While there are many approaches that can be taken to price your home, these three methods seem to be what have been the norm in our Portland metro and Lake Oswego real estate markets lately. However, there are several different pricing strategies that should be employed during different types of real estate markets depending upon who the market favors. What pricing strategy is used during a “hot” sellers’ market may not fare well, or be the best, during a normal or buyers’ market.copyright bettyjung.com

Pricing Your Home Above The Market – An “Anything Goes” Price

An anything goes price can be used successfully during a hot sellers’ real estate market, when there is a low inventory of houses for sale. However, a recent news article stated that “The anything-goes list-price strategy is no longer working. Buyers want to buy, but we’re seeing fewer of them, and they are much more careful. Many properties are now not selling and/or coming down in price.”

The “anything goes” price, as we say, will “test” the market.  If you want to see what a buyer feels the value of your home is, and there are no or few houses for sale, an anything goes price will get you, most likely, the highest and best price.  However, as the market shifts, your home could wind up sitting on the market for sale instead with no offers coming in. Many times it is easier to look back and see when a shift had occurred rather than seeing a shift starting to happen. And, in fact with this type of pricing, your home might not sell at all. The anything goes price is a huge risk that you may not want to take if you really want to get your home sold quickly or within an average number of days on the market.

What we normally see with anything goes pricing, is a price reduction, in fact probably several during the course of it being on the market. While your home is waiting for that perfect buyer, it becomes stale and may in fact, sell for far less than what your home would have sold for had it been priced correctly to begin with.  With this method of pricing, your home will get lost in the maze of price reductions over time.

Pricing Your Home Below Market Value

Another strategy that many listing agents have used in this busy and hot real estate time is pricing the home far below its value.  A lower than value asking price brings in multiple offers and can sell far above the home’s actual worth. There is always the appraisal to worry about as it may not appraise at the sold price. This pricing also frustrates buyers as they are usually outbid. Many times, when multiple offers are received on a home, it is usually a cash offer and it can outbid a buyer looking to obtain financing.

During a buyers’ market instead, most homes that are priced below market are typically foreclosures or homes that need a lot of work and will not qualify for financing.

Pricing Your Home At Market Value

Most real estate agents, myself included, spend a lot of time finding comparables to your home in order to price your house where it will sell. Our job is to get sellers the highest and best price in the shortest period of time. A buyer will be looking at other homes in your neighborhood, area, school district, etc. and after viewing those homes will be comparing your home with those and will know if your home is well priced or not.

This standard practice has always been the norm.  However, real estate markets change, and frankly in all the years I have been selling, each year is different and no real estate market has ever been the same. We are now facing a shift in our Portland metro and Lake Oswego real estate markets.  It is important during this time to make sure your price is where your home will sell.

An Agent Who Knows Your Neighborhood/Area

There is something that I have noticed the longer I have been selling real estate.  It is extremely important you hire an agent who knows your neighborhood, its peculiarities, its special features, etc.  I have seen many agents list homes in areas they know nothing about and the houses have had longer market times and in some cases the houses did not sell.

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 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.

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 laws.

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Garages haven’t always been part of the American home. In fact, it wasn’t until Ford Motor Co. started mass-producing the Model T in 1913 that small detached sheds were built on properties that had enough land to protect these new inventions. In the 1980s, garages grew larger to keep in scale with emerging McMansions. Some were finished with heating, painted floors, windows, and storage. And in the most extreme cases, they were converted into living space, which meant cars again had to be copyright bettyjung.comparked elsewhere.

There are some HOAs that limit the number of cars you can park in your driveway. Some communities even have strict street parking rules, require permits, or limit parking hours. Sometimes permits are available free or at a reduced cost for residents. Checking those HOA rules and regulations are important when purchasing a home regarding parking issues when there is no garage.

How Much Do You Value A Garage?

Recently during their search for a home, my clients realized, after looking at many houses, that a garage was indeed important to them.  Originally it was not on their “wish” list.

In our Lake Oswego Real Estate Market, there are houses sometimes without a garage, some have carports, some have a single car garage, and many times the garage has been converted to additional living space.

