This is the time of year I am always looking to donate and give to those in need just like many of you do.  However, the charities I am interested in are to benefit the homeless and our Veterans. Some of those organizations give very little of their total donations to the homeless, those who are hungry or need housing or clothes.  I am careful where and who I give to.

Recently, I donated my personal car.  I wanted to give it to the homeless, but their organization was headquartered in Spokane, WA. and my location was out of their service area.  Instead, I donated it to Vehicles for Veterans.

Lake Oswego Giving Opportunities

The City of Lake Oswego always has great giving opportunities to brighten the holidays for others.

Project Pillowcase

200 pillowcases were made by the City of Lake Oswego staff with donated fabric.  Now these pillowcases are available to be picked up by you to fill them with basic needs along with special gifts for homeless families, seniors, children and many teenagers.  Return those filled pillowcases to City Hall by Friday, December 14.  Hopefully, the pillowcases and the items that fill the pillowcases will bring comfort to those in need.

Oregon Food Pantries

There are 250,000 residents, and approximately 100,000 of children, that request emergency food each month.  You can make a difference with your food donation at City Hall, the main Fire Station, or the Lake Oswego Library throughout December.

Toy Drive

The Lake Oswego Fire Department and the Library are accepting new toys (with no gift wrapping) to bring holiday cheer to children in need.  Toys will be shared with families throughout the local area and distributed by Tualatin Valley Elks Lodge.  Please drop off toys by Decemeber 14 at the Lake Oswego Fire Department Main Stations (300 B Avenue) or the Lake Oswego Library (706 Fourth Street).

Lake Oswego Lions Club

Coats, blankets and gloves are being collected for Hope Sparrow Service to keep the chill away.  Hope Sparrow Services will distribute those items throughout the winter to families in need in our community, especially children. Drop off lightly used, clean items at the south entrance of City Hall, 380 A Avenue, through the end of January.

#Rockin’Socks

As of today, I am personally starting a sock drive.  It will continue throughout 2019 for the homeless.  My goal is 1,000 pairs of socks in 2019.  If you want me to pick up your donation, you can send me a text at 503.804.9685 and just say #rockinsocks and your address.  I will gladly come pick them up.

Return of the Coffee Meet Ups

Also, starting the last Wednesday in January 2019, I am returning with my coffee meetups.  I will be at Ava Roasteria

Ava Roasteria – LAKE OSWEGO

4847 Meadows Rd #147, Lake Oswego, OR 97035

the last Wednesday of every month from 6:30-7:30 pm.  If you have any real estate questions, or just want to meet to get to know one another, come join me the last Wednesday in January 30, 2019 for the return of my coffee meet ups and please bring bring socks – 1 pair or as many pair as you can. I will also treat you to a cup of coffee or latte.

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 503-804-9685.

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.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong 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 law.

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Lake Oswego, OR 97035

For Fri Nov 23 2018 

This week the median list price for Lake Oswego, OR 97035 is $727,000 with the market action index hovering around 33. This is less than last month’s market action index of 34. Inventory has held steady at or around 106.

Market Action Index

The Market Action Index answers the question “How’s the Market?” by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.

Slight Seller’s Advantage

The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again

REAL MARKET PROFILE

Currently it is still a seller’s market in Lake Oswego’s zip code 97035.  However, it is edging towards a more normal real estate market.  Below you can see that days on the market are increasing and 59% of all the listings on the market had a price adjustment this past week.  The number of homes, listings currently for sale, is still low and holding steady, with not a lot of new inventory coming on the market  for sale. As long as we have low inventory, prices will continue to increase and it will remain a seller’s market.

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 503-804-9685.

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.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong 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 law.

As a REALTOR® and a paid subscriber to our local RMLS™, there is lots of information and many reports we have access to.  One is a daily Hot Sheet.

REAL ESTATE HOT SHEET

Every day in our RMLS™ we have access to up-to-the minute information on real estate in any of our local real estate markets.  As agents, we generally, set up our own hot sheet for those areas we are interested in receiving information about.

The minute something comes on the market as a “coming soon” listing, a new listing, price changes, a pending sale, a sold, a property that has come off the market (expired, cancelled or withdrawn), sold and not listed, we are notified almost instantly as to when that happens.

