Category: General

All About Lake Oswego, Oregon real estate topics

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The Importance of 5%

l-lake-oswego-mansionOne of the most important services that I give to my clients is advising them about price. For people whose homes I am selling that advice is my opinion of what their house is worth. For people that I am helping to buy a home, that advice is what to offer. Both of these situations have in common the importance of 5%.

When you are selling your home
The first step in selling your home is consulting with a Realtor. I do a lot of preparation when I go into these appointments. I spend time on line looking at the statistics of home sales in the neighborhood, and then I spend time driving around the area looking at the comparable properties. Every neighborhood has a range of values, depending upon the amount of remodeling that has been done. So when I sit down with homeowners, I am pretty informed about what I want to advise. I am looking to list the house within 5% of what I think it is worth. I know that within this percentage the house is likely to sell. Higher than 5% and I know it will take a bit of a miracle to get the house sold, will lead to a potentially extended marketing time, and will likely end up with a lower final sales price.

So if you are planning to sell your home, please listen to your Realtor and take their recommended price very seriously. Please don’t list for more than 5% over the recommended price.

And if you have made the mistake of over-pricing, and it is time to do a price reduction, the reduction needs to be at least 5% to have an impact on the market.

For buyers making offers
The same 5% holds true when you go to make an offer. If you offer within 5% you have a high likelihood of coming to an agreement. If you offer less, it can shut down negotiations by offending the home owner. There are exceptions to this. I have learned to write whatever my buyer wants me to write because I have had low offers accepted that surprised me. It really comes down to the sellers situation and their motivation. But from my experience low offers generally do not come together. If you really want the house, offer within 5% of the listed price.

Good luck with your house hunting! And remember Whitney, Linda and I are hear to help if you need some great real estate advice.
Dianne

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Market Activity August 03 – 09, 2015

Hello everybody!
Last week we saw some good activity here in Lake Oswego. 20 new houses entered the market, 28 properties have gone pending, and 21 homes where sold! Our summer, though cloudy today, has remained pretty hot in the real estate market!

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

New on Market (Aug 03-Aug 09, 2015)

Address Type Price Bedrooms Bathrooms Sqft
47 EAGLE CREST DR #51 CONDO 90,000 1 1 666
45 EAGLE CREST DR #208 CONDO 185,000 2 2 1046
210 S STATE ST #3 CONDO 297,500 2 1.5 1495
16524 ROOSEVELT AVE DETACHED 349,000 3 1 1131
4141 CHILDS RD DETACHED 360,000 3 2 1339
17347 ASHLEY CT ATTACHED 459,900 4 2.5 2117
14754 DAVIS LN ATTACHED 460,000 3 2.5 1925
5475 BONTA RD DETACHED 519,000 3 2 1904
17920 MEADOWLARK LN DETACHED 569,000 4 2 2716
15585 PARTRIDGE DR DETACHED 620,000 4 2.5 2604
13084 KNAUS RD DETACHED 899,000 4 2.5 3285
12870 ELD ROCK RD DETACHED 950,000 4 3 2725
1361 COUNTRY CMNS DETACHED 1,150,000 3 2.5 3118
581 2ND ST #581 CONDO 1,200,000 2 2.5 2190
12842 ALTO PARK RD DETACHED 1,399,000 5 4.5 4359
2707 SOUTHSHORE BLVD DETACHED 1,449,000 3 3.5 3122
1131 NORTHSHORE RD DETACHED 1,485,000 5 3 3850
2793 POPLAR WAY DETACHED 1,699,000 5 5.5 6536
1075 CHANDLER RD DETACHED 1,975,000 5 4.5 5710
3012 LAKEVIEW BLVD DETACHED 4,988,000 5 4.5 5957

Pending Sales (Aug 03-Aug 09, 2015)

