Category: Selling Advice

Advice for home sellers in Lake Oswego, Oregon

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The Power of 20

Years ago, I realized that the number 20 is very powerful in real estate. It applies both when buying and when selling.

When Buying

I think most people do the bulk of their house hunting online. The Internet is an amazing tool. However, it is also super important to physically visit houses. I think you need to go into them to get a feeling for value. What does $500,000 look like? By the time that you have gone through 20 houses you will have a strong sense of value. You’ll know what feels like a good deal and what feels like it is overpriced.

This does not mean that you absolutely have to see exactly 20 houses. No. In fact, the first house that my husband and I bought was the first house that we looked at. We walked in, fell in love, and made an offer.

20 is simply a good guide and a way to set some expectations for the experience of house hunting.

When Selling

When selling, you need about 20 showings to get an offer. Again, it can happen faster than that, but 20 is a good barometer.

So, if you put your house on the market and you get 20 showings in the first few days, you are going to get an offer quickly.

If the reverse happens and you get 2 showings the first week, and then 2 the next, this means you’re going to be on the market for about 10 weeks to get an offer. If you need an offer more quickly, then you need to drop the price or fix what people are objecting to.

If you get 20 showings and no offer happens, again, you need to drop the price or fix what people are objecting to.

I hope you find this concept useful. As always, thanks for reading the blotter.

Dianne

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Moving and Packing Tips

As a Realtor, one of the most educational moments I ever experienced was when I sold my own home and moved with my family to Lake Oswego. We’d had our kids and lived in our prior home for 13 years. I was pretty clueless about how much more complicated our household and possessions had become. I put off packing until about a week before our move. It was a disaster! I was so pressed to get it done on time that I was literally just throwing stuff in boxes! Live and learn, right?

Cardboard boxes and potted plants in empty room. Moving objects are on hardwood floor of new apartment.

Here are some moving and packing tips that I hope you’ll find helpful:

Moving

  1. Start Early. See my comment above. Weeks, if not months, before your move start planning. It will be so much stressful. It will also help prepare your house for marketing.
  2. Get rid of stuff. As we live in our homes, we accumulate stuff. So much of it is neither wanted nor needed. Do you really want to take it with you? Do you want to spend money moving and packing this “stuff”? Get rid of it.
  3. Create a folder. This folder should contain addresses, moving or rental contracts, insurance information, perhaps an itemized list of what you are moving, anything you anticipate in the way of paperwork. Consider creating a hard-copy file. This will be vital if you loose battery charge on laptops or phones
  4. Book early. This helps in two ways: getting the best rates and being assured of availability. Especially in the spring and summer, the moving companies book at least several weeks in advance.
  5. Plan for utilities. This includes both shut off at your old place and start up in your new place. You do not want to be moving into the new house and not have electricity.
  6. Keep essentials with you. A day or two prior to moving pack your luggage: change of clothes, toiletries, etc. Just like when packing for a vacation. In addition, I recommend packing a box of cooking basics like a few plates, cups, bowls, utensils, These would be for an unexpected delay in the delivery of your household goods. Remember to plan for pets and medications.

Packing

  1. Invest in equipment. You’ll need boxes, packing tape, markers, paper towels, garbage bags. If you are moving yourself you’ll need a furniture dolly, furniture pads, tie-down strips and a truck loading ramp
  2. Use the right size boxes. The basic idea is the boxes need to be a weight that can be lifted without straining yourself. Heavy stuff in small boxes (books, etc.), light stuff in big boxes (linens, etc.).
  3. Heavy stuff on the bottom of the box. This will keep the heavy stuff from crushing the light stuff. It will also balance the weight of the box as boxes are stacked.
  4. Don’t leave empty space in the boxes. This will maximize the use of the packing materials, but empty spaces can allow the box to be crushed in transport.
  5. Avoid mixing items from different rooms. When unpacking it will take twice as long if you are running from room to room.
  6. Label each box with what room it is for and a list of the contents
  7. Tape the boxes well. You want a couple of strips across the seams at the bottom and the top, but then do two wraps completely around the box in two places around the top to the bottom and back up to the top again: all the way around.
  8. Take care of your art. You can purchase special boxes and crates for art. Don’t wrap oil paintings in packing paper; it may stick to the paint. Wrap art in bubble wrap. You can also wrap it in bubble wrap, box it, and then place in a second box padded by packing paper.
  9. Kitchen dishes. You can purchase special boxes and packaging for dishes and glasses. They make it all so much easier! If you do end up wrapping with boxes and backing paper try wrapping each piece and then bundling in groups of 4 to 5 pieces and wrapping those together as a bundle with packing paper. Consider packing plates on their sides rather than stacking. Get the boxes with cardboard dividers for glasses. The world of packing materials is pretty broad. Yes, it costs money, but think about the cost of replacing these items. Not to mention, as it is for me, the sadness it would bring to loose special pieces.

I want to give credit to realsimple.com where I got a good bit of guidance for this article.

