Tag: Linda Trotta

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Mortgage and Market Tidbits

  • Local Area Trends- According to the latest RMLS Market Action Report, comparing November 2010 with December 2010, a few interesting facts emerge-  Average Sales Price increased in the Portland Metro area by 2.2%, and Closed Sales increased by 14.3% which is the highest monthly level since June.
  • Rates- There is some indication that this increase was due to interest rate swings which may have persuaded uncertain buyers to take action. After remaining for weeks at historic lows, rates jumped for a short time to over 5%. They have since gone back down again to about 4.75% but the temporary increase may  have  convinced  buyers that low rates won’t be around forever.  According to MBS  Quoteline, the volatility of rates which has surfaced in the first weeks of the new year is of course due to shifting economic factors. Prior to Friday’s Employment report, nearly all the economic data was stronger than expected which impacted mortgage rates negatively.  Rates improved after the employment data though, and ended the week nearly unchanged.
  • Pat Goodell of Academy Mortgage says:

    • The Monthly Inflation reports and Retail Sales reports  were not as strong as hoped so rates have stabilized below 5%.  But all indications are that there will be stronger economic data coming out in the next few months which will impact rates negatively again.  There is no reason to expect that rates will continue to be as low as they currently are and most expectations are that by the 2nd half of the year, they will have increased to over 5% again.

  • Portland Metro’s “Grade” To Improve?- The mortgage insurance companies identify cities according to their “risk” of declining values. One mortgage insurance company just upgraded 18  cities nationwide (and downgraded 3). They made no change to Portland yet but it’s a positive sign that they are seeing stronger values in 18 cities nationwide and one mortgage insurance rep did say he expects to see Portland upgraded in the near future.
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Market Activity for January 10-16, 2011

The market activity for Lake Oswego last week was really, really interesting. The last time I did this report, two weeks ago, it reflected the sales for the 2-week holiday period. What caught my eye at that time were that a pretty solid number of houses had sold in the midst of the holidays. Then this last we we had 14 houses go pending, but only 4 new listings come onto the market. That is a huge change from what we have been seeing for some time. Three times more houses went pending last week than came onto the market. If this continues it will shrink the inventory and stabilize prices. It us way too soon to call it any kind of a trend, but it makes me eager to see if it continues.

Along with 4 new listings and 14 pending sales, we had 4 closed transactions.

I also have several observations:
—At my open house on Sunday I had 9 showings. I am happy if I get 2 or 3. And these were not neighbors. I always chat with people to see what their situation is. 8 of the 9 were buyers currently in the market and looking for a home.
—Combine that with the fact that of the 14 pending sales in our report below, 11 are listed at $303,000 or less. What I sense is that the low end of the market is taking off. There has been lots of media chatter about the possibility that the National market has hit bottom. I think people are listening and feeling like the time to buy is now: certainly in the lower end houses.
—Condos are selling well as part of that lower-end inventory. The condos at Oswego Terraces that have been for sale since 2007, languishing in this economy, have had drastic price reductions and that is making them move. Of the 14 pending sales, 3 are in this complex. That has been true for a couple of weeks now. The condos are now priced at a point where buyers like what they see.

See below for further details according to RMLS:

NEWLY LISTED (Jan 10-16, 2011)

Address Price Type BR Bath Sq Feet
200 Burnham Rd #102 $149,000 Condo 1 1 820
18523 Hallberg Ct $234,900 Detached 3 1.5 1307
6025 Carmen Dr $249,950 Detached 3 1.5 1346
18084 Westminster Dr $769,900 Detached 5 3.5 5020

PENDING SALES (Jan 10-16, 2011)