LAKE OSWEGO REAL ESTATE HOT SHEET

For example, here’s a recap of this week’s hot sheet for Lake Oswego Real Estate: Monday, November 12 to Friday, November 16, 2018:

Monday – 2 new listings, 3 price changes, 3 pending sales

Tuesday – 3 new listings, 5 pending sales, 1 expired off the market, 1 sold

Wednesday – 1 coming soon listing, 3 listings back on the market, 4 price changes, 3 pending sales, 1                            expired off the market, 4 sold

Thursday – 5 new listings, 1 back on the market, 3 price changes, 3 pending sales, 1 sold

Friday – 1 coming soon, 6 new listings, 3 price changes, 2 pending sales, 4 expired off the market, 2 sold

Who knows what the weekend will bring?

The hot sheet also gives me a clue about current trends.  Are we seeing a lot of price reductions?  Are a lot of houses coming off the market via either expired or cancelled listings?  The daily hot sheet gives me a daily look at where we are heading.  Looking at the daily Hot Sheet gives me an overall view of the current state of our market.

PROPERTY ALERTS

While the public does not have access to the above information, you can receive property alerts from me.  As soon as a new listing comes on the market for properties you are searching, or real estate activity in your neighborhood or street, or an area you are interested in, I can arrange for you to receive instant property alerts.

Just send me an email to betty@bettyjung(dot)com and I will be happy to arrange that you receive this information.

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 503-804-9685.

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.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong 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 law.

Lake Oswego Real Estate Coffee Meet Ups

Coffee meet ups are returning. This past January 2018, I started weekly coffee meet ups. They were put on hold during the Summer months.

They will continue once again in January 2019. However, this time with some changes and a twist.

Save January 9 on your calendar for now. Time and particulars will be coming soon. I will drop more hints next month along with all the details. Stay tuned!

bettyjung.com

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 503-804-9685.

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.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong 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 law.

bettyjung.comOur monthly RMLS™ Market Action report was issued with the latest stats for October 2018. We are still in a sellers’ real estate market in the Portland metro areas. We still have a very low inventory of houses for sale.

While many sellers are feeling a slow down, which is typical for this time of year, we are still in a market favoring sellers. Also, some sellers are getting anxious, but our Real Estate market is not “dead” as some have recently said to me.

Our real estate market locally is just edging towards a more normal time.  We had been facing a crazy and hot market with houses selling even before the ink dried on listing agreements and with multiple offers. That was not a normal market and it could not continue. There are lots of factors in play causing the slow down but like anything, in a blink of an eye, everything could change again.

I recently read that one economist said we most likely won’t even reach a “normal” real estate market (favoring both buyers and sellers) until mid-2019.  That will be a normal market and not a market favoring buyers. But, again, no one knows for sure.

As I have always said in this blog, I feel that as long as our inventory remains low, prices will continue to increase.

October Residential Highlights

Portland metro saw some mixed numbers this October, but new listings showed a gain compared with last year.

NEW LISTINGS

At 3,100, new listings rose 4.0% above the 2,981 new listings offered last year in October 2017, despite ending 14.0% under the 3,606 new listings offered last month in September 2018. This was the strongest October for new listings in the area since 2010 when 3,119 were offered.

CLOSED SALES

Closed sales (2,440) fell 4.9% short of October 2017 when 2,565 closings were recorded but improved 7.4% over last month in September 2018, when 2,272 closings were recorded.

PENDING SALES

Pending sales, at 2,484, fared similarly, decreasing 8.2% from October 2017 (2,705) but pushing 0.5% past the 2,471 offers accepted last month in September 2018.

INVENTORY

Inventory decreased to 2.7 months in October, with total market time creeping up to 53 days. There were 6,550 active residential listings in the Portland metro area this October.

Year to Date Summary

Activity so far in 2018 is mixed compared to 2017. New listings (37,620) are up 2.7%. Pending sales (26,484) are down 3.3% and closed sales (25,551) are down 3.8% for the year so far.

Average and Median Sale Prices

Comparing 2018 to 2017 through October of each year, the average sale price rose 5.6% from $429,400 to $453,600. In the same comparison, the median sale price rose 5.3% from $379,900 to $400,000.

