Tax Credit ~ The First-Time Home-Buyers’ $8,000. Tax Credit is, of course, the talk of the town (the nation, actually). It is acknowledged that it is and has been helpful in spurring the real estate market (activity in related price ranges is steady if not occasionally feverish… especially lately!) There is much talk about extending the deadline from the current November 30th date to an as-yet-undetermined date in 2010. While it is generally agreed that the housing market is turning the corner, and a large part of this growth is related to the tax credit, there is also concern being expressed about dispersing more government money in light of recent history. So… nothing is decided as of now. There are talks about plans to:
Extend it to all home-buyers,
Not extend it at all,
Increase it to $15,000.,
Extend it and keep the terms the same,
Offer it only to service members who have been out of the country,
Etc.
The important thing to remember if you are a first-time home-buyer, or care about one, is that right now there is an opportunity to get an $8,000. tax credit. That means real money coming to you when you file for 2009. We do NOT know how the debate will play out regarding extending or not extending it… AND right now there is still time to take advantage of it, but you must act now.
Oil Tanks (Reminder & Update) ~ The standards for levels of contaminants are under review. In particular, ethyl benzene and naphthalene have been changed to a “carcinogenic” classification, and therefore cleanup requirements are also changing. There is now concern over the possibility of fumes potentially penetrating a home from underground & causing harm. Remember, if you have an oil tank underground on your property that has not been decommissioned, or if you are a Buyer considering a property with one: Underground oil tanks have a life of approximately 40 years. After that, they leak… and what they leak is toxic. Homeowners can be held liable for damage to soil from leaking tanks, and therefore, proper soil testing and decommissioning through a DEQ-certified environmental service is the wise choice. If you are a Seller in this situation, I would highly recommend just doing this now and getting it out of the way. It makes your home more attractive to potential Buyers, removes an objection, and protects you and the environment at the same time.
Loans ~ There are truly all kinds of loans out there right now for all kinds of Buyers. FHA loans are a current favorite, and the FHA 203 (b) is a little easier to qualify for than most conventional loans these days. There are also “Flex” loans for teachers (administrators & school nurses can also apply!), police, and firefighters. Other than the FHA loan I mentioned, you usually want a credit score of 640 or higher, and for all of them you’ll need 3 to 3.5% down. Talk to your favorite mortgage broker for more information, or give me a call and I can refer you to some great resources.
Homes on Slopes ~ Some precautions, in light of current information gained from recent slides in Portland, Lake Oswego and surrounding areas are worth noting:
At no point should drain water be discharged onto slopes in an uncontrolled manner. Investigate energy dissipation devices to prevent erosion at discharge points.
Make sure that any fill used on the slope is “engineer-fill”. Not all fill is able to handle the specialized drainage requirements of sloped properties.
Make sure gutters remain clear in order to prevent over-saturation in areas not able to handle runoff.
Keep drainage ditches or berms clear during the rainy season so that they do not direct water into areas where erosion & damage may occur.
Keep drain inlets, outlets and weep holes at foundation, retaining walls, driveways etc clean at all times. Remove debris to prevent clogging.
Notice any wet spots on the property. This may indicate either natural seepage, or leaking water or sewer line problems. Seek professional advice immediately.
Regularly check irrigation systems. Drip systems are preferred on hillsides.
Make sure roof drainage is not connected to a subsurface disposal system unless it has been approved by a geotechnical engineer.
Keep water from accumulating next to foundations, retaining walls or basements.
Guard against over-saturation on the hillside, as once this has occurred, damage can result very quickly and without warning.
