Category: General

All About Lake Oswego, Oregon real estate topics

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Buying versus Renting

Whitney Gregoire’s first post!

Hello everyone, I finally made it, I’m a Realtor! I want to thank Linda Rossi and my mother Dianne Gregoire for providing me with this wonderful opportunity to blog about real estate. I am excited to dive into the profession and look at some amazing houses!

Being a new Realtor in the business means that I have a lot of learning to do (thankfully my Mom is a pro), but perhaps my learning can also be your learning as you follow our blog.

So I wish to share about my very first request from my friends when I finally got my license activated with Oregon First, and that is:

“Now do you only sell houses for sale or can you show people rental houses as well?”

A lot of my good friends are around my age (25-30) and are just getting a handle on their career path and direction in life. Moving into a new home is a grand venture and requires a lot of motivation in your invested self as well as the aptitude of your wallet. So a lot of them are renters. Really this question is more along the lines of: You are ready to move into a new home, do you buy or do you rent?
First off as a real estate broker I can only sell property under the supervision of my principle broker Mickey Lindsey, and not manage rental properties for an owner. So my license does not cover managing rental properties. I can however sell a property to somebody looking to buy who intends on keeping it, as property that they rent out themselves. Unfortunately, even if I help a friend look on-line for a property for rent and send them to a property manager I do not collect a commission. So as you can see there isn’t any motive to help somebody find a rental property for an Oregon broker.

With that said there are pros and cons for renting versus buying that I can touch upon:

Renting:
Renting a home provides for convenience of location while at the same time being affordable. Most often it is your property manager’s responsibility to maintain the general up-keep of the residence, and in some cases they pay the property tax. It’s nice if your income is a bit stretched and you really want to live in certain areas due to work or school. It can however be difficult to be a renter as property managers must enter your home from time to time to maintain the general up-keep (not without giving you twenty-four hours notice of course). And if you break your rental agreement by buying a dog in a dog-free complex you risk termination of the contract which may lead to eviction. So really you do not actually own the property and must live by somebody else’s rules. Then again you are also free of the responsibility of the physical integrity of the property, which is what deposits are for; in case you cause any considerable damage to the home that must be repaired when you move out. You are living in somebody else’s investment.

Buying:

Buying a home is expensive, and keeping up on taxes and liens on the property can be a bit stressful at times. However, there is nothing greater than knowing that you are the owner. Buying a property can be a great investment: as once you pay off the initial mortgage on the property that land becomes yours, and if you sell it you get money (after taxes of course). You can invest in your property however you see fit: You can rent it out to others for monetary gain, you can build a shop on it to support your own business or hobbies, and you can play on it and paint the walls of your house any color you desire. Or just simply live on it. Buying a property means that you are providing yourself with an investment that adds to your personal assets and worth. And isn’t it worth living it for you? I guess I’m bias, being a broker and all.

So all in all I only do the selling of property thing, and I do not deal with rental property. However, if any of you have any questions about rental property or would like to rent feel free to search on the web for your desired location to live in, and contact the property manager of any property that you might find. Have a chat with them and ask them about what they have to offer and/or how it works, because licensed property managers will know more about rental property than I do.

Thank you for reading! If you are at all interested in watching my experience of being a new Realtor unfold then feel free to follow me on facebook!
https://www.facebook.com/whitney.gregoire.9

Thank you all,
Whitney Gregoire
(503) 778-0644

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Welcome Whitney!

Whitney Gregoire
Whitney Gregoire
I am just super excited to announce the addition of my daughter, Whitney Gregoire, to our team here at the blotter. My Mom was a Realtor here in Lake Oswego for nearly 30 years. I got my license in 1987, and now Whitney has gotten her license as well. I guess it’s in our blood.

Whitney in 1988 in front of my Mom's sign
Whitney in 1988 in front of my Mom’s sign
Whitney is a graduate of Lakeridge High School here in Lake Oswego and graduated from Columbia College Chicago in 2008 with a degree in computer annimation. She is extremely creative and engaging. I think you’ll enjoy the energy she brings to her endeavors. I am excited to have her computer and technical skills be part of our team. I think she will give you a fresh perspective on the topic of real estate.

Welcome Whitney!

Dianne

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The Haps in Lake Oswego

sunDianne and I hope you are enjoying your summertime! If you are one of our many Lake Oswego readers, or working on moving to Lake Oswego (call us if you need help : ), here are some of the fun August activities you may want to sample:

* Annual Photo Contest! – Entries must be submitted by 5 p.m Sep. 4th – Photo Submission Categories include Life, Places, People, Positive Aging, Youth and Pets in Lake Oswego – Click HERE for more info.

