- Notice the light and assess the windows– Have they been updated? If not, that’s an investment ahead.
- Try to ignore the staging and/or personal belongings– You’re potentially buying the house, and not these distracting things. They can, and in the case of staging, are meant to elicit emotional reactions in you. Stay focused on the house.
- Ask about the heat source– Different heating/cooling methods can drastically change your experience of the home in both functionality and in cost to you. For instance, if the source is “Electric”, that can be more expensive if it refers to baseboard, and much less expensive if it is a mini-split system. Oil heat has its own challenges, and gas furnaces may or may not be up to the task of heating a home today, especially if its been remodeled and additional SF has been added.
- Pay attention to how SF is presented– If a home is 2000SF, and 1000 of that is unfinished basement space, you may want to assess ahead of time if that is a home you want to view.
- Lot size & amenitites– You have general ideas of either wanting lots of space and/or privacy, or wanting to be in a friendly “neighborhood” environment with smaller lots closer together. Each home will be different.
- Do you have pets? If so, check out fencing and whether it’s adequate. If not, that can be fixed, but its an investment.
- Some large lots will be set back and have minimal yard space to enjoy with most of the area in the entrance, say, or perhaps a good percentage of the lot’s SF is on a hill.
- Some homes will be high maintenance, ie, if a home has that “falling in love” factor, and it is because of the beautiful gardens surrounding it on all sides….remember that those gardens need care- Are you a gardener? Are you OK with paying someone to maintain those grounds? Just good questions to ask yourself.
- Some smaller lots may be set closer to the street with ample backyard space.
- You’ll want to note whether the home has covered areas outside which can add more living space for you in the rainy months.
- Is the flooring to your liking? – If not that can be fixed, but its an investment. On the other hand, if a home has everything you want, the price is right, and you hate carpet, flooring can likely be changed for much less than you imagine, and often for much less than it will cost you to keep looking and pay for a different home that is priced higher than the actual cost of flooring because it is called “updated” or “remodeled” in the Listing. It’s fairly common to have a flooring contractor lined up to do the flooring work the day after Closing so that your move-in timeline is only slightly affected.
- Hate the kitchen counters? See my advice on flooring above.
- Keep things in perspective- While many homes will just not fit the bill, in this market, it pays to really assess what is important and what can be changed to your liking with a little investment on your part after Closing. For years now Buyers have not been in the mood to make any changes and have generally been looking for “move-in-ready”. Right now, we are at historic lows in inventory and have been for many months. If you find a home that meets most of your needs and/but could use a tweak here & there, my advice is: Go for it! Consider it an opportunity to make it your own.
The LO PD
Why do people move to Lake Oswego? Schools is probably number one. It’s why I moved here. Great restaurants, parks, shopping, those are good reasons as well. But there is another big factor. I don’t think it gets discussed much, but that big factor is that this town just feels really, really safe.
Because property values are relatively high, the property taxes that support the community do a great job of funding our schools, but they also do a great job of funding our police department.
I have had two experiences with the Lake Oswego police in the 23 years that I have lived here. The first happened within months of moving into our home. My husband left his truck unlocked with his briefcase inside. Someone stole his check book out of his brief case. We called the police and a patrol car arrived within about 20 minutes. They took a full report and then took the time to give us advice on how to stop miss use of that check book. I think in most towns such a small incident would have led to being asked to fill out some sort of a form and file it as opposed to having a patrol car show up and personally assist us.
The second incidence happend not to long ago and is what prompted me to write this post. Last August I was in a vehicle accident on Boones Ferry Road. Thankfully, no one was hurt and it all was worked out to everyone’s satisfaction. However, my little dog got tossed off the passenger seat of my car and had a slightly bloody eye. The officers who responded to the accident were just so kind. They literally told me, we’ve got this taken care of here, please take your dog to the vet. Truly, they were so kind. My little dog ended up being fine, with no serious injury.
Here’s a tip for driving through Lake Oswego, don’t speed. There are patrol cars every hour of every day. Just don’t speed.
Here’s another tip: there is a 11:00pm curfew for teenagers under the age of 18. Kids are simply not allowed on the streets unaccopanied by adults after 11:00pm. I raised good kids, but I also liked them knowing that they could not hang out with friends late at night on the streets. They had to be at home, and they were.
I’m sure that others may have stories about the LO PD that have a different take on how they operate. But I can honestly say that I have had nothing but positive experiences with the local police department. I just feel safe here and I feel like my family is safe here. Thank you LO PD, I appreciate all that you do.
Dianne
Let’s Talk Trees
Trees have been the focus of my attention lately. This is because two weeks ago Lake Oswego had a big ice storm and a neighbors unkept trees dropped limbs onto power lines that caused a power outage at my house. It lasted 3 days. Of course this was not uncommon. At one point Portland Gas and Electric had power outages at over 300,000 homes in the metro area. Many were without power for longer than 3 days, so my intention here is not to complain about my personal experience. Instead, it has me thinking about the importance of paying attention to the trees in your yard.
Get them inspected
When buying a home, if the house has large trees in the yard, get them inspected. Most home inspectors only inspect the house itself. They don’t inspect the trees. A good home inspector will make the suggestion that you get the trees inspected, but many don’t. You should not take it for granted that trees are trees and no big deal. In particular, are any of the trees unhealthy? Are any of the trees unstable? Removing a big tree can be expensive. If this is something that can be learned up front, before you buy the house, it is something that can be negotiated as part of the purchase.
Trees need to be maintained
Once you own a home, maintain your trees by hiring an arborist every five years of so to go through your trees and take out dead limbs and prune to maintain health. My husband and I have done this. We have four HUGE fir tress and one HUGE English walnut tree. When we first bought our home I would occassionally sleep downstairs, not in my bedroom, if there was a big wind storm. Then one day while gardening, out of the blue, a big limb came down not too far from where I was standing. There’s a reason that these limbs are called widow makers. They are big and heavy and could really hurt a person. This was my wake up call that it was time to become friends with an arborist.