Last week brought 17 new listings onto the market, 17 pending sales, and 9 closed sales. Of note, at least to me, is that 2 of the closed sales were condos in the 555 building on Second Street. That development is high-end condos that are all on one-level and accessed by elevators. They are ideal for someone downsizing out of their big house for retirement. It’s a great location that is walking distance to downtown, the farmer’s market, the library, and the Adult Community Center. I think the condo market has taken a worse beating in this downturn than the single family residential market. So it’s good to see a couple of these high-end condos selling.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (Sept. 21—27, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address
List Price
# BR
# BTHS
Total SF
Prop Type
List Date
47 EAGLE CREST DR
$119,900
2
1
932
CONDO
9/25/2009
3930 LAKE GROVE AVE
$144,900
2
1
952
CONDO
9/26/2009
15 OSWEGO SMT
$169,900
2
2
1,212
CONDO
9/24/2009
18462 DON LEE WAY
$239,500
4
2
1,904
DETACHD
9/22/2009
5056 FOOTHILLS DR
$299,900
2
2
1,252
CONDO
9/21/2009
1709 ASPEN CT
$317,000
3
2
1,561
DETACHD
9/23/2009
18620 INDIAN CREEK DR
$424,000
3
2
2,046
DETACHD
9/23/2009
1790 YARMOUTH CIR
$424,995
2
2
1,473
DETACHD
9/21/2009
4 ICARUS LOOP
$449,000
4
2.1
2,743
DETACHD
9/27/2009
17336 HUNTER CT
$549,900
3
2.1
3,004
DETACHD
9/24/2009
1060 UPPER DEVON LN
$674,900
3
2.1
2,460
DETACHD
9/23/2009
5124 ROSEWOOD ST
$685,950
5
3.1
3,510
DETACHD
9/23/2009
18096 PILKINGTON RD
$749,000
4
2.1
3,200
DETACHD
9/23/2009
467 9th ST
$775,000
3
2.1
2,700
DETACHD
9/25/2009
453 9th ST
$775,000
3
2.1
2,700
DETACHD
9/25/2009
2445 GLENMORRIE DR
$1,495,000
4
5
4,663
DETACHD
9/22/2009
1870 TWIN POINTS RD
$2,200,000
4
3
4,448
DETACHD
9/22/2009
PENDING SALES (Sept 21 -27, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
Close Price
List Price
# BR
# BTHS
Total SF
Prop Type
CDOM
340 CERVANTES CIR
$110,000
2
1.1
912
CONDO
122
32 OSWEGO SMT
$124,900
1
1
752
CONDO
497
86 KINGSGATE RD
$138,000
2
2
924
CONDO
172
45 EAGLE CREST DR
$139,900
1
1
768
CONDO
125
73 OSWEGO SMT
$164,900
2
2
1,212
CONDO
409
458 STATE ST
$199,900
2
1
800
CONDO
122
195 OSWEGO SMT
$219,900
2
2
1,506
CONDO
343
16651 LAKE FOREST BLVD
$239,900
3
1
1,230
DETACHD
237
16650 Fir LN
$325,000
3
2
1,384
DETACHD
20
2961 DELLWOOD DR
$350,000
3
3
2,476
DETACHD
192
17622 BROOKHURST DR
$350,000
4
2.1
2,909
DETACHD
429
627 1ST ST
$399,000
2
2
2,090
DETACHD
241
1531 WOODLAND TER
$414,000
3
2.1
1,895
DETACHD
139
13531 FIELDING RD
$650,000
4
3.1
4,629
DETACHD
463
5329 Langford LN
$719,000
3
2.1
2,962
DETACHD
302
1708 VILLAGE PARK LN
$899,000
4
2.1
3,211
DETACHD
13
17211 KELOK RD
$1,399,000
3
3.1
5,384
DETACHD
112
SOLD (Sept 21-27, 2009)
ADDRESS
ORIG. PRICE
SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
O/Price
Close Price
# BR
# BTHS
Total SF
Prop Type
CDOM
17928 ROYAL CT
$299,900
$267,250
3
2
1,272
DETACHD
111
4 WHEATHERSTONE
$334,950
$330,000
3
2.1
1,692
CONDO
86
126 CONDOLEA DR
$549,000
$391,500
3
3
2,664
CONDO
680
559 2ND ST
$665,115
$580,000
2
2
1,529
CONDO
923
20 DA VINCI ST
$599,900
$585,000
5
3
3,089
DETACHD
25
575 2ND ST
$832,200
$592,300
2
2.1
1,752
CONDO
887
100 GARIBALDI ST
$1,349,900
$925,000
5
3.2
4,669
DETACHD
334
1149 LAKESHORE RD
$1,295,000
$1,115,000
4
2.1
2,660
DETACHD
143
128 NORTHSHORE CIR
$1,799,000
1290000
3
3.1
3,550
DETACHD
764
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.