As always, thank you for reading the blotter,

Dianne

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The Importance of a Great Backyard

Backyards are truly something to be enjoyed. They expand the living area of a house and are the location for making memories in solitude, as well as with friends and family. When I show houses and we walk outside to find a really great backyard, it is the cherry that tops the cake of a great house. Here are 8 ideas for creating that great backyard.

  1. Connect the indoors to the outdoors with big windows and easy access doors. From inside, you’ll enjoy looking out and having the opportunity to enjoy the yard every day of the year.
  2. Create an outdoor workspace. Trees and landscaping make a wonderful backdrop to Zoom meetings. In addition, working outside on a nice day is a bit of a gift that you can give to yourself. To do this, you’ll need strong wifi, an exterior electrical outlet, and a sturdy table.
  3. Let’s talk al fresco. I reguarly do large dinners for my family in my yard. When we gather there usually about 15 people. I put tables end to end to create one large dining table. I then use linens and my good china. It feels so luxurious! A covered area in which to dine, along with an outdoor heater, makes this possible any month of the year.
  4. Add some entertainment potential. Again, a good table for board games, and perhaps a mounted television to watch football and movies.
  5. Establish a wildlife habitat. I no longer feed the birds (there was a certain squirrel incident), but I do put out water. I have 5 birdbaths. If they go empty, the birds will literally sit on the rim and squack at me. Landscaping is also a great idea for attracting birds.
  6. Make your yard pet friendly by fencing it. Today the fencing choices are plentiful, including fences that barely obstruct your viewing of the entire yard.
  7. Just like the rest of the house, clutter is a big no no. Store the clutter elsewhere. Particularly when selling the house, it needs to be tidy.
  8. Privacy is super important. If you have a house that looks into your yard, plant a tree or a hedge. In my case, my husband built a privacy screen that goes about 20 feet. Just enough to block my neighbors windows.

I hope that you have found this helpful. Thanks again for reading the blotter!

Dianne

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8 Ways to Make a House Feel Larger

I think it is pretty well understood that proper staging of a house will help it to sell both more quickly and also at a higher price. One of the key elements in good staging is to make the rooms in the house feel as large as possible. In some houses this is easy because they already have large rooms. In other houses it needs to be enhanced and here are a few tips to help get this accomplished.

1. Think vertical. Decorating elements that draw the eye up to the ceiling will help the room feel taller. This can be done with a book shelf that goes all the way to the ceiling or a pendant light fixture that hangs down from the ceiling.

2. Use furniture that you can see under or through. Sofas and chairs with legs rather than skirts allows the eye to see under and beyond them. A glass coffee table or dining table also accomplishes this.

3. White walls and trim lightens the room and gives a sense of soaring, bright space.

4. Go with a few big accents as opposed to a bunch of little ones. A big piece of art or a single large chair has more impact than a bunch of little stuff that makes a room feel cluttered and cramped.

5. Get away from the wall. Pull furniture way from the wall and into the room to create conversation areas. When a sofa is pushed up against a wall, it drawers your eye to the wall, which brings the walls forward and makes the room feel smaller.

6. Simplify the color scheme. When walls and furniture are complimentary shades of the same color scheme it makes the room feel unified and more spacious. A bunch of different colors draws the eye to each individual object as opposed to a unified and uncomplicated space.

7. Don’t hang curtains. Curtains obstruct views to the outside and block natural light.

8. Bring the outside in. See #7 above, but also consider having a few house plants and decorating with natural objects and fibers. This helps to bring the outdoors inside to combine the space and enlarge the feeling of living area.

One of the services that Linda and I provide is that we go through a house with the homeowner before it is listed for sale. Visiting each room, we advise what to do to get that room ready so that it will show at its very best. Please don’t hesitate to give one of us a call if you are wanting to get your house ready to sell.

I hope you have found this information helpful. As always, thanks for reading the blotter.
Dianne

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The Buzz About Inventory

Real Estate is a complex beast, but some aspects of it are pretty simple- Supply and Demand, for instance.  When there are fewer homes on the market, Sellers are in a better position to bargain as it often means there will be multiple offers coming in. Markets like this wreak havoc with Buyers and Appraisers alike as folks start pushing prices up in order to win a given property in a bidding situation. I tell my clients who are worried about pushing value beyond the status quo with a higher offer that they are actually setting the standard for Appraised Value on homes in their new neighborhood as Appraisers really are just calculating what people are willing to pay/have paid, thus how much homes in any given area are worth. The sale only counts toward that calculation however after it is final. The immediate peril of course is the prospect of a Seller being unwilling to budge if the Appraisal comes in lower than the Sale Price and the Buyer is put in the position of having to decide whether to bring cash to the table.

