Category: Selling Advice

Advice for home sellers in Lake Oswego, Oregon

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Market Activity ~ Feb 17-23, 2014

Here is your Latest Market Data: Last week in Lake Oswego we saw 16 New properties enter the market, 11 move to Pending status, and 5 “Closed”/Sold.

Following is the breakdown according to RMLS:

NEW on MKT (Feb 17-23, 2014)

Address List Price # Beds # Baths Total SF Prop Type
200 BURNHAM RD #406 $214,500 2 1 1199 CONDO
16250 PACIFIC HWY #56 $285,000 2 2 1305 CONDO
18148 BELMORE AVE $285,500 3 1 1008 DETACHD
13 SAINT HELENS CIR $364,900 3 2.1 2022 DETACHD
639 2ND ST $365,000 2 2 1457 ATTACHD
2697 LOOKOUT CT $419,000 3 2 2219 DETACHD
6151 SUMMER WOODS $499,000 4 3 2520 DETACHD
4 CAMELOT CT $534,900 5 3 3344 DETACHD
5431 BONITA RD $569,000 4 3 2784 DETACHD
5101 SW DAWN AVE $574,000 5 3 2700 DETACHD
2302 OVERLOOK DR $579,000 4 2.1 3125 DETACHD
17838 MARYLCREEK DR $800,000 4 3.1 4317 DETACHD
12820 ALTO PARK RD $939,000 4 3.1 3478 DETACHD
ASH ST $980,000 4 3.1 3000 DETACHD
14005 GOODALL RD $1,249,000 4 3.1 4825 DETACHD
1780 RIDGECREST DR $3,895,000 4 5.1 5999 DETACHD

PENDING SALES (Feb 17-23, 2014)

Address List Price # Beds # Baths Total SF Prop Type CDOM
14 CRESTFIELD CT $64,900 1 1 550 CONDO 145
86 KINGSGATE RD #E-104 $127,000 2 2 938 CONDO 5
12743 ALTO PARK RD $247,000 2 2 1228 DETACHD 19
17653 MARDEE AVE $340,000 3 2 1742 DETACHD 18
915 BULLOCK ST $435,000 4 3 2986 DETACHD 182
1508 PINE ST $459,000 3 2.1 2300 DETACHD 219
4344 SNOWBRUSH CT $529,000 4 3.1 3422 DETACHD 639
1941 WOODLAND TER $625,000 4 3 3684 DETACHD 266
17632 WOODHURST PL $648,950 5 4.1 4423 DETACHD 200
4540 SW LAMONT WAY $849,950 5 2.1 3555 DETACHD
12840 ALTO PARK RD $979,000 4 3.2 3973 DETACHD 0

SOLD (Feb 17-23, 2014)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
4 TOUCHSTONE #123 $139,900 $139,900 3 2.1 1351 CONDO 4
50 CERVANTES CIR #3-B $109,900 $140,000 2 1.1 912 CONDO 10
16 CERVANTES CIR #6-E $149,900 $144,000 2 1.1 912 CONDO 43
4690 LOWER DR $339,900 $329,000 3 2.1 1596 DETACHD 6
5602 SOUTHWOOD DR $498,900 $480,000 4 2.1 2636 DETACHD 103

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

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 January 2014 the Portland area overall is doing rather well, showing the best numbers for New Listings, in particular, since 2007!

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

  • At 1,396, January Closed Sales were down 21.7% from December, and/but 3.9% higher than January 2013.
  • There were 2,583 New Listings in January…nearly doubling over December’s 1,333, and 5.9% higher than January 2013.
  • The Average Sale Price in January was $317,200, up $8,500. from December’s $308,700.
  • January Pending Sales (accepted offers) were 36.6% higher than December, and 6.3% higher than January 2013.