LAKE OSWEGO REAL ESTATE MARKET STATS

Unfortunately, for our monthly stats, our RMLS™ Market Action Report does not break down the stats for Lake Oswego only.  West Linn is included in these numbers:

OCTOBER 2018

# Months Inventory – 3.7

Total Active Listings for the month – 454

New Listings This Month – 153

Closed Sales for the Month – 121

Days on the Market – 75 days

Average Sales Price – $714,500

YTD Price Change – +2.6%

# of Houses Coming Off the Market (Either Expired or Cancelled) – 102

Pending Sales for the month – 101

# of Pending Sales – -17.2%

SEPTEMBER 2018

# Months Inventory – 3.5

Total Active Listings for the month – 507

New Listings This Month – 183

Closed Sales for the Month – 141

Days on the Market – 61 days

Average Sales Price – $627,000

YTD Price Change – +3.4%

# of Houses Coming Off the Market (Either Expired or Cancelled) – 80

Pending Sales for the month – 122

# of Pending Sales – -9.6%

There were big changes just from September to October 2018 in the Lake Oswego/West Linn real estate markets.  You can definitely see the slow down although prices still increased.

All these statistics are in the rear view mirror, last month.  It is hard to predict the future, but going forward towards Winter and the Holidays, I am sure these stats will once again change significantly. If your property is still listed from the Summer months, and haven’t lowered your price, you are “behind” the market and not “ahead” of the market conditions.  You need to lower your price!

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 503-804-9685.

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.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong 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 law.

UPDATE!! Sale Pending. 29 days on the market.

NEW LAKE OSWEGO CONDO LISTING!!

Affordable entry into Lake Oswego Schools. Ground unit w/multi levels. 3 bedrooms, 2 1/2 baths.1351 sq. ft. 3rd bedroom has exit to patio overlooking green space. Complex also has its own community pool. Condo is close to bus-line, Westlake, Mt. Park Rec Center, Pool, Gym, Tennis, Sports Courts, Kids Center, Spa, Walking Trails, I-5 & 217, PCC, New Seasons, other shopping & coffee shops. No rental cap. Some recent updates. VA Approved complex.

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 503-804-9685.

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.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong 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 law.

Did you know as real estate agents within our MLS (RMLS™) we have access to a property’s listing and sale history.  Not only can we view how long a property has been on the market, how many times it has been on the market, how many price reductions occurred, and what a home eventually sold for and when.

WHAT IS CDOM?bettyjung.com

Cumulative Days On Market (CDOM) is calculated for listings in the same county that share tax IDs and have an off-market date and will appear in the listing’s history reports next to the DOM (days on the market) field.

When a property was listed, went off the market, was later relisted and went off the market again. The period of time after a property goes off market and is relisted is called the off-market gap. Anytime the off-market gap is less than 31 days, CDOM adds the number of days the first listing was on the market to the amount of time the second listing was on the market. However, the amount of time a property was in the off the market gap (not listed in RMLS™ under 31 days) will not be calculated into CDOM.

Even in today’s hot market; yes, we are still in a sellers’ real estate market in our metro Portland areas, it is still important to take a serious look at what price you will be asking for your home.

Over pricing is more damaging to a seller than under pricing. The total time a home has been on the market tends to stigmatize a property and price reductions give the impression a seller is becoming desperate, not reasonable.

HISTORY OF A LISTING

Looking at the history of a home while it was in the RMLS™ helps buyers determine what price they might want to offer a seller.  As sellers, you can see what your neighbor’s, or comparable homes’ histories have been, to help you with your pricing.

The home up the street may appear to have sold in the blink of an eye, yet looking at that home’s history in RMLS™ may tell you a completely different story.  The history of a listing can tell you a lot about a property and a seller.

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 503-804-9685.

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.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong 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 law.

The other day I wrote how experts are now viewing months’ of inventory.  It was the norm in the past to say a balanced market had 5-6 months’ of inventory.  However, due to technology, a shift in thinking has taken place. It is now considered the norm to have 4 months’ of inventory for a balanced real estate market.

MONTHS’ OF INVENTORY

In our Portland metro real estate markets and Lake Oswego, we are edging closer to that 4 months’ of inventory that is now considered to be more balanced favoring both buyers and sellers.

“Here is a recent quote regarding “shaving off two months’ of inventory”

Inventory of existing homes for sale edged up 1.1% year-over-year to 1.88 million homes. Unsold inventory rose to 4.4 months’ supply. And this is where it gets interesting – because it breached a new line.

Housing market players are relying more and more on technology to make the purchase of a home and the approval or a mortgage much faster and more efficient. What might have taken months can now be done in days.