Address Type Price Bedroom Bathrooms DOM
203 OSWEGO SMT CONDO 169,900 2 2 357
4045 JEFFERSON PKWY CONDO 230,000 2 2.5 3
196 CERVANTES CONDO 239,900 2 1.5 12
48 EAGLE CREST DR 4D CONDO 245,000 2 2 4
4433 THUNDER VISTA LN CONDO 270,900 2 2.5 50
4433 KINGSGATE RD DETACHED 319,900 3 2 66
3497 DEVONSHIRE RD ATTACHED 329,900 3 2 6
19431 TUALAMERE AVE DETACHED 339,900 3 1.5 14
147 KINGSGATE RD DETACHED 349,900 2 2 6
4582 TRILLIUM WOODS ATTACHED 459,900 3 2.5 3
4840 DOGWOOD DR DETACHED 475,000 3 3 22
143 KINGSGATE RD DETACHED 475,000 3 2 8
13951 SHIREVA CT DETACHED 489,000 4 3 117
92 TANGLEWOOD DR DETACHED 529,950 4 2.5 23
18707 TUALATA AVE DETACHED 549,900 4 3 3
2701 LAKEVIEW BLVD DETACHED 589,000 4 2.5 9
1545 CLOVERLEAF RD DETACHED 610,000 4 3.5 37
891 G AVE DETACHED 625,000 4 2.5 2
18117 WESTMINSTER DR DETACHED 675,000 4 2.5 1
55 NORTHSHORE RD #11 CONDO 695,000 2 1.5 93
139 DEL PRADO ST DETACHED 699,000 3 2 94
13852 AMBERWOOD CIR DETACHED 749,900 4 2.5 17
5864 STEWART GLENN CT DETACHED 775,000 4 2.5 69
5321 CARMAN GROVE LN DETACHED 800,000 3 3 0
1944 PALISADES TERRACE DETACHED 919,000 4 2.5 35
400 D AVE DETACHED 1,239,000 5 3.5 22
462 9TH ST DETACHED 1,339,000 5 3.5 26
778 CABANA LN DETACHED 1,849,000 3 3 158

Sold/Closed  (Aug 03-Aug 09, 2015)

Address Type List Price Close Price Sqft DOM
226 RIDGEWAY RD CONDO 170,000 175,000 756 37
208 GREENRIDGE DR ATTACHED 337,500 318,000 1392 55
12828 BOONS FERRY RD ATTACHED 320,000 322,000 1136 15
14328 HOLLY SPRINGS RD DETACHED 439,000 428,900 1939 24
3508 RED CEDAR WAY DETACHED 429,900 436,003 1425 6
16946 LOWER MEADOWS DR DETACHED 450,000 440,000 1795 16
230 3RD ST DETACHED 450,000 461,500 1316 4
14480 CAMDEN LN DETACHED 475,000 469,000 1944 10
2891 DELLWOOD DR DETACHED 500,000 500,000 2928 4
27 BECKET ST DETACHED 575,000 539,000 2724 106
5045 GREENSBROUGH CT DETACHED 579,900 570,000 2107 9
760 TIMBERLINE DR DETACHED 624,500 605,000 3058 12
1562 CHANDLER RD DETACHED 779,000 779,000 2307 2
1790 SKYLAND DR DETACHED 900,000 900,000 6033 2
2024 PALISADES TERRACE DR DETACHED 975,000 975,000 4819 6
910 FAIRWAY RD DETACHED 1,069,000 1,023,500 3384 189
1956 CHERYL CT DETACHED 1,425,000 1,368,245 5334 129
17178 CEDAR RD DETACHED 1,495,000 1,525,000 4232 0
16511 MAPLE CIR DETACHED 1,695,000 1,618,500 3342 93
1199 FAIRWAY RD DETACHED 2,799,000 2,235,000 5527 328
16829 GREENBRIER RD DETACHED 2,495,000 217,500 3927 158

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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Market Activity ~ July 20-26, 2015

Here you go!  Gotta run………….. Please call if you need help. Each of us, though very busy, always have time for our Property Blotter readers.

Last week in Lake Oswego we saw 27 New properties enter the market, 29 move to Pending status, and 17 “Closed”/Sold.