Address Price Type BR Bath Sq. Feet CDOM
16250 Pacific Hwy #63 $99,000 Condo 2 2 1311 1206
16250 Pacific Hwy #77 $110,000 Condo 2 2 1327 1208
200 Burnham Rd #202 $119,000 Condo 2 2 1314 1205
12511 Boones Ferry Rd $159,000 Detached 3 2 1625 137
3854 Botticelli St $185,000 Condo 2 1.5 1132 151
5670 Kenny St $189,000 Detached 3 2 936 139
44 Oriole Ln $220,000 Detached 3 2.5 224 105
240 4th St $269,150 Detached 2 1.5 1080 49
4281 Chapman Way $285,000 Detached 3 2.5 2010 81
17614 Schalit Way $303,900 Detached 3 2 1561 32
18006 Gimley Ct $549,900 Detached 5 4 3225 201
1579 Bay View Ln $639,000 Detached 4 3 4865 33
2607 Palisades Crest Dr $760,000 Detached 4 4.5 5650 244

SOLD (Jan 10-16, 2011)

Address Orig. Price Sold Price type Sq. Feet CDOM
74 Greenridge Ct $289,900 $248,350 Attached 2868 92
16942 Cherry Crest Dr $410,000 $400,000 Detached 2363 11
13888 Shireva Dr $519,900 $430,000 Detached 3756 166
548 Ridgeway Rd $650,000 $650,000 Detached 2830 443

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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Open Houses ~ January 16, 2011

It is January…  ready, set go!  29 houses open on Sunday in Lake Oswego.  Bring your umbrella and have a ball!

My listing on Lamont Way is Open from 1-3. Dianne will be there and would LOVE to meet some of our Property Blotter readers in person! It’s a truly unique house that is private, has an artistic edge (with space for a studio), and perfect for someone looking for a house that is not “cookie cutter”.  The property on Kilkenny Drive in Palisades is a great one to see also- lots of space w/ gorgeous landscape features, updates and a great view. It is Open from 12-3.

Lots and lots of great houses on tour!

Here is what is being held Open according to RMLS:

Address L/Price # Beds # Baths Total SF Style Time
5054 FOOTHILLS DR #69E $205,000 3 2 1252 CONDO 1-3PM
3535 UPPER DR $275,000 3 2 1373 DETACHD 1-3PM
1228 MAPLE ST $325,000 3 2 1894 DETACHD 1-3PM
4840 LAMONT WAY $325,000 3 2 1793 DETACHD 12-3PM
1459 GREENTREE CIR $335,000 3 2 1683 DETACHD 1-4PM
1851 KILKENNY DR $369,000 4 3 2716 DETACHD 12-3PM
1830 CLOVERLEAF RD $389,000 5 2 1795 DETACHD 1-3PM
151 DEL PRADO ST $399,000 4 2.1 2447 DETACHD 12:30-2:30PM
17802 HILLSIDE WAY $424,900 4 2.1 2965 DETACHD 1-3PM
326 LAKE BAY CT $449,500 3 2 1400 DETACHD 1-3PM
19415 SW DOGWOOD CT $499,900 5 3 3517 DETACHD 12-4PM
19319 SW DOGWOOD CT $499,900 4 2.1 3105 DETACHD 12-4PM
5705 SOUTHWOOD DR $549,000 4 2.1 3360 DETACHD 1-3PM
19263 MEGLY CT $549,900 5 3 3213 DETACHD 12-4PM
19245 SW MEGLY CT $559,900 5 3 3490 DETACHD 12-4PM
17997 Braeden CT $644,860 3 2.1 2984 DETACHD 12-2PM
5511 FIELDSTONE CT $678,950 4 2.1 3037 DETACHD 1-3PM
5533 FIELDSTONE CT $688,950 4 2.1 3115 DETACHD 1-3PM
15459 VILLAGE DR $695,000 4 3.1 3059 DETACHD 1-3:30PM
17884 KELOK RD $695,000 5 3.1 4124 DETACHD 2-4PM
17896 KELOK RD $695,000 6 5.1 4323 DETACHD 2-4PM
1930 INDIAN TRL $699,000 3 3 3260 DETACHD 12:30-3PM
15622 FIELDSTONE DR $718,950 3 2.1 3113 DETACHD 1-3PM
13223 DEERFIELD CT $725,000 5 3.2 4008 DETACHD 1-4PM
17301 CANAL CIR $749,000 3 2.1 1812 DETACHD 3-5PM
4158 CASEY CT $759,900 4 2.1 3385 DETACHD 1-4PM
533 Weidman CT $924,900 4 3.1 4108 DETACHD 2-4PM
3118 DOUGLAS CIR $1,100,000 3 2.1 3562 DETACHD 1-3PM
18222 SIENA DR $1,189,000 4 3.1 3998 DETACHD 1-3PM
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Price it Right!

