Category: Selling Advice

Advice for home sellers in Lake Oswego, Oregon

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Lake Oswego Open Houses – Sunday, May 3rd, 2009

There are 26 great properties to see on Sunday in Lake Oswego. Get out there, have fun & tour!

Here are those that will be held open according to RMLS:

30 Condolea Dr $275,000 2 Bd, 2 Ba Open 1-3

4465 Golden Ln $299,900 2 Bd, 2 1/2 Ba Open 1-4

5094 Galen St $299,999 3 Bd, 2 1/2 Ba Open 1-3

16266 Lake Forest Blvd $374,999 3 Bd, 2 Ba Open 12-2

16824 SW Inverurie Rd $389,900 3 Bd, 3 Ba Open 1-3

3009 Wembley Park Rd $395,000 3 Bd, 1 1/2 Ba Open 1-3

624 Livingood Ln $549,900 4 Bd, 3 Ba Open 1-3

4672 Auburn Ln $575,000 3 Bd, 3 1/2 Ba Open 1-4

4114 Glacier Lily St $599,000 4 Bd, 2 1/2 Ba Open 2-4

5382 Royal Oaks Dr $600,000 4 Bd 2 1/2 Ba Open 1-3

4076 Orchard Dr $719,000 4 Bd, 3 1/2 Ba Open 2-4

17878 Hillside Dr $970,000 5 Bd, 3 Ba Open 12-4

17512 Greenbluff Dr $1,074,900 4 Bd, 4 Ba Open 1-4

18106 Pilkington Rd $1,095,000 4 Bd, 4 1/2 Ba Open 12-2

18224 Bella Terra Dr $1,294,000 4 Bd, 4 Ba Open 1-3

17464 Ridgeview Ln $1,298,950 4 Bd, 3 1/2 Ba Open 2-4

622 Oak Meadow Dr $1,325,000 4 Bd, 3 1/2 Ba Open 2-4

664 Oak Meadow Dr $1,355,000 4 Bd, 3 1/2 Ba Open 2-4

18110 Siena Dr $1,394,000 4 Bd, 3 1/2 Ba Open 1-3

657 Oak Meadow Dr $1,395,000 4 Bd, 3 1/2 Ba Open 2-4

16359 Chapin Way $1,398,000 4 Bd, 3 1/2 Ba Open 1-4

17364 Ridgeview Ct $1,425,000 4 Bd, 3 1/2 Ba Open 2-4

17433 Ridgeview Ln $1,495,000 4 Bd, 4 1/2 Ba Open 2-4

17554 Greenbluff Dr $1,499,900 4 Bd, 2 1/2 Ba Open 1-4

16737 Maple Cir $1,500,000 3 Bd, 3 Ba Open 2:30-4:30

3114 Douglas Cir $1,650,000 4 Bd, 4 Ba Open 1-4

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What’s Your Sense of Style?

englishjpg

When searching for properties on RMLS, you will first be asked to specify the type of property you are interested in finding. The main property categories include:

  • Attached- This refers to a townhome which is usually 2-story, part of an HOA, and includes ownership of the lot as well as the structure.
  • Condo- This refers to a dwelling in an HOA, wherein ownership includes the individual unit together with an undivided interest in common with all unit owners in the “common elements”, which are the land and those parts of the building or buildings intended for common use. Condo ownership is of the interior of the structure, and exterior maintenance is provided by the HOA.
  • Detached Single Family- This refers to a house on its own lot. Ownership is of the house, inside and out, and the lot itself. Technically, ownership extends up into the atmosphere as well!

When you choose one or more properties for more detailed information, the “style” of the detached homes will be included. Indicating a description of the style of a home for a Realtor is more of an art than a science. This is because a home will potentially contain elements of one style, and also elements of another, particularly if there has been any remodeling of the structure.