Is There Room To Build A Garage?

In Lake Oswego recently, there was a home that did not have a garage that I showed to the clients mentioned above.  That house, during a busy real estate season, sat and did not sell.  There was room to add a garage and that was noted on the listing.  Eventually, and smart of the owner to do so, he added a home without a garage, even if the location, price, and everything else about the house meets their approval.

The Cost Of Adding A Garage

Garage prices vary according to the size, style, materials, foundation required, storage options, types of doors, and who does the work—an architect, design-build firm, or contractor. A “typical” 20-by-20-foot, two-car, detached garage with vinyl siding and shingle roof usually ranges between $20,000 and $38,000 according to NAR®.

How Much Of A Discount For No Garage?

How much of a discount is given to a house with no garage during a sale and by an appraiser? Again, according to the National Association of REALTORS® (NAR®),  the absence of a garage can decrease the appraised value by as much as 20 percent.  How much do you value a garage?

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 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.

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 laws.

Lake Oswego Real Estate Will The Highest Offer Always Be The Winning Offer

The simple answer is no. Once sellers are presented with written offers they are free to choose one of them, reject all of them, or make counter offers.bettyjung.com

There is no obligation to accept the offer with the highest price. In fact, the seller is not obligated to accept any offer.

Even if a competing offer includes a lower price, it might be more attractive for other reasons. For example, the seller might be tempted to choose an offer that doesn’t include a financing condition, or the offer they choose might have a closing date that works better for them.

Price is just one factor for the seller to consider.

Of course, most transactions don’t play out that way, so I’d like to provide some tips for navigating a multiple offer situation (also known as a bidding war).

Planning ahead is important so that you’re prepared for a process that can often be fast-paced, and emotional.

Whenever you’re putting together an offer, it’s best to keep a level head. It’s important to set a budget ahead of time, and stick to it.

You might also be tempted to put in a bid without home inspection or financing conditions to make your offer more attractive. This is a risky proposition. If there’s no financing condition, you could lose your deposit if you can’t get the funds to complete the deal. And without a home inspection condition, you could be on the hook for costly repairs down the road.

These are serious risks, and you should make sure that you understand the trade-offs before you leave these conditions out.

As the summer heats up, the housing market is showing some signs of cooling. This may reduce the number of bidding wars, but it likely won’t eliminate them.

Try to keep your emotions in check, and understand the potential risks of the strategy that you take. Your broker or salesperson can be a guide throughout the process.

Contributed by: Joe Richer, Real Estate Council Of Ontario (RECO)

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 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.

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 laws.

 

Since getting my first computer, I have always tried to be cognizant of all the scams that exist.  Granted, I don’t know all of them but I pride myself on being careful. Saying “No” has always been much easier for me than saying “Yes” to something.bettyjung.com

Easy Scam To Fall For

In mid-December 2017, I changed real estate companies and took my business home.  While setting up my in-home office, I could not get my HP printer to work.  I couldn’t find the driver on-line to upload so, like many of you perhaps, I sought help on-line from HP.

The HP tech person did assist in getting my printer working and, during the course of the conversation, asked if I had scan/virus protection.  The laptop I was now going to use was purchased in 2015 and I never used it prior to my move home.  I had virus protection from Best Buy where I purchased my computer via WebRoot.  So when the HP tech recommended WebRoot I was familiar with that program and thought nothing of it. The cost was $300 and again thought that was reasonable as Best Buy’s program was $350.  There was nothing that set off any alarms.

During the course of getting the WebRoot up and running, I somehow got switched over to Geeks World effortlessly.  Everything worked fine and that was the last of it until this past week now 7 months later.

Those Nasty Scammers

This past week I started getting phone calls from Geeks World telling me there was a problem with my IP address and I had numerous viruses.  I never answered their calls until one day I did by mistake.  During our conversation, the Geeks World tech was asking me questions that were not normal nor were they related to my computer. I saw a red light come on.  In the middle of the phone call I hung up and went into my control panel to take a look.  I deleted some things I thought were fishy.

