Category: General

All About Lake Oswego, Oregon real estate topics

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Hmmmm… What to do? Remodel or Move???

hmmmOk, it’s the winter and you’re spending more time indoors. You may start to get that bug that niggles at you and asks “Should we remodel and stay here or should we move to a home that is more of what we want?”  Well, the answer will be different for each person who asks themselves this question, but there are a  few things you can also ask yourself to help you along the decision-making trail.

* Think about the details & variables: What’s the current condition of your property?  It’s important to get real about costs and time-frames. What might you end up with in terms of additional projects within projects as you move forward… i.e. would you need to do extensive re-wiring?  Is there knob & tube wiring in your older home now that would have to be addressed, or would the new electrical load require considerable upgrading? (Knob & tube should be addressed anyway, by the way, and can possibly adversely affect your insurance situation!) What are the additional costs you may not have thought of if you “add on” like foundational work/support requirements/plumbing/sewer lines etc?  Have you checked into local setback requirements? Do you live in a formal HOA neighborhood where the Association would want to dictate some of what they allow you to do? Etc

* Do you have a trusted contractor?  If not, you may want to consider doing some research beforehand to make sure that you connect with someone reputable & honest.  Yelp and Angie’s List can be helpful. Also, if you have a trusted Realtor, they can often give you some good leads on people you would likely be satisfied working with based on personal experience and feedback from clients. Dianne or I would be happy to help in that regard if you do NOT have a trusted Realtor to help you.

* What would your financing look like for the remodel or add-on?  Be realistic about your costs and stack that up against your financial picture if you chose to move to a newer home or rebuild.  The devil is in the details, as they say.  My first remodeling project “way back when” actually doubled  over expected cost.

* Have you talked to a mortgage broker about just what your payments would look like if you moved to a newer more suitable home?  (If you don’t have a trusted mortgage broker, give me a call… I can steer you to good people).  If you think you know what your payment would look like because you talked to someone last year or the year before, think again. A LOT has changed since then…regulation-wise, rate-wise, and timeline-wise in the mortgage industry. I always advise people to make decisions based on facts, and not on conjecture. A mortgage broker can take your current data, find out what your desired payment might be, and tell you how much house you can buy for your money. It truly is relatively painless : )  and THEN you are making decisions based on actual factual information.  Mortgage Brokers generally do not charge for doing this for you… it’s part of their job.

* Beware of ending up as the “Best House on the Block”. Why?  Well, consider that when it comes time to sell down the line, if you are the best house on the block, you will most likely not be able to receive the appraised value you would like to because your home is being “comped” with homes near you that are not nearly as nice.  Just sayin’.

* Lastly (we could talk about this for a long while, but I’ve gotta run! : )  check out this amazing site to find out what kind of return you might expect on various remodeling projects.  It’s called “Cost vs Value” and can really give you some great tips on whether it’s worth your while investing in certain kinds of remodeling. CLICK HERE

 

I hope this was helpful information. Remember that the answert to “what is right?” is different for each individual or family and varies baseed on each circumstance.

Best of luck to you!

Linda

 

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I am Thankful

indexThanksgiving is my favorite holiday, no question. It is simple and pure. It’s about family, friends, and giving thanks.

Being my favorite holiday, I thought I’d share some of the things I am thankful for.

Professionally

I am thankful for our improved economy. The 5 years prior to this one have been tough. Not just because the market was down, but also because so much of my business involved counseling people with distressed properties. Do you have any idea how hard it is to meet with people and tell them their house has LOST value? This year has been wonderful. Values are up and people are selling because they want to and not because they have to.

I am thankful for Linda Rossi. Linda is smart, honest, reliable, beautiful, talented, and a steadfast partner. She and I have found our rhythm. Week in and week out she is my partner blogger. Thank you Linda. Without you, this blotter would have been toast long ago.

I am thankful for my change to Oregon First. I feel supported by brilliant and knowledgeable people. Mickey, Nick, Dawn, and Tanisha, thank you for all you do to help me to be successful. You all have smiling faces and positive attitudes. I enjoy you so much. Thank you.

