These days real estate is challenging. There are new real estate laws hitting us almost daily with more to come, new financing terms, and when there are many players all involved in the same transaction, it is a maze that sellers and buyers walk through.  As a knowledgeable, experienced and educated REALTOR® I know market conditions, financing, and I keep tabs on all the new laws and regulations to assist you.https://lakeoswegorealestateblog.wordpress.com/

BUYING LAKE OSWEGO REAL ESTATE

Now you’ve decided to buy a house. Do you become a customer or a client? You might think both words mean the same and are interchangeable.  However, when it comes to representation in a real estate transaction, there are different types of relationships that we as REALTORS® are able to provide.

The short and simple version is that it comes down to the type of agency relationship you have with your real estate agent/brokerage and whether there has been disclosure and a signed agreement.   There are other types of agency relationships, but I am only including the basic and most common types here.

The National Association of REALTORS® Code of Ethics requires all REALTORS® disclose whether they represent the buyer, the seller, or both parties. Laws governing the method and timing of the disclosure can vary in each state.

REAL ESTATE AGENCY DISCLOSURE

CLIENT

There are several ways, as a buyer or seller, in which you become a client of a real estate agent/brokerage.  Most have to do with the type of agency agreement you have entered into with your REALTOR® which dictates the kind of representation you will receive in a transaction.  Laws and relationships vary state-by-state.  There are other types of agency relationships, but I am writing this post based on the most typical scenarios in Oregon:

  • Seller’s agent or listing agent. A seller’s representative is hired by and represents the best interests of a seller. The relationship usually is created by a signed listing contract or listing agreement.  The agent/brokerage represents the seller only.
  • Buyer’s  agent.This type of real estate agent is hired by prospective buyers to represent them in a real estate transaction. A buyer’s rep (more commonly called a buyer’s agent) works in the buyers’ best interest throughout the transaction. The buyers can pay the agent directly through a negotiated fee, or the buyers’ agent may be paid by the seller or by a commission split with another agent, i.e. the listing broker.  In Oregon, we have a Buyer Broker agreement, similar to a listing agreement where we  “list” you as a buyer and you then become a client.  Our agency relationship and representation is spelled out in the Buyer Broker Agreement and must be signed by all parties.  That agent then represents the buyer only.
  • Dual agent. Dual agency relationships occur not only when one agent represents two parties but also when two agents from the same company represent two parties in the transaction. Dual agency is not allowed in some states, but where permitted, it must be disclosed to both buyer and seller, who must both sign a consent to a dual agency relationship. It is legal here in Oregon. Sample_Initial_Agency_Disclosure_Pamphlet. In another post I will write more about dual agency.

CUSTOMER

  • There is no agency contract, agreement or representation owed by an agent to a customer nor is there any obligation by the customer to the agent.  No buyer broker agreements or listing agreements are signed and executed.  There is no representation to a customer in a real estate transaction and the agent is not under any obligation to provide that representation to you.

As stated, since this post is based on Oregon rules and regulations, they can vary from state-to-state.  If you want full representation in all real estate related transactions, become a client rather than a customer of a REALTOR® and their brokerage in Oregon.

For any further assistance regarding disclosure or questions, please consult with a Real Estate Attorney.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low but are increasing, and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

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Our most recent market action report was issued yesterday.

January 2018 RMLS™ Market Action Report

January Residential Highlights

The Portland metro area saw plenty of pending sales and new listings this January.

Pending Sales

Pending sales at 2,311, outpaced January 2017 (1,990) by 16.1% and December 2017 (1,757) by 31.5%. It was the strongest January for pending listings in the metro area since 2007, when 2,544 offers were accepted in January.

New Listingshttp://bettyjung.com

New listings, at 2,486, outpaced January 2017 (2,212) by 12.4% and December 2017 (1,617) by 53.7%. I am not surprised that there was an uptick of listings in December and January.

Weather plays a big part in our real estate activity here in our area.  December saw only a dash of snow Christmas eve, compared to none in January.

Closed Sales

Closed sales, at 1,628, cooled 11.9% from the 1,847 closings recorded last year in January 2017 and 30.7% from the 2,350 closings recorded last month in December 2017.

Inventory

Inventory rose a bit in January, ending at 2.2 months. During the same period, total market time increased by five days to end at 60 days. There were 3,518 active residential listings in the Portland metro area in January.

