Lake Oswego Real Estate This Week Stats

In the last several weeks, 34% then 37% and now 41% of Lake Oswego real estate listings saw a price reduction. In addition, the median list priced dropped from $897,000 to this week’s $850,000.

I have written several posts indicating I was seeing prices dropping in the Lake Oswego Real Estate market.  Whether this is an on-going trend will need to be determined after several months.  But for now, the prices seem to be dropping in Lake Oswego.

Three quarters of all properties listed in Lake Oswego are still above the jumbo loan limit of $600,000.  Only 1/4 of the listings in Lake Oswego are under $549,925.

If you are a seller, and your home has not sold, it is time to reduce your asking price.  If you are a buyer for Lake Oswego real estate, keep watching my posts to see if this is an on-going trend in our market.

https://lakeoswegorealestateblog.wordpress.com/https://lakeoswegorealestateblog.wordpress.com/https://lakeoswegorealestateblog.wordpress.com/

How To Interpret Characteristics Per Quartile: With the quartiles we take all the active listings and list them from most expensive to least expensive.  We then divide that by 4 so that each segment has the same amount of inventory (combine the inventory for each quartile and it will equal total inventory for said area).  The “New” is any new listings over the last week.  The “Absorbed” is anything that is no longer 100% active (i.e. pending, sold, expired, removed and etc.).

Source:  Altos Research and Tico Title

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. 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 2008-2017. 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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Lake Oswego Real Estate RMLS™ Market Action Report June 2017

June Residential Highlights

It was another good month for new listings this June in the Portland metro area real estate market. There were 4,739 new listings recorded, a 5.3% increase over the 4,501 new listings offered last year in June 2016 and a 8.0% increase over the 4,388 new listings posted last month in May 2017. It was the strongest June for new listings since 2008, when 5,213 were offered for the month.https://lakeoswegorealestateblog.wordpress.com/

Closed Sales

Closed sales, at 3,187, fared 0.9% better than last year in June 2016 (3,158) and 10.0% better than last month in May 2017 (2,896).

Pending Sales

Pending sales, at 3,254, decreased 4.0% compared to June 2016 (3,390) and 5.3% compared to May 2017 (3,435).

Inventory

Inventory snuck up to 1.6 months in June, with total market time decreasing by one day, to end at 38 days.

Year to Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (21,505) are down 1.8%, closed sales (14,866) are down 3.9%, and pending sales (16,572) are down 7.2%.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through June, the average sale price rose 9.8% from $388,800 to $427,000. In the same comparison, the median sale price rose 10.3% from $339,900 to $375,000.

Lake Oswego Real Estate Stats

It seems everyone knows or talks about real estate.  I have clients tell me all the time that their friends told them this or that about the real estate market.  However, what holds true for one neighborhood or area, may or may not be true for another Portland real estate market.

Stats are local.  In other words, what may be happening in Beaverton, most likely is not happening in Lake Oswego for example.  Stats vary street by street, neighborhood by neighborhood.  It is important to know what is happening specifically in your neck of the woods.

I have been reporting on this blog in posts under the category “This Week Stats”, that we had seen a slow down in our Lake Oswego real estate market. I had started noticing it in early May.  Other real estate agents said they had seen it start last November during the elections.  I had been waiting for the RMLS™ Market Update for June to see whether what I thought was true or not.  In fact it is.

Lake Oswego Real Estate

May 2017 had Lake Oswego homes selling in 54 days, June days on the market increased to 71 days.  In addition, the average sales price dropped from May’s $630,400 to June’s $627,600.  Pending sales are also down to -6.9% for Lake Oswego.  May also had 2.3 months of inventory, while in June, Lake Oswego had 2.4 months of inventory.  Compare that to Portland’s 1.6 months of available houses for sale.

Will this be a recurring trend?  I will be keeping an eye on it for sure.

Have questions about your neighborhood?  I can give you the current and correct information!

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. 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 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

 

Oregon Legislative Update

There were a couple of controversial proposals that hit the media and Facebook discussion groups.  I thought you might like to know the outcome of some of the legislation that was proposed.

First Time Home Buyer Savings Accounts, died in committee

 

Oregon is facing an affordable housing crisis. The housing market is suffering because homes are becoming increasingly expensive and it takes too long for many young people and renters to save enough money for a down payment on a home. High rents, student loan payments and wages that don’t keep up with the cost of living are tough obstacles to overcome.