Personally

As a six-year breast cancer survivor, I am thankful for my health. The old adage that without your health you have nothing is so incredibly true.

As the mother of a Marine who was shot in Afghanistan in 2010, I am thankful for my family. Going through my personal health scare, during a recession, while my son was serving in the USMC, well, that is just too full of a plate. This year my plate is small. I am in great health. My kids are home and thriving. I feel showered by blessings.

I am thankful for the wonder of each and every day. It’s pretty simple. Live in the moment. Don’t dwell on the past or live for the future. Today, this moment, is what we are given. Today, embrace nature’s beauty, life’s gifts, the wonder of our friendships.

I have so much that I am grateful for. Happy Thanksgiving!
Dianne, and Linda too.

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Tips & Tidbits

  • Recently, according to a NAR (Natl’ Assoc. of Realtors) publication’s questionnaire, numbers were compiled on how many Realtors would “stage a fridge”.  Here are the interesting results:

– 49%   “Absolutely. No detail is too small for some buyers.”

– 26%   “Only if the fridge is staying with the house.”

– 15%   “Maybe, but it’s overkill.  Anyone who cares what’s in the fridge is too picky.”

– 10%   “Yuck! I’m a real estate professional, not a maid!”

Now me?  I know that staging is important.  And it’s more important in some homes than others.  I will go over strategies  with my clients individually tailored to create great “flow” in their home, and an easy, expansive and pleasant showing experience for their potential Buyers… sometimes by moving furniture a bit, moving, removing or swapping out artwork, de-cluttering and clearing countertops, as well as generally minimizing.  I will say, though, that I am a sucker for the fact that people still need to “Live” in their home during the Selling process, so I am not as strict as some agents. But, I will explain that if someone is distracted by your personal belongings- family photos etc, they are now not looking at your home… they are looking at your things….  You want the Buyer to be able to see themselves living in your home, picturing what their furniture will look like over there, and getting excited at the idea of living in it.  That’s why neutral colors are encouraged, what I call “old lady wallpaper” is discouraged, and things that might evoke a negative response in people such as overly religious decor, lots of alcohol on display or political “statements” are not advised. The way it was explained to me before I was a Realtor and was selling my first home makes the most sense: “The way you live in a home (most people anyway : ) is completely different from the way you sell a home.”    ***I would not stage a fridge : )

  • When Selling your home, make sure to fill out each line of the Property Disclosures. There are boxes for N/A and Unknown.  If you don’t see the appropriate box, just write in N/A or whatever is correct.  The point is to disclose everything you know about your property, and I will tell you that the best policy is “Disclose, Disclose, Disclose”.  If there is something you are not sure you should put on the Disclosure because you think that if you did, it would make someone potentially think twice about buying your home… that is a huge hint to disclose it!  Most Buyers know that they are not buying a brand new home (unless they are : )  and so are expecting there to be some issues here & there.  These are fodder for potential negotiation, and you know that, as a Buyer, you yourself would feel much more comfortable & more likely to remain engaged buying from people who were being up-front with you about their home. You can also make the choice to correct whatever issue it is prior to filling out the Disclosure form. Disclosing “issues” also protects you in the event that something happens later on after the sale, and was the result of something that you normally would have been aware of but didn’t include on your disclosures. You can attach separate pieces of paper to explain certain things, or, if you have room, just make a note on the form itself. Remember… Disclose, Disclose, Disclose!
  • I’m told property taxes were just confirmed yesterday.  At this time of year, if you are in the middle of a transaction, it’s always good to talk w/your Agent and Escrow Offcer about how taxes will play out in your Closing breakdown.  The tax year begins on July 1st, and runs through June 30th of the following year, BUT, the tax amounts are not finalized until around this time of year.  If you are buying in September, for instance, Escrow will likely take a stab at figuring out what your taxes will amount to by taking last year’s number, and adding on a certain percent.  If you over-pay at Closing, you will receive a check in the mail shortly afterward refunding anything over-estimated.  Escrow is your neutral third party. Utilize their services so that you are fully prepared when you get to the closing table!
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What’s Goin’ On?