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

NEW on Mkt (June 20 – July 26, 2015)

Address List Price # Beds # Baths Total SF Prop Type
48 EAGLE CREST DR #4E $209,900 2 2 1489 CONDO
196 CERVANTES $239,900 2 1.1 1241 CONDO
3910 CARMAN DR $239,900 2 2.1 1129 CONDO
4425 THUNDER VISTA LN $269,900 2 2.1 1518 CONDO
6155 MCEWAN RD $320,000 2 2 1294 DETACHD
15 GREENRIDGE CT #Main $324,900 3 2.1 1996 ATTACHD
19431 TUALAMERE AVE $339,900 3 1.1 1200 DETACHD
210 S STATE ST #9 $360,000 2 1.1 1516 CONDO
5402 CARMAN DR $400,000 3 1 1699 DETACHD
1528 CEDAR ST $445,622 3 2 2760 DETACHD
523 2ND ST #105 $489,000 2 2 1208 CONDO
2701 LAKEVIEW BLVD $589,000 4 2.1 3448 DETACHD
6150 KENNY ST $599,000 3 2.1 2070 DETACHD
5466 BAY CREEK DR $615,000 3 3 2535 DETACHD
607 ASH ST $659,000 4 3.1 2860 DETACHD
999 OXFORD DR $664,500 4 3 3191 DETACHD
159 5TH ST $849,000 4 3 2970 DETACHD
15550 QUARRY RD $850,000 4 3 2674 DETACHD
17980 KELOK RD $899,900 4 2.1 2969 DETACHD
475 8th ST $999,950 4 2.1 2699 DETACHD
3119 WEMBLEY PARK RD $1,125,000 4 3.1 3633 DETACHD
18012 EASTRIDGE LN $1,295,000 4 3.1 4526 DETACHD
2201 HAZEL RD $1,600,000 4 4.1 5446 DETACHD
1175 CHERRY CIR $2,349,000 6 4.1 6000 DETACHD
16852 ALDER CIR $2,395,000 4 3.1 2873 DETACHD
1193 FAIRWAY RD $3,188,000 5 4.2 7028 DETACHD
16842 ALDER CIR $4,750,000 5 3.2 5144 DETACHD

PENDING SALES (June 20 – July 26, 2015)

Address List Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #35 $109,900 1 1 617 CONDO 41
47 EAGLE CREST DR#27 $129,000 2 1 947 CONDO 36
170 OSWEGO SMT #Grnd $145,000 2 2 1506 CONDO 105
5061 FOOTHILLS DR #E $221,000 2 2 991 CONDO 3
48 EAGLE CREST DR #Upper $250,000 3 2 1550 CONDO 169
6331 SHAKESPEARE ST $299,900 3 1.1 992 DETACHD 67
12844 BOONES FERRY RD #Grnd $309,900 2 2.1 1152 CONDO 19
4725 LAKEVIEW BLVD $349,900 3 2 1589 DETACHD 18
5132 TIMBERGROVE ST $380,000 3 2 1430 DETACHD 11
4545 DOGWOOD DR $519,000 3 2 2483 DETACHD 2
13611 BLAZER TRL $519,900 4 2.1 2549 DETACHD 3
15518 HERITAGE CT $525,000 4 3.1 2700 DETACHD 66
13010 SIERRA CT $545,000 4 2.1 3065 DETACHD 1
345 E AVE $575,000 3 2 1582 DETACHD 59
432 LIVINGOOD LN $575,000 4 3 2527 DETACHD 11
3752 TEMPEST DR $583,000 4 2.1 3017 DETACHD 3
19664 RIVER RUN DR $585,000 4 2.1 3051 DETACHD 84
17721 OVERLOOK CIR $599,900 4 2.1 3172 DETACHD 44
1270 HIDE A WAY CT $625,000 3 2.1 2312 DETACHD 4
7140 CHILDS RD $649,700 3 3 2600 DETACHD 9
877 CORNELL ST $659,000 3 3 3100 DETACHD 415
5148 WOODCREST LN $699,000 5 3 3110 DETACHD 3
1562 CHANDLER RD $779,000 3 3 2307 DETACHD 2
1330 PINE ST $799,900 4 3.1 3775 DETACHD 12
18383 OLD RIVER DR $895,000 4 4.1 4548 DETACHD 33
18245 RIVER EDGE CT $1,100,000 3 3 4830 DETACHD 18
17327 KELOK RD $1,150,000 3 3 2300 DETACHD 105
18418 OLD RIVER LNDG $1,799,000 4 3.2 6404 DETACHD 190
16829 GREENBRIER RD $2,395,000 5 3.1 3927 DETACHD 158