Price it Right!

Real Estate 101 says that you have four factors to consider when selling your home:  price, condition, terms, and location. You have no control whatsoever over the location.  You do have control over the price, the condition, and the terms.  When getting a house ready to put it onto the market you do want to get it into top-notch condition, particularly in this economy.  A shabby or dirty house is hard to sell because the investors have taken a beating and aren’t flipping homes in great numbers, and owner-occupied buyers rarely want to take on projects.  Terms can attract a buyer and involve you paying closing costs or perhaps even offering a private contract.  This can save a buyer thousands of dollars and will certainly make your home more marketable and perhaps even get you a higher price.  Having said that, in my opinion the queen who wears the crown in this group is price.  Price appeals at every level.  It corrects flaws that you can not change if you are in an undesirable location, it makes a fixer house attractive because it is a bargain, it appeals to buyers who would otherwise want terms because it is an obvious value, and it gets your home attention across the entire market.  It will make your home sell.

I am not advocating that you need to give your home away.  I also realize that you can only sell within a range that you can afford.  If your mortgage is greater than the current value, you need to do a shortsale to get it to be priced right to sell it.  So, yes, price has its limitations.  Do not get mixed up into this equation your need to pay off credit cards or take that luxury cruise you dream about.  The value of your home has nothing to do with your credit card balances.

So how to price it?

First, don’t take it personally.  The market sets the price and you don’t.  Buyers are really, really smart. They shop and compare and figure out value.  When you are priced right, they will see the value and they will make an offer.  This is something you do have control over.  You can work with your Realtor to do the same calculations in the current market to figure out your home’s value.  Once you know that, please do not be offended.

Second, your home’s value is based upon closed sales and not active listings.  When a home in your neighborhood is listed for sale you likely look it up on-line or pick up a flier from out front.  You see the asking price and that tends to stick in your head.  After the home sells there is not much advertising about what it actually closed for.  You are not likely to know if the final price was less than the asking price or if the seller paid concessions such as closing costs.  This means that when the Realtors you interview come to meet with you to discuss your home, you may have an inflated idea of what it is actually worth.  Be prepared to learn what actual sales prices have been.  It is these prices that you need to use to calculate the value of your home.

Third, avoid the temptation to tack on a few thousand dollars to “leave room for negotiating”.  This is like tacking on 6 months to realize a lower final sales price.  Seriously, in this market even a few thousand dollars extra will put buyers off.  When your house seems like it is a higher price to other homes, why should buyers bother with it?  And think about it:  the houses that sold in your neighborhood also had to pay closing costs and do repairs to satisfy their buyers.  No matter where you price it you will be negotiating.  I do want to point out that a well priced home is more likely to sell quickly and at or near the asking price.  When a buyer asks how long has it been on the market, and they hear just a week or so, they know that they can’t haggle you down because you aren’t ready for it.  But when a house has been on the market in excess of 60-90 days, they know that they are going to go in low.  So pricing it right will get you better offers, more quickly.

Last, pay attention to what the market tells you when you do list it.  Are you getting showings?  If you aren’t, you need to do something.  I tell my sellers that it takes about 20 showings to get an offer.  If you get only 1 showing in the first 30 days then you have got a long and slow road ahead.  If you get 10 showings in the first month then you are going to get an offer in the next few weeks.  That is how it works.  It’s not rocket science.  Don’t wait to make changes.  Pay attention and be responsive.  I also recommend that you be in communication with your Realtor to find out what they are hearing.  They can get feed back after showings and also during the Realtor Broker’s Open House.  They can then share with you what they are hearing. This can be helpful with correct pricing and also with finding flaws that you and your Realtor did not foresee, such as leaving a light on in a dark corner or re-arranging furniture.