When I hung up I did a Google search of Geeks World.  Was I ever surprised by what I found.  It really opened my eyes and I had indeed been scammed.  Here is the link to what I found.  Apparently many are falling for the same scam and they all started with getting help on-line for their HP printers.  In addition, I am somewhat lucky while I only paid out $300, many have paid them thousands of dollars.

Thankful and Grateful I Get Free Tech Help

Thankfully, my Oregon Association of REALTORS® provides all us real estate agents free tech help. Today, I contacted them and they cleaned up my computer and ran a virus scan.  Thankfully, Geeks World did little to no damage.  I thought perhaps they hadn’t completed the work they wanted to do to my computer, as they are still calling me. Thankfully, I now know who and what they are.

Please be careful when getting assistance on-line.  You may think you are dealing with a certified HP tech but you may not be.  Just a heads up to let you know what happened to me.  I hope it doesn’t happen to you.

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 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.

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 laws.

 

Today our RMLS™ released the most recent market action update.  This report is important as the report represents June stats – and we are at end of 6 month market activity.

Most of us here in the Portland metro area have noticed a slow-down.  I am writing more in detail about that in my Jung’s Journal – my real estate newsletter this month.  If you don’t receive my Jung’s Journal,  please send me your email and I will be happy to share what I write to my clients about our real estate activity in the Portland metro areas.

June Residential Highlightshttps://lakeoswegorealestateblog.wordpress.com/

The Portland metro area saw some cooler activity this June, but closed sales saw a gain over last month.

Closed Sales

At 2,946, closed sales slipped 7.6% below the 3,187 closings recorded last year in June 2017, but outpaced May 2018 (2,803) by 5.1%. Even so, June closings were last lower in 2014, when 2,617 were
recorded for the month.

New Listings

New listings, at 4,515, ended 4.7% cooler than in June 2017 (4,739) and 3.2% cooler than last month in May 2018 (4,665).

Pending Sales

Pending sales fared similarly. There were 3,059 offers accepted, falling 6.0% below the 3,254 offers accepted last year in June 2017 and 4.4% below the 3,201 offers accepted last month in May 2018.

Inventory

Inventory rose to 2.1 months in  June, with total market time holding steady at 37 days.

Year to Date Summary Activityhttps://lakeoswegorealestateblog.wordpress.com/

So far in 2018 is a little mixed compared to 2017. New listings (22,079) are up 2.7%. Pending sales (16,297) are down 1.7% and closed sales (14,546) are down 2.2%.

Average and Median Sale Prices

Comparing 2018 to 2017 through June of each year, the average sale price rose 6.2% from $427,000 to
$453,400. In the same comparison, the median sale price rose 6.7% from $375,000 to $400,000.

Lake Oswego Stats

Lake Oswego has 2.6 months of inventory and prices YTD increased by 8.8%.

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 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.

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 laws.

The last couple of home inspections on pending sales I have had, both transactions had high levels of radon.  They were each in different parts of the Portland metro area. Should you be concerned about radon levels and how can you take care of the repair?bettyjung.com

Is It Safe To Buy A Home With High Levels Of Radon?

Buying a house can be a bit like falling in love. You shop around, seek advice from friends, and when you find the perfect match, lay it all on the line and pop the question. But even after a seller has said yes to your offer, you’ll need to complete a home inspection, which often includes a radon test.

Radon test results usually shortly after your home inspection report and can be riddled with terrifying facts about this deadly gas. If it reveals high levels, you may be left wondering whether you should walk away from the sale. You don’t have to. Here’s why.

A Radon Problem Can Be Fixed

Radon-related lung cancer kills an alarming 21,000 people each year, a tragedy multiplied by the fact that significant exposure to the gas can be easily remedied. The scope of the work depends on the level of gas and the style of your house, but it’s pretty simple and not overly expensive.

According to the Environmental Protection Agency, radon is found in every state and in many locations within the Portland metro area, even in the suburbs. It’s a naturally occurring radioactive gas produced by the breakdown of uranium in soil, rock, and water. Because the air pressure inside a house is typically lower than the pressure in the soil around its foundation, radon is drawn into the home through cracks in the foundation and other openings.