Average and Median Sale Priceshttp://bettyjung.com

Comparing the average price of homes sold in the twelve months ending January 31st of this year ($430,100) with the average price of homes in the twelve months ending January 2017 ($399,600) shows an increase of 7.6%. In the same comparison, the median has increased 8.6% from $350,000 to $380,000.

Lake Oswego Real Estate Inventory

Here in Lake Oswego, we have a 3 month supply of houses for sale, up from 2.9  months in December.

Summary

http://bettyjung.com

Courtesy Mike Popnoe, Mortgage Trust

Prices continue to increase and we are still in a seller’s market. Although interest increases have started, I won’t know until next month how that impacted our February 2018 real estate activity.

I am seeing more and more houses come on the market for sale, while not as much activity in the pending or sold categories.  But we are heading into prime selling season, and I know many sellers are getting their homes ready for sale, and with interest rates increasing, buyers are also ready to act.http://bettyjung.com

 Interest Rates as of February 14, 2018

http://bettyjung.com

Courtesy Mike Popnoe, Mortgage Trust

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low but are increasing, and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

Shopping For The Best Real Estate Loan

Over 50% of home buyers don’t shop to find the best interest rate for their mortgage.

While a buyer would rarely purchase the first home they look at, they will accept the rate and terms offered by only one lender. While the borrower and the property affect the rate and terms that a lender may offer, not all lenders offer the same service, terms and rates to the same buyer.

I advise my clients that shopping around to compare rate and terms for a mortgage is a reasonable exercise considering that a half percent less interest rate could not only lower the payment but the cumulative interest that is paid while that loan is outstanding. When meeting with buyers, I am always amazed when buyers don’t shop for the best rates and fees for a mortgage.

Over the years, I have also found many mortgage brokers/lenders promise the moon but fail to deliver.  In addition, some buyers seem to think out-of-state, big-box companies with loan services, somehow offer the best products for you. Frankly, I have found this not to be true.

Many times I am asked for a mortgage broker/loan officer referral for those buyers.  Because of my years selling real estate, I have consistently worked with tried and true mortgage brokers.  It behooves a buyer to work with someone locally that I routinely work with.  I do not get a referral fee or make any money when referring my favorite and best loan officers to you.  My only pay-off is that since I have worked with them for many years, I know they will take excellent care of you and deliver what they promise to give you the best rates and loan product available. And, to get your transaction closed on time.

Equally important is hiring a mortgage broker that best suits your needs, and not doing so can derail a transaction quickly.  Being available and paying attention to your specific real estate transaction and its conditions is something extremely important.

Rates are increasing, and if you’re ready to take the plunge to purchase a new home and get pre-approved for a loan, give me a call at 503-804-9685. I will be happy to refer you to the best Portland-metro area loan officers in the business.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

A while back I wrote a blog post about the various abbreviations in our RMLS™ system  and what they meant.

Coming Soon – No Showing or CSN

We now have a new category to search for Lake Oswego real estate called “Coming Soon-No Showing”, or CSN.bettyjung.com

THE BASICS

The Coming Soon-No Showing (CSN) status is for short-term use. As a Lake Oswego Real Agent who is subscribed to our RMLS™,  I may use CSN to prepare a listing of a property for Active (ACT) status. The listing may be in CSN status for no longer than 21 days and must have a valid listing agreement signed by the listing brokerage and the seller as well as seller approval for the CSN.

CSN status will indicate the listing firm and seller(s) are preparing the property for sale and marketing before the listing becomes active on our RMLSweb™. As such, CSN will be considered an off-market status as the listing is not actively being marketed and is not ready to be shown.

USING CSN ON RMLSWEB™

Listings can stay in CSN status for up to 21 days and will not allow a date further than 21 days in the future from being entered as the list date. If a listing agent submits a list date of fewer than 21 days in the future, the agent may extend the list date up until that 21st day—something that may come in handy if more time is needed to prep a property than was originally estimated.

The status of a CSN listing may be manually changed to ACT or WTH at any time during the 21 day period. When the list date is reached or the listing has been in the system for 21 days RMLSweb™ will automatically change the status of the listing to ACT at midnight. Once a listing is out of CSN status it cannot be reverted back, nor can properties that were once in CSN status be re-entered as a new CSN listing (exceptions: the property has expired or has been withdrawn for over 90 days; the property has been relisted with a new brokerage; or the property has been sold).

