Category: Buying Advice

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

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Market Activity ~ Aug 10-16, 2015

LakeI Love August : ) Its my favorite month!  I hope you’re enjoying yours. Please feel free to call if you need any help.

Very Best,

Linda

~and~ Dianne & Whitney : )

Last week in Lake Oswego we saw 21 New properties enter the market, 28 move to Pending status, and 28 “Closed”/Sold.

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

NEW on Mkt (Aug 10-16, 2015)

Address List Price # Beds # Baths Total SF Prop Type
319 CERVANTES $199,900 3 2 1209 CONDO
52 CERVANTES CIR #3A $239,000 2 1.1 1344 CONDO
#3B $246,900 2 2 1489 CONDO
200 BURNHAM RD #408 $249,000 2 2 1305 CONDO
45 EAGLE CREST DR #509 $299,900 2 2 1379 CONDO
6210 CHILDS RD $425,000 3 1.1 1296 DETACHD
25 ORIOLE LN $449,950 3 2 1460 DETACHD
908 BICKNER ST $525,000 3 2 2263 DETACHD
1551 WOODLAND TER $525,000 4 2 2712 DETACHD
10 DEL PRADO ST $539,900 5 3 3104 DETACHD
207 EVERGREEN RD $579,000 3 3.1 1789 ATTACHD
15590 TANAGER DR $585,000 4 2.1 2532 DETACHD
327 CERVANTES $600,000 5 3.1 3600 DETACHD
316 MIDDLECREST RD $664,000 3 2.1 3202 DETACHD
279 EVERGREEN RD $679,900 3 3.1 2136 ATTACHD
1293 TIMBERLINE DR $699,000 3 3 2957 DETACHD
2461 MARYLHAVEN PL $720,000 5 3 3282 DETACHD
49 HILLSHIRE DR $749,900 4 2.2 4193 DETACHD
12716 ELK ROCK RD $1,000,000 3 2.1 4015 DETACHD
725 5th ST $1,124,900 3 3 2748 DETACHD
454 9TH ST $1,125,000 3 4 3278 DETACHD

PENDING SALES (Aug 10-16, 2015)

Address List Price # Beds # Baths Total SF Prop Type CDOM
47 EAGLE CREST DR #14 $89,900 1 1 666 CONDO 105
47 EAGLE CREST DR #51 $90,000 1 1 666 CONDO 9
50 CERVANTES CIR #Main $165,000 2 1.1 1368 CONDO 4
192 OSWEGO SMT #192 $183,000 2 2 1383 CONDO 182
48 EAGLE CREST DR #4A $185,000 2 2 1489 CONDO 4
3864 BOTTICELLI ST #Main $197,000 2 1.1 1132 CONDO 3
668 MCVEY AVE #85 $199,900 2 1.1 976 CONDO 54
5882 KENNYCROFT WAY $315,000 3 2 1272 DETACHD 34
434 5TH ST #Grnd $324,900 2 1.1 1092 CONDO 4
6053 FERNBROOK ST $338,000 3 1 912 DETACHD 4
15879 KIMBALL ST $349,900 3 1.1 1076 DETACHD 11
6105 SW SHAKESPEARE ST $389,900 4 2 1550 DETACHD 81
17273 BRYANT RD $395,900 3 1.1 1452 DETACHD 120
35 CHURCHILL DOWNS $439,900 4 3 2271 DETACHD 56
15948 QUARRY RD $445,000 2 1 920 DETACHD 54
383 ASH ST $450,000 3 2.1 1697 DETACHD 6
523 2ND ST #105 $489,000 2 2 1208 CONDO 20
38 MORNINGVIEW CIR $525,000 3 3 2408 DETACHD 5
17766 MARYLCREEK DR $749,000 4 3.1 4439 DETACHD 36
5484 WESTFIELD CT $795,000 4 2.1 3062 DETACHD 3
5635 BAY CREEK DR $799,900 4 2.1 3036 DETACHD 10
5833 STEWART GLENN CT $835,000 4 2.1 3258 DETACHD 26
1189 SUNNINGDALE CT $849,000 3 2.1 2072 DETACHD 0
14360 UPLANDS DR $849,000 4 3.2 2577 DETACHD 31
13447 STREAMSIDE CT $849,900 5 2.1 3609 DETACHD 48
815 OAK ST $919,000 4 3.1 3709 DETACHD 52
17435 WREN CT $1,299,900 4 3 2960 DETACHD 2
13624 GOODALL RD $1,499,000 4 4.2 4411 DETACHD 157