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

    • 382 Active Listings
    • 184 New Listings
    • 103 Pending Sales
    • 69 Closed Sales
    • An average Sale Price of $486,600.
    • Average Time on the Market: 106 Days
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Market Activity Report ~ Feb 3-9, 2014

Hello to all our Property Blotter Readers!  Apologies for taking a break during last week’s “Snowpocalypse”  : )  But as usual, we weathered it just fine, and got to enjoy some snow days & down time for a short spell.  Dianne and I were out with our winter tires  though, sloshing & sliding through the snow to keep Inspection Appointments etc.  With all that weather fun, real estate keeps rolling right along (though Open Houses were significantly affected : )

Here is your Latest Market Data: Last week in Lake Oswego we saw 12 New properties enter the market, 19 move to Pending status, and 3 “Closed”/Sold.

Following is the breakdown according to RMLS:

NEW on MKT (Feb 3-9, 2014)

Address List Price # Beds # Baths Total SF Prop Type
12743 ALTO PARK RD $299,500 2 2 1228 DETACHD
17653 MARDEE AVE $349,000 3 2 1742 DETACHD
4216 ALBERT CIR $459,000 3 2 2130 DETACHD
312 2ND ST $480,000 3 3.1 1938 ATTACHD
14113 AMBERWOOD CIR $684,000 4 2.1 3514 DETACHD
15519 VILLAGE DR $699,500 3 2 2274 DETACHD
18982 BRYANT RD $719,900 4 3.1 3438 DETACHD
1640 OAK ST $725,000 4 2.1 3301 DETACHD
630 8TH ST $995,000 4 2.1 2832 DETACHD
3727 UPPER DR $1,000,000 3 3.1 4731 DETACHD
163 IRON MOUNTAIN BLVD $1,429,000 4 3.1 4314 DETACHD
3690 LAKEVIEW BLVD $3,950,000 5 5.1 6366 DETACHD

PENDING SALES (Feb 3-9, 2014)

Address List Price # Beds # Baths Total SF Prop Type CDOM
10 CERVANTES CIR $118,000 2 1.1 912 CONDO 18
13060 Elk Rock RD #A $175,000 1 1 502 DETACHD 21
15491 BRIANNE CT $224,900 2 2.1 1208 ATTACHD 7
2286 SW Wembley Park RD $319,900 3 2 1300 DETACHD 8
4730 LAMONT CT $349,900 3 2 1676 DETACHD 0
26 BRIARWOOD RD $375,000 4 2.2 2554 DETACHD 199
231 LAUREL ST $430,000 3 3 2244 DETACHD 85
17366 CARDINAL DR $465,000 4 2.1 2107 DETACHD 3
6150 KENNY ST $465,000 3 1.1 1989 DETACHD 7
13060 ELK ROCK RD $474,900 4 3 3581 DETACHD 144
1 PREAKNESS CT $490,000 4 3 2373 DETACHD 146
623 ATWATER RD $549,000 3 2.1 2009 DETACHD 5
55 AQUINAS ST $574,900 5 3 3720 DETACHD 19
5831 SUNCREEK DR $615,000 4 2.1 2865 DETACHD 135
141 DEL PRADO ST $625,000 4 2.1 2788 DETACHD 7
1931 PARK FOREST CT $629,000 5 4.1 3866 DETACHD 979
5023 WOODCREST LN $630,900 4 2.1 3040 DETACHD 0
19333 RIVERWOOD LN #104 $630,900 4 2.1 3110 DETACHD 0
13310 ATWATER LN $1,249,900 5 4 5697 DETACHD 252

SOLD (Feb 3-9, 2014)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
13374 HIDDEN BAY CT $699,000 $665,000 4 2.1 3172 DETACHD 98
13080 THOMA RD $875,000 $700,000 3 2 2810 DETACHD 194
425 G AVE $1,400,000 $1,400,000 4 2.2 3890 DETACHD 91

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

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Market Activity Report ~ Jan 20-26, 2014

Last week in Lake Oswego we saw 17 New properties enter the market, 25 move to Pending status, and 35 “Closed”/Sold.