Open houses and broker tour offerings cannot be set up in Listing Load for a listing in CSN status. Listing View Count reports will still be available showing viewing counts from within RMLSweb™, but Days on Market (DOM)/Cumulative Days on Market (CDOM) will not accrue while a listing is in CSN status.

RMLSWEB™ SEARCH AND CSN

CSN will not be included in the default status criteria when doing a new search for properties —ACT and BMP will remain the two default statuses. CSN listings will be excluded from exported reports and consumer prospecting auto-emails. As agents subscribed to RMLS™, we will be able to include CSN in our own watch lists. However, the listings will state “no showings permitted” in showing instructions on agent reports, with the actual showing instructions hidden while in CSN status.

Listing Your Lake Oswego Home For Sale

When preparing your property to be listed by a Lake Oswego real estate agent, consider all your options when marketing your home and ask your agent how best to maximize the sale of your property.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

 

 

Here is the latest report from Altos Research Inc. for stats in Lake Oswego zip code 97035.

Are you interested in seeing the stats for your zip code?  Email me and I will be happy to provide you with your area/neighborhood stats.

This Week Stats 97035

Summary:

Still a seller’s market in zip code 97035.  However, total market time has increased. Prices also continue to increase due to the limited number of houses for sale.  The median price in Lake Oswego this week is $750,000 but low inventory is still a problem/issue in the Lake Oswego Real Estate market.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Our Spring-like weather in January looks like it will continue into February.  Pre-mature signs of Spring are showing in our yards due to our unseasonal warm weather.  My forsythia, the first sign of Spring in my yard, was blooming in early January already. I think we will have an early Spring!

Lake Oswego February 2018 Events

Month of February – Stewardship Opportunities:

  • Lily Bay Natural Area – February 4, 9-11 a.m. Park at top of Diamond Head Rd. and walk to natural area.
  • Southwood Park – February 10, 10 a.m. – 12 p.m. Park at neighborhood Southwood Park, 6200 SW Pamela St.
  • East Waluga Park – February 17, 9:30-11:30 a.m. Parking at 15505 Quarry Road.
  • River Run Work Party – February 17, 9 a.m.
  • Springbrook Work Party – February 24, 9 a.m.

February 2 – Blood Drive. 9:30 a.m.-2:30 p.m. City Hall

February 2 – 5-7 p.m. Arts Council of Lake Oswego – First Friday. 520 1st St, Lake Oswego, OR 97034

February 3 – Child Safet Seat Clinic.  Main Fire Department. 10 a.m.-1:30 p.m.

February 5 – Official Art Show Reception and Meet The Artists – LO Reads. 6-7:30 p.m. Lakewood Center

February 5 – State of the Watershed Event. 6-8 p.m. Hawthorne Room. Mountain Park Clubhouse, 2 Mt. Jefferson Terrace.

February 15 – 5 p.m. Deadline for submission of Grant Applications – Municipal and Tourism Grants. Call 503-635-0254 for additional information.

February 16 – Deadline to submit application for becoming a vendor in the 2018 Farmers’  Market. Submit applications on-line a https://www.ci.oswego.or.us/lofm/becoming-vendor.

February 22 – County Club Road Improvements. City Hall – Council Chambers. 6:30 p.m.

Events

Have an event you’d like advertised here?  If it is in Lake Oswego, send me an email and I will gladly post it here. I post Lake Oswego events monthly, so if you know of an upcoming event, or one in the current month not posted here, please let me know.

More Activities In Lake Oswego

There are other activities and events at Lake Oswego Parks & RecreationLake Oswego Public Golf CourseLake Oswego Adult Community Center, Lakewood Center for the Arts,  Lake Oswego Calendar, and the City Library.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Economic Commentary

As I have mentioned previously, it has already been a busy year with major storms, wildfires that turned into mudslides, a new tax plan and the in-fighting in Washington seemingly getting worse. And that is just the first month of the year. We end the first month and start the second month with another busy week, at least on the economic front. This week we have the first meeting of the year for the Federal Reserve Board and also the first reading on jobs which contains 2018 data.