SOLD  (Aug 10-16, 2015)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
47 EAGLE CREST DR #24 109000 92836 1 1 672 CONDO 56
31 LADD ST 318900 300000 3 1 867 DETACHD 127
12826 BOONES FERRY RD 304500 307000 2 2.1 1136 ATTACHD 6
5392 TREE ST 373900 362500 3 1.1 1232 DETACHD 7
258 CERVANTES 385000 385000 3 2.1 2312 ATTACHD 13
2705 ORCHARD HILL PL 435000 440000 3 2.1 2250 DETACHD 6
6276 FROST LN 449000 449000 4 3.1 2304 DETACHD 71
643 2ND ST 450000 452500 2 2 1457 ATTACHD 2
4023 TROUT WAY 395000 470000 4 2.1 2758 DETACHD 4
1293 HIDE A WAY LN 489000 480000 3 2.1 1720 DETACHD 4
4220 ALBERT CIR 585000 553000 3 3 2406 DETACHD 49
16460 LEXINGTON CT 574000 580000 3 2.1 2477 DETACHD 8
12448 ORCHARD HILL RD 599900 599000 4 3 3336 DETACHD 178
17 EL GRECO ST 644000 645100 5 2.1 2778 DETACHD 4
1775 PALISADES TERRACE DR 661000 650000 4 2.1 2112 DETACHD 0
321 5TH ST 749000 690000 3 3.1 2737 DETACHD 158
1503 EASTVIEW CT 689000 694000 3 3.1 3337 DETACHD 7
3723 RIVERS EDGE DR 750000 750000 4 2.1 2875 DETACHD 2
2221 OVERLOOK DR 799000 750000 4 2.1 3628 DETACHD 31
14153 EDENBERRY DR 775000 775000 4 2.1 3113 DETACHD 28
14009 CHELSEA DR 765000 785000 4 2.1 3060 DETACHD 5
5364 LANGFORD LN 825000 797000 3 2.1 3022 DETACHD 27
5650 BAY CREEK DR 859900 799900 4 2.1 3668 DETACHD 53
49 BRIARWOOD RD 950000 900000 3 2 2162 DETACHD 138
17340 OAK MEADOW LN 929000 913000 3 3.1 3718 DETACHD 35
4540 LAMONT WAY 949900 949900 4 2.1 3555 DETACHD 6
827 8TH ST 999990 1000000 5 3.1 3852 DETACHD 3
328 KENWOOD RD 1095000 1100000 4 4 4184 DETACHD 2

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

BankI find that lots of Buyers are a bit confused about Earnest Money and what its purpose is, how they might be at risk for losing it, etc. It is basically to compensate the Seller for taking their home off the market in the event you violate the terms of your Sale Agreement, but there are nuances to it in addition to that. Here are a few pieces of info & pointers in that regard:

A Few Notes About Earnest Money:

  • Earnest Money is a deposit you make at the time you make your Offer. This is to show that you are “earnest” or serious about your Offer, and to compensate the Seller for removing their property from the market  (while you perform your inspections & due diligence)  should you violate the terms of the Contract/Offer/Sale Agreement.
  • Talk to your Realtor about how much an Earnest Money Check should be….  It varies from situation to situation. The ultimate choice, however, is yours. A substantial amount of Earnest Money can demonstrate to the Seller that you are serious about the purchase, and shows a certain amount of stability, though this is not necessary or even advisable in all circumstances.
  • Earnest Money goes toward your closing costs & other transactional terms. It is held usually by Escrow as your neutral 3rd party and applied to the bottom line of your transaction, generally speaking. By virtue of its definition as Earnest Money, its NOT an additional fee.
  • There are several ways for a Buyer to cancel a sale and receive their Earnest Money back (during specified & agreed-upon timelines & specific acceptable reasons that are all outlined in the Offer itself). This action is not to be taken lightly, and/but, there are definitely provisions for it.
  • The Earnest Money check (a photocopy of it) accompanies the Approval Letter, a Cover Letter your Buyer’s Agent will create, and the Offer when your Realtor submits it to the Seller’s Agent (at least… that’s how  I  always do it).  In the event you are unable to physically hand your Realtor a check prior to when you want to get your Offer in to the Seller, you may have the option of using a Promissory Note redeemable/sent to Escrow in check form within a specified number of days following mutual acceptance of your Offer.  ***I advise my clients that a check is always preferable. A photocopy of it going along with your Offer makes a statement to the Seller that you are serious. This is especially true in a competitive situation. Again, though, each situation is different. Discuss YOUR best options with your Realtor.
  • Carefully study the Sale Agreement (Offer) wording to make sure you understand how and under what circumstances you are allowed to have your Earnest Money returned, and under what circumstances you are not. Basically, staying within outlined timelines and giving notice in writing within those timelines assures your Earnest Money is protected. It is important that, with your Realtor’s assistance and advice, you stay on top of timelines as outlined in the Sale Agreement. ***Bring ANY questions you may have to your Realtor’s attention.

I hope this information was helpful!

Very Best,

Linda

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Tips & Tidbits

  • Documentation and timelines will be changing soon around your Lending and Closing Disclosures.  Make sure to discuss with your Realtor and your Lender as these changes can affect your ability to meet your contractual Closing date if not monitored properly. Specifically, there are a certain number of days mandated for your review of them prior to being able to Close, so find out your Lender’s plan for timing in getting them to you. Also, Escrow’s documents for your revew will depend on when they receive information from your Lender. Expected current timeline for implementation has now been moved to Oct 1st.
  • Speaking of meeting the Closing date and plotting timelines carefully, also remember to factor in the potential need for sign-off by an Appraiser if there were repairs that require that (either because of FHA or other loan requirements), or because an Appraiser calls something out that will necessitate it…such as the common issue of a Carbon Monoxide Detector not being in the home at the time of the Appraisal (…really  a Good idea to make sure there is one in the home before the Appraisal : )
  • Buyers- Make sure to discuss your Offer pricing with your Realtor in the context of current market value research before making your Offer.  In this competitive market, reports are varying widely that Appraisals are coming in just fine in some instances, and/but low in others. Per the Oregon Residential Real Estate Sale Agreement generally used, you are not obligated to pay over Appraised Value, and a bank will not lend over that value either. So… this becomes an uncomfortable negotiating point toward the end of a transaction should you really Love the house and the Seller won’t budge on price. Sometimes people are able to meet somewhere in the middle on price, but if you decide you want to proceed with some kind of arrangement in this realm of options, any monies over the Appraised Value will need to come out of your pocket. Take a close look at the best info available on values in that neighborhood in the recent past at the outset so that you don’t go too far afield in your eagerness to compete.
  • The same is true for Sellers. Make sure you take into account, when you price your home for sale with your Realtor, that your property will need to appraise “at value” in order to close at the agreed-upon price… without headaches, drama and potential “sale fail”.

 

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Changes With Appraisals

l-lake-oswego-mansionSomething is going on with appraisals these days and it is significant enough to impact the purchase or sale of a home if the sale involves a mortgage. There are two specific changes with one leading to the other.

Appraisals are taking longer

For pretty much my entire real estate career the time for an appraisal to be ordered and completed has typically been about 10 days. When things got busy, it may take a day or two longer. When things slowed down, it might come in more quickly. This quick turn around allowed buyers the luxury of completing all of their home inspections and having the certainty that the house is something that they wanted to buy, before they had to pay for an appraisal. No more.

I am experiencing appraisals that are taking a minimum of two weeks and I currently have an FHA loan being processed in which the appraisal took a full month.

Oswego-LakeWhat is causing this? It certainly has to do with the fact that we are in the peak of the selling season with an above average amount of loans being processed. But I think there is another factor. Just as qualifying for a loan has become more difficult, the appraisal process has tightened up. Appraisers have to factually prove the value based upon collateral. They can not fudge the numbers with things like “an upwardly trending market”. So where there may have been 14 offers and a bidding war to gain a sale, that does not mean that the house will appraise out. This is not about emotion. This is about factually proving the value.