Pluses & Minuses- As far as impact on the Buyer, the upside is that the above scenario spurred by low inventory positively affects future value/appreciation of their property as well as the aforementioned immediate effect of the Closing Sale Price impacting the neighborhood’s value. These things are almost always assured. On the less positive side, depending on what neighborhood this is occurring in, property values can rise to the degree that a large number of people are just priced out of the picture. This is called gentrification and usually relates to lower-priced areas becoming unrecognizable to those who live there and or would have normally wanted to live there. Obviously this is not the case in Lake Oswego which has historically been a generally higher-priced area on the outskirts of Portland, and/but there are areas of Lake Oswego that are wonderful, AND more affordable for many families that could be impacted as well.

So, that is what low inventory does  to the market. As far as how it is arrived at~ Essentially, the Inventory at any given time is calculated at how many months it will take to sell the existing homes on the market based on the current rate at which homes are selling. I used the formula espoused by Sapling to break out comparative Inventory for Lake Oswego.

If we compare just Lake Oswego and its inventory vs July 2019, it looks like this:

  • July 2019: 451 Active Listings divided by Sold & Pendings at 357 = 1.26 Months of Inventory.
  • July 2020: 311 Active Listings divided by Sold & Pendings at 384 = .809 Months of Inventory.

So, you can see how a large number of Buyers actively looking for houses and a limited number of properties for sale can affect the overall landscape of real estate in a given area. Looks like it might be time to sell if you’ve been on the fence?

 

 

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Market Activity ~ Aug 10-16, 2020

Spring activity has definitely pushed into summer. Last week in Lake Oswego there were 26 New listings, 26 properties that went into Pending status, and 21 Closed sales.  There are currently 214 Properties for sale in Lake Oswego!

Following is the breakdown for you according to RMLS:

New on the Market (Aug 10-16, 2020)

Address List Price # Beds # Baths Total SF Prop Type
126 OSWEGO SMT $195,000 1 1 764 CONDO
4 TOUCHSTONE #82 $260,000 3 2.1 1351 CONDO
25 AQUINAS ST $479,000 3 2 1477 DETACHD
26 Spinosa $495,500 3 2.1 2065 PLNCOMM
2735 GREENTREE RD $579,900 3 2.1 1616 DETACHD
69 CONDOLEA TER $585,000 2 2.1 2262 CONDO
1529 HEMLOCK ST $664,900 4 3 2348 DETACHD
639 2ND ST $665,000 2 2.1 1457 ATTACHD
5834 SEVILLE AVE $679,900 3 2 2056 DETACHD
300 4TH ST $724,900 2 2.1 1731 ATTACHD
16419 LEXINGTON CT $739,000 3 2.1 2409 DETACHD
875 BOCA RATAN DR $749,900 5 3 2502 DETACHD
39 TOUCHSTONE $749,900 4 3 3400 DETACHD
16570 Inverurie RD $829,000 5 4 3218 DETACHD
12730 ADRIAN CT $895,000 4 2.1 2952 DETACHD
19245 MEGLY CT $899,000 5 3 3490 DETACHD
49 HILLSHIRE DR $939,900 4 3.1 4268 DETACHD
15930 TWIN FIR RD $995,000 3 2.1 2620 DETACHD
17215 LOWENBERG TER $995,950 4 2.1 2819 DETACHD
5303 AMBERWOOD CT $999,000 3 2.1 3490 DETACHD
4146 CHAD DR $1,099,900 4 2.1 3637 DETACHD
3343 FIR RIDGE RD $1,100,000 4 3 3430 DETACHD
17522 BRYANT RD $1,399,000 4 4 3545 DETACHD
17677 WESTVIEW DR $1,699,000 5 4.1 5531 DETACHD
18320 RIVER EDGE LN $1,790,000 4 5 4608 DETACHD
2510 WEMBLEY PARK RD $1,895,000 4 3.1 4868 DETACHD

Pending Sales (Aug 10-16, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
44 EAGLE CREST DR #15 $160,000 1 1 798 CONDO 23
4 TOUCHSTONE #130 $200,000 2 2 984 CONDO 186
48 EAGLE CREST DR #5E $269,000 2 2 1443 CONDO 29
1224 HEMLOCK ST $400,000 2 1 784 DETACHD 3
1120 BOCA RATAN DR $400,000 3 2 1611 ATTACHD 5
1 PHEASANT RUN $475,000 3 2.1 1780 DETACHD 11
112 TOUCHSTONE TER $520,000 3 2.1 2002 ATTACHD 0
63 AQUINAS ST $539,500 6 3 2892 DETACHD 12
15601 TANAGER DR $619,900 3 2.1 2046 DETACHD 6
5095 OAKRIDGE RD $725,000 4 2 1743 DETACHD 2
4108 ORCHARD WAY $769,000 4 2.1 3010 DETACHD 25
1132 TROON RD $800,000 3 2.1 1585 DETACHD 2
550 MIDDLECREST RD $805,000 2 2.1 2226 DETACHD 4
1953 SUMMIT DR $819,000 4 3 3312 DETACHD 47
2340 OAKHURST LN $849,000 4 2.1 2860 DETACHD 18
17358 BROOKHURST DR $895,000 4 3 3592 DETACHD 2
3903 TEMPEST DR $899,000 4 2.1 2557 DETACHD 4
5224 LOWER DR $925,000 4 3 2571 DETACHD 5
17517 OAK MEADOW LN $949,900 4 2.1 2952 DETACHD 3
18400 DELENKA LN $998,800 5 3.1 5245 DETACHD 27
1471 WOODLAND TER $1,050,000 5 4.1 5733 DETACHD 69
18253 SIENA DR $1,225,000 5 4 4375 DETACHD 63
5337 WASHINGTON CT $1,225,000 4 3 3789 DETACHD 5
14530 UPLANDS DR $1,589,000 5 3.1 4080 DETACHD 174
14722 UPLANDS DR $1,599,000 4 4.1 3831 DETACHD 3
1890 TWIN POINTS RD $2,650,000 4 3.1 4274 DETACHD 335