SOLD  (June 20 – July 26, 2015)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #42 $100,000 $95,000 2 1.1 822 CONDO 28
234 GREENRIDGE DR $329,900 $325,000 3 2 1492 ATTACHD 2
686 8TH ST $995,000 $375,000 4 3 3200 DETACHD 40
1428 GREENTREE CIR $425,000 $395,000 4 2.1 2236 DETACHD 120
1448 CEDAR ST $500,000 $420,000 4 3 2544 DETACHD 628
11 CHURCHILL DOWNS $430,500 $430,500 4 2.1 2336 DETACHD 81
4793 AUBURN LN $450,000 $435,000 3 2.1 2083 ATTACHD 20
1500 WOODLAND TER $486,000 $472,500 3 2.1 2499 DETACHD 42
2251 SUMMIT DR $599,000 $500,000 5 3 2676 DETACHD 118
71 TOUCHSTONE $509,900 $516,000 4 3 2211 DETACHD 3
674 LIVINGOOD LN $548,900 $548,900 4 2.1 2714 DETACHD 6
18420 DEER OAK AVE $629,900 $630,000 4 3 2476 DETACHD 1
6484 MCDUFF CT $749,000 $724,100 4 4 3120 DETACHD 18
5590 KODERRA AVE $828,800 $829,000 4 2.1 3289 DETACHD 10
50 BRIARWOOD RD $949,000 $880,000 6 6 6000 DETACHD 497
1578 VIEW LAKE CT $1,549,000 $1,449,000 4 4.1 4476 DETACHD 35
983 LAKE FRONT RD $1,595,000 $1,451,000 3 2.1 2199 DETACHD 76

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 July 13 – 19, 2015

Whew, What a long list of homes to go through. It’s now past the middle of summer and Lake Oswego continues to be a hot spot to live in! We have so much going on! In the week before last we saw 21 houses hit the market, 29 homes going pending, and 26 properties sold.
I have to admit that I have been keeping an eye out for the house on 4660 Upper Dr, because it is along my running route. I’m happy to see it’s debut, feel free to check it out!

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

New on Market (July 13-19, 2015)

Address Type Price Bedrooms Bathrooms Sqft
3433 MCNARY PKWAY #704 CONDO 169,000 2 2 1008
12848 BOONS FERRY RD ATTACHED 329,000 2 2 1182
258 CERVANTES ATTACHED 385,000 3 2.5 2312
5725 WINDFIELD LOOP DETACHED 424,950 2 2 1615
26 SPINOSA DETACHED 425,000 3 2.5 2065
92 TANGLEWOOD DR DETACHED 529,950 4 2.5 3614
4660 UPPER DR DETACHED 549,000 4 3 3100
865 PALISADES TERRACE DR DETACHED 579,000 3 3 1860
14674 RAINBOW DR DETACHED 599,000 4 3 3100
4708 HASTINGS PL DETACHED 600,000 4 2.5 2215
4688 FIRWOOD RD DETACHED 625,000 5 2.5 2436
18086 JENIFERS WAY DETACHED 699,000 3 2.5 2582
13852 AMBERWOOD CIR DETACHED 775,000 4 2.5 3032
1330 PINE ST DETACHED 799,900 4 3.5 3775
5833 STEWARD GLENN CT DETACHED 835,000 4 2.5 3258
14360 UPLANDS DR DETACHED 849,000 4 3.5 2577
3151 ALBER SPRING CT DETACHED 979,900 5 3.5 3802
151 BERWICK RD DETACHED 1,165,000 4 3 4387
13132 THOMA RD DETACHED 1,995,000 5 3.5 6000
3796 LAKEVIEW BLVD DETACHED 2,395,000 3 2.5 4150

Pending Sales (July 13-19, 2015)