That’s why OAR pursued the Oregon First-Time Homebuyers Savings Program (HB2996 and SB849) – a new idea to help prospective home buyers start saving for their first home.

Unfortunately, despite being well received by a bipartisan group of legislators, neither bill made it to the Governor’s desk for signature. The politics of housing policies caused considerable collateral damage. We will re-introduce the concept in the 2018 short session.

SB 849 – Passed Senate Business and Transportation, died in Senate Revenue
HB 2996 – Passed House Human Services and Housing, died in House Revenue.

HB 3357 – Doc Recording Fee, died in Ways and Means

 

FAs introduced, the bill would have doubled the fee charged and collected by county clerks for real estate document recordings. With housing affordability issues on the forefront of everyone’s mind, this session wasn’t the right time to advance this policy and the bill died in committee. Existing statute directs this fee to be credited to the County Assessment and Taxation Fund which is then distributed as follows: 76% to the General Housing Account, 10% to the Emergency Housing Account, and 14% to the Home Ownership Assistance.

Sent to Ways and Means on April 20, died in committee.

HB 2004-B – Rent Control, died on Senate President’s Desk

 

In the midst of a housing crisis in many parts of the state, HB 2004-B, was intended to address increasing rents and limited supply of rental units. Although well intentioned, the bill presented numerous unintended consequences that would have made the situation worse. Rather than focusing on increasing supply of housing, the bill would have made it more difficult for existing landlords and would have significantly stifled the development of new multifamily units.

While the bill’s allowance for San Francisco style rent control provisions were removed in the Senate, the bill lacked the votes for passage from the Senate.

HB 5037 – Oregon Real Estate Agency Budget & SB 68 – Broker Licensing Fee Increase, both bills passed and were signed by the Governor; HB 5037 on May 15, 2017, Effective July 1, 2017; SB 68 on 5-21, effective Jan. 1, 2018.

 

The Oregon Real Estate Agency is funded entirely with fees paid for professional licenses by brokers, principal brokers and property managers and from publication fees. The Real Estate Agency last instituted a comprehensive fee increase in 1997. The user- specific fees were increased to cover inflationary costs and staff time associated with the provision of services. The Real Estate Agency collaborated with stakeholders over the course of the 2015-17 biennium to gather input, develop the new fee schedule and to inform licensees about the timing and reasons behind the fee proposal.

Senate Bill 68 (2017) increases fees imposed by the Oregon Real Estate Agency and established new fees. The approved fee increases in Senate Bill 68 (2017) are for:

  • License Applications from $230 to $300
  • Active License Renewal from $230 to $300
  • Inactive License Renewal from $110 to $150
  • Late Renewal Fee from $30 to $150
  • Reactivation Fee from $75 to $150
  • Business Name Registration Fee from $230 to $300
  • Branch Office Registration Fee from $10 to $50
  • Escrow Renewal Fee from $300 to $450
  • Escrow Branch Office Renewal from $150 to $225
  • Temporary License Fee from $40 to $150
  • Temporary License Extension Fee from $40 to $150
  • Registered Business Name Renewal Fee established at $50
  • Registered Business Name Change Fee established at $300
  • Continuing Education Provider Application established at $300
  • Escrow Application Fee from $300 to $450
  • Continuing Education Provider Renewal established at $50
  • Escrow Branch Office Application from $150 to $225
SB 67 – Agency ORS Chapter 696 Rewrite, passed, signed by Governor on June 6, 2017, effective Jan. 1, 2018

 

SB 67 made technical fixes to Chapter 696, including updates to language and references and reorganization of some material for readability.

The measure also removed the requirement that a principal real estate broker or real estate broker create a client trust account when they act as a courier by taking a check made out to the seller or lessor from a purchaser or lessee for the purpose of conveying same to the seller or lessor.

This measure also provided that a licensed real estate property manager may not solicit a potential tenant unless they have a written property management agreement with the lessor.

The technical fixes in this concept are the result of a comprehensive review of ORS chapter 696 made to ensure alignment of the language, references and processes described in the chapter.

Put simply, the bill synchronizes terminology and references within Chapter 696, improves readability, and makes technical fixes to issues discovered in the course of applying existing law and through communication with the regulated community.