These technologies include online listings that are instantly viewable by everyone (rather than printed listings that took a long time to get to the potential home buyer), online research tools, drone-generated video of the home, automated income verification tools for lenders, automated credit approvals, and the like. These technologies are impacting every part of the market. And there have been big consequences.

“Technology has permanently taken two months off the time required to sell a home,” Rick Palacios Jr., Director of Research at John Burns Real Estate Consulting.

A SHIFT IN THE REAL ESTATE MARKET

As I also noted the other day, my experience has shown that once we enter into a balanced market phase, it does not take long to shift to a buyers’ real estate market. A balanced real estate market seems to be short-lived based on the history of previous years.

The media seems to be playing loud and clear that another recession is headed our way. However, all this is not to get panicked over as we were at a fever pitch in real estate sales since the past Recession, in price and lacking inventory. Over time this frenzy could not be sustained and it has now been 10 years.  Inventory levels are increasing.

Buyers are sitting back and taking their time right now so there has been a slow-down for the many reasons I wrote about in my last post yesterday.  None of this is a bad thing. Perception is everything and buyers and sellers will need to adjust to a “new norm”. Real estate is ever-changing and each recession or market is different.

RISE IN INTEREST RATES

Historically, interest rates are good.  Remember the days of 9, 12, 18 and up to 21% (for a short time).  I remember those days.  I have sold real estate during many recessions.  We still sold houses in each recession.  There were still buyers wanting to buy and sellers wanting to sell.  I remember I had a listing that took 3 years to sell, but it eventually did.  I remember the short-time period when we had 21% interest rates.  As agents we couldn’t wait until the interest rates fell to 12%, then we were hoping for 9%. Those years were some of the best years I have had selling real estate.

WANT TO BUY OR SELL?

There is never a better time to sell than when you want to.  The same holds true when buying.  If you want to buy now, buy now! But now is not the time to panic over a perceived recession as reported in the news media which may or may not happen.

RECESSION??

Source: The New York TImes

It is really difficult to look into the future. We can only look back at what history has shown.

Most economists I have heard or read have said they do not feel real estate will be affected very much, if at all, or at least very little. Here is a link to a recent Economic Report I was at while attending our recent Oregon Association of Realtors’ Convention in September 2018.

Granted no one knows for sure about what will happen.  There are many factors in play that can affect an outcome. We can’t worry about something that “might” happen. I will continue to watch and will write updates here on my blog site. (Chart Source: The New York Times)

If you want to navigate the real estate market here locally, I can help.

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 503-804-9685.

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.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong 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 law.

The latest market action report was issued this past week for September 2018.  As I have been posting here for the last few months, there has been a slowdown or lull, if you will, in our Portland metro real estate markets.  Sometimes this is typical for this time of year yet it seems there are other forces in place this time around. In addition, I have repeatedly said, as long as inventory remains low, housing prices will continue to appreciate.

SEPTEMBER 2018 RMLS MARKET ACTION REPORT

All that has changed in a mere few months. The months’ inventory has increased, days on the market to sell are longer, we are seeing more price reductions and interest rates have climbed.  All this has impacted our market.  In addition, we are seeing fewer people moving to Oregon. There is also buyer reluctance in play.

September Residential Highlights

Cooler numbers came to the Portland metro area this September.

New Listings

New listings (3,606) fell 1.0% short of the 3,644 new listings offered last year in September 2017 and 14.4% short of the 4,214 new listings offered last month in August 2018.bettyjung.com

Pending Sales

Similarly, pending sales (2,471) decreased 9.5% from September 2017 (2,730) and 10.5% from August 2018 (2,760).

Closed Sales

There were 2,272 closings in September, a 14.6% decrease from September 2017 (2,660) and a 23.4% decrease from August 2018 when 2,967 closings were recorded.

Inventory

September saw inventory rise to 3.1 months, with total market time rising by five days to 45 days.

There were 7,082 active residential listings on the market in the Portland metro area in September.

We haven’t hit 3.1 months of inventory since April 2013. An old rule of thumb was 5-6 months of inventory to be a “normal” market, however, recent market changes since the recession seem to indicate that 4 months of inventory seems to be a more balanced (or accurate) level of homes for sale and to now label it as a normal real estate market. In any case, the number of house for sale is increasing and there is more competition for your house if it is for sale. Buyers are now seeing more homes to choose from.  As this level continues to increase, multiple offers will most likely not be as much a part of our market as it has been.