Since we have had our trees cleaned up, not one big limb has randomly fallen in our yard and no limbs have fallen during wind or ice storms. It is money well spent and gives tremendous peace of mind.
This brings me back to the recent ice storm. How I wish my neighbor was taking better care of his/her trees! Be a good neighbor and be a responsible tree owner.
I hope that you find this information helpful. Feel free to reach out to either Linda or myself if you have any questions about real estate and home ownership.
Dianne
Advice for Every Buyer
I originally found this list of advice at Realtor.com and it was directed at first-time home buyers. But I think it good advice for every buyer, first time, second, seasoned investor, this advice is great for any and all buyers.
Always always always get a house inspection. Always.
Even if the house looks perfect. It can be brand new and still have flaws. In fact, the longest repair addendum I had ever written was for a brand new home in Tigard. It was a gorgeous house, but this builder was building out an entire street. He had his crews on a production schedule that they had to be finished with a house by a specified date in order to progress to the next lot. There was just so much unfinished stuff. Insulation was missing in part the attic. Roof vents were missing screens. Caulking was missing at the back of the kitchen sink. Catching these items while the crews were still in the neighborhood made it easy to bring the workers back in and to get every last item finished correctly.
Don’t forget to also get inspections for radon, the sewer line, asbestos, in-ground tanks, or any other issue that comes along and reflects the age of the house.
Step away from the computer and get pre-approved.
With the Internet giving us easy access to information, it is super easy to do lots of house shopping on your own. It’s also easy to play with mortgage calculators and come up with what you think you can afford. But there comes a time when you need to start working with professionals. In particular, get pre-approved for any financing that you may need. Work with a real person who is local. The on-line lenders, who shall remain nameless in this post, do not have a good reputation for service. In a multiple offer situation, a buyer using a National, on-line lender may be at a disadvantage to a buyer using a local mortgage company with someone who is the point person through the process. Then find yourself a great Realtor. Experienced professionals will be able to guide you to make the process as painless and successful as possible. I also recommend starting with finding a Realtor and then they can give you contact information for great lenders that they know from experience will take good care of you. Both Linda and I have lenders we love to recommend.
Never miss a deadline.
Your Realtor will be keeping track of the deadlines that you need to meet as far as depositing earnest money and completing inspections. You need to be responsible for meeting deadlines with your lender. When they ask you for paperwork, provide it quickly. If you fail to meet the deadlines that your lender sets, you are compromising the chances of closing on time. You have an obligation to cooperate and be as timely as possible.
Choose a lender you like.
I recommend interviewing at least three. This doesn’t mean making applications with all three. It means having a conversation with them. You are going to be sharing very personal information with them about your finances. Your need to have a rapport with them. Find someone who makes it easy and who works for you. Do they return phone calls quickly? Do they answer your questions in a way that you understand?
Summon reserves of patience.
Finding the right house may take time. You may find that you are in situations with multiple offers and your offer may not be chosen. You may get an offer accepted and then have a bad inspection that forces you to end the deal. You may find that at the time of closing a situation comes up that creates a delay. Any number of issues can happen. Go into the home buying experience and pre-set your thinking with the idea that you will exercise patience and allow the process to happen. It will lower the stress and make the entire journey better.
I hope you have found this advice useful. As always, Linda and I are here to help.
Dianne
The Buzz About Inventory
Real Estate is a complex beast, but some aspects of it are pretty simple- Supply and Demand, for instance. When there are fewer homes on the market, Sellers are in a better position to bargain as it often means there will be multiple offers coming in. Markets like this wreak havoc with Buyers and 
Appraisers alike as folks start pushing prices up in order to win a given property in a bidding situation. I tell my clients who are worried about pushing value beyond the status quo with a higher offer that they are actually setting the standard for Appraised Value on homes in their new neighborhood as Appraisers really are just calculating what people are willing to pay/have paid, thus how much homes in any given area are worth. The sale only counts toward that calculation however after it is final. The immediate peril of course is the prospect of a Seller being unwilling to budge if the Appraisal comes in lower than the Sale Price and the Buyer is put in the position of having to decide whether to bring cash to the table.
Pluses & Minuses- As far as impact on the Buyer, the upside is that the above scenario spurred by low inventory positively affects future value/appreciation of their property as well as the aforementioned immediate effect of the Closing Sale Price impacting the neighborhood’s value. These things are almost always assured. On the less positive side, depending on what neighborhood this is occurring in, property values can rise to the degree that a large number of people are just priced out of the picture. This is called gentrification and usually relates to lower-priced areas becoming unrecognizable to those who live there and or would have normally wanted to live there. Obviously this is not the case in Lake Oswego which has historically been a generally higher-priced area on the outskirts of Portland, and/but there are areas of Lake Oswego that are wonderful, AND more affordable for many families that could be impacted as well.
So, that is what low inventory does to the market. As far as how it is arrived at~ Essentially, the Inventory at any given time is calculated at how many months it will take to sell the existing homes on the market based on the current rate at which homes are selling. I used the formula espoused by Sapling to break out comparative Inventory for Lake Oswego.
If we compare just Lake Oswego and its inventory vs July 2019, it looks like this:
- July 2019: 451 Active Listings divided by Sold & Pendings at 357 = 1.26 Months of Inventory.
- July 2020: 311 Active Listings divided by Sold & Pendings at 384 = .809 Months of Inventory.
So, you can see how a large number of Buyers actively looking for houses and a limited number of properties for sale can affect the overall landscape of real estate in a given area. Looks like it might be time to sell if you’ve been on the fence?
Market Activity ~ Aug 10-16, 2020
Spring activity has definitely pushed into summer. Last week in Lake Oswego there were 26 New listings, 26 properties that went into Pending status, and 21 Closed sales. There are currently 214 Properties for sale in Lake Oswego!
