sept was 454)
    •  143 New Listings   (Sept was 228 )
    •  142 Pending Sales    (Sept was 181)
    •  139 Closed Sales   (Sept was 181 )
    • Average Sale Price for October of $614,600 (Sept/$574,800. )
      • 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.
    • Average Time on the Market: 73 Days (Sept was 59)
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Market Activity ~ Nov 2-8, 2015

Last week, Nov 2-8, Lake Oswego we saw 5 New properties enter the market, 18 move to Pending status, and 5 “Closed”/Sold.  This is still a Sellers’ Market, and/but, Buyers have a bit of an advantage right now (better than any other time of year in a Sellers’ Market) as Sellers want to be “done” & focusing on holidays, finalizing by the end of the year, and other fun things.  On another note: Interest rates are rumored to be potentially rising in December……  Sounds like a Good time to buy if you’ve been on the fence. Something to think about ; )

Following is the breakdown for you according to RMLS for last week:

NEW on Mkt (Nov 2-8, 2015)

Address List Price # Beds # Baths Total SF Prop Type
3886 BOTTICELLI ST $220,000 2 1.1 1132 CONDO
1720 YARMOUTH CIR $445,000 3 2.1 2020 DETACHD
13485 STREAMSIDE DR $749,900 3 3 3023 DETACHD
531 7TH ST $1,125,000 3 2.1 2818 DETACHD
1144 BAYBERRY RD $1,299,900 6 3 3523 DETACHD

PENDING SALES (Nov 2-8, 2015)

Address List Price # Beds # Baths Total SF Prop Type CDOM
86 KINGSGATE RD D105 $159,900 2 2 924 CONDO 58
4000 CARMAN DR #74 $164,900 2 2 836 CONDO 10
200 BURNHAM RD #406 $229,000 2 1 1199 CONDO 153
6155 MCEWAN RD $320,000 2 2 1294 DETACHD 108
42 ORIOLE LN $350,000 3 2 1290 DETACHD 8
4230 SUNSET DR $379,900 3 3 1563 DETACHD 1
5934 KENNY ST $389,900 4 2 1596 DETACHD 62
17347 ASHLEY CT $454,900 4 2.1 2117 ATTACHD 90
6192 HARRINGTON AVE $474,900 5 3 2817 DETACHD 40
2222 CREST DR $545,000 4 3.1 2820 DETACHD 133
619 CLARA CT $549,000 4 2.1 2958 DETACHD 4
4595 HASTINGS PL $589,000 4 2.1 2176 DETACHD 1
17927 RIDGE LAKE DR $629,900 4 2.1 2544 DETACHD 55
1293 TIMBERLINE DR $649,000 3 3 2957 DETACHD 85
15821 SPRINGBROOK CT $699,900 2 2 2208 DETACHD 10
2337 HILLSIDE LN $899,000 4 3.1 4932 DETACHD 36
17346 CANAL CIR $995,000 4 3 3406 DETACHD 37
2912 WEMBLEY PARK RD 1100000 – 1300000 4 4.1 4500 DETACHD 129

SOLD  (Nov 2-8, 2015)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
5064 FOOTHILLS DR #F $269,000 $264,000 2 2 1252 CONDO 84
16200 PACIFIC HWY #22 $299,000 $299,000 2 2 1190 CONDO 7
49 BRIARWOOD RD $650,000 $610,000 3 2 2162 DETACHD 5
18360 DELENKA LN $859,900 $799,000 5 3.1 4828 DETACHD 154
4112 ORCHARD WAY $950,000 $917,500 5 4 4190 DETACHD 16

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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Real Estate During the Holidays

Our teal pumpkin
Our teal pumpkin
First of all, Happy Halloween! What a great, fun holiday. At my house we are geared up. We have pumpkins carved, seeds toasted, candy at hand, and plans to play poker around the dining room table while we answer the door. The forecast is stormy with the rain lightening up just in time for the Trick or Treaters. Let’s hope the forecast is right. I really love having kids come to the door. We are giving out glow sticks as well as candy as we honor the new concept of putting out a teal pumpkin and offering alternatives to candy. We have LOTS of glow sticks because we poker players plan to be heavily adorned.

I think Halloween is the informal kick off of the holiday season. It is just weeks until Thanksgiving, Christmas, and New Year’s. So I want to take a moment to talk about what that means if you are selling or buying a home right now.

Buyers are out there. My listings are continuing to get showings and I am currently working with several ready buyers. Inventory is lower, so houses on the market are getting noticed. Interest rates are also low. In my experience interest rates tend to be the lowest of the year in the winter. If you are buying, these components make this a really great time of year to buy. I also think this is the best time of year to do a home inspection. If the house has water issues, they will be obvious. Last, if you are buying, a house that looks good on a rainy day will be spectacular on a sunny day.