Here is the breakdown according to RMLS:

NEW on MKT (Jan 20-26, 2014)

Address List Price # Beds # Baths Total SF Prop Type
65 OSWEGO SMT $146,000 2 2 1140 CONDO
149 OSWEGO SMT #149 $159,900 2 2 1212 CONDO
155 OSWEGO SMT $199,900 2 2 1506 CONDO
16250 PACIFIC HWY #71 $254,900 2 2 1380 CONDO
17 GREENRIDGE CT $275,000 3 3 1900 ATTACHD
16227 KIMBALL ST $344,950 4 2.1 1572 DETACHD
2710 GREENTREE RD $417,500 4 3 3172 DETACHD
1638 PINE ST $494,000 5 2 3160 DETACHD
18360 SW TUALATA AVE $549,900 5 2.1 2703 DETACHD
1830 CLOVERLEAF RD $598,000 3 2.1 1857 DETACHD
214 GREENRIDGE DR $599,900 6 4 3714 ATTACHD
17632 WOODHURST PL $648,950 5 4.1 4423 DETACHD
17479 BROOKHURST DR $729,000 4 2.1 3552 DETACHD
96 GARIBALDI ST $789,000 3 3.1 4819 DETACHD
1273 WELLS ST $799,000 4 3 4091 DETACHD
755 6TH ST $995,000 4 3.1 4170 DETACHD
778 CABANA LN $2,295,000 3 3 3343 DETACHD

PENDING SALES (Jan 20-26, 2014)

Address List Price # Beds # Baths Total SF Prop Type CDOM
200 RIDGEWAY RD $175,000 2 1 988 CONDO 33
45 EAGLE CREST DR #501 $179,900 3 2 1647 CONDO 468
3894 BOTTICELLI ST $184,900 2 1.1 1132 CONDO 68
48 EAGLE CREST DR #1B $195,000 3 2 1623 CONDO 91
6321 ALYSSA TER $275,000 3 2.1 1546 ATTACHD 5
1733 Kilkenny RD $309,900 3 1.1 1654 DETACHD 219
5687 BONITA RD $310,000 3 2.1 2048 DETACHD 40
4256 COUNTRY WOODS CT $338,950 4 2.1 1560 DETACHD 1
6 PHEASANT RUN $339,900 3 2.1 1734 DETACHD 14
18341 FERNBROOK CT $369,999 4 2 1872 DETACHD 75
18385 WOOD THRUSH WAY $373,000 3 2 1832 DETACHD 5
1880 KILKENNY DR $400,000 4 3 2778 DETACHD 66
15481 TANAGER DR $405,000 3 2.1 2064 DETACHD 143
67 TANGLEWOOD DR $434,900 4 2.1 3068 DETACHD 163
17200 ROBB PL $439,000 3 2.1 2218 DETACHD 8
4741 CAMBRIDGE CT $467,000 2 2.1 2861 ATTACHD 5
4002 TEMPEST DR $539,900 4 3.1 4319 DETACHD 8
5616 GRAND OAKS DR $550,000 4 3 3096 DETACHD 65
885 LAKE FOREST DR $575,000 4 3 2186 DETACHD 80
5004 WOODCREST LN #16E $589,900 3 2.1 2523 DETACHD 73
15713 TARA PL $615,000 4 2.1 3442 DETACHD 19
18994 BRYANT RD $649,900 4 2.1 3146 DETACHD 454
420 RIDGEWAY RD $849,900 2 2 2190 DETACHD 316
2135 RIDGE POINTE DR $1,075,000 5 4.2 6755 DETACHD 216
17322 CEDAR RD $1,149,500 4 4.1 3370 DETACHD 14

SOLD (Jan 20-26, 2014)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #13 $85,900 $83,300 1 1 617 CONDO 89
18 WHEATHERSTONE $295,900 $295,900 3 2.1 1692 CONDO 138
4912 LOWER DR $339,000 $355,000 3 2 1539 DETACHD 4
13036 SIERRA CT $549,900 $485,000 3 2 2214 DETACHD 80
5522 ROYAL OAKS DR $683,500 $580,000 4 2.1 2471 DETACHD 177

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

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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Important Changes in 2014

xstreetsignThe coming of the new year brings with it some changes that may affect you as you buy or sell a home. I am going to touch upon 2 of them.