You know, Dianne and I talk about this a lot, but I think it bears mentioning at this crucial moment when we have so little time before the $8,000. tax credit incentive has timed out (it expires on December 1st… that means that any transaction where there is the intention of taking advantage of this needs to close by November 30th). What is it that Dianne and I harp on so often that comes into play here? I’ll tell you- it’s “affordable homes in Lake Oswego”. You know, the kind that many first time home buyers would be interested in… homes under, let’s say, $350,000… Homes in a great school district, in a community where all types of individuals tend to participate and make their voices heard, where there are farmers markets, art festivals, music in the park, great shops & services, where families are valued and supported with programs and activities specific to those needs… and on & on. Here is a link to the city’s website if you’d like to find out more: http://www.ci.oswego.or.us/
I think that Lake Oswego, as Dianne has pointed out time & time again, is sometimes overlooked by first-time home buyers due to a perception that they just would not be able to afford a home in L.O. Now… each individual circumstance is of course different, but if you can qualify for any number of the great lender programs that I know are out there now, and are looking for a home under $350,000., according to RMLS there happen to be at this moment, today, 53 Detached Homes available in Lake Oswego… and the bottom end is $199,000. In addition, there are 129 Condos & Townhomes available right now under $350,000… and the bottom end there is at $89,800.
If this is sparking some thinking on your part about looking into this idea for yourself, or someone you know, please do not wait to get going. Talk to your Realtor, or give Dianne or myself a call *today* if you are not already working with a Realtor. This is not me pushing here, I am talking about the chance of a lifetime in prices, rates, and this $8,000. tax credit, and this is the moment. Here are a few reasons why:
Now, more than ever, it is important to have a good understanding of the timelines involved in purchasing a home… especially if you want to take advantage of the first-time home buyer tax credit: Fact: The average timeline from when you find a property until it closes is 30-45 days. Fact: You will need some time to find the property that you wish to buy. (Some buyers find their home right away, and some need more time.) Fact: The week before November 30th is Thanksgiving! Many banks and title companies are traditionally closed for the last 3 days of that week. Fact: November 30th is the Monday following the typical 3 day bank shutdowns. Fact: There will surely be many, many buyers who will wait until the last minute to start looking for homes. This means that November 30th is sure to be an extremely busy day and many banks and title companies will not be equipped to handle all of the expected volume. Fact: As more buyers start to frantically hit the market to take advantage of the tax credit, the selection of properties is sure to decrease. Fact: Waiting too long is a gamble you should not take if you are truly interested. The best strategy is to work with a professional who has a great team and can develop a plan with you to hit the deadline.
Ok, I’ll get off my soapbox now : ) I’ve at least done my part in getting the word out.
Happy house-hunting! Please feel free to give me or Dianne a call if you’d like to get going. We are really enjoying working with as many of you as possible to ensure that you get to take advantage of this great opportunity.
Last week brought us 21 new listings, 8 pending sales, and 10 closed sales. Please let Linda or I know if you would like any further information about any of these houses. It is both easy and no trouble to send you information. We are here to be of help.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (September 7—September 13, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address
List Price
# BR
# BTHS
Total SF
Prop Type
List Date
100 KERR PKWY
$99,990
1
1
775
CONDO
9/11/2009
4 TOUCHSTONE
$119,900
2
2
984
CONDO
9/9/2009
1547 BOCA RATAN DR
$219,900
2
1.1
1,008
ATTACHD
9/9/2009
16250 PACIFIC HWY
$229,900
3
2
1,626
CONDO
9/8/2009
15 BLOCH TER
$294,900
3
2.1
1,973
ATTACHD
9/10/2009
6015 FERNBROOK CIR
$324,900
3
1.1
1,250
DETACHD
9/10/2009
1723 CONIFER DR
$324,950
3
2
1,602
