Tag: selling a home in Lake Oswego

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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

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Gratitude

Greetings to all of our loyal Property Blotter readers this Thanksgiving Day!!!
In between taking care of my clients and getting the turkey into the oven & the side dishes prepared, I wanted to take a moment to let you into my life a little, and say how grateful I am for so many things.

First of all, I am grateful for those I love; family and friends who continually show up in my life in a way that amazes and humbles me.  I am grateful to my clients (usually friends or friends of friends who have been referred to me : ) for their confidence and faith in me as I help them through a very big transition in their lives.  Here are two of my listings that are in Lake Oswego… two homes you should check out belonging to two awesome people! Click Links: Devon Lane and Lamont Way.   And yes, I am grateful to you, our readers, who grace us with your time, support, encouragement, and sometimes your business!

I am so grateful for my home, my health, my community, my warm fireplace, the view out my windows, the food in my refrigerator.  I am thankful to those who “play” with me…  my music program at PCSL…  the Friends Gospel Chorus who sing so clear and bright with hearts so open, and the band who supports everyone so skillfully every week.  I am grateful for my networking buddies who show up every month for fun & SpeedNetworking, For my Wheels and Ears cohorts and their work, for my car with the little paper crowns sitting in the back window that my son made for me when in grade school (you might spot me around town now!  … the Queen of a little boy’s heart… who is now much older : ).  I am grateful for all those little things that make life do-able nowadays… my cellphone, my trusty computer, my fancy indoor/outdoor temperature sensor, my bread-maker (should come in handy today!), my hot/cold water dispenser (tea is so fast!), and of course my lockbox key!  On that note, I’d like to say how grateful I am to our Real Estate Firm and our Principal Broker, who is such a rock to all of us who make up this company, to all of our clients, and to anyone who knows her.  Additionally, I am so grateful for Dianne Gregoire, with whom I produce this real estate blog, who is not only one of my best buddies, but an amazing and powerful “thriver” in her business, health and personal life… I am so grateful to know her and to call her my friend.

OK….  too sappy?  It’s just once a year (though it could be much more often…  : )  Try it yourself….  start listing all those things for which you are grateful ~ especially the little things~  then get out there and enjoy this day!   I think a nap in front of the fireplace is in order later…  Have a very, very very…

Happy Thanksgiving!

Linda

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Market Activity Report Nov. 15-21, 2010

Woke up this morning to a dusting of snow and very cold temperatures. Brrrrrrr…….

Last week had just 4 new listings, 11 pending sales, and 15 closed sales. Recent media reports are sounding ever so slightly more positive. That combined with people wanting to move before Christmas has the market moving.

See below for further details:

NEWLY LISTED (Nov 15-21, 2010)

Address Price Type BR Bath Sq Feet
104 Oswego Summit $89,900 Condo 1 1 764
6319 Washington Ct $219,000 Detached 3 1.5 1274
19010 Longfellow Ave $284,900 Detached 3 1 1732
18222 Siena Dr $1,189,000 Detached 4 3.5 3998

PENDING SALES (Nov 15021, 2010)

Address Price Type BR Bath Sq. Feet
3433 McNary Pkwy #204 $99,900 Condo 2 2 1008
6447 McEwan Rd $154,900 Detached 2 1 912
18462 Don Lee Way $179,900 Detached 4 2 1904
5057 Foothills Dr C $189,900 Condo 3 2 1252
464 5th St $197,715 Condo 2 1.5 1092
1416 Cherry Crest Dr $259,000 Detached 5 3 2559
16105 Inverurie Rd $429,900 Detached 3 2 2356
13819 Provincial Hill Dr $445,000 Detached 4 2.5 2096
1235 Chandler $865,000 Detached 5 3.5 3717
13322 Leslie Ct $1,098,000 Detached 5 3.5 4449
13795 Cameo Ct $1,400,000 Detached 4 5.5+.5 7190

SOLD (Nov 15-21, 2010)