Sold/Closed (Aug 10-16, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
4061 JEFFERSON PKWY $300,000 $281,000 2 2.1 1462 ATTACHD 105
44 AQUINAS ST $550,000 $562,000 4 2 1914 DETACHD 4
13 GROUSE TER $565,000 $574,000 4 2.1 2108 DETACHD 1
6221 NOKOMIS CT $565,000 $585,000 3 2 1870 DETACHD 1
1100 OAK TER $650,000 $610,000 4 2 1518 DETACHD 40
19101 REDWING CT $629,000 $620,000 3 2 1434 DETACHD 5
21 BECKET ST $629,900 $629,000 4 2.1 3070 DETACHD 93
4910 CENTERWOOD ST $650,000 $650,000 4 2.1 2481 DETACHD 0
28 WESTRIDGE DR $724,900 $712,500 4 2.1 2580 DETACHD 25
4004 MELISSA DR $756,000 $740,000 4 2.1 2865 DETACHD 3
1405 CEDAR ST $749,900 $748,930 3 2 2178 DETACHD 4
828 7TH ST $939,000 $785,000 3 4 2418 DETACHD 84
17610 WESTVIEW DR $839,900 $840,000 5 3 2924 DETACHD 2
5996 SUNCREEK DR $995,000 $1,020,000 4 3 3596 DETACHD 2
17690 BLUE HERON RD $1,199,900 $1,150,000 4 3 3869 DETACHD 21
3938 EDENS EDGE DR $1,215,000 $1,184,900 4 3.1 3882 DETACHD 18
714 EVERGREEN RD $1,349,000 $1,282,500 4 3 3464 DETACHD 135
1301 HORSESHOE CURV $1,299,000 $1,350,000 3 2 2260 DETACHD 3
2130 WEMBLEY PL $1,498,000 $1,395,000 4 3.1 3651 DETACHD 442
18218 MEADOWLARK LN $1,599,000 $1,435,000 5 6.1 8320 DETACHD 397
16206 REESE RD $1,625,000 $1,575,000 4 3.1 3631 DETACHD 69

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

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News & Notes – July 2020 Numbers

Here is your look at the most recent data for the entire Portland area (July 2020) and how Lake Oswego fits in to this picture just below.

The Inventory says it all. Well, not maybe all… Just look at the increases over both last month and last year. Pending Sales are up 21.9% over last year/July, and Closed Sales are up 15% over July 2019 as well. Activity was put off in the Spring and is pushing into Summer.

It is currently understood to be a Seller’s Market. There are a large number of multiple-offer transactions for properties that are priced well. That will change as we head into Fall, where Buyers typically have more leverage. It is often a toss-up as to when you make your move as a Seller or a Buyer. Obviously, its good to be a Seller right now, and/but we don’t know where rates are headed, so I wouldn’t wait if I were a Buyer.  At the moment, my trusted Mortgage Advisors tell me: Rates are inching up now, hovering around 3.125%.

According to the RMLS Market Action Report for the Portland Metro Area, July 2020:

  • There were 4,236  New Listings in July 2020 which increased 6.8%  from July of 2019’s 3,966, and increased 15.8% over the previous month/June’s 3,658.
  • At 3,391, July 2020’s Closed Sales are up at 15.2% from July 2019’s 2,944, and also up by 25.2% from the previous month/June 2020’s total of 2,709
  • At 3,656, July 2020’s Pending Sales are up 21.9% from July 2019’s 2,998, and increased 0.1% (virtually the same) from the previous month/June 2020’s total of 3,654.
  • The Average Sale Price in July 2020 of $502,300 is up $36,300 from last year/July 2019’s $466,000, and is also up $22,600 from the previous month/June 2020’s $479,700.   YTD increase is 3.7%.
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in July 2020 of $445,000 rose from last year/July 2019’s $411,600 by $33,400, and is up by $10,000 from the previous month/June 2020’s $435,000.   YTD increase is 4.5%.

