Ok, 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.
While the market has slowed during the holidays, activity remains balanced with similar numbers of homes coming onto the market as are selling. Last week in Lake Oswego there were 10 new listings, 9 pending sales, and 8 closed sales.
Here is the breakdown of activity according to RMLS:
NEW ON MKT (Nov 25-Dec 1, 2013):
Address
Type
Price
BR
Bths
SF
52 Oswego Summit
Condo
$76,300
1
1
700
100 Kerr Parkway #42
Condo
$104,000
2
1.5
822
100 Kerr Parkway #59
Condo
$112,000
2
1.5
823
16 Cervantes Cir #6E
Condo
$149,900
2
1.5
912
3101 Wembley Park Rd #1
Detached
$338,950
2
1
858
4344 Snowbrush Ct
Detached
$529,000
4
3.5
3422
17900 Canal Rd
Detached
$609,000
4
3
2992
1941 Woodland Terrace
Detached
$619,000
4
3
3684
421 Middlecrest Rd
Detached
$645,000
3
2.5
2383
401 Ash St
Detached
$699,900
4
4
5526
PENDING SALES (Nov 25-Dec 1, 2013)
Address
Type
Price
BR
Baths
SF
DOM
3433 McNary Parkway #405
Condo
$146,950
2
2.5
1208
113
3808 Botticelli St
Condo
$189,900
3
2
1288
47
17736 Cardinal CT
Detached
$330,000
4
2.5
2280
6
61 Condolea Terrace
Condo
$395,000
3
2.5
2373
23
6 Yorick St
Detached
$495,000
5
3
3116
15
4038 Bass Ln
Detached
$559,900
4
3
2816
36
621 Country Club Rd
Detached
$599,900
4
2.5
3300
59
144 Leonard St
Detached
$699,900
4
3.5
3552
136
215 Chandler Pl
Detached
$839,000
3
2.5
3118
197
SOLD (Nov 25-Dec 1, 2013)
Address
Type
List Price
Closed Price
Sq Ft
CDOM
47 Crestfield Ct
Condo
$100,000
$103,000
923
74
5105 Rosewood St
Detached
$319,000
$310,000
1848
2
139 Tualata Ln
Detached
$329,000
$324,000
1524
6
19 Timberlline Dr
Detached
$349,000
$370,300
2,176
3
18321 Wood Thrush Circle
Detached
$469,000
$449,600
2333
71
4850 Lower Dr
Detached
$624,900
$624,900
2700
194
18682 Westview Dr
Detached
$745,000
$715,000
3243
49
18246 Bella Terra Dr
Detached
$1,080,000
$1,080,000
4196
3
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
Looking for a nice break in the holiday shopping? How about checking out one of these open houses that are scheduled for this Sunday in Lake Oswego? Enjoy!
With Thanksgiving upons us, RMLS shows 10 New properties entering the market, 9 moving to Pending status, and 22 that “Closed”/Sold last week in Lake Oswego.