Thus far this year it seems that the economy continues to move forward, even without the anticipated effects of the tax plan. Of course, the anticipation itself has fueled much optimism which can be seen in record stock market closes. The performance of the economy is all about optimism. Since the Fed just raised their benchmark rates in mid-December, most analysts are not expecting another increase so soon. However, even if they do not raise short-term rates at this meeting, they will be discussing how much and how quickly they will be raising rates this year.

How much and how fast will depend upon the strength of the economy. And major evidence of this strength will be released a few days after they meet in the form of the January employment report. December’s job gains were a bit under forecast, and thus we will be looking at not only January’s numbers, but revisions to the previous months’ data. A really strong report could move the Fed to raise rates at their next meeting in March. Even if they do not, one thing is certain — unless something happens to derail the economy, their only move is up this year.

Rental Market

Renters are feeling the financial pinch in housing. Median rent across the nation rose 2.6 percent since last December, the fastest pace of appreciation since June 2016, to a median payment of $1,439 per month — the highest median rent Zillow has ever reported. Zillow also noted there was synergy between rent prices and incomes, with the latter increasing 2.5 percent year-over-year. “After about a two-year slowdown, rent growth is starting to pick back up across the nation,” said Zillow Senior Economist Aaron Terrazas. “The slowdown in rental appreciation, combined with consistent income growth, gave renters some reprieve from worsening rental affordability over the past few years. But as rental growth begins to catch up with income growth, affordability will deteriorate, placing a squeeze on budget-constrained renters. Looking into 2018, rent is expected to continue gaining steam in growing employment centers.” Source: Zillow

National Real Estate Market

A vast majority of Americans are confident that they will be able to pay off their home loans and achieve other long-term financial goals, according to the results of an Investor Pulse Poll released by Morgan Stanley. The survey revealed that 91% of respondents believed that they are on track to achieve their long-term financial goals. Paying off a home loan was revealed to be a priority long-term goal for the respondents at 32%. Other top long-term goals were saving for retirement at 35% and transitioning wealth to the next generation at 33%. Slightly fewer millennials, or those between 25 and 35, were confident that they were on their way to reaching their long-term financial goals; 88% of respondents in the age group said they believed they were on track. Their long-term financial priorities were similar with those of all respondents, with 42% saying paying off a mortgage was a top goal. Other priorities were saving for retirement at 44% and paying for the education of a child or grandchild at 35%. Source: Morgan Stanley

American Enterprise Institute’s Center on Housing Markets and Finance Co-director Edward Pinto gave four points he expects to see from the housing market in 2018. Many of his predictions, including low inventory and rising home prices, are shared by other housing experts. However, Pinto forecasted home prices will increase at a faster rate in 2018, while other experts expect they will slow down.

  • The historically tight supply of single-family homes will tighten further in 2018 after hitting a record low in November 2017.
  • The national home price boom that began in mid-2012, will continue, and given the unprecedented low levels of inventory, will even accelerate further:
  • First-time buyers will face even higher home price gains for entry level homes and first-time buyers will continue to take on even more leverage in an effort to keep up with the home price gains on entry level homes. Source: HousingWire

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates slowly increasing but there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods!

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

With prices increasing at a steady pace in 2017 in the Lake Oswego real estate zip codes 97034 and 97035, the following are the stats for condos, townhouses, and attached dwellings for 2016 vs 2017.

Condos are becoming more and more popular once again as affordability is at a low if you want to live in Lake Oswego. I suspect the desire to purchase a condo will continue.https://lakeoswegorealestateblog.wordpress.com/

Lake Oswego Real Estate Condos Townhouses Attached Stats 2016 vs 2017

2016 Condo Stats Zip Code 97034

2017 Condo Stats Zip Code 97034

2016 Condo Stats Zip Code 97035

2017 Condo Stats Zip Code 97035

Summary

In zip code 97034, more condos were sold in 2017 but the days on the market increased as did the sales price.  Zip code 97035, however saw a stronger condo market in 2016 with more condos selling, however, they were on the market a shorter period of time but the average sales price increased as well.

As I always say, if you cannot afford the price of a single-family home in Lake Oswego, and you wish to buy, a condo may be the right purchase for you.

Condos For Sale Now

There are currently only a few condos, townhouses, attached dwellings currently for sale.  You can view them here (# of views are limited)

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates slowly increasing but there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods!

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Our RMLS™ Market Action Report was issued recently and you can view my post here.