Address Orig. Price Sold Price type CDOM Sq Feet
44 Crestfield Ct $75,500 $75,500 Condo 11 923
20 Cervantes Cir $79,900 $80,000 Condo 8 912
212 Ridgeway Rd $189,900 $153,000 Condo 483 778
6120 Shakespeare St $185,000 $197,000 Detached 177 999
15139 Quarry Rd $250,000 $225,000 Detached 402 1328
37 Bloch Terr. $300,000 $280,000 Attached 142 1972
1073 Hallinan St $359,000 $338,000 Detached 124 1828
1255 Bayberry Rd $390,000 $355,000 Detached 335 1901
1899 Woodland Terr $389,000 $360,000 Detached 130 3031
5717 Bonita Rd $400,000 $370,000 Detached 53 2572
3541 Red Cedar Way $404,900 $385,000 Detached 14 1963
17890 Kelok Rd $417,900 $417,000 Detached 753 3095
5916 Sulnbrook Dr $459,900 $463,000 Detached 9 2617
15915 Waluga Dr $598,950 $550,000 Detached 261 2939
3151 Douglas Cir $1,349,000 $1,090,000 Detached 125 4400

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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Oregon Wine Country and Thanksgiving

I know that when you think of wine tasting, if you are like me, you think of summer breezes and lazy afternoons.  But, believe it or not, the premier time to tour Oregon vineyards is the weekend following Thanksgiving.  This is because the fall harvest is complete and there is a sense of celebration.  Many vineyards that are normally not open to the public will hold open houses over Thanksgiving weekend.  And nearly every vineyard is decorated for the holidays.  It is a wonderful time in Oregon Wine Country.

Living in Lake Oswego, we are only about a half an hour’s drive from Yamhill County, and about an hour’s drive from the start of the vineyards up along the Columbia River.  There are literally hundreds of vineyards.  Some are quite large and some are very small.  Some are run on a corporate level with huge mechanized operations, and others are truly hand crafted.

If you intend to take a wine country tour, you need to do a little prior planning.  First of all, there needs to be a designated driver.  Those little sips can add up.  I also highly recommend trying one of the many companies that put together wine tours.  I personally spent a fantastic Friday following Thanksgiving with a company called Grape Escapes.   You can arrange a private tour, a group tour, or asked to be a part of a group tour.  They also have full day and half day options.  On the occasion that I attended a friend and I organized a group tour.  We had about 10 people and were picked up here in Lake Oswego.  We then spent the day being driven in a 15 passenger van with a wine guide.  Each stop was a different vineyard.  We were treated to not only a tasting of wine, but a tour of the vineyard and a small meal.  It worked like a progressive luncheon that lasted all day.  The total cost?  About $100 per person plus gratuity.  But considering that the wine tastings were included, as well as our meal and the gas, it was a total bargain.

If you do go after the big turkey dinner, my recommendation is to head out Hwy 99 towards Yamhill County.  The various vineyards are pretty well marked along the highway. You can also find a map by clicking here.  And to help with your planning, here are a few tips:

  • Don’t squeeze too many wineries into one day.  They’ll still be there when you go back later.
  • If you aren’t on a tour that offers food, pack snacks or plan to stop for lunch.
  • Don’t bother washing your car before you go.  Most drives into the vineyards are not paved.
  • There are maps available on-line at the link above to help you avoid the main roads.  Traffic can get thick and you may want to favor side roads.
  • Wear comfortable shoes and bring warm layers and a rain coat.
  • Don’t wear cologne or perfume, as they will inhibit your ability to smell and taste.
  • If you bring children, bring activities to keep them occupied.
  • Be polite.  Remember that you are a guest of the winery.  Don’t complain about tasting fees as that is what it costs to be able to allow you the sample.  And many wineries will reimburse the tasting fee when wine is purchased.