Address Type Price Bedroom Bathrooms DOM
45 EAGLE CREST DR #216 CONDO 112,900 1 1 3
44 OSWEGO SMT #44 CONDO 129,900 2 2 2
4 TOUCHSTONE #146 CONDO 137,500 2 2 48
534 S STATE ST CONDO 146,000 1 1 82
200 BURNHAM RD #300 CONDO 179,999 1 1 84
5225 JEAN RD #203 CONDO 219,950 3 2 16
3812 BOTTICELLI ST CONDO 239,000 3 2 47
105 KINGSGATE RD DETACHED 319,900 3 2 40
5748 WINDFIELD LOOP DETACHED 400,000 3 3 59
3508 RED CEDAR WAY DETACHED 429,900 4 2 6
1931 KILKENNY RD DETACHED 430,000 4 2.5 1
15601 TANAGER DR DETACHED 435,000 3 2.5 13
4023 TROUT WAY DETACHED 470,000 4 2.5 4
4840 DOGWOOD DR DETACHED 475,000 3 3 0
27 DA VINCI ST DETACHED 477,500 4 3 83
5150 SW DAWN ST DETACHED 499,000 4 2 0
31 WALKING WOODS DR DETACHED 500,000 4 3 3
732 CLARA CT DETACHED 599,900 4 3.5 24
1511 WOODLAND TER DETACHED 599,900 5 2.5 106
15960 PARKER RD DETACHED 720,000 3 2.5 9
14205 EDENBERRY DR DETACHED 775,000 3 2.5 29
14153 EDENBERRY DR DETACHED 775,000 4 2.5 28
328 KENWOOD RD DETACHED 1,095,000 4 4 2
18347 LOTHLORIEN WAY DETACHED 1,098,000 5 3.5 27
910 TERRACE DR DETACHED 1,145,000 4 2.5 139
17509 RIDGEVIEW LN DETACHED 1,169,000 4 3.5 1
17469 KELOK RD DETACHED 1,175,000 3 2.5 4
1115 LAKE FRONT RD DETACHED 1,898,000 4 4 6
19300 STAFFORD RD DETACHED 1,995,000 4 2.5 2

Sold/Closed (July 13-19, 2015)

Address Type List Price Close Price Sqft DOM
336 CERVANTES CIR CONDO 149,900 132,000 1112 198
47 EAGLE CREST DR #18 CONDO 136,950 135,950 932 5
4 CRESTFIELD CT #4 CONDO 145,000 140,500 923 14
3433 MCNARY PKWY #701 CONDO 199,900 200,000 1136 6
22 GREENRIDGE CT ATTACHED 308,000 309,000 1596 2
17270 BRYANT RD DETACHED 399,000 399,000 2619 49
14383 HOLLY SPRINGS RD DETACHED 450,000 419,250 2238 82
5051 TUALATA LN DETACHED 410,000 423,000 1581 7
14594 WILMOT WAY DETACHED 448,000 426,500 1710 10
12519 SW 27TH PL DETACHED 440,000 435,000 1964 0
17000 CANYON DR DETACHED 439,900 445,000 2129 11
16915 CRESTVIEW DR DETACHED 469,000 450,000 2180 8
19226 CHILDS CT DETACHED 499,000 550,000 2552 3
1982 PARK FOREST AVE DETACHED 585,000 590,000 2765 24
555 COUNTRY CLUB RD DETACHED 639,900 619,950 2133 328
4040 VIRGINIA WAY DETACHED 649,000 655,000 2623 2
4141 BIRDBILL CT DETACHED 675,000 671,500 2912 8
38 DA VINCI ST DETACHED 699,000 675,000 2932 4
5441 BAY CREEK DR DETACHED 725,000 725,000 3117 15
5707 YORKSHIRE CT DETACHED 780,000 780,000 3400 0
851 9TH ST DETACHED 999,900 987,500 2699 6
1539 LAKE FRONT RD DETACHED 1,399,900 1,150,000 3385 293
1411 LAKE FRONT RD DETACHED 1,395,000 1,300,000 3349 50
16707 GRAEF CIR DETACHED 2,100,000 2,189,634 3841 4
1780 RIDGECREST DR DETACHED 3,750,000 3,550,000 6000 35

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

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Tips & Tidbits

  • 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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Market Activity, May 11-17 2015

Spring has not only been beautiful but very busy!
During the week of May 11 to May 17 we saw 24 new houses debut on the market, 16 homes went pending, and 20 marvelous houses sold!