DETACHD
9/10/2009
15930 WALUGA DR
$329,000
3
1.1
1,040
DETACHD
9/10/2009
17752 SCHALIT WAY
329900
3
2
1,463
DETACHD
9/9/2009
15 ORIOLE LN
345000
2
2
1,470
DETACHD
9/13/2009
1255 BAYBERRY RD
390000
3
2
1,901
DETACHD
9/8/2009
18 ABELARD ST
462000
4
3
2,101
DETACHD
9/11/2009
7 CELLINI CT
659000
5
3.1
3,560
DETACHD
9/10/2009
371 6TH ST
699900
3
3.1
2,258
ATTACHD
9/13/2009
2630 RIVENDELL RD
769900
4
3.1
4,611
DETACHD
9/9/2009
2235 GLEN HAVEN RD
779000
5
2
2,778
DETACHD
9/12/2009
1708 VILLAGE PARK LN
899000
4
2.1
3,211
DETACHD
9/11/2009
2757 LAKEVIEW BLVD
960000
4
3
3,321
DETACHD
9/9/2009
507 ASH ST
988000
2
3
2,700
DETACHD
9/8/2009
19575 35TH CT
1495000 – 1575000
4
3
6,081
DETACHD
9/10/2009
961 TERRACE DR
3495000
4
4.2
5,795
DETACHD
9/7/2009
PENDING SALES (September 7 -September 13, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
List Price
# BR
# BTHS
Total SF
Prop Type
List Date
CDOM
3688 SPRING LN
$164,500
2
2
1,120
CONDO
6/19/2009
81
166 OSWEGO SMT
$210,000
2
2
1,506
CONDO
3/13/2009
180
839 F AVE
$325,000
3
1
1,516
DETACHD
4/17/2009
147
891 G AVE
$419,000
5
2.1
2,420
DETACHD
6/11/2009
88
5044 GREENSBOROUGH CT
$449,000
3
2.1
2,124
DETACHD
7/25/2009
49
1670 VILLAGE PARK LN
$779,000
4
2.1
3,466
DETACHD
7/17/2009
53
2304 OSWEGO GLEN CT
$850,000
4
2.1
3,896
DETACHD
8/15/2009
247
17960 SARAH HILL LN
$1,079,000
5
3.1
4,800
DETACHD
4/1/2009
163
SOLD (September 7-September 13, 2009)
ADDRESS
ORIG. PRICE
SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
O/Price
Close Price
# BR
# BTHS
Total SF
Prop Type
CDOM
1057 C AVE
$295,000
$250,000
2
1
1,048
DETACHD
81
800 WOODWAY CT
$339,000
$322,000
4
3
2,066
DETACHD
107
13024 ROGERS RD
$389,900
$327,000
4
1
1,826
DETACHD
83
6 NORTHVIEW CT
$525,000
$450,000
4
3.1
3,188
ATTACHD
115
13500 TWIN CREEK LN
$572,500
$517,500
4
2.1
3,049
DETACHD
77
5831 SUNCREEK DR
$685,000
$620,000
4
2.1
2,733
DETACHD
27
4305 UPPER DR
$749,000
$700,000
4
2.1
3,474
DETACHD
78
14135 EDENBERRY DR
$799,900
$744,000
4
2.1
3,174
DETACHD
98
3270 LAKEVIEW BLVD
1399000
1125000
3
3
3,295
DETACHD
147
13770 CAMEO CT
2298000
1700000
4
5.1
6,669
DETACHD
198
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.
The open house, a long standing tradition for marketing and selling a home, or a total waste of time? It’s actually a pretty controversial subject among Realtors. Some believe in them and others refuse to do them. I fall into the first category. I hold open a house pretty much every Sunday and some Sundays I will do a couple of open houses. I make a commitment to people who list their homes with me that I will promise one advertised open per month, at a minimum. I will do more if my time allows. This commitment keeps me pretty busy. It means that I do LOTS of open houses. And that is probably why I think that they work.
I would estimate that I sell one house per year that is directly a result of my open house efforts. In June I had an offer written by another Realtor after her clients found my listing at an open house. That open house was how I sold my listing. Last Sunday I had an open house and I am now in very strong verbal discussions with another Realtor, again because his buyer came through my open.
Please note that I said that I do “Advertised” opens. Sure, I like meeting the neighbors, but I want people coming through who already know the price, how many bedrooms there are, and are actually buyers who are wanting a new home. I think advertising is one reason that my opens are successful. While I used to do a newspaper ad with each open, I have shifted my marketing to the Internet. I advertise my open houses on Craigslist, on the RMLS, and when the house is in Lake Oswego, on the propertyblotter.
Let’ s put it this way. If I didn’t believe in open houses, I’d never do them, right? And then it is a no brainer that I could honestly say that they don’t work. How can something work that is never tried?
I also feel that in this economy, Realtors have to go back to basics. In a hot market, where homes are selling quickly, homes will sell with just some simple Internet exposure in the RMLS. In a slow market that is not enough. There are so many houses for sale, and so few buyers, that just being a part of the inventory is not enough. A Realtor has to use every possible tool to get exposure for a proprety. I owe it to my clients to work on their behalf and use all of the tools in my arsenal. And, as I have stated above, I know from experience that open houses work.