I will personally recommend a stop in McMinville at Stonewolf Vineyards.  They have been known to not only have award winning Pinot Gris (in 2008 named a brand favorite by Rachael Ray), but in year’s past have served a spectacular salmon meal with country fiddle players.

Most vineyards charge a tasting fee of about $10.  Wine is also for sale by the bottle and by the case.

Celebrating the harvest.  Celebrating Thanksgiving and the holidays.  Celebrating Oregon.  We are so blessed and in so many ways.

Happy Thanksgiving, Dianne

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Market Activity Report – Nov 8-14, 2010

It seems to be slowing down a bit as we inch closer to Thanksgiving.
Last week Lake Oswego had 10 New listings, 8 Pending sales, and 2 Closed sales according to RMLS.

See below for further details:

NEWLY LISTED (Nov 8-14, 2010)

Address List Price # Beds # Baths Total SF Prop Type
47 EAGLE CREST DR 4 $65,000 2 1 932 CONDO
99 OSWEGO SMT 99 $109,900 2 1.1 1116 CONDO
5057 FOOTHILLS DR C $189,900 3 2 1252 CONDO
19431 SW TUALAMERE AVE $255,900 3 1.1 1308 DETACHD
928 LAKE FRONT RD $345,000 4 3 2300 DETACHD
5682 LANGFORD LN $349,500 2 2 1559 DETACHD
17121 WALL ST $424,900 3 2.1 2187 DETACHD
1677 LAUREL ST $450,000 4 3.1 2481 DETACHD
13960 SHIREVA CT $489,900 5 3 2864 DETACHD
1872 PALISADES TERRACE DR $821,500 6 5 5083 DETACHD

PENDING SALES (Nov 8-14, 2010)

Address List Price # Beds #Baths Total SF Prop Type CDOM
668 MCVEY AVE 81 $129,900 2 1.1 992 CONDO 32
668 MCVEY AVE 32 $184,900 3 1.1 985 CONDO 6
5060 FOOTHILLS DR E $275,000 2 2 1252 CONDO 111
32 CHURCHILL DOWNS $379,900 4 2.1 3016 DETACHD 272
4208 ALBERT CIR $400,950 4 3 2777 DETACHD 15
942 CLARA CT $405,000 4 2.1 3123 DETACHD 122
17555 REDFERN AVE $599,000 4 3.1 3007 DETACHD 256
3140 DOUGLAS CIR $861,000 4 3.1 3489 DETACHD 10

SOLD (Nov 8-14, 2010)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
72 CONDOLEA WAY $375,000 375000 2 2.1 2958 CONDO 13
1740 YARMOUTH CIR $550,000 485000 2 2.1 1960 DETACHD 127

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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Getting You Where You Want To Go

For some reason people love this tag line that I use. I think it’s because we all can relate. You are not selling and/or buying a home on a lark, you have something to accomplish. My approach in all things wherein I am giving professional advice is to discover what it is you want to accomplish (where you want to go), and then to assess the best way to get there given your own particular parameters (the journey).

Today I’m thinking about pricing and all the comparative things taken into consideration when looking at the market and deciding how to proceed.

We Realtors look at many aspects of the most current data available to help you accomplish your goals, and often the type of data or the methods used to assess them have acronyms or nicknames.  Here are a few of those & some things to keep in mind on your journey:

“Comping” – it is said that a Comparative Market Analysis is a product of both art and science. The reason this is said is that, depending on any given property and it’s unique features, there is rarely (except perhaps in a new development) an apples to apples comparison available. Therefore there is a lot of give and take in the assessment of any “comp” when compared to the subject property. Let me give you an example:
~ Let’s say we have a property with great location and large lot size that is also remodeled, but is not on a public sewer line. Let’s also say that no properties right close in to it with similar square footage and bedrooms etc have sold in the last 6 months. What will your agent do to comp it? Well, there are several ways to go:

  • One might go back farther in time to see if there are close-in comps. (This CAN be problematic given the volatile nature of today’s market… but might be necessary if no other options are available.)
  • One might look at other properties with different ranges of square footage. (This CAN skew your comparison of price per SF as a smaller home typically will sell for more per SF than a larger one.)
  • And/or one might go farther out from the subject property’s neighborhood while also looking at smaller lot sizes. (This can work if other neighborhoods with similar aspects are used to produce those farther-out comps. The Realtor really needs to understand the intricacies of the neighborhoods involved, and if moving into other neighborhoods, factors such as the desirability of being on a public sewer line may come into play, and additionally affect the picture.)
  • Another thing that might need to happen is looking at properties built in a different time-range (i.e. if no comps can be found built in 1920, then you might need to use some built in the 50’s or 70’s with hopefully similar updating etc)

None of these is ideal, but depending on what comps are available, you may see your Realtor incorporating some of these techniques.

I bring all this up to point out that, while your Realtor will use the best method available to your particular situation in order to give the most accurate look at what your property will likely sell for on the open market, a lot of judgment is called into play while coming to this assessment.  If a home has a completely remodeled kitchen and a comp does not, but has more bedrooms or a better location, or a much larger lot, then these might still be directly comparable depending on the other particulars involved, and how many of them are good matches to the subject property. Suffice it to say that your Realtor has the experience and discernment needed to weed through these brambles while bringing together the best information possible to help you determine market value, especially if they have expertise in your particular community.  So, trust their advice, and know that it is a lot more complicated in most instances than most believe it to be.

***Another note on “Comping” before I step off my soapbox- ‘Active’ comps (in my opinion) are interesting to note in order to gauge where you will fit in competition. However, the only real ‘Comp’ is one that has Sold. You really only ultimately care what someone actually was Paid for that comparative property.

DOM / “Days on Market” – It is really interesting to note how long a property was on the market before it sold. Many want to know what this means, particularly in the context of a Comparative Market Analysis. Basically speaking, when a house has been on the market for an inordinate length of time, it means one of the following:

  • It may have been priced too high to start. Most of the real excitement happens when a property is fresh on the market.  When it sits for awhile, it usually loses a little luster to those who have already become aware of it and therefore if the price is too high, it often eventually comes down in increments before getting to ‘Sold’. ‘Sold’ is what someone is willing to pay for the property.
  • It may be competing with properties that have more updates or better amenities.  In this market there are so many properties to choose from, that when putting your home on the market, these things really need to be considered when pricing.  This reason for a property sitting on the market still, again, boils down to price.
  • It may have onerous viewing instructions. By this I mean that, while a Seller’s needs and desires absolutely need to be accommodated, a property is most likely to be shown the most often if it is easy to show.  If a home has instructions that read “Call 1st”, then a call is made and an appointment time set fairly easily, and often for that same day while someone is, for instance, at work.  If a property reads “Appointment Only”, then it is possible, and in my experience likely, that it will be shown less often than one that is more accessible, and often stay on the market longer.  That said, when there are pets involved that need to be removed, or day-sleeping Sellers, or children whose nap times need to be taken into consideration, then your Realtor will do their very best to make the showing instructions as friendly as possible and assist in whatever way they can in order to make it as easy as possible for you. Just something to be aware of.
  • It may have mitigating circumstances like location problems, or curb appeal issues, or any number of things,
  • and/but the core reason can almost always be tied to price.

3rd party/REO’s – When looking at other properties and bemoaning the fact that there are so many that seem to be priced unfairly low (that is if you are a Seller wanting to list your own property), it is tempting to price your property differently than the ones in these categories if yours is not.  What you need to know is that even though your property is not in one of these categories, it is still competing with them, and the comparable data is still valid.  I know this is harsh, but the true value of your home is   determined by the Buyer, so the market is just what it is.   If a Buyer can get a comparable home down the street for a lower price because it is an REO (bank-owned) property or a Short Sale (3rd party), then those are just the facts, and you need to consider pricing accordingly.