Plan to pay for and order the appraisal within days of acceptance of your offer

This means that to have a closing within 45 days of acceptance, a typical time expectation, you need to pay for the appraisal right away. Buyers just do not have the luxury of waiting until after the home inspection. I suppose you could simply ask for a 60 day close to allow time to inspect before buying the appraisal. Good luck with that in this seller’s market. I am seeing sellers agents commonly write that the appraisal must be ordered right away as a part of the contract negotiation at the time of the offer.

So just a heads up. This change is having a pretty big impact on closing transactions. Plan ahead, get the appraisal ordered early, and close on time. This will make everyone happy.

Dianne

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News & Notes ~ May 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, May, 2015:

  • There were 4,161 New Listings in May which was up 5.4% from the previous month/April, but down 0.7% from May of 2014.
  • At 2,942 May Closed Sales increased 7.6% over April, and were up  18.5% from May of 2014.
  • May Pending Sales (accepted offers), at 3,546, was down a bit from the previous month by 1.9%, and was 18.6% better than May of 2014.
  •  The Average Sale Price in May of $359,100 was up $11,600. from April’s Average of $347,500, and up $23,800 from May of 2014’s $335,300. 

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

    •  414 Active Listings  (364 in April)
    •  276 New Listings    (237 in April)
    •  191 Pending Sales    (200 in March)
    •  155 Closed Sales   (161 in March)
    • Average Sale Price for May of $533,300.  ($506,300. in April)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can scew 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: 78 Days  (73in April)
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News & Notes ~ April Numbers 2015

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

Enjoy!   (If you like this kind of thing…. we do : )

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

  • There were 3,949 New Listings in April which was up 9.8% from the previous month/March, and up 8.8% from April of 2014.
  • At 2,734 April Closed Sales increased 11.3% over March and were up  27.6% from April of 2014.
  • April Pending Sales (accepted offers), at 3,613, was the strongest April since 2005. Up… 6.8%  from March AND 27.9% better than April of 2014.
  •  The Average Sale Price in April of $347,500 was up $10,300. from March’s Average of $337,200, and $14,900 from April of 2014’s $332,600. 

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

    •  364 Active Listings  (373 in March)
    •  237 New Listings    (209 in March)
    •  200 Pending Sales    (174 in March)
    •  161 Closed Sales   (130 in March)
    • Average Sale Price for April of $506,300.  ($475,900. in March)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can scew 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  (104 in March)
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Market Activity ~ May 18-24, 2015

Movin’ right along…………

Last week in Lake Oswego we saw 19 New properties enter the market, 36 move to Pending status, and 20 “Closed”/Sold.

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

NEW on Mkt (May 18-24, 2015)

Address List Price # Beds # Baths Total SF Prop Type
6331 SHAKESPEARE ST $314,900 3 1.1 992 DETACHD
1 PEACOCK PL $348,500 3 2.1 1248 DETACHD
16444 BONAIRE AVE $349,900 3 2 1392 DETACHD
5547 WASHINGTON CT $349,900 4 2 1300 DETACHD
6105 SW SHAKESPEARE ST $399,900 4 2 1550 DETACHD
5748 WINDFIELD LOOP $415,000 3 3 1693 DETACHD
15518 HERITAGE CT $565,000 4 3.1 2700 DETACHD
4220 ALBERT CIR $585,000 3 3 2406 DETACHD
820 LAKE FOREST DR $599,950 4 2.1 2676 DETACHD
345 E AVE $600,000 3 2 1582 DETACHD
17200 CANAL CIR $685,000 2 1.1 1774 DETACHD
5441 BAY CREEK DR $725,000 4 2.1 3117 DETACHD
5349 CARMAN DR $745,000 3 2.1 2633 DETACHD
2395 PALISADES CREST DR $749,000 4 3 3397 DETACHD
104 GARIBALDI ST $799,000 3 2.1 3074 DETACHD
4800 UPPER DR $1,195,000 5 5 5074 DETACHD
4579 UPPER DR $1,198,000 4 3.1 3700 DETACHD
13599 KNAUS RD $1,888,000 5 7 6874 DETACHD
1814 Highlands LOOP $2,295,000 4 4.1 5579 DETACHD