Neighborhoods: July’s Average Sale Price + 12-month Appreciation:

  • North Portland:  $453,900              4.1%   (June $447,500)
    •                                                     YTD Median: $425,000
  • NE Portland:  $515,100                   2.6%   (June $486,200)
    •                                                     YTD Median: $440,000
  • SE Portland:  $459,500                   3.1%   (June $462,800)
    •                                                     YTD Median: $395,000
  • Gresham/Troutdale:   $393,100     2.0%   (June $383,000)
    •                                                     YTD Median: $364,900
  • Milwaukie/Clackamas:  $487,000  4.0%   (June $479,600 )
    •                                                     YTD Median: $439,900
  • Oregon City/Canby:   $447,300      3.4%   (June $447,300)
    •                                                     YTD Median: $437,000
  • Lake Oswego/West Linn:$830,600  7.1%  (June $721,800)
    •                                                      YTD Median: $620,000
  • West Portland:    $629,500             -0.2%  (June $609,400)
    •                                                     YTD Median: $542,000
  • NW Wash County:  $575,600          2.5%   (June $585,000)
    •                                                      YTD Median: $513,000
  • Beaverton/Aloha:     $416,300       2.6%   (June $417,500)
    •                                                     YTD Median: $410,000
  • Tigard/Wilsonville:   $537,300        4.1%   (June $504,400)
    •                                                      YTD Median: $470,000
  • Hillsboro/Forest Grove: $437,100  5.4%   (June $433,100)
    •                                                      YTD Median: $400,000

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of July 2020 reported:

    •  311 Active Listings (June 315)
    •  242 New Listings     (June 216)
    •  191 Pending Sales   (June 196)
    •  193 Closed Sales       (June 135)
    • Average Sale Price for July: $830,600  (June $721,800)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    •  62 Average Days on the Market   (June 54)

 

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Market Activity ~ Aug 3-9, 2020

Last week in Lake Oswego there were 16 New listings, 35 properties that went into Pending status, and 15 Closed sales.  There are currently 206 Properties for sale in Lake Oswego!

Following is the breakdown for you according to RMLS:

New on the Market (Aug 3-9, 2020)

Address List Price # Beds # Baths Total SF Prop Type
47 EAGLE CREST DR $174,999 2 1 932 CONDO
4000 CARMAN DR #E74 $229,900 2 2 836 CONDO
750 1ST STb #E34 $319,900 2 2 1350 CONDO
1120 BOCA RATAN DR $400,000 3 2 1611 ATTACHD
63 AQUINAS ST $539,500 6 3 2892 DETACHD
71 GREENRIDGE CT $549,000 3 2.1 2004 ATTACHD
17950 MEADOWLARK LN $649,000 5 3 2710 DETACHD
320 4TH ST $649,000 2 2.1 1731 ATTACHD
17088 REBECCA LN $650,000 5 3 2558 DETACHD
19457 35TH CT $959,000 4 2.1 3538 DETACHD
5337 WASHINGTON CT $1,225,000 4 3 3789 DETACHD
18002 PILKINGTON RD $1,225,000 4 3 3634 DETACHD
3931 Bass LN $1,385,000 5 4.1 4248 DETACHD
18147 PILKINGTON RD $1,796,000 4 3.1 4636 DETACHD
1099 TERRACE DR $2,495,000 5 4.1 4965 PLNCOMM
910 NORTHSHORE RD $4,595,000 4 6.1 5455 DETACHD

Pending Sales (Aug 3-9, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
4 Touchstone #146 $224,900 2 2 979 CONDO 88
47 EAGLE CREST DR $249,500 3 2 1026 ATTACHD 64
3864 BOTTICELLI ST $257,500 2 1.1 1132 CONDO 3
1276 HIDE A WAY CT $510,000 3 2 1603 DETACHD 3
12 WALKING WOODS DR $568,000 3 3 2177 DETACHD 3
17175 REBECCA LN $575,000 4 2.1 1833 DETACHD 2
19235 REDWING CT $599,900 4 2 2084 DETACHD 6
19 MORNINGVIEW CIR $629,000 3 2.1 2337 DETACHD 48
38 NORTHVIEW CT $638,900 4 4 3125 ATTACHD 21
4962 HARVARD CT $649,900 4 2.1 2522 DETACHD 52
14825 RAINBOW DR $650,000 4 3.1 2582 DETACHD 12
2811 PARK RD $659,000 4 2.1 2248 DETACHD 4
1953 INDIAN TRL $675,000 3 2 2110 DETACHD 12
5675 VICTORIA CT $699,000 3 2.1 2546 DETACHD 92
7 BECKET ST $749,000 4 3.1 4329 DETACHD 57
1500 EASTVIEW CT $784,999 4 3.1 3872 DETACHD 116
4405 SUNDEW CT $840,000 5 3.1 4535 DETACHD 107
2146 SUMMIT DR $850,000 3 2 2592 DETACHD 3
19263 MEGLY CT $874,000 5 3 3242 DETACHD 66
1511 Pine $879,450 3 2.1 2390 DETACHD 163
885 8TH ST $885,000 3 2 1730 DETACHD 195
6016 CLAIRMONT CT $950,000 3 2.1 3210 DETACHD 9
5677 CHARLES CIR $995,000 4 2.1 2976 DETACHD 5
100 LEONARD ST / Upper $1,079,000 3 2.1 3137 CONDO 21
5156 SW DAWN ST $1,150,000 3 3 2413 DETACHD 16
14414 PFEIFER DR $1,199,000 4 3.1 3744 DETACHD 61
18260 RIVER EDGE CT $1,249,000 4 3.1 4711 DETACHD 63
14190 SUNDELEAF DR $1,424,900 5 4 3688 DETACHD 28
17684 STAFFORD RD $1,499,950 6 4.1 4407 DETACHD 563
12812 ALTO PARK RD $1,500,000 4 3.1 4040 DETACHD 26
883 8th ST $1,699,000 5 4.1 4546 DETACHD 29
768 BERWICK CT $2,098,000 4 3.1 4127 DETACHD 19
1575 COUNTRY CMNS $2,179,000 4 3.1 3951 DETACHD 817
931 ATWATER RD $2,695,000 4 4.1 5059 DETACHD 132
4175 SOUTHSHORE BLVD $3,900,000 4 4.1 6332 DETACHD 1133