Last week brought 11 new listings to Lake Oswego, 12 Pending sales, and 12 closed sales. Interesting to me was that all of the new listings are around 500k or less. That is the price range that is selling best. There is a very direct impact, in my opinion, on the sales activity that has been created by the First-time Homebuyer Tax Credit that is part the Federal Government’s stimulus package. No, I don’t think a first-time buyer will be buying a $500,000 house. But I do think the houses that are $350,000 or less will be in large part purchased by first-time buyers. And the homeowners who sell those will either buy again or choose to rent. So there may be some push up to the homes priced just up from the $350,000 range. The tax credit requires that buyers close on their purchase by the end of November. So for this week’s new listings, I would think that they are well positioned for a quick sale if they a in nice condition and priced correctly.
Having said all of that about last week’s new listings, I also make note of the sale at 890 Lakeshore: $2,275,000 and it sold in just 13 days, for full price.
(see below the tables for additional notes):
NEWLY LISTED (August 10—August 16, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address
List Price
# BR
# BTHS
Total SF
Prop Type
List Date
4 TOUCHSTONE
$179,500
2
2
984
CONDO
8/13/2009
5354 LOWER DR
$309,000
3
1
1,565
DETACHD
8/10/2009
406 8th ST
$365,000
3
1.1
2,437
DETACHD
8/13/2009
16240 PARKER RD
$374,700
3
2
1,454
DETACHD
8/15/2009
18922 REDWING WAY
$379,900
4
2
2,076
DETACHD
8/12/2009
15580 PARTRIDGE DR
$398,000
4
2.1
2,245
DETACHD
8/13/2009
31 DA VINCI ST
$424,900
4
2.1
2,232
DETACHD
8/13/2009
17221 ROBB PL
$427,500
3
2
1,812
DETACHD
8/13/2009
138 KINGSGATE RD
435000
3
2.1
1,600
DETACHD
8/12/2009
17886 TUALATA AVE
468500
4
2
1,994
DETACHD
8/10/2009
939 SUNNY HILL DR
515000
4
2.1
3,254
DETACHD
8/15/2009
PENDING SALES (August 10-August 16, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
List Price
# BR
# BTHS
Total SF
Prop Type
CDOM
14431 SHERBROOK PL
$249,900
4
3
2,605
DETACHD
254
17928 ROYAL CT
$269,900
3
2
1,272
DETACHD
111
5 PEACOCK PL
$299,950
4
2.1
1,760
DETACHD
135
4 WHEATHERSTONE
$334,950
3
2.1
1,692
CONDO
86
16695 GLENWOOD CT
$449,000
4
3
3,104
DETACHD
336
3355 UPPER DR
$470,000
4
2
3,205
DETACHD
23
2981 VALE CT
$475,000
5
2.1
3,516
DETACHD
436
14121 GABRIELLE CT
$609,000
4
2.1
3,006
DETACHD
55
5501 RACHEL LN
679900
4
2.2
3,509
DETACHD
623
5831 SUNCREEK DR
685000
4
2.1
2,733
DETACHD
27
18051 KELOK RD
799000
5
3.1
3,670
DETACHD
401
1149 LAKESHORE RD
1150000
4
2.1
2,660
DETACHD
143
SOLD (August 10-August 16, 2009)
ADDRESS
ORIG. PRICE
SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
O/Price
Close Price
# BR
# BTHS
Total SF
Prop Type
CDOM
82 OSWEGO SMT
$220,000
$210,000
2
2
1,212
CONDO
82
16501 LAKE FOREST BLVD
$319,900
$299,900
3
1
1,429
DETACHD
52
5214 LOWER DR
$659,000
$356,000
4
2.1
2,904
DETACHD
547
12537 27TH PL
$369,000
$369,500
4
2.1
2,375
DETACHD
12
1462 Worthington ST
$424,000
$395,000
4
3
1,800
DETACHD
108
17144 Warren CT
$585,000
$500,000
4
2.1
2,725
DETACHD
335
2161 HILLSIDE CT
$699,900
$519,900
4
3
3,347
DETACHD
357
645 COUNTRY CLUB RD
$975,000
$750,000
4
2.1
3,262
DETACHD
570
17259 LOWENBERG TER
$999,900
770000
4
2.1
2,955
DETACHD
662
943 SW ATWATER RD
$1,435,000
930000
4
2.1
3,874
DETACHD
331
3155 DOUGLAS CIR
$1,379,000
965000
5
3.2
4,517
DETACHD
385
890 LAKESHORE RD
2275000
2275000
3
3.1
3,200
DETACHD
0
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.
The RMLS is currently showing 20 homes that will be held open this Sunday in Lake Oswego. I will be at two of them. I will be holding open 13638 SW 62nd from 11-1:30 and 4447 Golden Lane from 2-4.