Here is the breakdown of activity according to RMLS:
NEW ON MKT (Nov 18-24, 2013):
Address
List Price
# Beds
# Baths
Total SF
Prop Type
18600 INDIAN CREEK DR
$279,900
3
2
1607
DETACHD
12894 BOONES FERRY RD
$299,000
2
2.1
1136
CONDO
490 G AVE
$399,900
4
2
2126
DETACHD
4109 WOLF BERRY CT
$529,900
4
2.1
2661
DETACHD
2302 OVERLOOK DR
$595,000
4
2.1
3125
DETACHD
16311 INVERURIE RD
$599,900
4
2
2047
DETACHD
18064 JENIFERS WAY
$639,950
5
3
2965
DETACHD
5502 KODERRA AVE
$639,950
5
2.1
2633
DETACHD
18108 PILKINGTON RD
$799,950
3
3.1
4129
DETACHD
49 BRIARWOOD RD
$950,000
3
2
2412
DETACHD
PENDING SALES (Nov 18-24, 2013)
Address
List Price
# Beds
# Baths
Total SF
Prop Type
CDOM
6380 WASHINGTON CT
$315,000
3
2
1720
DETACHD
86
4711 REMBRANDT LN
$359,900
3
2.1
2050
DETACHD
65
1880 KILKENNY DR
$400,000
4
3
2778
DETACHD
2
18272 WESTVIEW DR
$459,000
4
3.2
3626
DETACHD
31
17129 KELOK RD
$499,000
3
2
1996
DETACHD
42
5522 ROYAL OAKS DR
$598,950
4
2.1
2471
DETACHD
160
3300 RIVER WOODS PL
$749,000
3
2.1
3642
DETACHD
75
13562 PETERS RD
$825,000
4
3
3106
DETACHD
123
4018 COHO LN
$925,000
4
4.1
5128
DETACHD
111
SOLD (Nov 18-24, 2013)
Address
Opening Price
Closed Price
# Beds
# Baths
Total SF
Prop Type
CDOM
45 EAGLE CREST DR #409
$150,000
$145,750
2
2
1214
CONDO
60
143 OSWEGO SMT
$146,000
$146,000
2
2
1212
CONDO
24
45 EAGLE CREST DR #508
$179,900
$175,000
2
2
1046
CONDO
29
220 CERVANTES #C
$185,000
$178,000
2
2
1378
CONDO
12
1484 BOCA RATAN DR
$229,900
$187,000
3
1.1
1403
ATTACHD
115
18717 PILKINGTON RD
$240,000
$191,000
3
1
1240
DETACHD
88
17500 PILKINGTON RD
$225,000
$204,900
3
1
1050
DETACHD
119
4281 COBB WAY
$349,900
$349,900
3
2
1626
DETACHD
3
5103 MADRONA ST
$349,900
$360,000
2
2
1329
DETACHD
29
1023 LUND ST
$429,000
$375,000
4
2.1
2313
DETACHD
99
1528 CEDAR ST
$449,900
$390,000
3
2
2080
DETACHD
33
8 BERNINI CT
$449,000
$410,000
3
2
1465
DETACHD
95
45 TANGLEWOOD DR
$433,900
$433,900
5
3.1
3166
DETACHD
4
16838 WIGHT LN
$469,500
$460,000
4
2.1
2364
DETACHD
85
1941 GREEN ACRES LN
$525,000
$498,800
4
2.1
2449
DETACHD
227
4121 HEDGE NETTLE CT
$552,500
$500,000
3
2.1
2307
DETACHD
244
17973 SAINT CLAIR DR
$565,000
$523,500
4
3
3323
DETACHD
27
5353 FIRWOOD RD
$579,500
$550,000
3
2
2292
DETACHD
25
5900 SUNCREEK DR
$699,900
$695,900
4
2.1
3736
DETACHD
106
5728 BAY CREEK DR
$789,000
$700,000
5
2.1
3567
DETACHD
133
13052 KNAUS RD
$789,000
$725,000
4
3
3026
DETACHD
36
15411 VILLAGE DR
$899,900
$865,000
4
3.1
3809
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
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:
Last week in Lake Oswego there were 14 new listings, 14 pending sales, and 9 closed sales.