Radon levels are measured in picocuries per liter, or pCi/L. Levels of 4 pCi/L or higher are considered hazardous. Radon levels less than 4 pCi/L still pose a risk and in many cases can be reduced, although it is difficult to reduce levels below 2 pCi/L.

The EPA estimates that a radon removal system costs about $1,200 for an average house. The system is usually comprised of one or more PVC pipes that run from the radon-emitting soil beneath a home up through the roof. An in-line fan draws air through the system so that it doesn’t leach into living spaces. Once installed, a follow-up radon test is done. Even in houses with extremely high radon levels, you can expect a drop to levels considered safe.

You Can Ask for a Seller Credit

If a radon test reveals high levels—anything above 4 pCi/L—ask for a walk-through with an EPA-licensed radon remediation specialist. Here is the link to our State of Oregon Radon Office for information or I would be happy to provide you with a list of licensed and bonded contractors. Most will provide a free remediation estimate, and, if the work is done, guarantee that radon levels will be acceptable.

You can ask that the seller for a price reduction that covers the estimated cost of remediation. If the seller balks, remind those involved in the transaction that it’s a problem other buyers are likely to encounter as well. In Oregon, a seller is required by law to disclose the radon test results to other potential buyers on a seller’s disclosure form.

A Single Radon Test Offers Only a Snapshot

Relying on just one radon test done as part of a home inspection is a mistake, even if it reveals that the home has safe levels. In our tests, test kits that measure long-term levels—90 days or more—were far more accurate than the one-week tests used by most home inspectors. That’s because radon levels fluctuate day to day and season to season.

Let your home inspector test for radon and use the results as a bargaining chip to ask a seller for a credit if radon is detected. Just don’t think of it as the final word. You’ll still want a more thorough radon test done after the sale has closed.

Need more info? Check the radon information section of the EPA’s website. If you’re buying or selling a home, print out the EPA’s pamphlet on radon and keep it with your files.

Source: https://www.consumerreports.org/

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 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.

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 laws.

We have been seeing a “shift” in our local real estate market.  In the past few weeks I have seen 8-10 foreclosures in just the Lake Oswego real estate market.  This is unusual in that our economy is doing great and I have not seen this many foreclosures to speak of since our last recession.  Is this a sign of things to come for our local real estate market or are lenders releasing some of their recession inventory?

LAKE OSWEGO REAL ESTATE AND THE DREADED “R” WORD

Since I am not an economist, I don’t know the answer to that, but I will be watching our local market.https://lakeoswegorealestateblog.wordpress.com/

Here are some other things I have seen:

  • Inventory has increased, the highest in 3 years this spring and price appreciation is down to single digits except for the Gresham/Troutdale and Mt Hood areas. In my next newsletter, once our stats for the first half of 2018 from RMLS will be published, I will then post what the appreciation rates have been for the first half of this year.
  • Listings are taking longer to sell and in many cases it is now taking a few weeks to get offers vs the few days we had been seeing.
  • When the renters’ law passed in the City of Portland, many saw a slow-down in sales. The uncertainty of rates, massive growth in a few years and still unknowns on multifamily design standards have created a lull.
  • However, for the most part the rise in interest rates has not really affected our local real estate market (at least not yet).
  • Portland area’s home prices climbed slower than the rest of the nation for the first time since 2012.https://lakeoswegorealestateblog.wordpress.com/

We are still in a sellers’ real estate market.  Prices as I have said many times, will continue to increase due to our low inventory.  However, there will be a point in time when buyers will get maxed out. The cyclical laws of boom and bust demand will eventually end.

But the real question – as the Portland metro areas continue to deal with a population boom, a housing-affordability crisis and historically high increases in rents – is when will that happen? “I couldn’t even begin to tell you that,” said Tim Duy, an economics professor at the University of Oregon. “There’s no fundamental law that says it has to end anytime soon

As a Real Estate Broker, part of my job is to keep informed of not just our local Portland metro real estate markets but also what is happening nationally.  For a while now the dreaded “R” word has been creeping up in news articles-namely “R” as in Recession. However, economists weren’t right about the last one and as of now, I am still not worried about the next one.  I have been selling real estate now through the last 5-6 recessions here in our local Portland real estate market. I am not an alarmist, nor am I a pessimist.  What I am is a “realist”. Further, a recession does not mean there will be a housing crisis.