HB 3099 – Principal Broker Continuing Education, died in committee

 

Introduced late in session, HB 3099 was the product of the “Raise-the-bar” Presidential Workgroup at OAR. Designed to provide principal brokers with specific continuing education to increase professionalism by providing greater guidance to brokers they supervise, the bill was introduced too late in the process to advance.

The concept will be re-introduced in the 2018 short session.

HB 2006 – Mortgage Interest Deduction (HB 3298, HB 2060), died in committee

 

Since its inception over a century ago, the U.S. income tax system has recognized the positive effects of homeownership for families, communities, and society by rewarding home buyers with tax benefits. The result has been a home-owning society that is, in many respects, the envy of the world.

Since the State of Oregon has such a reliance on income tax1 the mortgage interest deduction is tied to the federal code. The code allows an individual to deduct the interest payments on no more than $500,000 of total mortgage debt or $1,000,000 of indebtedness for joint filers.

House Bill 2006 would have eliminated the MID for individuals making $100,000 or more ($200,000 for joint filers). HB 2006 would have also capped the amount of interest that could be deducted for those individuals making under $100,000 ($200,000 for joint filers) at $15,000 on their primary residence. In addition, the bill would have eliminated the MID for second homes.

A deduction of interest helps middle class families when they need it most – at the beginning of their home ownership experience when payments of interest on a loan is greatest. The proposed tax credit was an arbitrary value with no relation to a home’s cost and interest rates on a home loan.

While married couples make up the majority of first-time homebuyers, singe females make the second largest percentage of first-time buyers. They would have been hit particularly hard by the arbitrary income limitations imposed by the bill.

The bill would have also exacerbated the current affordable housing challenges facing our state by making it even more difficult for many families to qualify to purchase homes in places like Portland and close-in suburbs.

While HB 2006 died in committee, the context of the bill was threatened in additional legislation. HB 3298 and HB 2060 were scheduled for work sessions in House Revenue at later dates, after HB 2006 had died in committee. Both bills would have impacted homeownership in negative ways. And, most disturbingly, all of the bills would have been able to advance with simple majority votes, rather than the 3/5 majority needed for bills that increase taxes.

186.9% of the state general fund budget is sourced from personal income taxes (2016-17 Oregon Bluebook).

HB 2771 – Eliminating the Deductibility of Property Taxes, died in committee

 

House Bill 2771 would have phased out the itemized deduction for real property taxes for incomes between $50,000 and $125,000 for single taxpayers and between $100,000 and $250,000 for joint taxpayers. In addition, the bill would have eliminated the ability to deduct property taxes for single tax payers making $125,000 or joint tax payers making $250,000 or more in a year.

When itemized deductions exceed the standard deduction, Oregon taxpayers have the option to itemize deductions. Despite the inequities in Oregon’s property tax system, it provides predictability for Oregon homeowners. We understand that property tax reform is a difficult task, but we need property tax reform that still provides predictability. A bill like HB 2771 distracts from the larger issues that need attention.

There is little connection between property taxes paid, a home’s real market value and a taxpayer’s ability to pay. HB 2771 would have exacerbated the inequities in the system.

HJM 3 – Appraisers: Passed, signed by presiding officers May 18, 2017 & May 22, 2017 and was filed with the Secretary of State on May 22, 2017.

 

Under this House Joint Memorial, the Oregon Legislature highlighted the issue surrounding appraisals in the State of Oregon. The memorial urges Congress to instruct the Appraiser Qualifications Board to develop a temporary standard or accreditation to provide immediate relief from the shortage of real estate appraisal professionals by highlighting the following

HJM 3 supports changes to the minimum appraiser qualifications criteria proposed by the Appraiser Qualifications Board of the Appraisal Foundation, including development of an alternative track for progressing from one State Licensed Appraiser to another.

  • In 2016, more than 62 percent of appraisers were 51 years of age or older, 24 percent were between 36 and 50 years of age and only 13 percent were 35 years of age or younger
  • The present criteria result in an infeasible financial burden, as wages earned by appraisers are not high enough to induce an individual to enter the profession after incurring the costs of a four-year college degree, especially when the degree must be accompanied by a multiple year, and often unpaid, internship.
  • The shortage of appraisers affects rural Oregonians in greater numbers than those in urban areas.
HB 2189-A – Appraisers Record Retention (Statute of Repose), signed by Governor on May 25, 2017

 

Real estate appraisers are subject to a recordkeeping rule through our federal regulatory document, the Uniform Standards of Professional Appraisal Practice. By that rule, appraisers must retain work files for five years after the completion of an appraisal project in most circumstances.