Here are a few of the upcoming “happenings” in the next week or so in Lake Oswego:

  • Kids grades 3 – 8 can participate in “Thursday One-Mile Cross Country Runs”!  CLICK HERE  for more details.

  • Even though we can feel the weather change coming up ahead, we have until October 12th to continue to enjoy the amazing Lake Oswego Farmers Market.  This european-style marketplace is available to all on Saturdays from 8:30 AM – 1:30PM at Millinium Plaza Park.

  • This Saturday, September 14th, consider bringing the kids down to the Lake Oswego Public Library at 11:00AM for a puppet show. Penny’s Puppet Productions will be presenting “The Three Billy Goats Gruff” : )  Lake Oswego is such a great place for kids!

  • Want to play with your landscaping and set it up to take more care of itself?  Learn about using native plants that save water, use fewer fertilizers & pesticides and don’t need much upkeep!  Attend the Landscaping for Conservation workshop this Sunday the 15th.  CLICK HERE for more details.

  • The Lake Oswego Public Library presents the “Third Tuesday Author”,  Lauren Kessler on the 17th at 7PM to discuss her latest work “Counterclockwise: My Year of Hypnosis, Hormones, Dark Chocolate and Other Adventures in the World of Anti-Aging.”

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Open Houses! Sept 1, 2013

Happy Labor Day Weekend!  There are 7 homes being held Open Sunday according to RMLS:

Address L/Price Beds # Baths Total SF Time
17833 CENTRAL AVE $339,000 3 2 1533 12-1:30PM
1602 GREENTREE RD $412,500 3 2 1708 1-4PM
14 Del Prado ST $599,999 5 3.1 4094 1-3PM
11 MASARYK ST $619,900 5 4 4823 1-3Pm
18042 JENIFERS WAY $657,950 4 3 2946 1-3PM
18064 JENIFERS WAY $667,950 5 3 2965 1-3PM
735 7TH ST $969,000 3 3.1 2945 1-4PM
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You! Celebrate Labor Day!

WkWell, it’s Friday on the forward cusp of Labor Day Weekend!  I’m cheating a bit by excerpting from Wikipedia (below) regarding the history of Labor Day, if you’re interested.

Dianne and I have been running like crazy  all summer long, and I am now, like so many people, getting ready for a big bash out on the deck tonight!  My advice is for you to enjoy this weekend and REALLY take some time off.  Unlike other holidays, where people with extra time off work tend to congregate somewhat guiltily around the barbeque on what is a more somber, reflective day (Veterans Day, Memorial Day, Presidents Day, etc…)  Labor Day is for YOU!  It is actually time off for the purpose of enjoying time off!

Now… I am not saying if you find the home of your dreams, that Dianne or I will not be there for you (we are neve too busy for our Property Blotter readers : ) BUT, please enjoy yourself this weekend.  That is an order (you have official permission)!

Here is what Wikipedia says about Labor Day:

Labor Day is a United States federal holiday observed on the first Monday in September, that celebrates the economic and social contributions of workers. It was first nationally recognized in 1894 to placate unionists following the Pullman Strike.  With the decline in union membership, the holiday is generally viewed as a time for barbeques and the end of summer vacations.[1]

Labor Day has come to be celebrated by most Americans as the symbolic end of the summer. In high society, Labor Day is (or was) considered the last day of the year when it is fashionable to wear white[8] or seersucker.[9][10]

In 1882, Matthew Maguire, a machinist, first proposed the holiday while serving as secretary of the CLU (Central Labor Union) of New York.[2] Others argue that it was first proposed by Peter J. McGuire of the American Federation of Labor in May 1882,[3] after witnessing the annual labour festival held in Toronto, Canada.[4] Oregon was the first state to make it a holiday on February 21, 1887. By the time it became a federal holiday in 1894, thirty states officially celebrated Labor Day.[3]

Following the deaths of a number of workers at the hands of the U.S. military and U.S. Marshals during the Pullman Strike, the United States Congress unanimously voted to approve rush legislation that made Labor Day a national holiday; President Grover Clevelandsigned it into law a mere six days after the end of the strike.[1] The September date originally chosen by the CLU of New York and observed by many of the nation’s trade unions for the past several years was selected rather than the more widespread International Workers’ Day because Cleveland was concerned that observance of the latter would be associated with the nascent Communist, Syndicalist and Anarchist movements that, though distinct from one another, had rallied to commemorate the Haymarket Affair in International Workers’ Day.[5] All U.S. states, the District of Columbia, and the territories have made it a statutory holiday.