Following is the breakdown for you according to RMLS:
New on the Market (Aug 10-16, 2020)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type |
| 126 OSWEGO SMT | $195,000 | 1 | 1 | 764 | CONDO |
| 4 TOUCHSTONE #82 | $260,000 | 3 | 2.1 | 1351 | CONDO |
| 25 AQUINAS ST | $479,000 | 3 | 2 | 1477 | DETACHD |
| 26 Spinosa | $495,500 | 3 | 2.1 | 2065 | PLNCOMM |
| 2735 GREENTREE RD | $579,900 | 3 | 2.1 | 1616 | DETACHD |
| 69 CONDOLEA TER | $585,000 | 2 | 2.1 | 2262 | CONDO |
| 1529 HEMLOCK ST | $664,900 | 4 | 3 | 2348 | DETACHD |
| 639 2ND ST | $665,000 | 2 | 2.1 | 1457 | ATTACHD |
| 5834 SEVILLE AVE | $679,900 | 3 | 2 | 2056 | DETACHD |
| 300 4TH ST | $724,900 | 2 | 2.1 | 1731 | ATTACHD |
| 16419 LEXINGTON CT | $739,000 | 3 | 2.1 | 2409 | DETACHD |
| 875 BOCA RATAN DR | $749,900 | 5 | 3 | 2502 | DETACHD |
| 39 TOUCHSTONE | $749,900 | 4 | 3 | 3400 | DETACHD |
| 16570 Inverurie RD | $829,000 | 5 | 4 | 3218 | DETACHD |
| 12730 ADRIAN CT | $895,000 | 4 | 2.1 | 2952 | DETACHD |
| 19245 MEGLY CT | $899,000 | 5 | 3 | 3490 | DETACHD |
| 49 HILLSHIRE DR | $939,900 | 4 | 3.1 | 4268 | DETACHD |
| 15930 TWIN FIR RD | $995,000 | 3 | 2.1 | 2620 | DETACHD |
| 17215 LOWENBERG TER | $995,950 | 4 | 2.1 | 2819 | DETACHD |
| 5303 AMBERWOOD CT | $999,000 | 3 | 2.1 | 3490 | DETACHD |
| 4146 CHAD DR | $1,099,900 | 4 | 2.1 | 3637 | DETACHD |
| 3343 FIR RIDGE RD | $1,100,000 | 4 | 3 | 3430 | DETACHD |
| 17522 BRYANT RD | $1,399,000 | 4 | 4 | 3545 | DETACHD |
| 17677 WESTVIEW DR | $1,699,000 | 5 | 4.1 | 5531 | DETACHD |
| 18320 RIVER EDGE LN | $1,790,000 | 4 | 5 | 4608 | DETACHD |
| 2510 WEMBLEY PARK RD | $1,895,000 | 4 | 3.1 | 4868 | DETACHD |
Pending Sales (Aug 10-16, 2020)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 44 EAGLE CREST DR #15 | $160,000 | 1 | 1 | 798 | CONDO | 23 |
| 4 TOUCHSTONE #130 | $200,000 | 2 | 2 | 984 | CONDO | 186 |
| 48 EAGLE CREST DR #5E | $269,000 | 2 | 2 | 1443 | CONDO | 29 |
| 1224 HEMLOCK ST | $400,000 | 2 | 1 | 784 | DETACHD | 3 |
| 1120 BOCA RATAN DR | $400,000 | 3 | 2 | 1611 | ATTACHD | 5 |
| 1 PHEASANT RUN | $475,000 | 3 | 2.1 | 1780 | DETACHD | 11 |
| 112 TOUCHSTONE TER | $520,000 | 3 | 2.1 | 2002 | ATTACHD | 0 |
| 63 AQUINAS ST | $539,500 | 6 | 3 | 2892 | DETACHD | 12 |
| 15601 TANAGER DR | $619,900 | 3 | 2.1 | 2046 | DETACHD | 6 |
| 5095 OAKRIDGE RD | $725,000 | 4 | 2 | 1743 | DETACHD | 2 |
| 4108 ORCHARD WAY | $769,000 | 4 | 2.1 | 3010 | DETACHD | 25 |
| 1132 TROON RD | $800,000 | 3 | 2.1 | 1585 | DETACHD | 2 |
| 550 MIDDLECREST RD | $805,000 | 2 | 2.1 | 2226 | DETACHD | 4 |
| 1953 SUMMIT DR | $819,000 | 4 | 3 | 3312 | DETACHD | 47 |
| 2340 OAKHURST LN | $849,000 | 4 | 2.1 | 2860 | DETACHD | 18 |
| 17358 BROOKHURST DR | $895,000 | 4 | 3 | 3592 | DETACHD | 2 |
| 3903 TEMPEST DR | $899,000 | 4 | 2.1 | 2557 | DETACHD | 4 |
| 5224 LOWER DR | $925,000 | 4 | 3 | 2571 | DETACHD | 5 |
| 17517 OAK MEADOW LN | $949,900 | 4 | 2.1 | 2952 | DETACHD | 3 |
| 18400 DELENKA LN | $998,800 | 5 | 3.1 | 5245 | DETACHD | 27 |
| 1471 WOODLAND TER | $1,050,000 | 5 | 4.1 | 5733 | DETACHD | 69 |
| 18253 SIENA DR | $1,225,000 | 5 | 4 | 4375 | DETACHD | 63 |
| 5337 WASHINGTON CT | $1,225,000 | 4 | 3 | 3789 | DETACHD | 5 |
| 14530 UPLANDS DR | $1,589,000 | 5 | 3.1 | 4080 | DETACHD | 174 |
| 14722 UPLANDS DR | $1,599,000 | 4 | 4.1 | 3831 | DETACHD | 3 |
| 1890 TWIN POINTS RD | $2,650,000 | 4 | 3.1 | 4274 | DETACHD | 335 |
Sold/Closed (Aug 10-16, 2020)
| Address | Opening Price | Closed Price | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 4061 JEFFERSON PKWY | $300,000 | $281,000 | 2 | 2.1 | 1462 | ATTACHD | 105 |
| 44 AQUINAS ST | $550,000 | $562,000 | 4 | 2 | 1914 | DETACHD | 4 |
| 13 GROUSE TER | $565,000 | $574,000 | 4 | 2.1 | 2108 | DETACHD | 1 |
| 6221 NOKOMIS CT | $565,000 | $585,000 | 3 | 2 | 1870 | DETACHD | 1 |
| 1100 OAK TER | $650,000 | $610,000 | 4 | 2 | 1518 | DETACHD | 40 |
| 19101 REDWING CT | $629,000 | $620,000 | 3 | 2 | 1434 | DETACHD | 5 |
| 21 BECKET ST | $629,900 | $629,000 | 4 | 2.1 | 3070 | DETACHD | 93 |
| 4910 CENTERWOOD ST | $650,000 | $650,000 | 4 | 2.1 | 2481 | DETACHD | 0 |
| 28 WESTRIDGE DR | $724,900 | $712,500 | 4 | 2.1 | 2580 | DETACHD | 25 |