Sold/Closed (Aug 3-9, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
16250 PACIFIC HWY #68 $210,000 $214,000 1 1 900 CONDO 12
5064 FOOTHILLS DR #19 $317,000 $317,000 2 2 1252 CONDO 12
16200 PACIFIC HWY #7 $495,000 $487,000 2 2 1190 CONDO 29
1023 HALLINAN ST $495,000 $515,000 3 1.1 1092 DETACHD 4
17721 OVERLOOK CIR $688,000 $637,000 3 2.1 3172 DETACHD 231
14799 UPLANDS DR $724,900 $649,900 4 2 2150 DETACHD 110
17270 CANYON DR $674,900 $668,000 4 3 2754 DETACHD 5
17520 REDFERN AVE $692,000 $675,000 2 2 1776 DETACHD 22
17502 ERIN CT $799,900 $785,000 4 3 3014 DETACHD 13
5267 LAKEVIEW BLVD $979,000 $885,000 4 3.1 3454 DETACHD 118
814 LAKE SHORE RD $1,249,000 $1,241,500 3 2.1 2385 DETACHD 79
18965 Pilkington RD $1,439,000 $1,400,000 4 3 3926 DETACHD 19
4660 UPPER DR $1,895,000 $1,550,000 5 3.1 3898 DETACHD 209
17253 KELOK RD $2,659,000 $2,550,000 5 4.1 4429 DETACHD 7

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

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Inspections- The Basics

I always have a conversation with my clients before we begin their home-buying or -selling adventure regarding the basic markers, or hurdles we will clear as we move through the process. One of the most crucial is the Inspection Period.

After mutual acceptance, Buyer and Seller enter the Inspection Period. The Residential Sale Agreement specifies 10 business days unless the Buyer’s Agent shortens or lengthens that when writing, but 10 days is pretty typical. During this time Buyers may hire professionals to perform inspections on the home and will specify any “invasive inspections” which can include sewer scopes, mold, underground tank locates, and believe it or not, the collection of radon gasses to gauge safety of the air in the home.

I find this is one of the most misunderstood portions of the process, and/but it is pretty straightforward. I’m including an excerpt from the Residential Sale Agreement language below as, with most things, an actual reading of the language in the contract clears things up pretty quickly when clarity is needed.

Your time clock starts ticking on the first day following mutual acceptance.  Sometimes when submitting an Offer as a Buyer, you might want to take into consideration that if your Offer is accepted on a weekend, your first business day will be a Monday, which will give you one weekend as part of your timeline.  If your Offer is accepted on a Monday or a Tuesday, your timeline will include two weekends, which can be beneficial if you need time to get additional contractors out to look at various things that come up in the inspection, such as roof issues, electrical issues, foundation issues and the like. The timeline is very important to both the Seller and the Buyer as, in the state of Oregon, a Seller is selling a home “as-is”. This means that though there is a provision in the contract for inspection (and the contingency that a Buyer may decide to withdraw during the timeline based on dissatisfaction with the inspection(s), the Seller is not “obligated” to perform any repairs for the Buyer. Because of this, if a Buyer lets their allotted time lapse and you pass that 5PM deadline on the 10th business day without any written agreement on repairs, the home is then construed to be sold “as is”.  Most Sellers and Buyers are reasonable during the allotted period and when issues of safety or impacted functionality of the home arise, accommodations of some sort are usually reached- not always to the extent a Buyer (or Seller) might like, but my experience is that there is usually goodwill and a real effort to deliver a home in good working order to the Buyer. Considerations that also come into play are Lender requirements, potential Appraiser concerns and the desire of both parties to Close the transaction and move on.