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

New on the Market (May 11-17, 2015)

Address Type Price Bedrooms Bathrooms Sqft
16 CRESTFIELD CT CONDO 95,500 1 1
47 EAGLE CREST DR #24 CONDO 109,000 1 1 672
4626 LOWER DR CONDO 132,000 2 1.5 1260
4 CRESTFIELD CT #4 CONDO 145,000 2 1 923
3814 BOTTICELLI ST ATTACHED 189,900 2 2 1055
4334 BOTTICELLI ST CONDO 239,000 2 2.5 2298
10 CONDOLEA DR ATTACHED 240,000 2 2 1312
21 ORIOLE LN DETACHED 375,000 2 2 1473
5861 BENFIELD CT DETACHED 399,500 4 2 1557
18581 WAXWING WAY DETACHED 479,000 4 2.5 2076
6286 HARRINGTON AVE DETACHED 529,000 3 2 3219
2440 OVERLOOK DR DETACHED 565,000 4 3 3850
3099 ROSEMARY LN DETACHED 599,000 4 4 4486
5355 CARMAN GROVE LN DETACHED 625,000 4 2.5 2302
17455 BROOKHURST DR DETACHED 669,000 4 2.5 2884
12777 SIERRA VISTA DR DETACHED 694,000 4 2.5 3144
14001 WESTCOTT CT DETACHED 719,900 3 2.5 3223
22 HOTAPUR ST DETACHED 829,000 5 3.5 4002
1120 HOODVIEW LN DETACHED 919,900 4 3 3454
5349 WASHINGTON CT DETACHED 1,000,000 4 3.5 3850
15451 VILLAGE DR DETACHED 1,075,000 3 3.5 4154
1979 COUNTRY CLUB RD DETACHED 1,199,000 5 5.5 4115
1578 VIEW LAKE CT DETACHED 1,549,000 4 4.5 4476
149 FURNACE ST CONDO 1,795,000 3 3.5 4784

Pending Sales (May 11-17, 2015)

Address Type Price Bedroom Bathrooms DOM
45 EAGLE CREST DR #214 CONDO 179,000 1 2 12
44 NORTHVIEW CT ATTACHED 385,000 2 3 7
550 2ND ST CONDO 389,500 2 1.5 343
1207 HALLINAN CIR DETACHED 389,900 2 2 3
17390 CARDINAL DR DETACHED 425,000 3 2 2
101 3RD ST CONDO 485,000 3 2 3
2550 GREENTREE RD DETACHED 499,000 4 3 18
4798 AUBURN LN ATTACHED 529,000 3 3.5 5
504 10TH ST DETACHED 700,000 3 2 69
6484 MCDUFF CT DETACHED 749,000 4 4 18
18120 DELENKA LN DETACHED 759,900 4 2.5 14
14053 AMBERWOOD CIR DETACHED 782,500 3 3 5
1267 MAPLE ST DETACHED 879,000 4 2.5 210
4350 LORDS LN DETACHED 1,199,000 5 4 5
14084 GOODALL RD DETACHED 1,395,000 5 5.5 256
16707 GRAEF CIR DETACHED 2,100,000 4 3.5 4

Sold/Closed (May 11-17, 2015)

Address Type List Price Close Price Sqft DOM
66 GALEN ST CONDO 109,500 96,000 689 111
44 EAGLE CREST DR #26 CONDO 136,500 136,500 908 0
16470 BRYANT RD DETACHED 324,900 312,500 2024 140
12804 SW BOONES FERRY RD ATTACHED 316,000 316,000 1174 0
1689 MEADOWS DR DETACHED 394,900 395,000 2182 23
1878 MAPLELEAF RD DETACHED 399,900 397,000 1347 5
44 AQUINAS ST DETACHED 379,900 410,000 1870 24
17763 MARDEE AVE DETACHED 447,000 450,000 2300 10
5364 GREYSTOKE DR DETACHED 458,500 458,500 1807 2
13166 PETERS RD DETACHED 525,000 460,000 2575 0
3 EL GRECO ST DETACHED 439,500 460,000 2370 2
25 PARTRIDGE LN DETACHED 485,000 476,000 3148 14
1901 WOODLAND TER DETACHED 519,000 495,000 2944 1
4925 MULHOLLAND DR ATTACHED 520,000 520,000 2424 2
279 EVERGREEN RD ATTACHED 639,000 632,000 2136 9
4945 PARKHILL ST DETACHED 659,900 659,900 3302 0
15947 WALUGA DR DETACHED 725,000 700,000 3370 18
2671 GLEN EAGLES RD DETACHED 825,000 825,000 4019 5
893 10TH ST DETACHED 979,000 979,000 2719 0
13286 GOODALL RD DETACHED 1,750,000 1,682,500 6819 142

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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Beautiful running routes in Lake Oswego