PENDING SALES (May 18-24, 2015)

Address List Price # Beds # Baths Total SF Prop Type CDOM
4630 LOWER DR #Lower $137,000 2 1.1 1260 CONDO 5
336 CERVANTES CIR $139,500 2 1.1 1112 CONDO 198
272 CERVANTES #Lower $159,000 3 2 1209 CONDO 6
48 EAGLE CREST DR #2C $164,900 3 2 1623 CONDO 199
3433 MCNARY PKWY #701 $199,900 2 2.1 1136 CONDO 6
16250 PACIFIC HWY #56 $229,900 2 2 1305 CONDO 439
15495 BRIANNE CT $280,000 2 2.1 1292 ATTACHD 39
208 GREENRIDGE DR $337,500 3 2 1392 ATTACHD 10
21 ORIOLE LN $375,000 2 2 1473 DETACHD 7
1428 GREENTREE CIR $399,950 4 2.1 2236 DETACHD 84
10 ORIOLE LN $410,000 3 2 1536 DETACHD 4
4730 FIRWOOD RD $425,000 4 2 2124 DETACHD 6
304 6TH ST $450,000 1 1 941 DETACHD 21
2705 ORCHARD HILL LN $489,000 4 2.1 2841 DETACHD 24
1427 ASPEN ST $495,000 4 2 2298 DETACHD 2
19226 CHILDS CT $499,000 5 2.5 2552 DETACHD 3
5695 WASHINGTON CT $499,000 4 2 1769 DETACHD 33
14145 REDWOOD CT $539,000 4 3 2452 DETACHD 64
1681 WOODLAND TER $585,000 3 2.1 2304 DETACHD 26
3099 ROSEMARY LN $599,000 4 4 4486 DETACHD 9
4263 SUNSET DR $625,000 3 2.1 3250 DETACHD 27
2699 TOLKIEN LN $670,000 4 2.1 3115 DETACHD 32
5605 SOUTHWOOD DR $689,900 4 2.1 2984 DETACHD 2
1336 GLENMORRIE DR $709,900 3 3.1 3150 DETACHD 3
15761 SPRINGBROOK CT $728,000 4 3 3007 DETACHD 2
13456 PROVINCIAL HILL WAY $729,000 3 2.1 2771 DETACHD 20
5626 GRAND OAKS DR $749,000 3 3.1 3387 DETACHD 21
5987 SUNCREEK DR $775,000 4 2.1 2932 DETACHD 33
16987 Alder CIR $799,000 3 2.1 1989 DETACHD 34
22 HOTSPUR ST $829,000 5 3.1 4002 DETACHD 7
1120 HOODVIEW LN $919,900 4 3 3454 DETACHD 4
2250 SOUTHSHORE BLVD $975,000 4 4.1 4373 DETACHD 1
2609 GLEN HAVEN RD $1,060,000 4 4 3793 DETACHD 66
1411 LAKE FRONT RD $1,395,000 3 4 3349 DETACHD 50
17735 KELOK RD $1,499,000 4 3 4021 DETACHD 163
1836 Highlands LOOP $1,800,000 4 5.1 5400 DETACHD

SOLD  (May 18-24, 2015)