HB 2189 implemented a common-sense solution in marrying liability on that activity to the federal Record Keeping Rule. The bill was changed in the Senate by a friendly amendment to match real estate agents’ limit of liability at six years so the limit is seamless for the public.

The limitation in liability for appraisers would not apply to cases of fraud and misrepresentation, for which the 2-year discovery rule in ORS 12.110 would continue to apply. Most appraisers are small businesses and a lawsuit, or the threat of a lawsuit, can be devastating. We believe that the provisions of HB 2189 will bring certainty to appraisers regarding how long after performing an appraisal they may be sued, and will allow appraisers to adequately manage the risks associated with providing those services.

HB 2501 – Appraiser Shortage, died in committee

 

House Bill 2501 directed the Appraiser Certification and Licensure Board to establish rates of pay for independent contractor appraisers. As a benefit to appraisers, it would have required appraisal management companies to compensate independent contractor appraisers at rates set by the Board. In addition, it would have required appraiser management company to pay appraiser within 31 days, as opposed to 45 days, or according to an agreed upon schedule.

The bill was introduced after several legislators were contacted by constituents telling stories of highly inflated costs for standard appraisals, particularly in the more rural parts of the state.

HB 2748 – Wood Smoke Policy & Funding, signed by Governor on May 23, 2017, effective date July 1, 2017 (DEQ budget not yet signed by Governor)

 

Following a lengthy interim work group on the topic of wood burning smoke, House Bill 2748 was introduced during the 2017 session and contained many recommendations as a result of that work. After considerable public discussion, the bill was eventually amended to allow for funding from both private and public sources, expands the allowable use of funding to replace or remove uncertified stoves, and requires the Oregon Department of Environmental Quality (DEQ) to prioritize grants to areas that are currently in non-attainment or areas that are in substantial risk of being designated as a non-attainment area due to particulate matter. The bill passed with broad bi-partisan support through the legislative process before being signed by Governor Brown on June 21st and became effective July 1, 2017.

In an effort to provide funding for the program, the state has invested $250,000 through the DEQ budget to kick-start the grant program. In a budget year such as this, an initial investment of that magnitude is a success for the program. In the end, the DEQ budget passed through both chambers on a close margin before heading to the Governor’s desk for signature.

SB 812 – Septic Repair/Replacement Policy & Funding, signed by Governor June 6, 2017, effective June 6, 2017 (DEQ budget not yet signed by Governor)

 

Septic system repair and replacement has been a priority of the association for multiple years now. Having previously worked directly with DEQ to provide education for our membership, supporting this low interest loan septic program policy has been a priority over the past few sessions. Following the successful passage of the original septic system repair and replacement program and funding during the 2016 session, it was discovered that technical fixes were necessary in 2017. SB 812 provided those technical fixes, which include: clarifying that an applicant for a low interest loan need not borrow the full amount of the project, clarifies the requirement that the homeowner or business connect to a sewer system if available, and allows for funds to be used for a regional evaluation of a community septic system. The bill passed through the legislature unanimously with the members present and was signed by the Governor on June 16, 2017.

In addition to the policy fixes to the program, there was an additional funding request to help sustain and expand this incredibly successful program. The request was $1.5 million of state investment in the program after receiving $250,000 during the previous session. While we faced a $1.8 billion budget hole to begin the session, we felt this was a critical program and advocated for the full request. In the end, the full $1.5 million ($200,000 of which is for DEQ administration) was allocated through the DEQ budget for the septic program and marks a substantial investment in a successful and important program. In the end, the DEQ budget passed through both chambers on a close margin before heading to the Governor’s desk for signature.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. 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 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

Jobs and The Cost of Housing

Guest Author: Matt Jolivette

Last week we counted our blessings with regard to the shape of the economy. This week we will talk about the release of the June jobs numbers which give us another reading regarding the health of the economy. Overall this reading was stronger than forecasts. Thus far this year, job growth has been solid, with just over one million jobs created in the first half of the year. This compares to 2.2 million jobs created in 2016, which puts the economy on track to match last year’s numbers. Despite strong jobs growth for the month, the unemployment rate rose to 4.4% last month, but that is not necessarily a bad thing, as it typically means that more long-term unemployed are re-entering the workforce.