According to the Merriam-Webster Dictionary, a recession is defined as follows: “A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.” A recession means the economy has slowed down markedly. It does not mean we will be experiencing another housing crisis. Obviously, the housing crash of 2008 caused the last recession. However, during the previous five recessions home values appreciated.

Experts have recently weighed in and said that the top three probable triggers for the next recession are:

  • Monetary policy
  • Trade policy
  • A stock market correction

A housing market correction was ranked ninth in probability. Those same experts also projected that home values would continue to appreciate in 2019, 2020, 2021 and 2022. Others agree that housing will not be impacted like it was a decade ago. Mark Fleming, First American’s Chief Economist, explained:

“If a recession is to occur, it is unlikely to be caused by housing-related activity, and therefore the housing sector should be one of the leading sources to come out of the recession.”

And recently, U.S. News and World Report agreed: “Fortunately – and hopefully – the history of recessions and current issues that could harm the economy don’t lead many to believe the housing market crash will repeat itself in an upcoming decline.”

Bottom Line according to economists is that a recession is probably less than two years away. A housing crisis is not.

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 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.

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 laws.

 

Lake Oswego Real Estate Updated Smoke Detector And Carbon Monoxide Law

I was told the other day by a home inspector, that there have been some changes made to the law for installation of Smoke Alarms and Carbon Monoxide Detectors.  Here is the latest:https://lakeoswegorealestateblog.wordpress.com/

Smoke alarms shall be installed in the following locations:

  1. In each sleeping room.
  2. Outside each separate sleeping area in the immediate vicinity of the bedrooms.
  3. On each additional story of the dwelling, including basements, but not including crawl spaces and uninhabitable attics. In dwellings or dwelling units with split levels and without an intervening door between the adjacent levels, a smoke alarm installed on the upper level shall suffice for the adjacent lower level.
  4. Smoke alarms shall be installed not less than 3 feet horizontally from the door or opening of a bathroom that contains a bathtub or shower unless this would prevent placement of a smoke alarm.

When more than one smoke alarm is required to be installed within an individual dwelling unit the alarm devices shall be interconnected in such a manner that the actuation of one alarm will activate all of the alarms in the individual unit. This does not pertain to legally existing dwellings unless work requiring a structural permit is taking place. This information can be found in section R314 of the Oregon Residential Specialty Code.

The installation of smoke alarms and smoke detectors shall comply with the following requirements: 

  1. Smoke alarms and smoke detectors shall not be located where ambient conditions, including humidity and temperature, are outside the limits specified by the manufacturer.
  2. Smoke alarms and smoke detectors shall not be located within unfinished attics or garages or in other spaces where temperatures can fall below 4°C (40°F) or exceed 38°C (100°F).
  3. Where the mounting surface could become considerably warmer or cooler than the room, such as a poorly insulated ceiling below an unfinished attic or an exterior wall, smoke alarms and smoke detectors shall be mounted on an inside wall.
  4. Smoke alarms and smoke detectors installed within a 6.1-m (20-ft) horizontal path of a cooking appliance shall be equipped with an alarm-silencing means or be the photoelectric type but no closer than 10 feet.
  5. Smoke alarms and smoke detectors shall not be installed within a 914-mm (36-in.) horizontal path from a bathroom containing a shower or tub.
  6. Smoke alarms and smoke detectors shall not be installed within a 914-mm (36-in.) horizontal path from the supply registers or return air opening of a forced air heating or cooling system and shall be installed outside of the direct airflow from those openings.
  7. Smoke alarms and smoke detectors shall not be installed within a 914-mm (36-in.) horizontal path from the tip of the blade of a ceiling-suspended (paddle) fan.
  8. Where stairs lead to other occupied levels, a smoke alarm or smoke detector shall be located so that smoke rising in the stairway cannot be prevented from reaching the smoke alarm or smoke detector by an intervening door or obstruction.
  9. For stairways leading up from a basement, smoke alarms or smoke detectors shall be located on the basement ceiling near the entry to the stairs.
  10. Smoke alarms or smoke detectors shall be installed in each sleeping room in the immediate vicinity of all sleeping areas.
  11.  All smoke alarms are to be installed according to the manufacturer’s recommendations.