There is a buyer for every house.  Be smart.  Be pro-active.  Make the market work for you.

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Open Houses for 12/19/2010

According to the RMLS, there will be 18 open houses in Lake Oswego this Sunday.

Address Type BR Bath Price Open
4057 Jefferson Pkwy Attached 3 2.5 $179,900 1 to 3
4314 Botticelli Attached 2 2.5 $229,000 2 to 3:30
18231 Terry Ave Detached 3 2 $325,000 1 to 3:30
14251 Camden Ln Detached 3 2.5 $380,000 2 to 4
17187 Carlson Ct Detached 4 3 $395,000 12 to 3
775 Boca Ratan Dr Detached 4 3.5 $439,990 1 to 3
326 Lake Bay Ct Detached 3 2 $464,900 1 to 3
19415 SW Dogwood Ct Detached 5 3 $499,900 1 to 4
19319 SW Dogwood Ct Detached 4 2.5 $499,900 1 to 4
1278 Hide A Way Ln Detached 4 2.5 $549,000 1 to 3
17981 Meadowlark Ln Detached 3 2.5 $559,900 11 to 4
19263 Megly Ct Detached 5 3 $559,900 1 to 4
19245 Megly Ct Detached 5 3 $559,900 1 to 4
5511 Fieldstone Ct Detached 4 2.5 $685,000 2:30 to 4:30
5533 Fieldstone Ct Detached 4 2.5 $695,000 2;30 to 4:30
15622 Fieldstone Dr Detached 3 2.5 $725,000 2:30 to 4:30
18209 Siena Dr Detached 5 3.5 $1,058,000 1 to 3
18222 Siena Dr Detached 4 3.5 $1,189,000 1 to 3

Have a great weekend!

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Ideas for Winter Curb Appeal

As a seller, you want to do everything your time and your budget will allow to maximize the price you will receive for your home, and to shorten the length of time it takes to make that happen. Just because it is winter does not make the rules change. So, just like the rest of the year, you want to make your home look as attractive as possible. Today I want to concentrate on the exterior.

First, all of the usual apply: the paint and roof need to be in good condition with no peeling, moss or damage. The lawn needs to be mowed and edged. Trees and shrubs need to be trimmed back to enhance the house and not hide it. Please, please, please rake up and dispose of leaves and tree needles. I have shown homes that are literally buried in leaves. Why would any seller allow that to happen? It is insane. The only correction, beyond getting busy and fixing the situation, is to drop the price. I am serious when I say that a yard that needs leaf removal can cost a seller $10,000. A hard weekend of work or $10,000….hmmmmmm…. it seems pretty obvious to me. Leaving the messy leaves and needles all over the yard makes buyers think that this house needs work. And the compensation they want when they are going to have to do work is money.

Second, there are things you can do, at very little expense, that can actually make that winter yard both inviting and attractive:

Add splashes of color
Consider planting winter kale or pansies in the planters and boarders of your garden. At the holidays, festive decorations are both inviting and attractive, but do not go over board. You don’t want your house to scream “yard sale” rather than Happy Holidays.

Give it seasonal sparkle
Consider using winter greens (which you can often get free from the Christmas tree lots), along with holly and cones in otherwise dormant planters and window boxes.

Show off your garden’s livability
Do set out your yard furniture and tables. Keep them clean and inviting. You may not be actually using them much, but your buyer will look at the back deck or patio and quickly see it is a place to be enjoyed. Do not cover the yard furniture with plastic to resemble large rocks or meteorites that randomly plopped into the yard. You want the deck and patio to look like an extension of the living space in the house.

Keep the pathways clear
On extreme days, beyond raking leaves and needles, this may involve shoveling snow. Realtors and their clients need to be able to get to the house!

Keep decks and patios in good repair
Treat the wood so that is fresh and clean. You may need to replace rotted wood or even the entire deck. In this market a rotted deck will quickly turn off picky buyers. Again, you’ll probably loose more in price than the cost of the work. And this is the time of year when moss is a problem on both decks and patios, making them slippery and dangerous. Clean them up.