I thought it might be fun to give some detail on the characteristics of house styles, and want to thank Judie Teal who contributed data and photographs to RMLS, which RMLS is allowing me to mine and use for your informational pleasure.

There are many, many house styles from which to choose. Here are some significant ones applicable to the larger Portland area:

  • 2-Story- Two-level homoe with the main entrance on the lower level.2-Story: Two-level home with main entrance on lower level. (Photo)
  • Ranch: Long, low, rambling single-story with simple construction, usually a large picture window in front and an attached garage.
  • Daylight Ranch: Rambling home with a lower level basement that is partially above ground.
  • Split-Level: Two-story home split at the entry with one set of stairs going up and another going to the losplitjpgwer level. The entry is not considered a “floor” or story. (Photo)
  • Tri-Level (NOT to be confused with Split-Level): Usually a ranch style home with a full story added on one end… so, three full floors.
  • Bungalow: One to one & 1/2 story w/gabled roof & porch across front.
  • Cottage: Gabled roof line, but lower than the bungalow style, sash windows, and a plain front door. Front porch is either very small or non-existent.
  • Contemporary: Simple, Uncluttered lines with a non-traditional design. (Photo)contempjpg
  • Craftsman: Home has a low pitched gabled roof with wide eaves and exposed rafters. One or two story crftsmnjpgwith a decorative brace and full front porch. Inside there is usually an array of built-in wood cabinetry, often with glass & leaded glass features. (Photo)
  • Colonial: Two-story home with a steeply pitched roof, small casement windows, and often columns across the front.
  • Dutch Colonial: This variation has a gambrel or mansard roof and often a side wing. (Photo)

    dutchcoljpg

  • English: Steeply pitched roof, prominent cross gables and tall windows sometimes half-timbered. (Photo at top of post)
  • Tudor: Similar to the English home, with steeply pitched roof, low doors, small-paned windows and tudorjpgdecorative half-timbering. (Photo)
  • Victorian: Two stories with steep gables, ornate wood detail, Gothic style windows (pointed top), and brackets under eaves. Some also boast turrets.
  • A-frame: One or two story with peaked, high pitched roof line in the shape of an “A”.
  • Chalet: A rustic style home featuring projected roofs, large windows and raised foundation. (Photo)chaletjpg
  • georgianjpgGeorgian: A formal square box-like structure with a hipped roof, decorative crown or pediment over the front door with columns on each side, and/or cornice mouldings. (Photo)
  • Saltbox: Distinctive sloping roof line from the top of the gable which can plunge from 2 and 1/2 stories in the front too a single story in the rear.
  • Farmhouse: Simple, uncomplicated 2-story construction with a front porch, and sometimes wrap-around porch. (Photo)farmhsejpg
  • Old Portland (Four Square): Very Distinctive style popular in the early 20th century. Large & square oldpdxjpgtwo to two & 1/2 story with low hipped roof and deep overhang, large central dormer, full porch w/wide stairs. (Photo)

There are many more styles, but again, these represent the bulk of what you’ll find in the Portland area.

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Observations on Current Inventory

lake-photoA few days ago I spent some time analyzing inventory. I thought I’d share with you some of my observations.

On the day that I did this, February 6, 2009, there were 418 single family, detached, homes for sale in Lake Oswego. Here is the breakdown by price:

$100,000-$199,999 = 3
$200,000-$299,999 = 13
$300,000-$399,999 = 41
$400,000-$499,999 = 48
$500,000-$599,999 = 44
$600,000-$699,999 = 38
$700,000-$799,999 = 28
$800,000-$899,999 = 30
$900,000-$999,999 = 37
$1,000,000+ = 136

If you have been reading the market activity reports on Mondays here at the propertyblotter, you have probably noticed that for the last several months there have been very few properties sold in the million dollar and over price range. In fact, it has been since early December that a sale has closed at that price point. 136 houses priced over a million dollars just seems like a lot of high-end inventory. In all of 2008, 45 houses sold that were priced at a million dollars or greater. At that rate, it will take a little over 3 years for the current inventory to be sold. What does that mean? It means that if you are in the market for a high-end, luxury home, you have lots of houses to choose from and motivated sellers will be making sacrifices to get their properties sold. I think that the sellers who truly have to sell quickly will be dropping prices and making concessions to secure a good sale.