Here is the excerpt from the Sale Agreement that explains the basics:

177 LICENSED PROFESSIONAL INSPECTIONS: At Buyer’s expense, Buyer may have the Property and all elements and systems thereof
178 inspected by one or more licensed professionals of Buyer’s choice. Provided, however, Buyer must specifically identify in this Agreement any
179 desired invasive inspections that may include testing or removal of any portion of the Property including, for example, radon and mold. Identify
180 Invasive Inspections: .
181 Buyer understands Buyer is responsible for the restoration of the Property following any inspection(s)/test(s) performed by Buyer or on Buyer’s
182 behalf. Buyer shall have business days (ten [10] if not filled in), after the date Buyer and Seller have signed and accepted this Agreement
183 (hereinafter “the Inspection Period”), in which to complete all inspections and negotiations with Seller regarding any matters disclosed in any
184 inspection report. Buyer shall not provide all or any portion of the inspection reports to Seller unless requested by Seller. However, at any time
185 during this transaction, or promptly following termination, upon request by Seller, Buyer shall promptly provide a copy of such reports or portions of
186 reports, as requested. During the Inspection Period, Seller shall not be required to modify any terms of this Agreement already reached with Buyer.
187 Unless a written agreement has already been reached with Seller regarding Buyer’s requested repairs, at any time during the Inspection Period,
188 Buyer may notify Seller, in writing, of Buyer’s unconditional disapproval of the Property based on any inspection report(s), in which case, all earnest
189 money deposits shall be promptly refunded, and this transaction shall be terminated. If Buyer fails to provide Seller with written unconditional
190 disapproval of any inspection report(s) by 5:00 P.M. of the final day of the Inspection Period, Buyer shall be deemed to have accepted the
191 condition of the Property. Note if, prior to expiration of the Inspection Period, written agreement is reached with Seller regarding Buyer’s
192 requested repairs, the Inspection Period shall automatically terminate, unless the parties agree otherwise in writing.

 

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Market Activity ~ July 20-26, 2020

Last week in Lake Oswego there were 25 New listings, 36 properties that went into Pending status, and 25 Closed sales.  There are currently 217 Properties for sale in Lake Oswego!

Following is the breakdown for you according to RMLS:

New on the Market (July 20-26, 2020)

Address List Price # Beds # Baths Total SF Prop Type
44 EAGLE CREST DR #15 $170,000 1 1 798 CONDO
368 CERVANTES CIR / Upper $200,000 2 1 854 CONDO
750 1ST ST #D25 $325,000 2 2 1350 CONDO
16200 PACIFIC HWY #21 $362,000 2 2 1190 CONDO
4401 THUNDER VISTA LANE LN $395,000 2 2.1 1980 CONDO
41 Greenridge CT $415,000 3 2.1 1652 ATTACHD
78 GREENRIDGE CT $535,000 3 3 2000 ATTACHD
1101 HEMLOCK ST $629,975 3 2.1 2213 DETACHD
14863 TWIN FIR CT $630,000 3 2 1648 DETACHD
4636 AUBURN LN $650,000 3 3.1 2732 ATTACHD
14825 RAINBOW DR $650,000 4 3.1 2582 DETACHD
17973 SAINT CLAIR DR $738,000 4 3 3323 DETACHD
12788 SIERRA VISTA DR $770,000 4 3.1 2880 DETACHD
15 BECKET ST $849,000 4 3.1 3750 DETACHD
2340 OAKHURST LN $869,000 4 2.1 2860 DETACHD
2585 DELLWOOD DR $949,900 4 3.1 3749 DETACHD
5156 SW DAWN ST $1,150,000 3 3 2413 DETACHD
17196 KELOK RD $1,199,000 5 3.1 4384 DETACHD
717 8TH ST $1,235,000 4 2.1 2584 DETACHD
4311 HAVEN ST $1,365,000 4 4 3915 DETACHD
929 COUNTRY CMNS $1,420,000 4 3 3962 DETACHD
768 BERWICK CT $2,098,000 4 3.1 4127 DETACHD
2950 WEMBLEY PARK RD $2,375,000 4 5.1 6417 DETACHD
1622 LESLIE LN $2,450,000 4 3.2 5827 DETACHD
305 CHANDLER PL $2,850,000 5 3.3 5334 DETACHD