So…. you’re moving, or getting ready to sell, or in the middle of a home inspection on either end of the transaction. One of the myriad things that may cross your path is the issue of insulation. Some homes have it, some don’t. Some have it in the walls but nowhere else, some have it in the floors and ceilings. A lot depends on the era of the home and whether and how much updating has been done. If you are selling your home and your home has insulation, say underneath, that has been damaged (squirrels, etc), you may be asked to repair or replace it. If you have an older home with blown-in insulation in the attic, you may want to know what the material consists of. If you are buying a home without insulation in the walls, you may be wanting to add some after the purchase is complete. Here are some hopefully helpful tidbits on insulation:
Insulation is one of the lowest-cost options for improving energy efficiency (saving money : ) You can reduce your heating and cooling needs by up to 30% just by investing a few hundred dollars in insulation and weatherization products.
Should you insulate your home? Well, only 20% of homes built before 1980 are said to be well insulated, so you may want to investigate whether yours fits into this category.
How does insulation work? Heat moves naturally from a warmer to a cooler space. So, in winter, it is trying to move to the outdoors through walls, ceilings, floors etc. In the summer, the hot air outside is trying to make it indoors.
Insulation comes in a variety of forms: in blankets, in batts, bagged & pour-ready, and “blown-in” material.
An important consideration when choosing a form of insulation is flammability. Keep insulation at least 3 inches from light fixture wiring and other heat-producing equipment unless it is marked “IC” allowing for direct insulation contact.
Insulation is made of either:
“Mineral Wool” (which includes rock & fibrous glass). These can be blown-in or purchased in blankets or batts with foil or paper vapor barrier. Rock Wool can also be purchased in bagged form. *This material is inherently non-flammable, but the products that have paper vapor barrier attached may be flammable.
“Plastic Foam Resin” (made of polystyrene, polyurethane, or urea formaldehyde). It can be purchased in sheets or bolts, or a contractor may spray the foam in place. *These products are generally not ‘Fire-Proof”, but check to find out whether the product you are using is “Flame Retardant”, “Flame Resistant” or neither. Also ask about the ignition temperature… depending on the area in which you live, and other factors, some products, when approaching high ignition temperatures, can emit toxic gases. Additionally, polystyrene and polyurethane cannot be used safely unless enclosed in a flame and heat-resistant material such as gypsum board.
“Cellulose Insulation” (made of finely ground cellulose such as recycled newspaper). This can be blown in place. *Flame-retardant chemicals are usually added to reduce flammability. One thing to ask about is the type of chemical that may be part of this product as the use, for instance, of too much sulfate can cause potential corrosion of pipes and other metal material.
(NOTE: Bottom line, talk to your contractor or supplier to discuss which type of insulation is right for your home in whatever location and for whatever use you are employing it. This is ONLY meant as a primer to give you a better understanding of your options.)
The US Dept of Energy (DOE) measures insulation in R-Values, which are different for different areas of the country, and dependent on weather & temperature variations etc. Here is a link that will take you to a map allowing you to find your particular area & check the recommended R-Values: http://www.naima.org/pages/resources/library/pdf/BI487.PDF
When using fiberglass insulation remember that “looser is better”. Tightly packed fiberglass reduces the R-Value.
Do not block vents with insulation.
Use high density insulation such as rigid foam boards on areas such as cathedral ceilings and exterior walls.
Contrary to popular belief, when installing fiberglass insulation under the flooring in a crawlspace, you attach the paper or foil vapor barrier toward the heated area, not YOU. Secure with rope or wire. Also, remember to insulate piping and ducting if you are opting for insulating under the floor. (NOTE: Consult your contractor or supplier as there are different ways of insulating a crawlspace depending on whether it is vented or un-vented.)
When installing this fiberglass insulation w/backing in walls under construction you will again face the backing material toward the heated space… so this time it will be facing YOU.
When insulating walls in already-built homes lacking it, you will again want to consult with a contractor as there are varying opinions about whether to blow in insulation or not. Should you decide to do this, it is generally done through holes punched in the walls from the exterior of the home, and obviously is the material is blowin-in insulation of the kind you and your contractor have agreed-upon.
It is amazing how much energy can be saved by insulating around doors and windows (Having energy-efficient doors and windows also obviously helps too). Usually you are using a foam insulation here that can be applied directly into any cracks & openings.