In U.S. sports, Labor Day marks the beginning of the NFL and college football seasons. NCAA teams usually play their first games the weekend of Labor Day, with the NFL traditionally playing their first game the Thursday following Labor Day. The Southern 500 NASCAR auto race was held that day from 1950 to 1983 in Darlington, South Carolina. AtIndianapolis Raceway Park, the National Hot Rod Association hold their finals to the U.S. Nationals drag race.

In the U.S., most school districts that started summer vacation 1-2 weeks into June will resume school the day after this day (see First Day of School), while schools that had summer vacation begin on the Saturday before Memorial Day in late May will have already been in session since late August. However this tradition is changing as many school districts end 1-2 weeks into June and begin mid-August.

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2013 Street of Dreams

The 2013 Street of Dreams is just outside of Lake Oswego off of Rosemont Road. It runs until August 25th from 10am to 9pm, daily. Admission is $15.

Summer 2013 135The last 5 years the Street of Dreams barely had a pulse. Builders simply did not have the resources to build spec houses (built without having obtained a buyer, so speculative) that were over-the-top expensive. In addition, the market for million dollar homes was soft. This created a down-sized Street of Dreams experience with fewer homes and less expensive homes.

Well, the real estate market is back, big time. Evidence of this is the fact that this year’s Street of Dreams has 9 houses, all around $2,000,000, and 7 of the 9 houses have already sold. Demand is obviously high for luxury, high-end homes. This is your chance to see these amazing houses, get your own ideas, and see what $2,000,000 will buy.

Tried and True
Summer 2013 122Luxury homes do have an effect on standard housing. By standard, I mean homes in price ranges that more of the population can afford. Standard homes may be smaller, but they still have some of the features that are first seen at the show-case home tours. Several trends remain strong:
*Great room floor plans that allow big, open spaces for living and entertaining
*Luxury baths and kitchens with top-of-the-line granite, tile, and stainless steel
*Backyard entertaining areas, often covered, to allow interior and exterior spaces to blend
*Heavy use of stone, slate, granite, and natural materials

New Trends
Summer 2013 120Being homes at the high-end of values, I expect there to be some interesting trends. Here are just a few:
*Wet bars are everywhere. One house had 4 wetbars, in addition to the main kitchen. The difference between a wetbar and a kitchen is that the wetbar has some components of a kitchen, but not all. So it likely has a refrigerator and a sink, but not a cooktop or range. House #1 on the tour has 4 wetbars: dining room, great room, back yard and the master bedroom.
*Kitchens and baths are back to black, white, and shades of gray. No earth toned colors in any granite in any house on the tour. Many cabinets are white or painted gray rather than natural wood that has been so popular for the last 10 years.
*Walls of windows that can be opened or folded back to really expose the interior of the house to the back yard
* Swimming pools. Two of the houses had just spectacular back yards with swimming pools.
* Secret rooms. One house has a pantry that looks like kitchen cabinets. You don’t know it’s a door until you push it open. Another house has a secret passage (disguised as built-in shelves) that leads to a staircase to a 2nd-floor retreat.
* Second refrigerators in the pantry. Such a good idea.
* Craft areas in the laundry room and even on their own. House #5 had two entries from the garage. One came through a HUGE laundry room and the other came through a room that was equipped for art and hobbies. It was just incredible. There was a huge work station in the middle, a potter’s wheel and kiln to one side, and walls of organizational cubbies and shelves for every manner of supplies.
* Hard wood floors have rough/non-shine surfaces.