The Dodd Frank Wall Street Reform and Consumer Protection Act

The intention of this legislation is to reign in predatory lending and safe guard our housing market from a collapse like we experienced in 2007. What it does is tighten up mortgage guidelines. This means verification of assets, having a strong credit score, and not making loans to people who can not realistically pay them back. The legislation went into affect on January 10, 2014, but lenders have been putting the guidelines into place for some time.

What this means to you is that you really do need to qualify for a mortgage. It also means that paperwork will be more extensive and processing your loan will take time.

I think it also means that it is more important than ever to get pre-approved BEFORE you make an offer on a house. Line up your financing in advance and you will have less stress while in escrow.

The Mortgage Debt Forgiveness Relief Act has Expired

In 2007, Congress passed this act to give tax relief to distressed home owners. Basically, the IRS considered any forgiveness of debt to be income upon which you were taxed. So if you sold your house with a shortsale (selling it for less than what you owed), did a deed in lieu of foreclosure, or restructured you debt, you could be required to pay taxes on any debt not repaid. The Mortgage Debt and Forgiveness Relief Act waived this taxation. This was a huge boon to helping distressed home owners. The act expired n 2012 but was extended for a year and now expired at the end of 2013.

Congress has not extended it. It is not looking promising that they will either.

This means that if you are facing the option of doing a shortsale, a loan modification, or a deed in lieu, you need to talk to a good tax accountant first. Do not get involved in any of these scenarios without good tax counsel. I also want to recommend good legal counsel.

Speaking of legal counsel, I was inspired to write this post after reading Kate Brooke’s newsletter. Kate is a local attorney with extensive real estate experience. To contact her, click here.

I hope you find this information useful.
Dianne

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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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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:

So far this year the overall Portland area has seen 25,667 Accepted Offers, and 24,872 Closed Sales which is up 12.9% from 22,726 Accepted Offers (Pendings) and 15.4% from 21,546 Closed Sales in the same period last year. Though Closed Sales decreased from October 2013 by 16.8%, November had the most Closed Sales since 2006!

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

  • At 1,821, November Closed Sales increased by 88 over November 2012, but are down from this October’s 2,189.
  • There were 1,976 New Listings in November. This was a decrease of 14% from this October, and an increase of 5.6% over November of 2012.
  • The Average Sale Price in November was $318,100, up $4,000 from $314,100 in October 2013.
  • November Pending Sales (accepted offers) dropped by 14% compard to this October, and  increased by 5.6% as compared to November 2012.

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

    • 441 Active Listings
    • 103 New Listings
    • 83 Pending Sales
    • 97 Closed Sales
    • An average Sale Price of $498,200.
    • Average Time on the Market: 79 Days
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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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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:

It’s still Fall in Lake Oswego & the Portland area (though it is starting to feel more like Winter : ) and that means we see a continued seasonal slowing in real estate activity (you all know this ; ), but there are still steady sales going on. So far this year the overall Portland area has seen 23,955 Accepted Offers. We’ve also had a whopping 22,909 Closed Sales so far which is up 16.2% compared to last year at this same time. October had the most Closed Sales since 2006! Yes, things are looking up, up, up!

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

  • At 2,189, October Closed Sales increased 1.4% over September , and 4.1% over October 2012.
  • There were 2,535 New Listings in October. This was a decrease of 13.3% from September, and an increase of 5% over October of 2012.
  • The Average Sale Price in October was $314,100, down from $317,300 in September.
  • October Pending Sales (accepted offers) dropped by 4.2% compard to September, and decreased by 2.4% as compared to October 2012.

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

    • 489 Active Listings
    • 137 New Listings
    • 132 Pending Sales
    • 117 Closed Sales
    • An average Sale Price of $438,400.
    • Average Time on the Market: 79 Days