Just as important as the jobs created, wages increased by 0.2% last month and 2.5% over the last year, which was slightly lower than economists expected. Higher wages are important, because they positively influence consumer spending for big ticket items.

For example, if wages do not go up as fast as the cost of housing, this provides a burden on renters and discourages home buying as well. Recently, home price data for April, as measured by the S&P CoreLogic Case-Shiller National Home Price Index, showed another record high — the fifth consecutive month of new peaks. Does that mean that housing will become unaffordable?

We caution you against reaching that conclusion. The First American Real Home Price Index currently shows that housing prices are still around 33% below their peak. To calculate the “real” cost of housing under the Real Home Price Index, incomes and mortgage rates are used to inflate or deflate house prices which are unadjusted for inflation in order to better reflect consumers’ purchasing power and capture the true cost of housing. It should be noted that lower interest rates do not directly benefit renters.

The message? As long as rates stay low, housing is still more affordable today than it was when peak prices were achieved a decade ago.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. 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 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Lake Oswego Movies In The Park 2017

The movies in the park series starts July 20 through August 10 at dusk (between 8:30-9:30 p.m.) at Millennium Plaza Park in downtown Lake Oswego. Bring low sand chairs.

Here is the schedule:

  • July 20 – Jungle Book (Live Action). Rated PG
  • July 27 – Moana. Rated PG
  • August 3 – Brace. Rated PG
  • August 10 – Sing. Rated PG

Other July Events:

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. 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 2008-2017. 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 This Week Stats as of Monday July 3, 2017

I have been trying to post the report for This Week Stats often because the information is much more current than even some of the RMLS™ information I post here.  Our RMLS™ Market Action Report is always one month behind the market, while This Week Stats reporting is weekly.

There are a few other key things to be aware of that makes this data a bit different than direct from our RMLS™.  It is focused on a 100% active market. Absorbed is commonly referred to as “Sold”. In this report “absorbed” refers to anything that differs from that 100% active state (i.e. pending, expired, removed). Things like DOM (days on the market), are active to “absorbed” (absorbed in the report’s terms). Also this report provides both a 90-day average (trend) and 7-day average that may differ from what a single source provides.

This Week Stats

On June 23, I posted This Week Stats and it showed  Lake Oswego’s Median List Price was $985,000.  This week, the median list price dropped to $897,000.

Also, in that June 23 report, it showed that 36% of properties had a price reduction that week; whereas, this week it shows 37% of listings had reduced their price.

The report this week also shows that days on the market dropped – good for sellers. This week listings were on the market 91 days before they sold (closed) and my last report it took 97 days for a home to sell in Lake Oswego.

https://lakeoswegorealestateblog.wordpress.com/ https://lakeoswegorealestateblog.wordpress.com/ https://lakeoswegorealestateblog.wordpress.com/

How’s The Lake Oswego Real Estate Market?

In this report “How’s the market?” is measured by  the current rate of sale verses the amount of inventory. With 30 being the base, neither buyers market nor sellers market, when the index goes above 30 it implies a sellers market.  Below 30, conditions favor the buyer. It’s supply and demand using a variety of statistics including # of new listings and # of absorbed listings.

However, my June 23 post shows that the index was at 35.3 in June and this week it is 34.6 which means it is slowly trending downwards towards either a balanced market or if it continues to drop below the 30 market, it will be leaning towards a buyer’s market.

Lake Oswego Real Estate Market

I had also reported that as a result of conversations in many of my real estate Facebook groups, agents have been noting a slow down in the market.  I had also stated that I didn’t know if this was just a summer blip or the beginning of a downward trend.  Again, it is way too early to determine whether it is an ongoing trend of just a short-time slowdown.  As the summer continues, I will be watching that and reporting on it here.

Source: Altos Research and Ticor Title

Your Neighborhood – Your Street

If you want to know the value of your home, comparables and value are determined by what is sold in your neighborhood and more specifically, on your street.  Want that information, give me a call.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. 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 2008-2017. 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 Downsizing and Decluttering

I have been wanting to write about this topic going on four years now.  Why four years? The reason is I joined a Facebook Group called “365 Days of Eliminating Crap”.  While I am not a hoarder, and don’t have a lot of collections, I realized that when I built my house in 1988, I moved in and did not go through the process of eliminating anything.  I am also not a shopper, so I don’t buy or bring a lot of things home but still have more than I ever want or need.Picture from dirtyandthirty.com

In addition, one of the many reasons I wanted to write about this subject is because I spend a lot of time helping owners, who are getting ready to list their homes with me, declutter.  One of the things I say all the time is, you are going to move anyway, you might was well start decluttering and packing before you put your home on the market for sale.  Further, buyers want a “move in” ready house and your clutter or possessions will detract from your home.