Pending Sales (July 20-26, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
3930 LAKE GROVE AVE #3A $209,900 2 1 956 CONDO 183
4 TOUCHSTONE #81 $224,950 3 2.1 1350 CONDO 29
4000 CARMAN DR #C39 $229,000 2 2 866 CONDO 14
90 OSWEGO SMT / Upper $239,000 2 2 1140 CONDO 2
48 EAGLE CREST DR #5E $269,000 2 2 1443 CONDO 10
4621 LAKEVIEW BLVD / Upper $279,999 2 2 1178 CONDO 8
4372 WOODSIDE CIR $339,900 2 2 1178 ATTACHD 4
13 MOUNTAIN CIR $375,000 2 1.1 1374 ATTACHD 4
5168 LAKEVIEW BLVD $395,000 2 2 960 DETACHD 4
16215 LAKE FOREST BLVD $425,000 3 1 1001 DETACHD 5
16518 INVERURIE RD $425,000 3 2 1255 DETACHD 3
21 BRITTEN CT $429,000 3 2.1 1972 ATTACHD 4
18545 KRISTI WAY $434,900 3 1.1 1307 DETACHD 4
7 SUMMIT RIDGE CT $449,000 2 2.1 1704 ATTACHD 14
17207 REBECCA LN $599,000 3 2.1 1944 DETACHD 6
1601 ASH ST $614,947 3 2 2045 DETACHD 57
13758 REGENCY CT $649,900 3 2.1 1986 DETACHD 2
720 BRIERCLIFF LN $650,000 4 3 2152 DETACHD 3
4087 TROUT WAY $659,000 4 2.1 2330 DETACHD 4
14074 SUNDELEAF DR $685,000 3 2.1 1760 DETACHD 5
4890 INDIAN CREEK CT $699,000 3 2 2064 DETACHD 15
18709 MIRKWOOD DR $729,000 4 3 3086 DETACHD 3
4004 MELISSA DR $749,900 4 2.1 2865 DETACHD 3
5820 STEWART GLENN CT $750,000 5 2.1 3262 DETACHD 72
5734 CHARLES CIR $785,000 5 2.1 2663 DETACHD 2
802 CLARA CT $849,000 4 3 2886 DETACHD 7
12641 ADRIAN CT $896,448 4 4 3602 DETACHD 9
19242 INDIAN SPRINGS RD $950,000 4 2.1 3365 DETACHD 54
2655 DELLWOOD DR $950,000 4 2.1 3164 DETACHD 28
19345 RIVERWOOD LN $969,000 4 3.1 3383 DETACHD 7
1029 LAUREL ST $974,000 5 3.1 3195 DETACHD 7
14380 TRILLIUM CT $995,000 5 3 3962 DETACHD 128
18220 RIVER EDGE CT $998,800 4 3 3432 DETACHD 60
1300 GLENMORRIE DR $1,050,000 5 3.1 4613 DETACHD 3
3244 UPPER DR $1,575,000 5 4.1 3730 DETACHD 11
16206 REESE RD $1,625,000 4 3.1 3631 DETACHD 69

Sold/Closed (July 20-26, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
4 TOUCHSTONE #71 $199,000 $180,000 2 2 984 CONDO 49
82 OSWEGO SMT / Upper $239,000 $234,500 2 2 1212 CONDO 14
48 EAGLE CREST DR #5C $279,000 $264,800 2 2 1443 CONDO 201
3868 BOTTICELLI ST / Grnd $265,000 $265,000 3 2 1260 CONDO 12
12806 SW BOONES FERRY RD $425,000 $400,000 3 2.1 1174 CONDO 26
2164 GOODALL CT $300,000 $443,765 3 2 2016 DETACHD 17
1400 LABURNUM WAY $475,000 $508,000 4 3 2106 DETACHD 2
6151 CARMAN DR $589,750 $545,000 3 2 1641 DETACHD 81
16111 LINDSAY CT $565,000 $565,000 3 2.1 1840 DETACHD 34
4851 MADRONA ST $600,000 $580,085 4 2 1500 DETACHD 22
19211 INDIAN SPRINGS RD $585,000 $585,000 4 3 2132 DETACHD 1
6280 SUMMER WOODS $640,000 $600,000 4 2.1 2191 DETACHD 112
461 COUNTRY CLUB RD $750,000 $730,000 2 1.1 1500 DETACHD 57
9 BECKET ST $719,000 $740,000 4 2.1 3537 DETACHD 4
4089 MELISSA DR $815,000 $777,500 4 2.1 2762 DETACHD 22
15119 QUARRY RD $795,000 $795,000 3 2 2086 DETACHD 16
830 4TH ST $799,900 $822,000 3 2 1890 DETACHD 0
2201 OVERLOOK DR $825,000 $855,000 4 2.1 3360 DETACHD 3
13751 CAMEO CT $1,100,000 $865,000 5 4 3350 DETACHD 97
16 BERNINI CT $1,250,000 $1,095,000 6 5 4786 DETACHD 92
18026 SKYLAND CIR $1,399,000 $1,330,000 5 3.1 4117 DETACHD 102
157 6TH ST $1,595,000 $1,464,000 4 3.1 3614 DETACHD 953
2880 UPPER DR $1,995,000 $1,920,000 5 4.1 5853 DETACHD 141
17227 CANAL CIR $2,795,000 $2,600,000 5 4.1 4720 DETACHD 79
1633 LESLIE LN $2,725,000 $2,650,000 5 4.2 5921 DETACHD 15

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