Having said that, you will also have noticed that in this Monday’s market activity report two high-end homes went sale pending: one for $995,000 and one for $1,995,000.

It is very typical that the market is slow during the holidays. Seeing the two pendings this week can be seen as the market gearing up as we approach spring, which is a very active time for sales.

In doing this, I really enjoyed seeing the break down of the numbers in the more affordable price ranges as well. There are quite a few really nice homes that would not require jumbo loan financing. A jumbo loan is $417,000 or greater and typically has a higher interest rate than a conventional loan.

I also have from time to time compared the inventory of homes priced at $350,000 or less in Lake Oswego to the inventory available in Sellwood, a neighborhood in SE Portland. I have done this because I believe that Lake Oswego is often over-looked for affordable housing because of its reputation for million dollar housing. The first time I made the comparison, last April, there were 20 houses for sale in LO and 18 in Sellwood. The next time I did it, last August, there were 28 in LO and 32 in Sellwood. At the time of this current analysis I have found 36 in LO and 27 in Sellwood. So both areas have more houses for sale priced at $350,000 or less than they did 10 months ago, and Lake Oswego continues to be strong in this price range.

The least expensive house for sale in Lake Oswego, that is not a tear-down fixer, is priced at $189,900. It was built in 1955 and has 1320 square feet with 2 bedrooms and 1 bath. It’s on a very large lot in Lake Grove.

The most expensive house for sale in Lake Oswego is Jantzen Island. A private island in the lake of 5.5 acres with a 10,000 square foot main house and a 3500 square foot guest house. It’s priced at $19,500,000.

I am curious to see how our inventory changes as we go into the spring. With the current economy it is bound to be slower than normal. If anything, the current economy is increasing the number of homes in the more modest price ranges. And for buyers who want and are able to purchase a high-end home, there is great selection and some great deals to be found.

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Personal Kitchen Experiences – Share Yours!

kitchen_aTuesday was such a momentous occasion, and many of us took time off from work to watch the inauguration and the rest of the exciting events of the day.  In the afternoon I took one of the many photographs I’d shot from the television screen and emailed it with my best wishes to a huge list of family and friends. I called the photo and email “New Day in my Kitchen”.

It occurred to me that many of us spend important moments in our kitchens.  Some of our best times with loved ones are spent there, and of course there is a lot of talk lately about those discussions of family budgets etc. occurring around kitchen tables throughout the nation.  I took a look around my kitchen, and thought of some of the decisions I’ve made pertaining to it through the years. I also thought about comments from some of my clients lately as we look at homes they are considering.

My kitchen is very large and, as I enjoy entertaining, it is perfect for large or small gatherings and tends to be where the laughter and conversation is always liveliest. In the beginning when I purchased my home, I wanted to “gut” it as it has very 50’s white pine cabinets with that unmistakable “country kitchen” flavor. I like to think of myself as more Mediterranean than “country”, and so made some major modifications along the way to nudge the look that direction. But the cabinets actually grew on me, and now I love them and wouldn’t think of touching them.  Other aspects of my kitchen did not win me over however, and so I had some decisions to make.

