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All About Lake Oswego, Oregon real estate topics

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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!

 

 

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Merry Christmas and Happy Holidays!

imagesLinda and I want to wish you the very best of the season. We will be taking a break from the propertyblotter until January 6th. During this time we hope you will join us in treasuring these special times of love, family, faith, and friendship. To all of you, from both of us, Merry Christmas and Happy Holidays!

Dianne and Linda

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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!