| 4004 MELISSA DR | $756,000 | $740,000 | 4 | 2.1 | 2865 | DETACHD | 3 |
| 1405 CEDAR ST | $749,900 | $748,930 | 3 | 2 | 2178 | DETACHD | 4 |
| 828 7TH ST | $939,000 | $785,000 | 3 | 4 | 2418 | DETACHD | 84 |
| 17610 WESTVIEW DR | $839,900 | $840,000 | 5 | 3 | 2924 | DETACHD | 2 |
| 5996 SUNCREEK DR | $995,000 | $1,020,000 | 4 | 3 | 3596 | DETACHD | 2 |
| 17690 BLUE HERON RD | $1,199,900 | $1,150,000 | 4 | 3 | 3869 | DETACHD | 21 |
| 3938 EDENS EDGE DR | $1,215,000 | $1,184,900 | 4 | 3.1 | 3882 | DETACHD | 18 |
| 714 EVERGREEN RD | $1,349,000 | $1,282,500 | 4 | 3 | 3464 | DETACHD | 135 |
| 1301 HORSESHOE CURV | $1,299,000 | $1,350,000 | 3 | 2 | 2260 | DETACHD | 3 |
| 2130 WEMBLEY PL | $1,498,000 | $1,395,000 | 4 | 3.1 | 3651 | DETACHD | 442 |
| 18218 MEADOWLARK LN | $1,599,000 | $1,435,000 | 5 | 6.1 | 8320 | DETACHD | 397 |
| 16206 REESE RD | $1,625,000 | $1,575,000 | 4 | 3.1 | 3631 | DETACHD | 69 |
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.
News & Notes – July 2020 Numbers
Here is your look at the most recent data for the entire Portland area (July 2020) and how Lake Oswego fits in to this picture just below.
The Inventory says it all. Well, not maybe all… Just look at the increases over both last month and last year. Pending Sales are up 21.9% over last year/July, and Closed Sales are up 15% over July 2019 as well. Activity was put off in the Spring and is pushing into Summer.
It is currently understood to be a Seller’s Market. There are a large number of multiple-offer transactions for properties that are priced well. That will change as we head into Fall, where Buyers typically have more leverage. It is often a toss-up as to when you make your move as a Seller or a Buyer. Obviously, its good to be a Seller right now, and/but we don’t know where rates are headed, so I wouldn’t wait if I were a Buyer. At the moment, my trusted Mortgage Advisors tell me: Rates are inching up now, hovering around 3.125%.
According to the RMLS Market Action Report for the Portland Metro Area, July 2020:
- There were 4,236 New Listings in July 2020 which increased 6.8% from July of 2019’s 3,966, and increased 15.8% over the previous month/June’s 3,658.
- At 3,391, July 2020’s Closed Sales are up at 15.2% from July 2019’s 2,944, and also up by 25.2% from the previous month/June 2020’s total of 2,709
- At 3,656, July 2020’s Pending Sales are up 21.9% from July 2019’s 2,998, and increased 0.1% (virtually the same) from the previous month/June 2020’s total of 3,654.
- The Average Sale Price in July 2020 of $502,300 is up $36,300 from last year/July 2019’s $466,000, and is also up $22,600 from the previous month/June 2020’s $479,700. YTD increase is 3.7%.
- The “Median” Sale Price (the price smack dab in the middle of all sales) in July 2020 of $445,000 rose from last year/July 2019’s $411,600 by $33,400, and is up by $10,000 from the previous month/June 2020’s $435,000. YTD increase is 4.5%.
Neighborhoods: July’s Average Sale Price + 12-month Appreciation:
- North Portland: $453,900 4.1% (June $447,500)
- YTD Median: $425,000
- NE Portland: $515,100 2.6% (June $486,200)
- YTD Median: $440,000
- SE Portland: $459,500 3.1% (June $462,800)
- YTD Median: $395,000
- Gresham/Troutdale: $393,100 2.0% (June $383,000)
- YTD Median: $364,900
- Milwaukie/Clackamas: $487,000 4.0% (June $479,600 )
- YTD Median: $439,900
- Oregon City/Canby: $447,300 3.4% (June $447,300)
- YTD Median: $437,000
- Lake Oswego/West Linn:$830,600 7.1% (June $721,800)
- YTD Median: $620,000
- West Portland: $629,500 -0.2% (June $609,400)
- YTD Median: $542,000
- NW Wash County: $575,600 2.5% (June $585,000)
- YTD Median: $513,000
- Beaverton/Aloha: $416,300 2.6% (June $417,500)
- YTD Median: $410,000
- Tigard/Wilsonville: $537,300 4.1% (June $504,400)
- YTD Median: $470,000
- Hillsboro/Forest Grove: $437,100 5.4% (June $433,100)
- YTD Median: $400,000
LAKE OSWEGO:
The combined areas of Lake Oswego and West Linn for the month of July 2020 reported:
-
- 311 Active Listings (June 315)
- 242 New Listings (June 216)
- 191 Pending Sales (June 196)
- 193 Closed Sales (June 135)
- Average Sale Price for July: $830,600 (June $721,800)
- 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.