The counter tops had to go. I chose granite, and/but had to consider a few things as I made that decision. First of all, I decided on granite tile rather than slab. I did this because I had so many projects going on at once throughout the house and granite tile, being more economical than slab, allowed me to accomplish much more on my budget and still have that beautiful gleaming look that I love. In the process though, I had to take practicality into account and consider a few things about granite:

  • If choosing granite tile, be sure to select product that is cut for minimal grout lines (some are cut in such a way as to necessitate wider grouting between tiles).
  • Think about the whole kitchen, and how the granite contrasts or matches other elements such as flooring, cabinetry and fixtures. It should all work together.
  • Know that granite requires careful cleaning and upkeep- You will want to seal, and then re-seal your granite every year or so to protect the integrity of the stone.
  • Grout between granite tiles needs to be sealed and re-sealed as well as the granite.
  • If you use lots of lemons in your cooking, know that the acid from citrus can damage your granite severely. My installer informed me that if you left a half- lemon lying upside-down on your granite counters overnight, it would eat a circle into the granite. I have not tried this to prove or disprove what I was told, but suffice it to say that you are now forewarned as was I.  You will also want to eliminate citrus cleaners from your collection… and/or tell your cleaning service not to use them.
  • Remember that, unlike laminates or even stainless steel which are both very popular and good options, things usually break when they hit granite. Now, tile of any kind will cause breakage as well, but with granite you at least generally do not have to worry about it breaking, which can be a problem with regular tile.
  • Remember that there are other options such as quartz, poured concrete, and man-made granite look-alikes, all with their own charm and benefits. Talk to a qualified professional about your choices as I did.

The next choice for me was flooring.  I was absolutely convinced that I wanted travertine in my kitchen.  A very nice consultant talked me out of it explaining that it is very slick when wet, requires even more care and upkeep than granite, and can crack when heavy things drop on it. (Me? Drop things?!)  Now, I was really hard to convince but I finally gave in. (I did put it in one bathroom however… so I got my travertine “fix”, and also chose rough travertine for my back splash in the kitchen getting some of the Mediterranean feel I was after.)  He tried to talk me into the practicality of laminate for flooring, but in the end approved of my selection of porcelain tile.  I achieved the Mediterranean look I wanted, and got a durable floor that requires less upkeep. I do still have to be mindful of dropping bowls etc., but for a different reason- porcelain is just plain hard, so unlike the more practical laminate surface, shattering is what happens when you drop ceramics or glass on it.  Remember also- grouting needs to be sealed and re-sealed, and the grout color should take into consideration the fact that it is being walked on… all the time, as well as the unavoidable effects of gravity.

There is so much to talk about with kitchens, and I am not even going to get into sinks, appliances, range venting etc. in this post (another time : ) but  I do want to look at the basics. The other day I was showing a property with a remodeled kitchen that had beautiful slab counters, tile flooring, and a great layout. My client pulled out a drawer and mentioned that her daughter noticed that the fixtures had been replaced but not the cabinets… just like she had seen time & time again on a popular TV design/remodeling show.  She liked them anyway, but it is something to think about. Here in Lake Oswego, many homes were built in the 50’s, 60’s & 70’s, and if a remodel does not include new cabinetry, make sure you love the function aspect of the cabinets as-is.  There is a reason people choose not to replace cabinetry. It’s expensive. Now, I made this same decision in my kitchen, and/but DO love my cabinets. There are times when I wish I could pull out smoothly rolling drawers and shelves, and spin in-cabinet lazy susans for easy access.  I made a choice because I love the look of mine… they are rustic, and the iron handles are a feature I took into consideration when choosing the color of my granite etc. That said, if I ever choose to sell my home, a buyer will need to love them as well.  If you are not so crazy about your cabinets and considering a remodel, know that the choices you make should appeal to the widest pool of buyers… that is if you know you will want to sell in a few years.

Lastly, as far as basics go, if you are shopping for a home, notice whether the layout of the kitchen fits your lifestyle. Do you use breakfast bars?  Do you enjoy privacy while cooking or prefer “great-room” openness?  Do you entertain?   Do you enjoy cooking with your spouse or kids? If so, is there room for two or more people to move about in the kitchen? Just pay attention to how the kitchen matches your needs.