240px-Jack-o'-Lantern_2003-10-31For those who are selling I want to talk about holiday decorations. I do think decorating for the holidays enhances the marketability of a house. I showed a house yesterday that was beautifully decorated for the fall. They had wreaths on the door and last summers flower pots were over flowing with silk leaves in the colors of fall and mini pumpkins. We were all smiling and commenting on how pretty they were as I worked to open the lock box. We entered the house ready to be impressed. But I also want to caution that the decorations that are specific to the holiday need to come down within a week of the passing of the holiday. A Christmas tree in April is a big NO!

So Happy Halloween to one and to all. May the day be festive with more treats than tricks!
Dianne

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Consumer Protection and Closing your purchase/sale

I think we all realize that after the debacle of the housing bubble and melt-down of the mortgage industry in 2007 some major changes needed to happen. I have seen 2 implemented already and a 3rd is just about to be rolled out.

The first two were 1) tighter lending regulations that force a buyer to actually prove that they are qualified for a mortgage, and 2) tighter appraisal regulations that force appraisers to factually prove the value of a house.

The 3rd is designed to protect the mortgage borrower. Essentially what it does is it forces lenders to be accurate from the beginning so that a borrower does not run into any surprises at closing. It also builds in waiting periods so that a borrower has time to reflect upon the costs of their new mortgage and not be pressured into a loan that will not serve them well.

The first deadline occurs when a loan application is made. Within 3 days of the application the borrower(s) must receive a Loan Estimate, coming to be called an “LE”. Then, 3 days prior to signing their loan documents the borrower(s) must receive a Closing Disclosure, coming to be called a “CD”. The costs comparing the 2 documents must be within 1/8th (.0125) of the APR, annual percentage rate. If there is an overage, it is the fault of the lender and must be paid by the lender. This way the borrower is not going to be Oswego-Lakesurprised by unexpected loan costs and their experience should be less stressful.

Be aware that this system is going to create delays in closing on a purchase.

The biggest issue is that changes happen in a transaction. The sales price might change as a result of repair issues, the borrower may decide they want a different loan product, any number of changes can happen. In the past when this happened the loan application could simply be modified. There was lots of flexibility in the process. With the new regulations when this happens now essentially a new loan is applied for and the waiting periods begin again.

It is normal when you are buying a home to be excited to get into it. It is especially normal when selling a home to want to close as quickly as you can to know it is final and to receive your proceeds. Closing in 30-45 days has been the practice. With the new guidelines I believe closings will take at least an additional week or two. So plan on closings in 45-60 days, if not more.

The other issue is that mortgage companies and banks are being given all of the same regulations but are being allowed to determine their own methods for implementing them. It is very specific that both the LE and the CD go to all parties. I learned in a recent class I took on the matter that some of the larger lenders are thinking about using the US Postal service to send the notifications. Seriously? What if one of the parties is out of the country? Talk about creating delays. Flexibility will be the name of the game as these changes are implemented.

As a buyer and as a seller, please avoid the blame game. If these new regulations do create delays, don’t blame the other party to the transaction. They have no control over this and there are going to be kinks as Realtors, Title Companies, and Mortgage Companies implement systems and iron out the kinks.

Last, if you happen to have a home that is at least 3200 square feet, newer, with at least a 3 car garage that you want to sell here in LO, call me! I have a buyer who has seen everything out that and is chomping at the bit!
Dianne

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News & Notes ~ July Numbers

Here are the most recent real estate numbers for Portland and the Lake Oswego/West Linn areas (RMLS lumps them together).

Enjoy!  I hope you find this helpful.

According to the RMLS Market Action Report for the Portland Metro Area, July, 2015:

  • There were 4,273 New Listings in July which was down .2% from the previous month/June, but up 8.1% from July of 2014.
  • At 3,452 July Closed Sales increased 4.5% over June, and were up  28.9% from July of 2014.
  • July Pending Sales (accepted offers), at 3,494, were down a bit from the previous month by 3.1%, and 24.7% better than July of 2014.
  •  The Average Sale Price in July of $369,100 was down a whole $400. from June’s Average of $369,500, and up $24,400 from July of 2014’s $344,700. 

The combined areas of Lake Oswego and West Linn  for the month of July 2015 reported:

    •  447 Active Listings 
    •  253 New Listings  
    •  190 Pending Sales    
    •  201 Closed Sales   
    • Average Sale Price for July of $570,800. 
      • 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.
    • Average Time on the Market: 65 Days