* Collector Car & Classic Boat Pre- Show and Show – Sat & Sun/Aug 16th  & 17th – Foothills Dock / & George Rogers Park  – Click HERE for more details.

* Lake Oswego Farmers Market – Every Saturday, 8:30 – 1:30PM – Millennium Plaza Park -Click HERE for more details.

* Moonlight & Music Concerts – Every Sun – 6:00-7:30PM – Millennium Plaza Park  (Aaron Meyer Aug 10th)  – All are Welcome.  Click HERE for more info.

* Movies in the Park –  Every Thursday –  8:00-10:00PM – Millenium Plaza Park – Click HERE for more info.

* Master the Art of Poetry – Every Saturday – 10 – 11:15AM  – Lake Oswego West End Building  Click HERE for more info.

Very Best,

Linda

 

 

 

 

 Note: This is not intended to solicit existing business relationships from other Realtors.

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The Haps in Lake Oswego

4thSummer is in full swing and Lake Oswego offers a variety of ongoing family and community events for your pleasure.

The following is a sampling of activities coming right up in Lake Oswego:

 

* Iron Works Historic Tour – Saturday, June 28 – 8:30-10:30AM – George Rogers Park – Click HERE for more info.

* Kindercamp! – “1/2 Days”  M-F thru Aug 15th  – 4101 Kruse Way – Click HERE for more details.

* Understanding US Military Patches – Tues, June 24, 7:00 – 8:30PM – Lake Oswego Library -Click HERE for more details.

* Supervised Computer Lab – Every Wed – 1:00-2:30PM – Adult Community Center – All are Welcome. Click HERE for more.

* Star Spangled Parade and Celebration!!! –  Fri, July 4th – (staging at 9AM) 10:00AM-2:00PM – Millenium Plaza Park – Click HERE for more info.

* Lake Corp Fireworks!!!  (+Road Closure Info) – Fri, July 4th – 9 – 11AM   –  Click HERE for more info.

 

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Tips and Tidbits

HandyHomeHome Repairs – When a house is in the middle of a transaction, does the Seller need to utilize licensed, bonded contractors to effect repairs that have been agreed upon? Yes! (Gold Star : ) Why? Well… there are several reasons- 1) It’s Oregon State Law when you’re in the middle of a real estate transaction. 2) It may state so in the Addendum you all signed (I always put it in there to make sure everyone is clear) or it is embedded in the current OREF Buyers Repair Addendum. 3) It just makes sense… for the Buyer and the Seller. Why? Well:
* Buyers: Licensed, bonded contractors typically know what they’re doing. We assume that’s how they got licensed and bonded. True, you can have someone who is not licensed and bonded do minor repairs in theory, and maybe come out OK, but what if someone, say, believes that really “pressure-washing” a roof is how to get moss off (too much pressure will, I’m told, wash the crystals off the roof tiles that actually cause them to be effective…), or thinks it’s OK to pour concrete directly up against the wood structure or siding of the house (it’s not OK: How Not To ) or thinks they know enough to do the “minor” wiring called for in the Addendum ummm…(safety first… common sense…).
So. if you’re the Buyer, and work was done that you realize was not done well AFTER you’ve already moved in (This is not good, by the way…you should always do a walk-through prior to close. But occasionally unsafe or shoddy work will not be noticeable till later), you can at least call the contractor up and address that with them and have a leg to stand on if they are licensed and bonded.
* Sellers: In light of what I mention above, wouldn’t you rather have had a licensed, bonded contractor perform repairs on your transaction? Its not about relinquishing responsibility for making sure repairs are done properly, but rather about making sure the contractors you choose can actually back it up, and take responsibility themselves for the work they’ve done.

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The Haps in Lake Oswego

Oswego-LakeThe cherry trees are budding & the rest are growing tiny, light-green nodules that will become leaves. The air is warming, and spring is springing in Lake Oswego! People are eating out on the decks of restaurants on the Lake.  Teens are cleaning up their water skiis and getting the boats ready. The shopping Center downtown is seeing extra activity with folks hunting for spring & summer dresses, table accoutrements, & sunglasses. Fresh flowers are gracing all of our homes, and we welcome the heaven that is the spring & summer months here.

The following is a sampling of activities coming right up in Lake Oswego:

 

* Teen Poetry Slam – Thurs Apr 3rd – 7-8PM – Lake Oswego Library – Click HERE for more info.

* Trillium Festival & Hardy Plant Sale – Sat & Sun April 5th & 6th  – 10AM – 4PM  Tryon Creek – Click HERE for more details.