I hope this information has proven helpful to you in your individual situation. Obviously this is a large subject, and so maybe we’ll cover some specific issues in the future. Feel free to comment and add your own information, and/or request information directly relating to your needs.
Last week was really interesting as far as market activity. We had 20 new listings and 21 pending sales. I think that’s the first week that I’ve seen in months where we actually had more houses sold than houses coming onto the market. Also interesting is that key box activity was down. This means that fewer key boxes were being opened. As you are probably aware, we had a heat wave with pretty much every day over 90 and several in a row over 100. So people were not out in large numbers getting into houses, but those who did were serious buyers and making offers. We had 13 closed sales.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (July 27—August 2, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address
List Price
# BR
# BHTS
Total SF
Prop Type
List Date
100 KERR PKWY
$91,800
1
1
671
CONDO
7/31/2009
48 EAGLE CREST DR
$248,900
3
2
1,623
CONDO
7/28/2009
18231 TERRY AVE
$399,900
3
2
1,764
DETACHD
7/31/2009
13045 PRINCETON CT
$449,000
3
2.1
2,900
DETACHD
7/26/2009
13821 REGENCY CT
$450,000
4
2.1
2,139
DETACHD
7/31/2009
18410 DEERBRUSH AVE
$495,000
4
2.1
2,217
DETACHD
7/27/2009
4673 Lakeview ST
$499,000
3
2.1
1,900
DETACHD
7/31/2009
4018 COHO LN
$539,000
3
2
2,489
DETACHD
7/31/2009
149 DEL PRADO ST
585000
4
3.1
3,266
DETACHD
7/30/2009
18116 PIONEER CT
589900
5
3
3,500
DETACHD
8/1/2009
1970 GREENTREE RD
624900
4
3
2,428
DETACHD
7/30/2009
844 5TH ST
849900
3
3
2,590
DETACHD
7/28/2009
17606 WOODHURST PL
850000
5
3.1
4,488
DETACHD
7/27/2009
18360 DELENKA LN
898000
4
3.1
4,346
DETACHD
7/30/2009
4211 CHAD DR
949000
5
3.1
3,937
DETACHD
7/29/2009
737 COUNTRY CLUB RD
1095000
4
2.1
3,100
DETACHD
7/31/2009
1560 COUNTRY COMMONS LN
1099000
4
3.5
4,638
DETACHD
7/30/2009
17677 WESTVIEW DR
1423000
5
4.1
5,031
DETACHD
7/27/2009
16764 ALDER CIR
1679000
4
4.1
3,456
DETACHD
7/30/2009
1790 SKYLAND DR
1695000
5
4.1
6,033
DETACHD
7/29/2009
PENDING SALES (July 27-August 2, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
Close Price
List Price
# BR
# BTHS
Total SF
Prop Type
CDOM
15210 BOONES WAY
$170,000
2
2
1,185
CONDO
50
12844 BOONES FERRY RD
$229,900
2
2.1
1,136
CONDO
135
1889 BOCA RATAN DR
$229,900
3
2
1,393
ATTACHD
7
16651 LAKE FOREST BLVD
$257,900
3
1
1,230
DETACHD
184
68 TOUCHSTONE
$299,000
5
4.1
3,148
DETACHD
104
655 HEMLOCK ST
$314,900
3
1.1
1,352
DETACHD
16
800 WOODWAY CT
$325,000
4
3
2,066
DETACHD
107
1307 CEDAR ST
$350,000
4
3
2,054
DETACHD
253
17501 HILL WAY
369900
3
2
1,694
DETACHD
6
6109 SUMMER WOODS
390000
4
2.1
2,331
DETACHD
254
2802 GREENTREE RD
449500
3
2.1
2,280
DETACHD
3
16439 LEXINGTON CT
474900
2
2
1,563
DETACHD
49
101 3RD ST
474900
3
2
1,447
CONDO
376
686 SUNNY HILL DR
569500
4
2.1
2,300
DETACHD
67
5568 KODERRA AVE
599000
4
2.1
3,072
DETACHD
196
14135 EDENBERRY DR
775000
4
2.1
3,174
DETACHD
98
755 6TH ST
1185000
4
3.1
3,973
DETACHD
639
3270 LAKEVIEW BLVD
1275000
3
3
3,295
DETACHD
147
14062 Goodall RD
1419000
4
3.1
4,220
DETACHD
404
13770 CAMEO CT
1998000
4
5.1
6,669
DETACHD
198
890 LAKESHORE RD
2275000
3
3.1
3,200
DETACHD
0
SOLD (July 27-August 2, 2009)
ADDRESS
ORIG. PRICE
SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
O/Price
Close Price
# BR
# BTHS
Total SF
Prop Type
CDOM
100 SW KERR PKWY
$97,900
$96,000
1
1
617
CONDO
70
86 KINGSGATE RD
$139,900
$169,900
2
2
849
CONDO
419
47 EAGLE CREST DR
$137,500
$135,200
2
1
932
CONDO
52
668 MCVEY AVE
$383,500
$200,000
3
1.1
985
CONDO
982
5063 Foothills DR
$259,000
$225,000
2
2
1,031
CONDO
213
4366 WOODSIDE CIR
$349,000
$309,000
3
2.1
1,762
ATTACHD
97
17280 WESTVIEW DR
$399,900
$340,000
3
2.1
2,324
DETACHD
31
4959 BILFORD LN
$547,500
$499,900
3
2.1
2,456
DETACHD
45
4114 GLACIER LILY ST
$559,000
515000
4
2.1
2,470
DETACHD