Address Open Price Closed Price # Beds # Baths Total SF Prop Type CDOM
1400 BONNIEBRAE DR $185,000 $175,000 2 1 864 ATTACHD 4
4107 JEFFERSON PKWY $237,500 $245,000 2 2.1 1367 CONDO 7
62 GREENRIDGE CT #Grnd $260,000 $260,000 3 2 1596 CONDO 147
200 BURNHAM RD #209 $299,900 $300,000 2 2 1305 CONDO 5
16875 TRACY AVE $320,000 $315,000 4 2 1825 DETACHD 2
9 CONDOLEA DR #Main $380,000 $364,500 3 3 2198 CONDO 39
550 2ND ST $419,995 $376,000 2 1.2 1540 CONDO 343
321 CERVANTES #Grnd $385,000 $385,000 3 2.1 2474 CONDO 205
5866 RIDGETOP CT $407,500 $407,500 3 2 1866 DETACHD 2
5364 ROSEWOOD ST $449,900 $433,000 4 2.1 1980 DETACHD 28
63 TOUCHSTONE $539,900 $545,000 4 3 2472 DETACHD 4
2550 SOUTHSHORE BLVD $590,000 $565,000 4 3.1 3721 DETACHD 159
1011 Spruce ST $565,000 $585,000 3 2.1 1930 DETACHD 29
80 TANGLEWOOD DR $629,900 $641,000 5 3 2713 DETACHD 3
5157 WOODCREST LN $649,900 $645,000 4 2.1 3144 DETACHD 33
19496 OLSON AVE $750,000 $750,000 4 2.1 3172 DETACHD 1
13371 ATWATER LN $899,000 $899,000 4 3 4795 DETACHD 0
17335 KELOK RD $1,039,000 $930,000 4 3.1 2491 DETACHD 48
717 5TH ST $995,000 $981,200 4 2.1 2809 DETACHD 0
2493 SOUTHSHORE BLVD $2,895,000 $2,650,000 5 5.1 7112 DETACHD 458

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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Searching

Hello Property Blotter Readers!

Ok, I have a short post for you today as I’m running around helping clients along with Dianne and Whitney. Hopefully this will be helpful to some, though.

I constantly encounter clients who are searching in all kinds of places for properties online. I’m often amazed at getting lists of addresses people are interested in, only to find out that they’re all either Pending or Sold. ***The reason for this is that these sites (I won’t name them, but they are very popular and do a lot of advertising on television etc : ) basically suck their data out of the main database that Realtors use as their source of information; The MLS. Once they have that data, what their database does with it is anyone’s guess.

The minute a property goes on the market, its entered into and becomes viewable on the MLS. When it is Pending that’s entered and immediately viewable on the MLS.  When properties enter the market or change status to Pending, Sold, etc., these other sites have a lag time for updating their information, and they’re all different. Some hang onto properties a LONG time after they become unavailable.  So…. I highly recommend searching the MLS directly.  In addition to that, there are Good resources that offer various types of searching and stay pretty up to date.  Here are a few I recommend:

RMLS:     CLICK HERE

My Own Website’s Detailed Searching Database: CLICK HERE  ***My website allows you to set up automatic emails direct to you whenever a property meeting your needs comes on the market.

Our Oregon First Search Tool (click the Search Property Search Tab):  CLICK HERE

There are other sites I could discuss with you if you are interested.

Hope this is helpful.  Wherever you find your properties-of-interest, feel free to call or email me (or Dianne or Whitney) with your questions, and we’ll pick up the ball and be your champions!  We also specialize in assisting our clients by finding properties FOR them using our skill and experience to wade through the hundreds of options, finding the ones that best meet your needs.

Enjoy this amazing weekend in Oregon!

Very Best,

Linda

 

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Market Activity ~ Apr 27-May 3, 2015

All the numbers (and our collective subjective experience as Realtors) stack up to a continuing robust market:

Last week in Lake Oswego we saw 29 New properties enter the market, 19 move to Pending status, and 27 “Closed”/Sold.

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

NEW on Mkt (Apr 27-May 3, 2015)