- 62 Average Days on the Market (June 54)
Market Activity ~ Aug 3-9, 2020
Last week in Lake Oswego there were 16 New listings, 35 properties that went into Pending status, and 15 Closed sales. There are currently 206 Properties for sale in Lake Oswego!
Following is the breakdown for you according to RMLS:
New on the Market (Aug 3-9, 2020)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type |
| 47 EAGLE CREST DR | $174,999 | 2 | 1 | 932 | CONDO |
| 4000 CARMAN DR #E74 | $229,900 | 2 | 2 | 836 | CONDO |
| 750 1ST STb #E34 | $319,900 | 2 | 2 | 1350 | CONDO |
| 1120 BOCA RATAN DR | $400,000 | 3 | 2 | 1611 | ATTACHD |
| 63 AQUINAS ST | $539,500 | 6 | 3 | 2892 | DETACHD |
| 71 GREENRIDGE CT | $549,000 | 3 | 2.1 | 2004 | ATTACHD |
| 17950 MEADOWLARK LN | $649,000 | 5 | 3 | 2710 | DETACHD |
| 320 4TH ST | $649,000 | 2 | 2.1 | 1731 | ATTACHD |
| 17088 REBECCA LN | $650,000 | 5 | 3 | 2558 | DETACHD |
| 19457 35TH CT | $959,000 | 4 | 2.1 | 3538 | DETACHD |
| 5337 WASHINGTON CT | $1,225,000 | 4 | 3 | 3789 | DETACHD |
| 18002 PILKINGTON RD | $1,225,000 | 4 | 3 | 3634 | DETACHD |
| 3931 Bass LN | $1,385,000 | 5 | 4.1 | 4248 | DETACHD |
| 18147 PILKINGTON RD | $1,796,000 | 4 | 3.1 | 4636 | DETACHD |
| 1099 TERRACE DR | $2,495,000 | 5 | 4.1 | 4965 | PLNCOMM |
| 910 NORTHSHORE RD | $4,595,000 | 4 | 6.1 | 5455 | DETACHD |
Pending Sales (Aug 3-9, 2020)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 4 Touchstone #146 | $224,900 | 2 | 2 | 979 | CONDO | 88 |
| 47 EAGLE CREST DR | $249,500 | 3 | 2 | 1026 | ATTACHD | 64 |
| 3864 BOTTICELLI ST | $257,500 | 2 | 1.1 | 1132 | CONDO | 3 |
| 1276 HIDE A WAY CT | $510,000 | 3 | 2 | 1603 | DETACHD | 3 |
| 12 WALKING WOODS DR | $568,000 | 3 | 3 | 2177 | DETACHD | 3 |
| 17175 REBECCA LN | $575,000 | 4 | 2.1 | 1833 | DETACHD | 2 |
| 19235 REDWING CT | $599,900 | 4 | 2 | 2084 | DETACHD | 6 |
| 19 MORNINGVIEW CIR | $629,000 | 3 | 2.1 | 2337 | DETACHD | 48 |
| 38 NORTHVIEW CT | $638,900 | 4 | 4 | 3125 | ATTACHD | 21 |
| 4962 HARVARD CT | $649,900 | 4 | 2.1 | 2522 | DETACHD | 52 |
| 14825 RAINBOW DR | $650,000 | 4 | 3.1 | 2582 | DETACHD | 12 |
| 2811 PARK RD | $659,000 | 4 | 2.1 | 2248 | DETACHD | 4 |
| 1953 INDIAN TRL | $675,000 | 3 | 2 | 2110 | DETACHD | 12 |
| 5675 VICTORIA CT | $699,000 | 3 | 2.1 | 2546 | DETACHD | 92 |
| 7 BECKET ST | $749,000 | 4 | 3.1 | 4329 | DETACHD | 57 |
| 1500 EASTVIEW CT | $784,999 | 4 | 3.1 | 3872 | DETACHD | 116 |
| 4405 SUNDEW CT | $840,000 | 5 | 3.1 | 4535 | DETACHD | 107 |
| 2146 SUMMIT DR | $850,000 | 3 | 2 | 2592 | DETACHD | 3 |
| 19263 MEGLY CT | $874,000 | 5 | 3 | 3242 | DETACHD | 66 |
| 1511 Pine | $879,450 | 3 | 2.1 | 2390 | DETACHD | 163 |
| 885 8TH ST | $885,000 | 3 | 2 | 1730 | DETACHD | 195 |
| 6016 CLAIRMONT CT | $950,000 | 3 | 2.1 | 3210 | DETACHD | 9 |
| 5677 CHARLES CIR | $995,000 | 4 | 2.1 | 2976 | DETACHD | 5 |
| 100 LEONARD ST / Upper | $1,079,000 | 3 | 2.1 | 3137 | CONDO | 21 |
| 5156 SW DAWN ST | $1,150,000 | 3 | 3 | 2413 | DETACHD | 16 |
| 14414 PFEIFER DR | $1,199,000 | 4 | 3.1 | 3744 | DETACHD | 61 |
| 18260 RIVER EDGE CT | $1,249,000 | 4 | 3.1 | 4711 | DETACHD | 63 |
| 14190 SUNDELEAF DR | $1,424,900 | 5 | 4 | 3688 | DETACHD | 28 |
| 17684 STAFFORD RD | $1,499,950 | 6 | 4.1 | 4407 | DETACHD | 563 |
| 12812 ALTO PARK RD | $1,500,000 | 4 | 3.1 | 4040 | DETACHD | 26 |
| 883 8th ST | $1,699,000 | 5 | 4.1 | 4546 | DETACHD | 29 |
| 768 BERWICK CT | $2,098,000 | 4 | 3.1 | 4127 | DETACHD | 19 |
| 1575 COUNTRY CMNS | $2,179,000 | 4 | 3.1 | 3951 | DETACHD | 817 |
| 931 ATWATER RD | $2,695,000 | 4 | 4.1 | 5059 | DETACHD | 132 |
| 4175 SOUTHSHORE BLVD | $3,900,000 | 4 | 4.1 | 6332 | DETACHD | 1133 |
Sold/Closed (Aug 3-9, 2020)
| Address | Opening Price | Closed Price | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 16250 PACIFIC HWY #68 | $210,000 | $214,000 | 1 | 1 | 900 | CONDO | 12 |
| 5064 FOOTHILLS DR #19 | $317,000 | $317,000 | 2 | 2 | 1252 | CONDO | 12 |
| 16200 PACIFIC HWY #7 | $495,000 | $487,000 | 2 | 2 | 1190 | CONDO | 29 |
| 1023 HALLINAN ST | $495,000 | $515,000 | 3 | 1.1 | 1092 | DETACHD | 4 |
| 17721 OVERLOOK CIR | $688,000 | $637,000 | 3 | 2.1 | 3172 | DETACHD | 231 |
| 14799 UPLANDS DR | $724,900 | $649,900 | 4 | 2 | 2150 | DETACHD | 110 |
| 17270 CANYON DR | $674,900 | $668,000 | 4 | 3 | 2754 | DETACHD | 5 |
| 17520 REDFERN AVE | $692,000 | $675,000 | 2 | 2 | 1776 | DETACHD | 22 |
| 17502 ERIN CT | $799,900 | $785,000 | 4 | 3 | 3014 | DETACHD | 13 |
| 5267 LAKEVIEW BLVD | $979,000 | $885,000 | 4 | 3.1 | 3454 | DETACHD | 118 |
| 814 LAKE SHORE RD | $1,249,000 | $1,241,500 | 3 | 2.1 | 2385 | DETACHD | 79 |