I hope you are all enjoying this great weather today, though in the past few days it has been seeming a little bi-polar with sun, then rain, then sun again.
With sunshine and pleasant temperature, I have found that I am more motivated to trail blaze my old running routs, and I have seen many other neighbors express the same motivation. I must say that Lake Oswego is one of the BEST cities I have ever found to be an active power-walker, hiker, or jogger in. My personal favorite route is to follow along Lakeview Blvd, up Summit (if you are looking for a good booty-kicker hill), and then down around Iron Mountain. For the distance I like to choose North Shore, McVey, and then South Shore (though it will be a while before I can enjoy that heck-of-a-trek).
Wherever you wander you will likely see the most beautiful of scenes with our lush greenery, glimpses of our glimmering lake, magnificent houses, and many friendly neighbors (I have never run into a person in LO that hasn’t offered up a friendly wave or a kind hello!)
So wherever your feet take you, I hope you get the chance to work up a healthy sweat in our activity-friendly city.

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Attitude is Everything!

I have been spending the last several weeks getting my 84-year-old Mother ready for a move to a new home. In all of the sorting and cleaning, I came upon a printout of an early propertyblotter post that my Mom had saved. It is one of my very favorite posts. Feeling sentimental, I thought I would share it with you again. Enjoy.

Please remember this was written in January of 2009, early in the Great Recession.

You may have noticed that both Linda and I tend to approach our careers in real estate with a pretty positive attitude. We share a world-view that allows for positive outcomes. I don’t know about Linda, but I do know that I have received criticism for maintaining this perspective while so much that is going on in the world, particularly in the current economy, is just so terrible. Because we are beginning a New Year, and I intend for 2009 to be a great year, I thought this would be a good time to share with you where I learned my positive attitude.

For those of you who know me, you also know that my mom was a Realtor before me. She was my mentor and role model not just in life, but also as a Realtor. And she is the one who taught me to have a positive attitude. She taught it by example. Her story is really quite remarkable.

My mom, Audrey Slater, was 24 years old the summer of 1954. She lived here in Lake Oswego and was the mother of a young child. She was one of 8 people who were residents of Lake Oswego who contracted polio that summer. For such a small town, it was considered to be an epidemic. 3 of those 8 people died. My mom was one of the lucky ones. She wasn’t killed by it. But she was paralyzed from the chest down. At that time there was no vaccine to prevent polio and there was no proven treatment. Fortunately she was well cared for. The nurses and doctors wrapped her in hot, wet, wool blankets and regularly moved her to help prevent muscle atrophy. When she recovered her future was uncertain. She was told she could quite possibly never walk again. She absolutely refused to accept that possibility. She spent the next several years of her life regaining her strength and learning to walk all over again. She went from her bed to a wheel chair and then to crutches and finally to walking on her own. She went on to be the mother of 3 additional children, including me. I clearly remember her overcoming many challenges that being a polio survivor brought, and foremost in my mind I remember her on-going insistence on maintaining a positive attitude.

This was the era of Norman Vincent Peale. The author of “The Power of Positive Thinking”, he spread a message of hope and good living through books, letters, and his work with people.

My mom took it to heart. She used it to overcome so much. Today, after raising a family and being a very successful Realtor here in Lake Oswego for 28 years, she is such a fine example of a life well lived and a life that has been lived to its fullest, despite tremendous challenge.

Are these times hard? Sure they are. Do they amount to the sum of our human existence? Absolutely not. This is a moment in time: a moment in history. And, frankly, there is much to be hopeful and optimistic about. It is our challenge to choose how we approach the day. Are we going to make it a good day? Or are we going to surrender to negativity and allow it to become a bad day? Will we allow news reports to keep us from moving on with our lives? Will we allow fear to keep us from noticing all the good things about this point in time relating to real estate…like record-low interest rates and prices? I would argue that a positive mindset allows for more rational decision making when coupled with an assessment of the variables.

This does not mean that I am unwilling to be realistic about facts and the current economy. It does mean that I will approach the current market and find a way to make it work to my clients’ benefit, whenever possible. It also means that even when the situation is tough, I will pledge to handle it with grace and good humor.

Finally, I have a video I want to encourage you to watch. Think of it as a little New Year’s gift. This is a video of a man who has overcome adversity so far above and beyond anything that most can imagine. To view it, click here.

I would like to wish you a positive and prosperous New Year.

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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