Here is the breakdown of activity according to RMLS:
NEW LISTINGS (Nov 11-17, 2013):
Address
Type
Price
BR
Bths
SF
48 Eagle Crest Dr 4A
Condo
$169,000
2
2
1489
3894 Botticelli St
Attached
$184,900
2
1.5
1132
1561 Bonniebrae Dr
Condo
$249,900
3
2
1393
105 Rosewood St
Detached
$319,000
3
1
1848
5785 Carmand Dr
Detached
$344,900
5
2
1934
18341 Fernbrook Ct
Detached
$379,900
4
2
1872
920 York Rd
Detached
$415,000
4
2.5
2701
18978 Indian Springs Cir
Detached
$424,900
3
2
1900
231 Laurel St
Detached
$435,000
3
3
2244
6 Yorick St
Detached
$495,000
5
3
1964
3541 Red Cedar Way
Detached
$539,000
4
3
1964
1830 Cloverleaf Rd
Detached
$599,000
3
2.5
1857
5616 Grand Oaks Dr
Detached
$619,000
4
3
3096
1495 Oak Terrace
Detached
$2,279,000
4
4
3983
PENDING SALES (Nov 11-17, 2013)
Address
Type
Price
BR
Baths
SF
DOM
47 Eagle Crest Dr C31
Condo
$94,000
2
1
1009
400
15938 Quarry Rd 4-A
Condo
$139,500
2
1
991
17
4 Touchstone #62
Condo
$149,500
3
2.5
1351
46
5164 Lakeview Blvd
Detached
$246,000
4
2
1120
10
2440 Greentree Rd
Detached
$349,900
3
1.5
1850
28
4271 Woodside Circle
Attached
$360,000
3
2
2126
99
17310 Canal Circle
Detached
$375,000
4
2
1633
21
340 4th St
Attached
$399,900
2
2.5
1731
2
10 Juarez St
Detached
$500,000
3
2.5
3740
161
18042 Jenifers Way
Detached
$649,950
4
3
2946
109
280 E Ave
Detached
$699,000
4
2.5
2500
289
3826 Upper Dr
Detached
$739,900
4
2.5
3194
14
14530 Uplands Dr
Detached
$899,000
4
3.5
4080
409
735 7th St
Detached
$939,000
3
3.5
2945
125
SOLD (Nov 11-17, 2013)
Address
Type
List Price
Closed Price
Sq Ft
CDOM
15495 Brianne Ct
Attached
$235,000
$235,500
1292
35
1784 Bonniebrae Dr
Attached
$270,000
$248,000
1393
36
720 Pebble Beach Ct
Detached
$405,000
$390,000
1957
62
1250 Hemlock St
Detached
$399,950
$398,450
2,656
90
4979 Bilford Ln
Detached
$467,590
$468,000
2200
7
14058 Chatham Ct
Detached
$519,900
$525,000
2235
4
5555 Fieldstone Ct
Detached
$589,500
$569,500
2664
153
5780 Childs Rd
Detached
$669,000
$610,000
2770
149
622 Carrera Ln
Detached
$995,000
$825,000
5446
84
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
When counseling people at this time of year, particularly people who are thinking of selling their homes, I am commonly asked if this is a good time to sell a house. Here is my take on the timing for both selling and buying.
For People Selling a Home
While the real estate market typically slows down during the winter, and particularly during the holidays, the fact remains that houses sell all year around. I see several advantages to selling at this time of year.
First, there are fewer houses for sell, so there is less competition. A well priced and well staged home will really stand out. The time of year also gives you some staging opportunities with holiday decor and lighting. It needs to be done tastefully. You don’t want your house to look like a holiday garage sale. Choose your decorating carefully and don’t over do it. Please do turn on every light in the house for showings.
Second, if a corporation aligns its fiscal year to the calendar year, it means that more executives get transferred at this time of year. Corporations like to plan for the year end and expense out as much as possible. So if you are a seller at this time of year, you may find more highly qualified executives on the move.
Third, people who are shopping for a house at this time of year are MOTIVATED. It is certainly easier to move during nice weather and when your time is not consumed by holiday obligations. So while there may be fewer buyers, the quality of buyers is quite high. “A Walk in the Rain”, Marcel Germain
For People Thinking of Buying a Home
This is an absolutely optimum time of year to buy, for several reasons.
First, historically interest rates are lower in the winter than at other times of the year. Mortgage companies need to be making loans to be making money. When the market slows down, lenders tend to lower interest rates to make lending their money more attractive to buyers. So you may be able to get a better rate at this time of year than you will next spring.
Second, there is no better time of year to do a home inspection. If there is a water issue, it will be more likely found during the active rainy season. That is not to say that a good home inspector won’t find evidence of water issues in the bone dry days of July. Water does after all leave water marks and stains. But in the full throws of winter, water is actively engaging with the house and it can be very easily seen and figured out.
Last, if a house looks good at 4:30 on a gray November day, it is going to look sensational on a 75 degree day in May. Seriously, a house that looks good in the winter will knock your socks off in the summer.
What it really boils down to is do you need to be making your move now? If you do, don’t hesitate to get into the market to either buy or to sell. This is a great time of year to do both.