| 18965 Pilkington RD | $1,439,000 | $1,400,000 | 4 | 3 | 3926 | DETACHD | 19 |
| 4660 UPPER DR | $1,895,000 | $1,550,000 | 5 | 3.1 | 3898 | DETACHD | 209 |
| 17253 KELOK RD | $2,659,000 | $2,550,000 | 5 | 4.1 | 4429 | DETACHD | 7 |
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.
Inspections- The Basics
I always have a conversation with my clients before we begin their home-buying or -selling adventure regarding the basic markers, or hurdles we will clear as we move through the process. One of the most crucial is the Inspection Period.
After mutual acceptance, Buyer and Seller enter the Inspection Period. The Residential Sale Agreement specifies 10 business days unless the Buyer’s Agent shortens or lengthens that when writing, but 10 days is pretty typical. During this time Buyers may hire professionals to perform inspections on the home and will specify any “invasive inspections” which can include sewer scopes, mold, underground tank locates, and believe it or not, the collection of radon gasses to gauge safety of the air in the home.
I find this is one of the most misunderstood portions of the process, and/but it is pretty straightforward. I’m including an excerpt from the Residential Sale Agreement language below as, with most things, an actual reading of the language in the contract clears things up pretty quickly when clarity is needed.
Your time clock starts ticking on the first day following mutual acceptance. Sometimes when submitting an Offer as a Buyer, you might want to take into consideration that if your Offer is accepted on a weekend, your first business day will be a Monday, which will give you one weekend as part of your timeline. If your Offer is accepted on a Monday or a Tuesday, your timeline will include two weekends, which can be beneficial if you need time to get additional contractors out to look at various things that come up in the inspection, such as roof issues, electrical issues, foundation issues and the like. The timeline is very important to both the Seller and the Buyer as, in the state of Oregon, a Seller is selling a home “as-is”. This means that though there is a provision in the contract for inspection (and the contingency that a Buyer may decide to withdraw during the timeline based on dissatisfaction with the inspection(s), the Seller is not “obligated” to perform any repairs for the Buyer. Because of this, if a Buyer lets their allotted time lapse and you pass that 5PM deadline on the 10th business day without any written agreement on repairs, the home is then construed to be sold “as is”. Most Sellers and Buyers are reasonable during the allotted period and when issues of safety or impacted functionality of the home arise, accommodations of some sort are usually reached- not always to the extent a Buyer (or Seller) might like, but my experience is that there is usually goodwill and a real effort to deliver a home in good working order to the Buyer. Considerations that also come into play are Lender requirements, potential Appraiser concerns and the desire of both parties to Close the transaction and move on.
Here is the excerpt from the Sale Agreement that explains the basics:
177 LICENSED PROFESSIONAL INSPECTIONS: At Buyer’s expense, Buyer may have the Property and all elements and systems thereof
178 inspected by one or more licensed professionals of Buyer’s choice. Provided, however, Buyer must specifically identify in this Agreement any
179 desired invasive inspections that may include testing or removal of any portion of the Property including, for example, radon and mold. Identify
180 Invasive Inspections: .
181 Buyer understands Buyer is responsible for the restoration of the Property following any inspection(s)/test(s) performed by Buyer or on Buyer’s
182 behalf. Buyer shall have business days (ten [10] if not filled in), after the date Buyer and Seller have signed and accepted this Agreement
183 (hereinafter “the Inspection Period”), in which to complete all inspections and negotiations with Seller regarding any matters disclosed in any
184 inspection report. Buyer shall not provide all or any portion of the inspection reports to Seller unless requested by Seller. However, at any time
185 during this transaction, or promptly following termination, upon request by Seller, Buyer shall promptly provide a copy of such reports or portions of
186 reports, as requested. During the Inspection Period, Seller shall not be required to modify any terms of this Agreement already reached with Buyer.