65
17215 LOWENBERG TER
$850,000
804000
4
2.1
2,819
DETACHD
550
14067 GOODALL RD
$1,249,000
950000
4
3.1
3,784
DETACHD
759
975 LAKE FRONT RD
$2,100,000
1500000
3
3
3,232
DETACHD
293
1915 SW CHILDS RD
$2,199,000
1500000
5
5.2
5,689
DETACHD
397
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.
This Sunday there are currently 25 houses scheduled in the RMLS to be held open, including my listing at 13638 SW 62nd in Southwood Park. It’s a big, family home with 4 bedrooms, 3 full baths, and 2 family rooms for just $319,900. Yes, it does need some cosmetic updating, but it has a newer 50 year roof, new windows, and new paint in and out. I’ll be there from noon to 3pm. I’d love to have you stop by. Look for my signs on Westlake Dr and Southwood Dr and follow them in to SW 62nd.
Here are the open houses scheduled for this Sunday:
It’s going to be another beautiful summer weekend. Come on out and see some houses, and please don’t forget to come and see me at open house on SW 62nd.
You know, Dianne and I talk about this a lot, but I think it bears mentioning at this crucial moment when we have so little time before the $8,000. tax credit incentive has timed out (it expires on December 1st… that means that any transaction where there is the intention of taking advantage of this needs to close by November 30th). What is it that Dianne and I harp on so often that comes into play here? I’ll tell you- it’s “affordable homes in Lake Oswego”. You know, the kind that many first time home buyers would be interested in… homes under, let’s say, $350,000… Homes in a great school district, in a community where all types of individuals tend to participate and make their voices heard, where there are farmers markets, art festivals, music in the park, great shops & services, where families are valued and supported with programs and activities specific to those needs… and on & on. Here is a link to the city’s website if you’d like to find out more: 
The open house, a long standing tradition for marketing and selling a home, or a total waste of time? It’s actually a pretty controversial subject among Realtors. Some believe in them and others refuse to do them. I fall into the first category. I hold open a house pretty much every Sunday and some Sundays I will do a couple of open houses. I make a commitment to people who list their homes with me that I will promise one advertised open per month, at a minimum. I will do more if my time allows. This commitment keeps me pretty busy. It means that I do LOTS of open houses. And that is probably why I think that they work.
So…. you’re moving, or getting ready to sell, or in the middle of a home inspection on either end of the transaction. One of the myriad things that may cross your path is the issue of insulation. Some homes have it, some don’t. Some have it in the walls but nowhere else, some have it in the floors and ceilings. A lot depends on the era of the home and whether and how much updating has been done. If you are selling your home and your home has insulation, say underneath, that has been damaged (squirrels, etc), you may be asked to repair or replace it. If you have an older home with blown-in insulation in the attic, you may want to know what the material consists of. If you are buying a home without insulation in the walls, you may be wanting to add some after the purchase is complete. Here are some hopefully helpful tidbits on insulation:
This Sunday there are currently 25 houses scheduled in the RMLS to be held open, including my listing at 13638 SW 62nd in Southwood Park. It’s a big, family home with 4 bedrooms, 3 full baths, and 2 family rooms for just $319,900. Yes, it does need some cosmetic updating, but it has a newer 50 year roof, new windows, and new paint in and out. I’ll be there from noon to 3pm. I’d love to have you stop by. Look for my signs on Westlake Dr and Southwood Dr and follow them in to SW 62nd.