Light it bright
With the shortened days, it may be dusk or dark when buyers visit your home. Turn on all outside lights and consider adding a few temporary spot lights to focus on the homes architecture and landscaping.

Yard statuary helps, a lot
I don’t want to suggest that you go out and buy a bunch of garden art. But if you have it, make it visible. Place it where it will draw the buyers eyes out into the yard to see the flower beds and the features of the yard. You don’t want to allow the yard art to be too much or messy (again, not a garage sale), but creatively placed, even simple and inexpensive pieces such as drift wood, river rock, and small statuary will add a lot.

Create a photo display of sunny days
Set this up inside where it can be easily found and enjoyed. If you have a prized rose garden, let your buyer know that by showing a photo of the garden in full bloom.

The percentage of sellers who take the time to make their garden look good in the winter is very small. So when you do it, you will stand out. And that is a big factor that will play in your favor. I think the trick in selling a home is to know the market and then know how to work it to your advantage.

Best of the season, in all of its winter glory, to you.
Dianne

P.S. Thank you G.B. for sharing your beautiful garden with me. It was a total pleasure to meet you this morning. What wonderful ideas you have!

P.S.S. Further information can be found at www.Realtor.org/realtormag

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Market Activity for November 29-December 5, 2010

Moving into the full logistics of the holidays, market activity slowed down significantly last week. We had 7 new listings, 2 pending sales, and 6 closed sales.

We receive a weekly accounting of lockbox activity every Monday. It consists of a tally of the number of times that lockboxes were opened and the percentage change from the week prior. Last week saw a 39% decrease. So showings are way down. Having said that, I always like to point out that while there may be fewer buyers out looking, those that are doing so at the holidays are serious buyers. People don’t take the time to look at this time of year unless they are motivated to buy.

See below for further details:

NEWLY LISTED (Nov 29-Dec 5, 2010)

Address Price Type BR Bath Sq Feet
4000 Carman Dr #108 $109,900 Condo 1 1 767
4305 Silver Ct $339,000 Attached 3 2.5 1835
4198 Glacier Lily St $389,000 Detached 4 3 2806
17 Hidalgo $429,000 Detached 4 3.5 3428
1217 Tyndall Ct $699,000 Detached 4 4 5181
15622 Fieldstone Dr $725,000 Detached 3 2.5 3113
582 9th St $838,950 Detached 2 3.5 2841

PENDING SALES (Nov 29-Dec 5, 2010)

Address Type Price BR Bath Sq. Feet
156 Greenwood Rd Detached $309,900 2 2 3722
4114 Casey Ct Detached $785,000 4 2.5 3405

SOLD (Nov 29-Dec 5, 2010)

table >

Address Orig. Price Sold Price type Sq Feet CDOM
692 2nd St $299,000 $255,000 Detached 1700 213
5188 Madrona St $549,000 $514,500 Detached 3183 36
1704 Glenmorrie Terr. $599,000 $575,000 Detached 3885 124
5001 Denton Dr $759,000 $753,000 Detached 3303 2
14089 Edenberry Dr $840,000 $840,000 Detached 3276 0
15446 Boones Way $998,500 $936,000 Attached 3364 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

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Open Houses for December 5, 2010

There are 28 houses scheduled to be help open this Sunday. I am impressed! Local Realtors sure are not taking it easy just because it’s the holidays.

Be sure to stop by and see Linda at her open house at 979 Devon. It is a fantastic property that is a standout in the market. Not only does it have 4 bedrooms and 3 1/2 baths for $449,900, but it has been tastefully updated with granite, sub zero, new heat pump and hot tub as well. And to top it off: sweeping Mt. Hood views. This is a very special house. The floor plan allows for 1 bedroom and a full bath to be in a separate apartment. So the layout is ideal for someone who wants separate guest quarters or perhaps a home office that is its own space. I know LInda would love to meet you in person. She’ll be there from 2 to 4pm.