Here is just a short list of what I have learned during the past four years I have been in the Facebook group “365 Days of Eliminating Crap”.  I started this list quite a while ago and could add many more things I have learned to it, but for now, here’s the short list:

 Decluttering Your Lake Oswego Home

The decluttering FB group rules are that we eliminate 1 item a day or multiples of the same 1 item a day — no more than that. The Facebook group has helped me immensely by doing the following:

  • The group holds me accountable posting pics every day plus provides non-judgmental support.
    It is not enough to empty the contents in baskets or storage containers or rent a storage space, but we get rid of all the clutter plus the containers.
  • We sometimes hold on to things because of guilt.
  • Sometimes we have grandiose ideas of what we want to accomplish or do, so we go out and buy all the supplies because we want to duplicate things we see on line or what Martha Stewart does.  We have the best intentions, but then all the supplies accumulate and we never use them.
  • Making more  conscious decisions and becoming more mindful of what we need to get rid of.
  • If it was a gift and I don’t like or want it, it is always harder to let the item go.
  • Many of my books and paper items link to my childhood, marriage, etc. and those are hard to eliminate.
  • Women have a tendency to hold on to clothes thinking they will fit into them again.  In my case, having lost weight my clothes were all too big and yet I still held on to them as a safety net.  I  had various different sizes.
  • There are many groups, professionals who help declutter, or information that can help you especially on Facebook such as KonMari groups, the 365 group I belong to, Project 333, etc.  Know you are not alone.
  • I am a minimalist and would rather have less than more.  This 365 days group has been an eye opener for me.  People who visit me say they don’t see the clutter I am referring to all the time.  I tell them it is all in drawers, my closets or the garage!
  • I am learning to live with fewer clothes and things. I am learning to do without.  I think of our landfills and know they are loaded with junk, trash and all our stuff! I don’t want to contribute to the landfill.  I recycle, compost and donate items to be reused or to those in need.
  • One of my many issues is I have too many hobbies and interests. I live in curiosity daily but need to pull back on some of those and have.
  • I am also becoming more aware of expiration dates on food products.  Instead of buying because I might need it some day, I now only buy food items when I need them.  Also, using up what I have such as spices, etc. before I buy more.
  • I swear, I walk past stuff in my house everyday and don’t see it or even realize it is clutter. It disappears into the background and decluttering makes you look at things closer.
  • I seem to have multiples of many things.  Now before I shop to replace anything, I look to see if I might already have that item.
  • Clutter is silent. It blends in with our surroundings and we don’t even see it.
  • The older I get the more of a procrastinator I have become.
  • Some things provide comfort. I realize I no longer need things to provide that comfort.
  • There are many topics/crafts I have lost interest in over the years. Interests change as you do so getting rid of items attached to those interests should be eliminated.
  • Do not expect to keep your house clean as you are decluttering. Piles become the norm until items are given away or donated.
  • I no longer need to do crafts to fill my days. Those days are gone. The craft items I have, and many are 30+++ years old, have been donated to places that reuse them.  I now have other interests I want to explore and other things to do.
  • Buy stuff because you think you need it or really want it. I have stopped doing that.  If there is a major purchase I think I want, I don’t buy it until after 1 day or more to consider whether I really need it.
  • Things I haven’t used in at least 1 year get automatically discarded.
  • Going through this process I find items did not know I even had and some are now being put to good use.
  • I no longer save things in case I need them or maybe one day will use them. Instead, I donate them to someone, sell them, donate or recycle all those items.

As mentioned above, this is only a short list of things I have learned from decluttering.  Sometimes it is easier than other times to go through this process.  This group only eliminates 1 item a day, which makes it a whole lot easier.

Staycation To Decluter

4th of July weekend is coming up, or perhaps you are planning a staycation at home this year.  Take some time and start decluttering.  I cannot share with you the feeling I get when things are gone and out of the house.  It has been like a burden has been lifted from my shoulders.  And, you can’t even remember what you had or what you got rid of!