187 Unless a written agreement has already been reached with Seller regarding Buyer’s requested repairs, at any time during the Inspection Period,
188 Buyer may notify Seller, in writing, of Buyer’s unconditional disapproval of the Property based on any inspection report(s), in which case, all earnest
189 money deposits shall be promptly refunded, and this transaction shall be terminated. If Buyer fails to provide Seller with written unconditional
190 disapproval of any inspection report(s) by 5:00 P.M. of the final day of the Inspection Period, Buyer shall be deemed to have accepted the
191 condition of the Property. Note if, prior to expiration of the Inspection Period, written agreement is reached with Seller regarding Buyer’s
192 requested repairs, the Inspection Period shall automatically terminate, unless the parties agree otherwise in writing.
Market Activity ~ July 20-26, 2020
Last week in Lake Oswego there were 25 New listings, 36 properties that went into Pending status, and 25 Closed sales. There are currently 217 Properties for sale in Lake Oswego!
Following is the breakdown for you according to RMLS:
New on the Market (July 20-26, 2020)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type |
| 44 EAGLE CREST DR #15 | $170,000 | 1 | 1 | 798 | CONDO |
| 368 CERVANTES CIR / Upper | $200,000 | 2 | 1 | 854 | CONDO |
| 750 1ST ST #D25 | $325,000 | 2 | 2 | 1350 | CONDO |
| 16200 PACIFIC HWY #21 | $362,000 | 2 | 2 | 1190 | CONDO |
| 4401 THUNDER VISTA LANE LN | $395,000 | 2 | 2.1 | 1980 | CONDO |
| 41 Greenridge CT | $415,000 | 3 | 2.1 | 1652 | ATTACHD |
| 78 GREENRIDGE CT | $535,000 | 3 | 3 | 2000 | ATTACHD |
| 1101 HEMLOCK ST | $629,975 | 3 | 2.1 | 2213 | DETACHD |
| 14863 TWIN FIR CT | $630,000 | 3 | 2 | 1648 | DETACHD |
| 4636 AUBURN LN | $650,000 | 3 | 3.1 | 2732 | ATTACHD |
| 14825 RAINBOW DR | $650,000 | 4 | 3.1 | 2582 | DETACHD |
| 17973 SAINT CLAIR DR | $738,000 | 4 | 3 | 3323 | DETACHD |
| 12788 SIERRA VISTA DR | $770,000 | 4 | 3.1 | 2880 | DETACHD |
| 15 BECKET ST | $849,000 | 4 | 3.1 | 3750 | DETACHD |
| 2340 OAKHURST LN | $869,000 | 4 | 2.1 | 2860 | DETACHD |
| 2585 DELLWOOD DR | $949,900 | 4 | 3.1 | 3749 | DETACHD |
| 5156 SW DAWN ST | $1,150,000 | 3 | 3 | 2413 | DETACHD |
| 17196 KELOK RD | $1,199,000 | 5 | 3.1 | 4384 | DETACHD |
| 717 8TH ST | $1,235,000 | 4 | 2.1 | 2584 | DETACHD |
| 4311 HAVEN ST | $1,365,000 | 4 | 4 | 3915 | DETACHD |
| 929 COUNTRY CMNS | $1,420,000 | 4 | 3 | 3962 | DETACHD |
| 768 BERWICK CT | $2,098,000 | 4 | 3.1 | 4127 | DETACHD |
| 2950 WEMBLEY PARK RD | $2,375,000 | 4 | 5.1 | 6417 | DETACHD |
| 1622 LESLIE LN | $2,450,000 | 4 | 3.2 | 5827 | DETACHD |
| 305 CHANDLER PL | $2,850,000 | 5 | 3.3 | 5334 | DETACHD |
Pending Sales (July 20-26, 2020)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 3930 LAKE GROVE AVE #3A | $209,900 | 2 | 1 | 956 | CONDO | 183 |
| 4 TOUCHSTONE #81 | $224,950 | 3 | 2.1 | 1350 | CONDO | 29 |
| 4000 CARMAN DR #C39 | $229,000 | 2 | 2 | 866 | CONDO | 14 |
| 90 OSWEGO SMT / Upper | $239,000 | 2 | 2 | 1140 | CONDO | 2 |
| 48 EAGLE CREST DR #5E | $269,000 | 2 | 2 | 1443 | CONDO | 10 |
| 4621 LAKEVIEW BLVD / Upper | $279,999 | 2 | 2 | 1178 | CONDO | 8 |
| 4372 WOODSIDE CIR | $339,900 | 2 | 2 | 1178 | ATTACHD | 4 |
| 13 MOUNTAIN CIR | $375,000 | 2 | 1.1 | 1374 | ATTACHD | 4 |
| 5168 LAKEVIEW BLVD | $395,000 | 2 | 2 | 960 | DETACHD | 4 |
| 16215 LAKE FOREST BLVD | $425,000 | 3 | 1 | 1001 | DETACHD | 5 |
| 16518 INVERURIE RD | $425,000 | 3 | 2 | 1255 | DETACHD | 3 |
| 21 BRITTEN CT | $429,000 | 3 | 2.1 | 1972 | ATTACHD | 4 |