I would love to hear comments, personal kitchen remodeling experiences, or additional information you’d like to share. Please feel free to post a comment.  Personal experience is valuable, and we’d all like to learn from yours!

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Open Houses for Sunday, December 28th

Well, we still have lots of snow on the ground, but roads are generally passable thanks to some rain & melt-off. So… It’s Open House time!  You know those visiting relatives you’ve always wanted close by???  Pile them in the car on Sunday & take a tour.   Here is what’s on tap according to RMLS:

18530 Pilkington Road $319,000     3 Bd, 2 Ba,   Open 1-4

624 Livingood Lane      $574,900     4 Bd, 3Ba,    Open 1-3

16359 Chapin Way $1,439,000  4 Bd, 3 1/2 Ba,  Open 12:30-3:30

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Code of Ethics

While having lunch with friends recently one woman was telling us about the difficulty she had with some of her co-workers. I guess there was a good deal of gossiping and even some back stabbing that went on behind people’s backs. My initial reaction to her story was dismay over her situation and then personal gratitude that I don’t work in such circumstances. And then it occurred to me why I don’t have that sort of work environment. It’s the code of ethics! As a Realtor, I must adhere to a code of ethics that requires fair dealings with other Realtors. I simply am not allowed to say bad things about them. It then occurred to me that the general public probably doesn’t know about the Realtor Code of Ethics. At this time of year, when our thoughts are turned to family, friends, and religious celebrations, it seems appropriate to tell you about the Code of Ethics.

In order to be a Realtor in the State of Oregon you must agree to adhere to the Code of Ethics. Both the Oregon Association of Realtors and the National Association of Realtors require abiding by the Code of Ethics. It is possible to be a real estate agent without being a Realtor, but it is not possible to be a Realtor without meeting the requirements of the Code of Ethics. A Realtor is required to take training on the Code of Ethics every 4 years to make certain that he or she remembers and is familiar with this code. What is it? In a nutshell, it pretty much boils down to the golden rule. Be fair and honest in all of your dealings with clients and with other Realtors, just as you want them to be fair and honest in their dealings with you.

The Code of Ethics is actually a rather beautiful document. The Preamble begins “Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization.” It is well written, well thought out, and something that can be applied to life as a whole. Besides the Preamble, there are 3 sections: Duties to Clients and Customers, Duties to the Public, and Duties to Realtors. Each section contains guidelines for fair and honest business practices, honesty in advertising, as well as professionalism and protection when dealing with the public. This code serves as a promise to the public that when dealing with a real estate agent that is a Realtor you can expect honest and ethical treatment in all of your dealings. How cool is that? Don’t you wish every profession had a Code of Ethics? I do.

Not all real estate agents are Realtors. So when choosing a professional to help you to buy or to sell a home, be certain to find out if they are a Realtor. If they have the Realtor designation, you can gain assurance that your transaction will be handled by someone who adheres to the Realtor Code of Ethics.

If you’d like to read the Code of Ethics, here is a link to the Portland Metropolitan Association of Realtors where a copy is available: click here.

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Selling or buying a home during the holidays

I am frequently asked if the winter, and specifically the holidays, are a good time to be selling or buying a home. My answer is yes. There are several advantages to selling or buying at this time of year.

First, a home that is warm and decorated for the holidays is extremely inviting. There is such a contrast from being outside and coming in. It really makes the home embrace the buyer. However, this means that you need to make that extra effort to create this experience. Keep the house heated properly. Homes where the heat is turned down, or even left off if the house is vacant, can actually be colder inside than out. When this happens both the buyer and the Realtor will be in a hurry to leave and get warmed up back in the car. Also, turn on every light in the house and open every curtain or blind. Buyers want a house that has lots of light. Because so many of our days are gray, it is important that you create the best light possible. I have recently shown several homes to clients that were great values and in great condition, but ruled out because they gave the impression of being too dark.