Address Price # BR # BTHS Open
221 Cervantes $144,000 2 1.5 1 to 3
18530 Pilkington Rd $229,900 3 2 1 to 3
5055 Foothills Dr C $239,900 2 2 1 to 4
13990 Shireva Ct $289,000 3 2 2 to 4
53 Oriole Ln $295,000 3 2 2 to 4
5973 Kennycroft Way $318,500 3 1.1 1 to 3
4840 Lamont Way $325,000 3 2 11:30 to 1:30
4243 Albert Circle $349,000 4 3 12 to 2
17187 Carlson Ct $395,000 4 3 12 to 3
151 Del Prado St $419,000 4 2.5 3 to 5
775 Boca Ratan Dr $449,850 4 3.5 1 to 3
979 Devon $449,900 4 3.5 2 to 4
12 Scarborouh Dr $479,900 4 2.5 1 to 4
19415 SW Dogwood Ct $499,900 5 3 1 to 4
19319 SW Dogwood Ct $499,900 4 0.25 1 to 4
19443 Kokanee Ct $499,900 4 2.5 1 to 4
4398 Glacier Lily St $500,000 4 2.5 11 to 1
19263 Megly Ct $559,900 5 3 1 to 4
17981 Meadowlark Ln $584,900 3 2.5 1 to 4
5533 Fieldstone Ct $695,000 4 2.5 2 to 4
5321 Amberwood Ct $699,000 4 3 2 to 4
1217 Tyndall Ct $699,000 4 4 2 to 4
15622 Fieldstone Dr $725,000 3 2.5 2 to 4
5320 Southwood Dr $748,000 4 3 12:30 to 2:30
18209 Siena Dr $1,058,000 5 3.5 1 to 3
18222 Siena Dr $1,189,000 4 3.5 1 to 3
1104 Forest Meadows Way $1,495,000 4 3.5 1 to 4
1968 Cheryl Ct $1,595,000 4 4.5+.5+.5 1 to 3

Have a great weekend!

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Distressed Homes and Home Owners

West Waluga Park
I know I wrote a post just recently about foreclosures and short sales, but a ton of new information has come to my attention. This information is really useful, so I decided to stay with the topic for this week.

Running the Numbers
I spent a little time looking more closely at just how foreclosures and short sales are impacting the market here in Lake Oswego. I easily figured out that the two types of distressed housing make up about 20% of the current listings. But what I got to thinking about was a more specific breakdown of the two, and finding out which are actually selling. Here is what I found:
* There are currently 548 properties for sale (these are including all residential: condos, town houses, and detached)
* There are currently 80 sales pending (offer accepted and in escrow)
* In the last 6 months 324 properties have sold and closed. At this rate, it will take it will take a little more than 10 months to sell the current inventory.
* There are 33 Bank foreclosures for sale (6% of the inventory), 17 are currently in escrow (21% of the properties in escrow), and 56 have sold in the last 6 months (which represents 17% of the closed transactions).
* There are 73 short sales currently in the inventory (13% of our LO market), 14 are pending sales that have not closed, and truthfully may never close (17% of the properties in escrow), and just 19 that successfully closed in the last 6 months (just 5% of actual, closed transactions).

I think I had a sense of this: that there are lots of short sales out there but that not a lot of them actually become a sold property. It is clear in the numbers. Short sales represent 13% of the inventory but just 5% of the sales. Whereas foreclosures represent just 6% of the inventory, but are 17% of the sales.

East Waluga Park

If you or someone you know is a distressed homeowner, pay attention NOW.

There is Federal stimulus money that has not yet been used. So far it feels like it’s all gone to the banks and been of little or no help to actual home owners. This is about to change. Beginning December 10th and ending in mid January, you can apply for mortgage payment help. The program is called MPA (Mortgage Payment Assistance). In Oregon 5000 households will receive help. Here is how it works. Go to www.oregonhomeownerhelp.org and apply. Applying for this help is going to be very similar to applying for a mortgage. You will have to submit bank statements, tax returns, etc. Households will be deemed qualified or not. All of the qualifying households will be entered into a lottery and names will be drawn. The 5000 house holds selected will have the Federal Government pay their mortgage payments for 12 months. The money will be considered a no-interest loan that is forgiven 20% per year for 5 years. So if you stay in your home for 5 years it will be 100% forgiven. There a lots more details, and I am not an expert. If you or someone you know needs this help, go to the website and get the information. Households can begin applying on December 10th.