Address List Price # Beds # Baths Total SF Prop Type
104 OSWEGO SMT #104 $99,000 1 1 764 CONDO
47 EAGLE CREST DR #14 $100,000 1 1 666 CONDO
45 EAGLE CREST DR #214 $179,000 1 2 1046 CONDO
4459 THUNDER VISTA LN #Grnd $255,000 2 2.1 1925 CONDO
16953 GREENTREE AVE $420,000 4 3 1941 DETACHD
4596 LAMONT WAY $424,900 4 2 2236 DETACHD
304 6TH ST $450,000 1 1 941 DETACHD
16915 CRESTVIEW DR $469,000 4 2.1 2180 DETACHD
28 AQUINAS ST $499,000 3 2 2000 DETACHD
2464 MARYLHAVEN PL $610,000 4 2.1 2898 DETACHD
19664 RIVER RUN DR $614,900 4 2.1 3051 DETACHD
17244 FERNWOOD DR $649,900 4 2.1 2617 DETACHD
3100 WEMBLEY PARK RD $700,000 3 3 3060 DETACHD
14001 WESTCOTT CT $724,900 4 2.1 3223 DETACHD
139 DEL PRADO ST $725,000 3 2 2895 DETACHD
13456 PROVINCIAL HILL WAY $729,000 3 2.1 2771 DETACHD
17065 TUALATIN ST $739,000 3 2.1 2733 DETACHD
6484 MCDUFF CT $749,000 4 4 3120 DETACHD
5955 SUNBROOK DR $759,000 4 3 3110 DETACHD
5650 BAY CREEK DR $859,900 4 2.1 3668 DETACHD
18360 DELENKA LN $859,900 5 3.1 4828 DETACHD
1055 COUNTRY CLUB RD $879,000 3 2 2908 DETACHD
18262 BRYANT RD $949,900 4 3.1 3428 DETACHD
19229 35TH PL $959,900 5 3.1 4764 DETACHD
910 FAIRWAY RD $1,069,000 4 3.1 3384 DETACHD
17518 RIDGEVIEW LN $1,282,000 4 3.1 4051 DETACHD
983 LAKE FRONT RD $1,595,000 3 2.1 2199 DETACHD
2950 WEMBLEY PARK RD $1,950,000 4 5.1 6329 DETACHD
1125 MAPLE ST $2,395,000 4 3.1 5481 DETACHD

PENDING SALES (Apr 27-May 3, 2015)

Address List Price # Beds # Baths Total SF Prop Type CDOM
54 GALEN ST #Upper $123,900 2 2 995 CONDO 42
45 EAGLE CREST DR #219 $189,900 3 2 1537 CONDO 14
668 MCVEY AVE #33 $284,900 2 1 852 CONDO 58
6288 SEVILLE AVE $295,000 3 2 1470 DETACHD 3
15434 STEPHANIE CT #Grnd $315,000 3 2.1 1566 ATTACHD 2
2031 BONNIEBRAE DR $319,900 4 2 1611 ATTACHD 6
7 CONDOLEA DR #Grnd $380,000 3 3 2388 CONDO 23
1428 GREENTREE CIR $399,950 4 2.1 2236 DETACHD 62
3919 SOUTHSHORE BLVD $424,900 3 4 2398 DETACHD 3
2705 ORCHARD HILL LN $489,000 4 2.1 2841 DETACHD 7
1297 HIDE A WAY LN $525,000 3 2.1 1832 DETACHD 6
4979 GALEN ST $555,000 4 2.1 3298 DETACHD 12
16920 GREENTREE AVE $625,000 4 2.1 2830 DETACHD 2
221 6TH ST $625,000 3 2 1508 DETACHD 14
6 CELLINI CT $705,000 5 3 3494 DETACHD 19
1854 OAK KNOLL CT $1,025,000 3 3 3530 DETACHD 237
1850 ATHERTON DR $1,179,000 3 2.1 4825 DETACHD 581
17620 BLUE HERON RD $1,198,000 4 3.1 4041 DETACHD 67
1017 LAKE FRONT RD $2,595,000 5 4.2 4070 DETACHD 206