* Arbor Week Festival and Tree Planting – Kickoff  Sun, April 6th – Noon – 3PM  – Millenium Plaza Park -Click HERE for more details.

* Preschool Storytime – Tues, April 8th (repeats weekly) – 10:30 – 11AM – Lake Oswego Library – Click HERE for Program Details.

* Performing Arts –  Wed, April 9th – 1-2PM – Lake Oswego Library – Seattle folk singer, Rose Laughlin performs captivating Celtic and American folk songs – Click HERE for more info.

* Boones Ferry Road Project Advisory Committee Meeting – Tues, April 15th – 9 – 11AM – West End Building  –  Click HERE for more info.

 

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News & Notes

Here is the latest data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) numbers:

In the month of February 2014 the Portland area is still showing strength with, yet again, the highest Closed Sales since 2007.

According to the RMLS Market Action Report for the Portland Metro Area  February, 2014:

  • At 1,467, February Closed Sales ware up 5.1% from January’s 1.396, and 6.6% higher than February 2013.
  • There were 2,534 New Listings in February… 8.9% fewer than January’s 2.583, and down 4% from last February 2013.
  • The Average Sale Price in February  was $325,500, up $8,300. from January’s $317,200.
  • FebruaryPending Sales (accepted offers) were not as good; down 18.8% from January, and 13.2% from February 2013.

The combined areas of Lake Oswego and West Linn  for February reported:

    • 412 Active Listings
    • 168 New Listings
    • 101 Pending Sales
    • 79 Closed Sales
    • An average Sale Price of $546,900.
    • Average Time on the Market: 137 Days
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News & Notes

Here is the latest data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) activity:

For 2013 the overall Portland area saw 27,065 Accepted Offers, and 24,872 Closed Sales which is up 12.7% from 24,010 Accepted Offers (Pendings) and 14.3% from 23,438 Closed Sales during 2012. Though Closed Sales decreased from November 2013 by 2.1%, December had the most Closed Sales since 2006!

According to the RMLS Market Action Report for the Portland Metro Area  December, 2013:

  • At 1,782, December Closed Sales are 1.3% ahead of December 2012.
  • There were 1,333 New Listings in December. This was a decrease of 32.5% from this November, and an increase of 3.7% over December of 2012.
  • The Average Sale Price in December was $308,100, down from $318,100 in November 2013.
  • December Pending Sales (accepted offers) dropped by 18.8% compard to this November.

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

    • 379 Active Listings
    • 58 New Listings
    • 76 Pending Sales
    • 83 Closed Sales
    • An average Sale Price of $463,500.
    • Average Time on the Market: 113 Days
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Tips & Tidbits

  • “On average, home owners have a median worth of nearly $200,000 while renters are essentially living paycheck to paycheck, with only $4,000 net worth on average. And renters as a share of households are growing their ranks having risen by 6 million from a decade ago.”  Lawrence Yun, Chief Economist of the National Association of Realtors (NAR)
  • “ Adults under 35 living at home = 30.3%.  Under 35 Ownership Rate = 36.7%”       NAR Research, December 2013
  •  Have you overspent during the holidays? If so, you’re not alone! I have a few tips for catching up, and getting those credit cards back in line….  And, if you implement these ideas, it’ll go a long way to keeping your credit score squeaky clean, and help you build funds for the home you’ve been wanting to buy!

Here are 5 Steps (I borrowed these ideas from KeyBank ; ) to help get you back on track:

“Balance your budget“. If you’re saying “duh”, then think about trimming some expenses using these tips:

1)  “Pack Your Own”. Yup. Bring your coffee from home instead of stopping for a latte. Bring your own lunch for awhile. You’ll be surprised at how much you’ll save!

2 “Cut What You Won’t Miss”. Trim things like the little extras in your cable package, work out at home instead of at the gym or at your local community center, scale back your mobile service if you rarely max out your minutes, cancel subscriptions and get your favorite magazine copies at the library instead.

3) “Embrace Used”. When shopping for things that depreciate quickly, like cars, try re-sale!  Even for things like clothing, exercise equipment, and even electronics, (I just bought a brand new elyptical machine on Craigslist for $100.!!!) it can be the best way to go.

4) “Find Free Entertainment”.  Besides books & magazines, libraries also offer movies that you can check out, as well as books, video games & newspapers. Most libraries also offer Internet acccess on their computers for your use. Local high schools, colleges, art centers, and community centers offer low-cost or free concerts & plays.

5) “Clip Coupons and Dig for Discounts”.  Let’s face it. The Recession made coupons cool! Look for deals at your favorite restaurants, your grocery store, drug store… the deals are there… use them!