I know the whole bailout is super controversial. But households in foreclosure is a tragedy that affects families, neighborhoods, and our entire economy.

Helpful Resources:
As part of my continuing education to renew my real estate license I took a 7-hour class yesterday on Short Sales and Foreclosures. While lots of good information was given out, I think I most appreciated getting come contact info for home owners who are financially distressed. Here are some good resources:
* You can find foreclosure avoidance counseling at www.hud.gov/foreclosure
* There are numerous scams preying on distressed homeowners. If you are tempted to hire services from a company who claims to be in a position to help you, check them out first by going to www.fanniemae.com/homeowners/beware-of-scams.shtm , www.ftc.gov/bcp/edu/puts/consumer/credit/cre42.shtm , or http://redtape.msnbc.com/2008/09/post.html
* Check out the Federal Government’s Making Home Affordable Program at http://MakingHomeAffordable.gov
* In Oregon check out www.foreclosurehelp.oregon.gov

Putting Things in Perspective
Every month households receive notices of foreclosure. These numbers are for the month of October 2010:
Clackamas County 1 in 402 households received this notice
In Las Vegas, in the same month, it was 1 in 6 households.

I hope you find this useful. Don’t hesitate to give myself or Linda a call if you have any questions.
Dianne

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Market Activity Report ~ Nov. 22-28, 2010

Thanksgiving Week Lake Oswego saw 7 New listings, 8 Pending sales, and 6 Closed sales according to RMLS.

I notice that there are several properties re-entering the market after several months.  The one on Cardinal is described as a total remodel, and I am looking forward to seeing it in particular!  “Cumulative Days on Market” seems to have leveled out a bit with a few exceptions.

See below for further details:

NEWLY LISTED (Nov 22-28, 2010)

Address List Price # Beds # Baths Total SF Prop Type
16546 BONAIRE AVE $219,900 3 1 1064 DETACHD
72 GREENRIDGE CT $224,900 2 3 1825 ATTACHD
240 4TH ST $289,000 2 1.1 1080 DETACHD
16942 CHERRY CREST DR $410,000 4 2.1 2363 DETACHD
17471 CARDINAL DR $899,900 4 3.1 2636 DETACHD
3136 DOUGLAS CIR $968,950 4 3.1 4132 DETACHD
17787 KELOK RD $1,079,900 3 2 3085 DETACHD

PENDING SALES (Nov 22-28, 2010)

Address List Price # Beds # Baths Total SF Prop Type CDOM
668 MCVEY AVE 14 $99,000 1 1 627 CONDO 123
18244 PILKINGTON RD $254,900 3 1.1 1200 DETACHD 35
2000 GREENTREE RD $349,000 4 3 2548 DETACHD 135
864 6TH ST $350,000 5 2.1 2403 DETACHD 182
1600 WOODLAND TER $399,000 3 2 1674 DETACHD 115
4859 SAGE HEN WAY $415,000 4 3 2417 DETACHD 215
611 IRON MOUNTAIN BLVD $510,000 2 1 1322 DETACHD 149
610 CABANA LN $895,000 3 2 1729 DETACHD 108

SOLD (Nov 22-28, 2010)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY 23 99990 90000 1 1 617 CONDO 179
3433 MCNARY PKWY 408 124900 113500 2 2 1008 CONDO 49
200 BURNHAM RD 404 264000 115000 2 2 1325 CONDO 1119
17787 BLUE HERON DR 469950 445000 4 3 2448 DETACHD 59
13596 STREAMSIDE DR 579900 562000 4 2.1 3430 DETACHD 129
2111 HAZEL RD 1089000 991200 4 4.1 4894 DETACHD 382

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