365 Days Of Eliminating Crap

If you want to join the group I am talking about, send me an email and I will send you an “invite” to join this great group.

In another post soon, I will write about what resources are available locally to donate, help with removing your clutter, etc. In the meantime, if you would like that information, or have me stop by to assist you with what you might need to do to get your home ready for sale, let me know.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move. I can help you move forward.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. 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 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

 

Lake Oswego July 4th Events 2017

If you are staying in town for this upcoming holiday weekend, here are the local Lake Oswego 4th of July events:

  • VETERANS OF FOREIGN WARS BARBECUE

George Rogers Park. (611 S. State St., LO) Sunday, July 2, 12 NOON TO 7 P.M. 

Please come support your local VFW Post #12140 as we celebrate Independence Day Weekend. Enjoy great food, play games, and meet local veterans.

Each $10 meal includes a delicious smoked 1/4 chicken, baked beans, coleslaw and roll.  Drinks will be available for $1.

*****Proceeds from the event will support the Post’s local community and veterans assistance programs*****

  • MILLENNIUM CONCERT BANDhttps://lakeoswegorealestateblog.wordpress.com/
    Millennium Plaza Park
    Monday, July 3
    7p
    Begin the 4th of July festivities by enjoying a patriotic concert! Under the direction of Dale Cleland, the band returns for its 15th annual concert under the summer skies at Millennium
    Plaza Park. Delight in marching musical arrangements as well as a rousing tribute to our Armed Forces and the men and women who served in them. Lake Oswego’s Honor Guard begin the evening with their stirring Presentation of Colors.
  • RED, WHITE & PIE
    Millennium Plaza Park
    Tuesday, July 4
    Registration opens at 11a; Contest begins at noon
    Join the hilarity by participating in or cheering on contestants in our Seventh Annual Pie Eating Contest! Commemorate our country’s independence by racing to complete an “All-American” pie. Contest participants must be 18 years or older to enter. Space is limited – register on-site at 11a (after the Star Spangled Parade). Contest begins at noon.
  • STAR SPANGLED PARADE &
    CELEBRATION!
    Millennium Plaza Park
    Tuesday, July 4
    Parade begins at 10a; Celebration continues until 1:30p
    It’s time again to join your friends and neighbors in appreciating our many freedoms! Delight in the throng of festive floats, vibrant vehicles and costumed canines as they march through town to Millennium Plaza Park. The parade features Lake Oswego’s Fire engine, an authentic Fife & Drum Band, Boy Scouts, Girl Scouts, classic cars and more! Patriotic Pets are welcome to join the festivities by dressing up and parading with their owners down A Avenue right behind Lake Oswego’s police cars! Dressed pets can win a prize by registering at the Animal Care Group booth in Millennium Plaza after the parade. Thank you to Animal Care Group, 3996 Douglas Way, for sponsoring this exciting event at our Star Spangled Celebration! Parade Staging begins at 9a at Lake Garden Court (off Iron Mountain Boulevard). All vehicles and large groups MUST preregister with the Parks & Recreation Department to participate in the parade. Space is limited so please limit participation to one vehicle per family or business. Please register with Jamie at jinglis@lakeoswego.city or download the form on the city website, http://www.lakeoswego.city.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move. I can help you move forward.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. 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 2008-2017. 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 Oregon Financing Update

We had a few housing data points out this past week which are important to note. First off, the FHFA’s monthly Home Price Index provided some further evidence of the continued increase in home prices, even amidst the extreme lack of inventory. The monthly increase for April was .7%, bringing the year-over-year increase to 6.8%. If we take a look at the individual numbers, the best performers continue to be the Mountain (+8.9%), South Atlantic (+8.0%), and Pacific (+7.5%) regions.

In other news, New Homes Sales for May rose by 2.8% to a seasonally adjusted rate of 610k. April’s rate of 569k (-11.4%) was revised up to 593k (-7.9%). Apart from volatility in March and April, primarily due to pretty wild sales swings in the West, new home sales have been on a steady average of 605k per month over the past four months.