Year to Date Summary

Activity so far in 2018 is mixed compared to 2017. New listings (34,440) are up 2.6%. Pending sales (24,161) are down 2.8% and closed sales (22,983) are down 3.5% for the year so far.

Average and Median Sale Prices

Comparing 2018 to 2017 through September of each year, the average sale price rose 5.8% from $428,800 to $453,800. In the same comparison, the median sale price rose 5.3% from $379,900 to $400,000.  Prices are leveling off and not increasing at such a quick pace.

Pricing

If your home has been on the market since Spring or even since Summer, it is definitely time to review your pricing.  If you had an “anything goes price” on your home, you most likely should be questioning what price you should reduce your home to if you want it sold.  In fact, a new price should have been on your radar long before today.

Buyers are holding back making offers based on having looked at many homes and comparing them to yours.  They are knowledgeable as to what a home is worth in today’s changing real estate market and it is important your home is priced to sell from the very beginning. In addition, increased interest rates are causing them to review their purchasing power.

Lake Oswego Real Estate

The Lake Oswego/West Linn real estate market currently has 3.6 months of inventory.  Inventory has increased since last month and we are heading to a more balanced market (favoring both buyers and sellers).

Past real estate experience has taught me we won’t linger in that “balanced” market mode for long.  Once we reach a balanced market, it will most likely quickly shift to a buyer’s market. We are not at a buyer’s market yet.  But as inventory increases, if interest rates climb, and the Winter real estate market takes hold, we could very likely be looking at a buyer’s market towards the end of this year.

There is never a “perfect” time to buy.  Either prices go up, or interest rates go up.  Whether you are renting or buying, there is a mortgage to be paid.  You are either paying off your landlord’s mortgage and helping him get rich, or you are purchasing and increasing your equity and/or financial pocket.

The only time I have ever seen a perfect market was during this last recession, when both prices and rates were low. If you purchased during those years, your equity has grown. If you are “waiting” you may be waiting a long time again, if ever, to see that perfect storm.

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 503-804-9685.

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.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong 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 law.

LARRC – is a 3 hour course to renew my real estate license.  Every two years, I am required to take 30 hours of continuous education for license renewal.  There are many classes I can take, but this particular course LARRC (Law and Rule Required Course) is mandatory and was updated 1/1/2018.bettyjung.com

Having completed that class today (I only need 5 more hours by the end of October!), there was some information in that class I wanted to share about radon.

RADON CONCENTRATION

When I sell a home, representing the buyers, I always recommend that a radon test performed by a licensed, certified and bonded EPA technician as part of the buyers’ due diligence when they are purchasing a home..

RADON LEVELS AND MITIGATION

You most likely have seen the radon maps, I have posted them on my blog and have written other posts about radon as well. What you may also know is that if you have two houses side by side, each house could/probably will have different radon levels.

A reading up to 4 is what I have seen the most.  1.3 is considered an average reading.  However, the EPA says no level is safe. Here is what the EPA recommends to reduce radon levels:

  • If the radon reading is 4 or below, there is no recommendation for action.
  • A reading of between 4-20, should be mitigated within a few years.
  • Two to 200, should have action taken within a few months.
  • Levels over 200, should have the radon mitigated within a few weeks.

SCREENING 

There are two methods for screening.  There is short term screening (testing) that does not measure long term levels of exposure.

A passive testing device is placed in the lowest level of the house and tests for 48 hours.  If there is no evidence of radon in that low level (usually in the back of a closet in the basement), there will not be any radon anywhere else in the house. A passive device to test runs approximately $20-30.  Sometimes, homeowners will do their own testing.

The other testing will require a trained technician.  A machine that runs continuously for 48 hours will determine any unusual swings in the reading.  This testing is what we as agents recommend during a transaction, and is more accurate.  The cost of this, which includes a report, can run between $75-200.

I remember in the  mid-1990s I was asked specifically about radon by a buyer relocating to Oregon from Texas.  At that time, the word radon was not even in our vocabulary.  Over the years after, it has become more and more important to buyers as radon can cause cancer. I highly recommend if you are purchasing a home, be it a resale or even new construction, you have the home tested by a licensed EPA technician.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are also increasing but are still low and there is still 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.

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.

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 law.

 

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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