Be on top of the holiday decorations. They can enhance the look of the house, but don’t over do it and allow the house to look cluttered or small because it is filled with too much stuff. Also, take them down in a timely fashion.

There are several advantages to the quality of buyers who are out looking at this time of year. While there are fewer of them, those who are looking are serious. People are busy at the holidays so a person who is taking the time to look at houses is a person who really needs to move. In addition, many corporations have fiscal years that match the calendar year. This means that they are trying to move their transferring executives before December 31st. This is a great time of year to be marketing executive quality homes. (I’d would characterize those as being homes priced at $400,000 or greater).

What about buying at this time of year? I think there are four pretty strong advantages. 1) Interest rates are historically at their lowest in the winter. As the market picks up in the spring, interest rates trend up. 2) There aren’t many buyers looking so sellers will really jump through hoops for you. You may be the only game in town and they will work very hard to sell you their home. 3) If a house looks good in the winter, it is going to be spectacular in the summer. You can really get an idea of the actual house in terms of the light it has and the condition of the property. And 4) this is the time of year when a home inspector can most easily find water issues. If the basement leaks, you’ll more likely learn about it in the winter.

It is completely understandable if you feel like you want to get the holidays behind you before selling or buying a home. But if you do need to move, you have quite a few strong reasons why this time of year can work to your advantage.

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An Amazing Market for Buyers…

What a market. Some of what CNN reports applies here locally and some does not, but no matter how you look at it, this is the time to buy if you’re so inclined. I am told by mortgage and financial planning experts that rates are not likely to go down, but only up (generally speaking) from here on out.

A professional I trust, Pat Goodell, with Prospect Mortgage, says:

“Aggressive measures to keep mortgage financing available for potential homeowners have been established now. This will help to stabilize housing prices and continue to make home ownership an affordable reality. HUD has created new programs to complement existing FHA options, and interest rates remain at very comfortable levels, fluctuating right now around 6% for 30-year fixed loans.

Appraisers in the Portland area are reporting values have leveled off – they are no longer seeing the significant drops in value we have seen in the last year.

Though there are still challenges in the economy and housing market, there are very clear steps being established to ensure that the consumer is able to purchase a home at affordable rates, while providing that the loan does not put them at risk in the future. The Four C’s of mortgage lending are important- Credit, Cash, Collateral (property), and Capacity (ability to make the payment), but there are still great programs available to allow the responsible person to get into a home with as little as 3% down, and even 0 down under the right circumstances.”

We here at the Blotter recommend that you talk to your real estate broker about the market, and assess your options if you have been thinking about buying but have been waiting for the “right moment”. We also welcome a call or an email to us too if you’re not working with anyone & want to talk about what buying would look like for you at this amazing time in real estate history.

Stay informed. Decide what is best for you. Knowledge + Discernment is the winning formula.

…….What a ride!

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Mortgage Options

While we may currently be in turbulent economic times, I want to make it known that solid and safe mortgage options still exist.

I must also state that the mortgage industry has changed. There are no longer no-income qualifying loans, and 100% financing is almost non-existent. What it reminds me of is the financial climate that existed when I first obtained my real estate license in 1987. Back then you pretty much had to have at least 3% down and you had to provide full documentation to show your ability to repay your loan. That is a good description of today’s mortgage market. But even in this tight climate, there are some interesting options.

First is FHA. FHA is a mortgage option that is backed by the Federal Government. It is intended to help people become homeowners, but it is not limited to first-time buyers. The necessary down payment is just 3%, although this is increasing to 3.5% in January. The purchase price can be as high as $362,790 in Clackamas, Multnomah or Washington Counties. There are no pre-payment penalties. It is fully assumable. The mortgage insurance premiums are typically lower than those available on conventional mortgages, and the interest rate offered is typically very competitive. As of 10/18/08, there are 34 houses for sale in Lake Oswego that are priced within the FHA loan limit.