Have you ever wondered what the median price of homes would be in each of the Portland Metro Real Estate https://lakeoswegorealestateblog.wordpress.com/markets?

Lake Oswego Real Estate 2017 Median Home Prices

Here are the final median prices for all the Portland real estate metro areas as we ended 2017:

  • NW Washington County/Sauvie Island – $502,500
  • Hillsboro/Forest Grove – $352,500
  • Yamhill County – $307,800
  • Beaverton/Aloha – $354,500
  • Tigard/Tualatin/Sherwood – $412,000
  • Lake Oswego – $597,500
  • Oregon City/Canby/Molalla/Beavercreek – $375,000
  • Milwaukie/Gladstone/Boring/Clackamas/Estacada – 385,000
  • SE Portland – $350,000
  • West Portland – $499,000
  • Gresham/Troutdale/Sandy/Corbett/Fairview – $322,000
  • Mt. Hood/ZigZag/Welches/Brightwood/Government Camp – $239,300
  • NE Portland – $379,000
  • North Portland – $390,500

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

December Residential Highlights

The Portland metro area saw mixed numbers this December, but new listings made gains compared to December 2016.

New Listingshttps://lakeoswegorealestateblog.wordpress.com/

At 1,617, new listings showed a 13.8% increase compared to December 2016, despite a 33.1% decrease from last month in November 2017 (2,416). This was the strongest December for new listings in the Portland metro area since 2011, when 1,700 new listings were offered. We are, however, at all time record lows for the number of houses for sale.

Pending Sales

Pending sales (1,757) exactly matched the 1,757 offers accepted last year in December 2016 but showed a 25.9% cooling from the 2,371 offers that were accepted last month in November 2017.

Closed sales, at 2,350, ended with a 10.3% decrease from December 2016 (2,621) and fell 1.6%

Year to Date Summary

Activity in 2017 was a little cool compared to 2016. New listings (40,805) decreased 0.8%, closed sales (31,624) decreased 3.6%, and pending sales (31,330) decreased 5.7%.

Average and Median Sale Priceshttps://lakeoswegorealestateblog.wordpress.com/

Prices continued to rise in the Portland metro area in 2017. Comparing the entirety of 2017 to 2016, the average sale price rose 8.5% from $395,000 to $428,700. In the same comparison, the median sale price rose 9.5% from $347,000 to $379,900.

 YEAR-END INVENTORY

https://lakeoswegorealestateblog.wordpress.com/How did the Portland real estate market fare in 2017? The Business Journal just issued their 2017 rating the top 25 real estate markets in the Portland metro real estate market.  You can view how each Portland metro real estate area ranked here.

Lake Oswego real estate ended 2017 with 2.9 months of inventory.  Although higher than the 1.9 months of inventory Portland saw at year’s end, Lake Oswego inventory had been higher in previous months.

SUMMARY

The latest economic forecasts for 2018 are pouring in from everywhere.  Some hint at a possible recession or bubble.  While they, nor I have a crystal ball, real estate is local, even street by street.  What happens back East or anywhere else, may not happen here in the Pacific Northwest.

The one recurring theme, however, is that there will be a slow down.  Some look at that as a bad thing, whereas in our Portland real estate market, it is not necessarily so.  The wild and frenzy real estate market we have had the past several years, is now slowing down, and for many reasons.  That real estate frenzy was not sustainable and real estate always has its ups and downs. With a lack of inventory, prices will continue to increase.  Some areas are “hotter” than others.

I personally feel there will be no bubble.  As to a recession, again I have no crystal ball.  We are edging ever-so slowly to a more normal market, which is good. However, in the 39 years I have been selling real estate, one thing I know for sure, is that people always, no matter the interest rate, purchase homes.

Unlike during the “hot housing market” up until 2007, which was fueled by crazy mortgages and home loans, the current market will slow and will depend on interest rates and supply and demand.

There is still a back log of buyers and sellers now is the time to sell.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

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Contact Betty Jung

Betty Jung, Broker
REALTOR®
CRS, GRI, ABR, SRES, CNHSS

MORE Realty, Inc.
14945 SW Sequoia Parkway, #150
Portland, OR. 97224

503-804-9685 Cell

or email:betty@bettyjung.com

"Selling Real Estate Since 1978. There Is No Substitute For Experience!"

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