The National Fire Protection Assn. Article 72 (aka: National Smoke Alarm Code) states that smoke alarms shall not be in service after 10 years. [ref: NFPA 72 – 11.8.1.4 (5)(b) – Smoke alarms installed in one-and two-family dwellings shall not remain in service longer than 10 years from the date of manufacture.] A typical manufacturer and the U.S. Consumer Product Safety Commission recommends replacing smoke alarms every 7-8 years as the sensor weakens.

Carbon monoxide alarms shall be located in each bedroom or within 15 feet outside of each bedroom door. Bedrooms on separate floor levels in a structure consisting of two or more stories shall have separate carbon monoxide alarms serving each story.

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 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.

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 laws.

There is an understood economic theory that when the luxury home market slows down, eventually the mid to low-end local real estate market follows suit. Since I have not posted stats for the Lake Oswego Luxury real estate market for some time, I decided to do some checking as we are seeing a slow-down in some areas of our Portland metro real estate markets.

What I found, was 2018 has been a very robust high-end, luxury real estate market compared to last year.

The following stats are YTD comparing 2017 to 2018 for zip codes 97034, and 97035. These luxury home sale stats are from RMLS™:

YTD Stats Lake Oswego Real Estate Luxury Home Sales 2017 vs 2018

2017 Lake Oswego Real Estate Luxury Home Sales

Summary:

# of Houses Sold = 66
Average Days on the Market = 120 days
Average Sq. Ft. Sold = 4207 sq. ft.
Average Sq. Ft. $ Amt. = $396*
% of Sales Price vs. Original List Price = 93.6%
High Sale = $6,300,000
Low Sale = $999,000

https://lakeoswegorealestateblog.wordpress.com/
2018 Lake Oswego Real Estate Luxury Home Sales

Summary:

# of Houses Sold = 88
Average # Days on the Market = 112
Average Sq. Ft. Sold = 4066 sq. ft.
Average Sq. Ft. $ Amt. = $375*
% of Sales Price vs Original List Price: 96.46%
High Sale = $5,950,000
Low Sale = $999,000

https://lakeoswegorealestateblog.wordpress.com/

*Note: The Average Sq. Ft. cost has decreased from 2017 to 2018.

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 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.

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 laws.

There has been a lot of discussion in the real estate community about a slow-down in our marketplace.

The other day I posted our latest RMLS™ stats for May. Those stats are obviously 30 days behind the current data. The stats I am posting below are from Altos Research and are the most recent stats as of today. There will be a future blog post about our 97034 Lake Oswego zip code too.

In July, when the June RMLS™ stats are posted, I will write a blog post on what the appreciation rate has been for the past 6 months, as I have been following that data for the year.

This Week Stats Zip 97035

Per the stats above, prices in zip code 97035 – Lake Oswego, have increased by 4% but the increase has been cooling. Inventory continues to increase too. While it is still a sellers’ market, that too is slowing. If the inventory in zip code 97035 continues to increase, it will slowly edge towards a buyers’ market, albeit, we are still a long ways off.

Typically, the month of June is not always a busy month here in real estate.  That is mainly because of graduations, weddings, and people starting their vacations.  I am not an economist, and cannot read the data beyond what is presented at the time.  None of us know for sure if this a definite slow-down or if it will be a continuing trend, or if it is only a seasonal blip.

Looking back is far easier to see what the trend has been. Looking forward is far more difficult.  Again, no one has a crystal ball and none of the economists seem to ever get it correct either.

Courtesy: Altos Research and First American Title Insurance Company

Short Sales & Foreclosures

While this most certainly is not on our radar, I have seen several short sales and approximately 5-8 Lake Oswego foreclosures lately.  This, at this point in time really doesn’t mean a lot in its entirety, but I am also watching those properties.

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 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.

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 laws.

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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