SOLD  (Apr 27-May 3, 2015)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
47 EAGLE CREST DR #52 $89,000 $84,000 1 1 666 CONDO 17
48 EAGLE CREST DR #1C $169,950 $97,500 2 2 1370 CONDO 231
320 CERVANTES CIR $129,900 $120,000 2 1 832 CONDO 44
4 TOUCHSTONE #158 $140,000 $142,000 2 2 984 CONDO 5
4 TOUCHSTONE #89 $160,000 $155,000 3 2.1 1351 CONDO 72
16250 PACIFIC HWY #45 $194,900 $175,000 2 2 1311 CONDO 71
200 BURNHAM RD #402 $199,500 $190,000 2 2 1305 CONDO 261
3144 DIANE DR $224,900 $280,000 3 1.1 1632 DETACHD 31
16472 BONAIRE AVE $289,900 $350,000 3 2 1464 DETACHD 3
5530 BONITA RD $398,000 $389,900 3 2 1200 DETACHD 34
17280 WESTVIEW DR $429,000 $416,000 4 3 2324 DETACHD 6
4711 REMBRANDT LN $450,000 $452,000 3 2.1 2050 DETACHD 3
32 SPINOSA $479,000 $455,900 4 3.1 2542 DETACHD 1964
6459 FROST ST $499,900 $488,500 4 2.1 2627 DETACHD 101
17380 CANYON DR $514,950 $493,000 4 2.1 2526 DETACHD 145
18582 BRYANT RD $499,995 $504,500 3 2.1 2400 DETACHD 7
1585 PATTON RD $539,900 $515,000 4 3 3162 DETACHD 314
18634 Bryant RD $551,995 $534,995 3 2.1 2736 DETACHD
1008 SPRUCE ST $535,000 $535,000 3 2.1 1765 DETACHD 6
1380 BONNIEBRAE DR $730,000 $675,000 5 3 2940 DETACHD 109
2286 WEMBLEY PARK RD $699,000 $699,000 3 3 2000 DETACHD 43
15203 LILY BAY CT $779,000 $765,000 4 2.1 3219 DETACHD 34
5032 DENTON DR $799,900 $800,000 3 2.1 3205 DETACHD 0
17900 GREENBLUFF DR $949,000 $900,000 4 3.1 4210 DETACHD 300
18042 SKYLAND CIR $1,150,000 $1,080,000 5 3 4800 DETACHD 212
16655 MAPLE CIR $1,269,000 $1,189,000 3 2 2030 DETACHD 12
1059 BAYBERRY RD $1,399,950 $1,375,000 4 3.1 3550 DETACHD 89

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

Economic Recovery

The great recession of 2007-2013 is now well in the past with just a few lingering elements. I thought it would be helpful to share some insight on how this may affect your decision to buy or to sell a home.

Is it time to become a homeowner, again?

I am now seeing folks who lost their home to foreclosure, shortsale, or perhaps went through a bankruptcy getting back into home ownership. This chart was given to me by Ginny Schider, a wonderful loan officer at Pacific Residential Mortgage (503-319-3646). It shows the wait time necessary before you can be eligible for a new mortgage if you have experienced one of these events:

Loan Program Chapter 7 Bankruptcy Chapter 13 Bankruptcy Shortsales Foreclosure
or Deed-in-liew
Fannie Mae
Insured Loans 4 years from discharge 2 years from discharge 4 years 7 years
4 years from dismissal
Feddie Mac 5 years 5 years 4 years 7 years
Insured Loans
FHA 2 years from discharge 12 months acceptable 3 years 3 years
payment history
USDA 3 years 3 years 3 years 3 years
VA 2 years from discharge 2 years from discharge 2 years 2 years

I have worked with folks in this situation and I’ve got to say it one of the most rewarding experiences I’ve ever had as a Realtor. Seeing folks who have been through hard times getting back on their feet and moving forward with the ability to rebuild their lives.

Still a few lingering foreclosures and shortsales
It’s referred to as the shadow inventory. These are distressed properties that banks have been holding onto. They simply did not want to release too many foreclosures all at the same time. Foreclosures and shortsales tend to sell for less. So if too many happen all at once, they tend to cause declining home values. Banks addressed this by not putting them on the market. Some are vacant homes that are just sitting in neighborhoods because the house has already been foreclosed upon. Others are home owners who know their house is in foreclosure, but the bank has not finalized it. I am aware of people who have been living in homes, not making mortgage payments, but not being kicked out, for years. I believe banks choose to allow this to happen because if the person in default is still in the house, then the house is being heated and watched over. It is simply safer for the property.

I don’t know how long it will take for these hold out foreclosures to be sold, but they are continuing to trickle onto the market.

Shortsales have become much less common. This is because as values have come back, many home owners are now no longer under water with a mortgage that is greater than their home value. This is not to say that they are not still happening. It is simply less frequent.

So, while the recession is technically over, effects from it are still happening. And if you are someone who went through a bankruptcy, foreclosure, or shortsale, the good news is you may be approaching the time when you can become a home owner again. Don’t hesitate to give Whitney, Linda, or myself a call if you need a good Realtor!

Dianne