The Good, The Bad, and The Ugly
Summer 2013 126* Two houses have Kitchens off of kitchens. This is in addition to having walk-in pantries. These kitchens have the ability to handle some serious cooking, baking, and entertaining. Just amazing.
* Barn wood is everywhere: on walls, on counter tops (yes, on counter tops), on doors, just everywhere. Nearly every house has what I call a sliding barn door. It is a door hung on a rail that slides along the wall. Made of heavy wood with heavy steel hardware, I am just not sure what to think of this trend. It is interesting to look at, and even functional in a few situations, but mostly I think it’s a fad. Five years from now these heavy doors will be screaming “This house was built in 2013!”
* These houses are all built by the areas leading builders. They are gorgeous and stylized. But even in this circumstance there are a couple of homes that fall flat. The colors seem off with dark cabinets, the tile choice seems average, they are nice homes, but just not in the running with the quality of the better homes on the tour.

Summer 2013 115My favorite idea? The recycling shoot that is in the pantry of one house. Open a little door and drop your recycling down a shoot that ends in the rolling recycling cart in the garage. How brilliant is that?

The Street of Dreams is great fun and this year’s tour does not disappoint. How often do you get inside of such spectacular real estate? Now is your chance. I highly encourage you to attend.
Dianne

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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:

June numbers were very good, as we’d expect given the trends lately. That said, the trend upward in all numbers cooled just a bit.  Most believe this was due to some fluctuation in mortgage rates in June that had some people re-figuring their numbers.  I’ve also seen quite a few people trying to grab houses before they go to someone else, and then changing their mind about that particular home.  Bottom line, the market is hot, AND, think before you offer. Make sure you Love it : )

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

  • At 2,511, Closed Sales were a 6.4% decrease from May, and a 11.9% increase over June of 2012.
  • There were 3,751 New Listings in June. This was a drop of 2.1% from May, and an increase of 16.9% over June of 2012.
  • The Average Sale Price in May was $313,900, down $3,000. from $316,600 in May 2013.  …Average Sale Price in June 2012 was $284,100.
  • Pending Sales (accepted offers) also decreased a bit from May 2013, from 2978  to 2804  in June.

For our Property Blotter readers, the combined area of Lake Oswego and West Linn reported a mixed bag of up in some categories and slightly down in others:

    • 517 Active Listings
    • 238 New Listings
    • 152Pending Sales
    • 174 Closed Sales
    • An average Sale Price of $447,800.
    • Average Time on the Market: 74Days
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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:

Well, hopefully you’re not getting tired of hearing about how the market is trending upward!

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

  • At 2,682, Closed Sales were a 26.2% increase over April, and a 27.8% increase over May of 2012.
  • There were 3,833 New Listings in May. The last time this number was higher was July 2010 at 4,029.
  • The Average Sale Price in May was $316,900, up from $302,600 in April 2013.
  • Pending Sales (accepted offers) increased from April 2013, but only slightly from 2,942  to 2978 in May.

For our Property Blotter readers, the combined area of Lake Oswego and West Linn also reported fantastic numbers:

    • 480 Active Listings
    • 252 New Listings
    • 188 Pending Sales
    • 154 Closed Sales
    • An average Sale Price of $474,700.
    • Average Time on the Market: 108 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:

Someone flipped a switch around mid-late December, and it’s been nothing but “up” for the Portland real estate market ever since!  You’ve probably noticed, (unless it’s just the circles I run in : ) it’s been the topic on everyone’s lips for months… and doesn’t appear to show signs of slowing down or giving up the spotlight any time soon.

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

  • At 2,125, Closed Sales were a 9.8% increase over March, and a 16.6% increase over April of 2012.
  • There were 3,623 New Listings, which is an increase of 20.7% over March 2013.
  • The Average Sale Price in April was $302,600, up from $299,000 in March 2013.
  • Pending Sales (accepted offers) increased from March 2013 by 11.9% to 2,942.

For our Property Blotter readers, the combined area of Lake Oswego and West Linn also reported fantastic numbers:

    • 466 Active Listings
    • 252 New Listings
    • 160 Pending Sales
    • 113 Closed Sales
    • An average Sale Price of $448,600.
    • Average Time on the Market: 118 Days