If you are a veteran, you will enjoy your veteran’s benefits when you buy a home because you are one of the few borrows who can still get 100% financing. For a purchase of up to $417,000 you can finance 100% of the purchase price. If the purchase price is over $417,000, you can go as high as $1,500,000 if you have a 25% down payment for the amount that exceeds $417,000. There is no mortgage insurance and the interest rates are always on the low end of what is offered. As of 10/18/08, there are 69 houses for sale in Lake Oswego that are within the VA loan limit for 100% financing.

My resource for the information about FHA and VA loans is Robin Cusma, a senior loan officer at Northwest Mortgage Group. I think of Robin as my miracle worker. If you are looking for a good loan officer, I highly recommend her services. She can be reached at rcusma@nwmortgagegroup.com.

So what if you don’t have 3% down and you are not a veteran? Can you still get 100% financing? Yes, you have two options that I know of. First is the Guaranteed Rural Housing Program. This is a government sponsored loan to assist rural communities. The catch is that the town that the house exists in has to have a population of less than 25,000 people, so it won’t work in Lake Oswego. The other program is offered exclusively at Key Bank. It is the Key Community Mortgage Program and it’s pretty amazing. Not only is it 100% financing, but it has no mortgage insurance. In order to obtain this loan, one of two criteria must be met. The property must be located in a targeted area (and Lake Oswego is not in a targeted area, to see the targeted areas click here) or the household income of the borrower must be 80% or less of the medium income for the county. In Lake Oswego/Clackamas County, the medium income is $65,000 and 80% of that is $52,000. So could you buy a house in Lake Oswego using this program? Probably not. House prices in Lake Oswego remain substantially higher than the $162,000 sales prices that would be the top-end purchase price with the income restriction. However, I think it is a good program to be aware of and it may be something that a borrow would want to consider using in other parts of the metro area. My source for information about the Key Community Mortgage is Lori Randall, a mortgage advisor at KeyBank. For Lori’s website, click here. Or you can contact her at lori_e_randall@keybank.com .

Finally, not focusing on low-down payment options, there remains traditional conventional financing. With 5% or more down, conventional loans remain available to qualified buyers with good credit. Because of the high value of houses in Lake Oswego, a jumbo mortgage may be needed. Are those available? Yes.

A jumbo mortgage is a mortgage that is greater than $417,000. It typically has a slightly higher interest rate than a “conventional” mortgage (that is a mortgage amount of $417,000 or less). When the mortgage crisis first began a year ago, jumbo loans were the most drastically affected. There were a couple of weeks when they simply were unavailable. The jumbo market has since stabilized. A jumbo loan can now be obtained with as little as 10% down if the borrower has a credit score of at least 700 and for loan amounts up to $650,000. Remember that with less than 20% down, there will be mortgage insurance. The old habit, to avoid having to pay mortgage insurance, was to get a combined loan that was an 80% first mortgage and a 10% second mortgage. The borrower ended up with 90% financing, but didn’t have the additional monthly cost of mortgage insurance. There are rumors that these sort of combined loans may be coming back. We will have to wait and see.

The source of my information for jumbo loans is Naida Paris at Valley Mortgage. I have known and worked with Naida for over 20 years. There is no lender with greater integrity than Naida. I highly recommend her services. Naida can be reached at naidaparis@yahoo.com .

While the economic times may be troubling, the mortgage industry has not come to a total standstill. If you find yourself at a point in your life where you need to buy or to sell a home, there are good mortgage options available.

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Lake Oswego Real Estate Activity – October 6-12, 2008

Sellers beware. This week’s SOLD properties averaged nearly 20% price discounts from their original list price and 160 days on market.

Some of them appear to have had hugely inflated seller expectations initially. To be sure, every situation has its own story, but a strong pricing strategy makes a huge difference in buyer perception and ultimately, market time.