In a Thursday interview with the Wall Street Journal, St. Louis Fed President Bullard said he supports beginning the process of trimming the Fed’s balance sheet, however he sees no reason for the Fed’s projected rate path to be so steep. Regarding the balance sheet, Bullard would like the Fed to start the cash flow roll-off “sooner rather than later,” adding “We’ve outlined an approach that is going to be very much a go-slow approach, and so I think we could start the ball rolling. It’s going to roll very slowly anyway.” Addressing the recent inflation weakness, he said, “I’m open to the idea that maybe there was just some noise in there, that’s possible, but it looks more broad-based to me, and now with other corroborating factors like the 10yr yield coming down to low levels, oil prices falling, it just doesn’t look like there’s a lot of price pressure.” This is why he says the 3 hikes-a-year pace the Fed continues to project is “unnecessarily aggressive.”

As we look at the markets, interest rates continue to grind sideways, as equities have seen a slight decline to end the week, while crude prices continue to hover near their lowest levels in ten months. Looking at Treasury yields, the 10yr continues to trade our short-term range of ~2.13-2.22% and we expect this range to continue until the next ‘bigger’ headline hits the newswires.

Our bias remains neutral for the time being, however, technical charts still suggest a trade to lower rates is very possible. A break under 2.13% brings the talks of a 2% yield back to the table. If we see the market consolidate and we trade up through the 2.22% level, you can expect the next line in the sand to come in around 2.30%.

Until we have a bigger headline event, we expect to chop throughout the range with possible tests on either extreme. Looking ahead to this week, we have a healthy mix of Fedspeak, along with a few top tier data points with Durable Good and GDP.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated. If you are looking to purchase, this is a great way to search. Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move. I can help you move forward.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. 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 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

The other day in my Google Reader one of the blogs I subscribe to had this as a lead-in headline: Is Your Realtor Doing Her Job?https://lakeoswegorealestateblog.wordpress.com/

The only thing I saw on the blog was a picture of the house and the price. However, that was enough to get me thinking and ask this question:

Do sellers think their job is over once they list their house with a Realtor®? Do sellers just “expect” their house will sell once it’s listed with a Realtor® without continuing the work required and necessary on their end to get their house sold?

Listing And Selling Your Home Is A Two-Way Street

Listing and selling your house is a two-way street and doesn’t stop once you place it on the market. It is a relationship that runs both ways. We are in a partnership together. I need to do my job as your Realtor® but you also need to do your job as a seller. If a house doesn’t sell, it always seems to be the Realtor’s® fault. If there are no showings or no offers, we always seem to get blamed. So what is the seller’s job and/or responsibilities in getting their house sold?

Seller Responsibilities To Get Their Home Sold

  • Did you do all the necessary repairs, prep work, and improvements recommended by your Realtor®? Did you clear out all the clutter? Is there a lawn maintenance schedule arranged?
  • Did you agree to the pricing strategy presented to you by your Realtor®? Did you start the listing at the Realtors’® recommended price? Have you been open to continuously lowering the price as the real estate market changes and when your Realtor® suggests there should be a price reduction? Have you agreed to a pre-determined price reduction schedule?
  • Are you offering a full commission?
  • Are you offering additional terms to open the availability to different buyer financing? Are you willing to pay closing costs, if and where allowed? Are you willing to sell Federal V.A., FHA? Can you offer contract terms?
  • Did you disclose to your agent whether you are underwater? Having financial difficulties? Facing foreclosure or a possible short sale?
  • Is your house accessible and easy to show? Do you vacate the house when it is being shown? Is there a lockbox on your house? A for sale sign? Is the house in good condition when shown?
  • Is there a Home Warranty Protection Plan being offered to the new buyer? Have you made a full and honest disclosure about the condition and features of your house and property?
  • Are you willing to do repairs prior to closing should any be required?
  • Will you be able to offer a quick closing? Quick possession after closing? Did you eliminate any contingencies from your listing such as: “This listing subject to seller finding a suitable property”?
  • Are you in constant conversation or contact with your Realtor®? Do you make yourself available to receive your Realtors® phone calls, emails, text messages, letters, information? Are you likewise in communication with your Realtor® relaying any information, changes in your financial and personal circumstances or situation?

These are only a few things I thought of quickly as I was writing this post and certainly not a complete list. Your job isn’t done just because you’ve entrusted your house with a Realtor®. We’re working together to get your house sold and it requires work and full cooperation from both of us.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move. I can help you move forward.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. 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 2008-2017. 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

Summa Pacific Cascade
4949 Meadows Rd. #100
Lake Oswego, Oregon 97035

Licensed in the State of Oregon

503-804-9685 Cell

or email:betty@bettyjung.com

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

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