| 18545 KRISTI WAY | $434,900 | 3 | 1.1 | 1307 | DETACHD | 4 |
| 7 SUMMIT RIDGE CT | $449,000 | 2 | 2.1 | 1704 | ATTACHD | 14 |
| 17207 REBECCA LN | $599,000 | 3 | 2.1 | 1944 | DETACHD | 6 |
| 1601 ASH ST | $614,947 | 3 | 2 | 2045 | DETACHD | 57 |
| 13758 REGENCY CT | $649,900 | 3 | 2.1 | 1986 | DETACHD | 2 |
| 720 BRIERCLIFF LN | $650,000 | 4 | 3 | 2152 | DETACHD | 3 |
| 4087 TROUT WAY | $659,000 | 4 | 2.1 | 2330 | DETACHD | 4 |
| 14074 SUNDELEAF DR | $685,000 | 3 | 2.1 | 1760 | DETACHD | 5 |
| 4890 INDIAN CREEK CT | $699,000 | 3 | 2 | 2064 | DETACHD | 15 |
| 18709 MIRKWOOD DR | $729,000 | 4 | 3 | 3086 | DETACHD | 3 |
| 4004 MELISSA DR | $749,900 | 4 | 2.1 | 2865 | DETACHD | 3 |
| 5820 STEWART GLENN CT | $750,000 | 5 | 2.1 | 3262 | DETACHD | 72 |
| 5734 CHARLES CIR | $785,000 | 5 | 2.1 | 2663 | DETACHD | 2 |
| 802 CLARA CT | $849,000 | 4 | 3 | 2886 | DETACHD | 7 |
| 12641 ADRIAN CT | $896,448 | 4 | 4 | 3602 | DETACHD | 9 |
| 19242 INDIAN SPRINGS RD | $950,000 | 4 | 2.1 | 3365 | DETACHD | 54 |
| 2655 DELLWOOD DR | $950,000 | 4 | 2.1 | 3164 | DETACHD | 28 |
| 19345 RIVERWOOD LN | $969,000 | 4 | 3.1 | 3383 | DETACHD | 7 |
| 1029 LAUREL ST | $974,000 | 5 | 3.1 | 3195 | DETACHD | 7 |
| 14380 TRILLIUM CT | $995,000 | 5 | 3 | 3962 | DETACHD | 128 |
| 18220 RIVER EDGE CT | $998,800 | 4 | 3 | 3432 | DETACHD | 60 |
| 1300 GLENMORRIE DR | $1,050,000 | 5 | 3.1 | 4613 | DETACHD | 3 |
| 3244 UPPER DR | $1,575,000 | 5 | 4.1 | 3730 | DETACHD | 11 |
| 16206 REESE RD | $1,625,000 | 4 | 3.1 | 3631 | DETACHD | 69 |
Sold/Closed (July 20-26, 2020)
| Address | Opening Price | Closed Price | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 4 TOUCHSTONE #71 | $199,000 | $180,000 | 2 | 2 | 984 | CONDO | 49 |
| 82 OSWEGO SMT / Upper | $239,000 | $234,500 | 2 | 2 | 1212 | CONDO | 14 |
| 48 EAGLE CREST DR #5C | $279,000 | $264,800 | 2 | 2 | 1443 | CONDO | 201 |
| 3868 BOTTICELLI ST / Grnd | $265,000 | $265,000 | 3 | 2 | 1260 | CONDO | 12 |
| 12806 SW BOONES FERRY RD | $425,000 | $400,000 | 3 | 2.1 | 1174 | CONDO | 26 |
| 2164 GOODALL CT | $300,000 | $443,765 | 3 | 2 | 2016 | DETACHD | 17 |
| 1400 LABURNUM WAY | $475,000 | $508,000 | 4 | 3 | 2106 | DETACHD | 2 |
| 6151 CARMAN DR | $589,750 | $545,000 | 3 | 2 | 1641 | DETACHD | 81 |
| 16111 LINDSAY CT | $565,000 | $565,000 | 3 | 2.1 | 1840 | DETACHD | 34 |
| 4851 MADRONA ST | $600,000 | $580,085 | 4 | 2 | 1500 | DETACHD | 22 |
| 19211 INDIAN SPRINGS RD | $585,000 | $585,000 | 4 | 3 | 2132 | DETACHD | 1 |
| 6280 SUMMER WOODS | $640,000 | $600,000 | 4 | 2.1 | 2191 | DETACHD | 112 |
| 461 COUNTRY CLUB RD | $750,000 | $730,000 | 2 | 1.1 | 1500 | DETACHD | 57 |
| 9 BECKET ST | $719,000 | $740,000 | 4 | 2.1 | 3537 | DETACHD | 4 |
| 4089 MELISSA DR | $815,000 | $777,500 | 4 | 2.1 | 2762 | DETACHD | 22 |
| 15119 QUARRY RD | $795,000 | $795,000 | 3 | 2 | 2086 | DETACHD | 16 |
| 830 4TH ST | $799,900 | $822,000 | 3 | 2 | 1890 | DETACHD | 0 |
| 2201 OVERLOOK DR | $825,000 | $855,000 | 4 | 2.1 | 3360 | DETACHD | 3 |
| 13751 CAMEO CT | $1,100,000 | $865,000 | 5 | 4 | 3350 | DETACHD | 97 |
| 16 BERNINI CT | $1,250,000 | $1,095,000 | 6 | 5 | 4786 | DETACHD | 92 |
| 18026 SKYLAND CIR | $1,399,000 | $1,330,000 | 5 | 3.1 | 4117 | DETACHD | 102 |
| 157 6TH ST | $1,595,000 | $1,464,000 | 4 | 3.1 | 3614 | DETACHD | 953 |
| 2880 UPPER DR | $1,995,000 | $1,920,000 | 5 | 4.1 | 5853 | DETACHD | 141 |
| 17227 CANAL CIR | $2,795,000 | $2,600,000 | 5 | 4.1 | 4720 | DETACHD | 79 |
| 1633 LESLIE LN | $2,725,000 | $2,650,000 | 5 | 4.2 | 5921 | DETACHD | 15 |
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.