Here is the latest market activity for Lake Oswego (see below the tables for additional notes):

NEWLY LISTED (October 5—October 12, 2008)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
LIST DATE
65 GALEN ST
$135,000
1
1
689
CONDO
10/7
47 EAGLE CREST DR
$149,900
2
1
932
CONDO
10/7
44 EAGLE CREST DR
$154,900
3
2
1,085
CONDO
10/7
86 KINGSGATE RD
$164,900
2
2
849
CONDO
10/10
12868 BOONES FERRY RD
$349,900
2
2.1
1,136
ATTACHD
10/6
6 SUMMIT RIDGE CT
$375,000
2
2.1
1,750
ATTACHD
10/5
12251 ORCHARD HILL RD
$389,500
3
2
1,868
DETACHD
10/5
4051 VIRGINIA WAY
$445,000
4
2.1
1,658
DETACHD
10/7
5869 RIDGETOP CT
$580,000
3
2.1
3,080
DETACHD
10/10
1921 PARK FOREST CT
$624,900
4
2.1
2,531
DETACHD
10/11
13581 GOODALL RD
$650,000
3
2
1,220
DETACHD
10/9
5441 DENTON DR
$650,000
4
2.1
3,335
DETACHD
10/5
3886 TAMARACK LN
$699,900
4
3.1
4,010
DETACHD
10/5
15939 TWIN FIR RD
$799,000
3
2
2,480
DETACHD
10/9
840 Evergreen RD
$875,000
4
2.1
2,765
DETACHD
10/5
17644 WOODHURST PL
$880,000
4
2.1
4,539
DETACHD
10/8
15847 SPRINGBROOK CT
$938,000
3
3
2,705
DETACHD
10/5
610 9TH ST
$1,225,000
4
3.1
3,690
DETACHD
10/6
657 OAK MEADOW DR.
$1,395,000
4
3.1
4,371
DETACHD
10/7

PENDING SALES (October 6—October 12, 2008)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
DOM
4644 LOWER DR
$129,900
2
1.1
1,170
CONDO
30
44 EAGLE CREST DR
$150,000
2
1
908
CONDO
266
3836 BOTTICELLI ST
$175,000
2
2
1,055
CONDO
344
4087 JEFFERSON PKWY
$225,000
2
2.1
1,851
ATTACHD
176
18951 ARROWWOOD AVE
$339,000
3
1.1
1,384
DETACHD
3
5456 Willow Court
$429,000
3
2.1
2,400
ATTACHD
17845 HILLSIDE WAY
$579,500
5
3
2,820
DETACHD
263
801 NORTHSHORE RD
$879,900
4
3
2,144
DETACHD
6

SOLD (September 29—October 5, 2008)

ADDRESS ORIG. PRICE SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
DOM
6882 MONTAUK CIR
$157,000
$157,000
2
1
924
CONDO
23
200 BURNHAM RD
$369,850
$250,000
2
2
1,334
CONDO
28
5829 SW BENFIELD CT
$347,800
$289,750
5
2.1
1,744
DETACHD
115
820 BOCA RATAN DR
$464,900
$321,000
3
3.1
2,220
DETACHD
10
5207 ROSEWOOD ST
$399,900
$347,000
3
2
1,438
DETACHD
119
17239 REBECCA LN
$414,900
$389,100
4
2.1
1,970
DETACHD
292
1790 YARMOUTH CIR
$499,000
$400,000
2
2
1,551
DETACHD
135
18281 WOOD THRUSH CIR
$448,500
$439,900
4
2.1
2,296
DETACHD
102
4729 CAMBRIDGE CT
$648,000
$500,000
2
2.1
3,056
ATTACHD
140
13300 FOX RUN
$700,000
$665,000
4
2.1
2,954
DETACHD
38
5413 LANGFORD LN
$879,000
$715,000
3
2.1
2,891
DETACHD
520
17257 BRYANT RD
$1,550,000
$1,125,000
5
3.2
4,789
DETACHD
381

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.