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Lake Oswego Real Estate RMLS Market Action Report July 2019

These summer months are just flying bye.  I went to Cannon Beach yesterday and the downtown area was just packed.  Every pub, restaurant and cafe had waiting lines.  The beach itself had more sunbathers that I have ever seen since the weather was absolutely gorgeous. I think our buyers in our Portland metro real estate market are still on vacation and enjoying the last days of Summer.

July Residential Highlights

Closed sales had the strongest numbers this July in the Portland metro area. At 2,994, closing outpaced July 2018 (2,736) by 7.6% and June 2019 (2,756) by 6.8%. This was the strongest July for closings
in the area since 2015, when 3,452 closings were recorded. Buyers seem to be purchasing what little inventory we have had in July.  The number of houses for sale is decreasing as we head into Fall.  Not a good outlook for buyers who want to purchase while rates are low.

Pending Sales

Pending sales, at 2,998, fell 2.4% short of July 2018 (3,071) and 2.8%short of June 2019 (3,083). Similarly, new listings (3,966)ended 8.0% under the 4,312 offered last year in July 2018 and 7.4% under the 4,281 offered last month in June 2019.

Houses For Sale – Inventorybettyjung.com

We have such low inventory and need houses to sell.  Everything that was written about boomers selling their large homes has not come true. Aging in place is becoming the norm and they are not downsizing in the large numbers predicted. In addition, we need more new construction. I have so many buyers looking to purchase and the kind of houses they are looking for just is not out there.  I look 24/7 pretty much as soon as something comes up on our Hot Sheet for sale.  We have had no luck. Heading into Fall I worry there will be even fewer houses for sale.

Inventory decreased slightly in July to end at 2.3 months. During the same period, total market time
rose by one day to 43 days. There were 6,797 active residential listings in the Portland metro area this July.

Year to Date Summary

Activity is mixed so far in 2019 compared with 2018. New listings (26,629) are up 0.7%, while pending sales (18,778) are down 2.3% and closed sales (16,903) are down 3.1%.

Average and Median Sale Prices

There is still appreciation but that level of appreciation has slowed from previous years. Comparing 2019 to 2018 through July, the average sale price has increased 1.0% from $453,600 to $458,300. In the same comparison, the median sale price has increased 2.0% from $400,000 to $408,000.

Buyers – I have Buyers!!! 

I am serious when I say I have buyers looking for different properties in different parts of the Portland metro areas.  Several urgent buyers I have are looking in Tigard, West Linn, Lake Oswego x2, and Beaverton.  Let me know if you are interested in selling and I will try to match your home with my clients who are now looking.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are low and there is still buyer demand. 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.  Or check out my 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! 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 2008-2019. 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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In 1978, when I first started selling real estate in the Portland metro real estate market, my first sale was $14,000 for a house and I sold a $3,000 vacant lot.  I remember that the word $1M was never even in our vocabulary.  It was unheard of that there was a property listed for sale at $1M.  However, sometime later, and I think in the mid 1980s, a colleague of mine sold a $1M property at the coast – it was a golf course.  We had a big party to celebrate her success.  I still remember which golf course and when I drive by it I think of her. After that it took a VERY long time to see another $1M property for sale. For anyone who does not believe that real estate is a good investment, remember this!

Lake Oswego Luxury Housing Market

Recently, I have watching all the properties for sale in the luxury home market in Lake Oswego.  We have a 24/7 “hot sheet” in our RMLS™ as properties get listed/pending/sold they show up immediately on that search.  There continuously seem to be homes coming on the market for $1M++ in Lake Oswego.  I decided to do a search to see exactly how many are currently for sale, how many are pending and how many have sold in 2018 vs. 2019 YTD.

2018 Luxury Homes Sold In Lake Oswego $1M+

bettyjung.com

There were 118 houses sold from January 1, 2018 to August 9, 2018.

Houses sold for 96.42% of the original list price and took an average 101 days on the market to sell. The average sold price in 2018 YTD was $1,509.342.

2019 Luxury Homes Sold In Lake Oswego $1M+

bettyjung.comThere have been 108 sold so far this year from January 1, 2019 to August 9, 2019 YTD.

Houses sold for 94.212% of the original list price and took an average 154 days on the market to sell. The average sold price in 2019 YTD is $1,407,500.

Luxury Home Market Lake Oswego

There has been a softening in prices and a slow-down in this segment of the Lake Oswego real estate market.  It is still a sellers’ market even in this price range with only 1.3 months’ inventory.  However, houses $1M+ are taking slightly longer to sell, and selling for less than asking price compared to 2018.  I will keep watch on this and will try to remember to do an end-of-year post on these stats.

Frankly I am not surprised.  There currently is The highest price for a home in Lake Oswego is currently $6,888,000. I remember when there were houses listed for even higher than the current max on the market today.

Want a home in the $1M+ price range.  You can view the active listings here.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are low and there is still buyer demand. 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.  Or check out my 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! 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 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

 

There has been quite a bit of discussion in a Facebook Real Estate Group I belong to regarding condo sales slowing. Because of those posts, I decided to see what the year-to-date sales have been for the Lake Oswego real estate market for condos, townhouses, and attached homes. These stats are for Lake Oswego zip codes 97034 and 97035 only year-to-date.

2018 Condo Stats Year-To-Date

2019 Condo Stats Year-To-Date

Year To Date Comparison

There really isn’t that much of a difference from 2018 to this year 2019 in the number of sold condo listings. There have been 158 sold as of this date in 2019 compared to 168 sold as of this date in 2018.

Average market time in 2018 was 53 days vs. in 2019 YTD the average days on the market is 56 days.  The average sold price in 2018 was $325,862 while in 2019 YTD the average sold price has increased to $345,328.

There are currently 48 active condos, townhouses or attached homes for sale in zip codes 97034 and 97035.

You can view them here: http://bit.ly/2GUwCHX

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are low and there is still buyer demand. 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.  Or check out my 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! 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 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Below is information you need to know if you own rental property within the State of Oregon and the City of Portland as written and provided by: Kevin A. Eike, JD Attorney at Law – 9830 SW MCKENZIE STREET, TIGARD, OR WWW.KEVINEIKE.COM/WWW.EIKELAWPC.COM

The new laws are not for the faint at heart.  As a landlord and/or tenant you need to know your rights.  If in doubt, I suggest you contact the author of this post or a real estate attorney.

Oregon Senate Bill 608

• No Cause Evictions
• Fixed Term vs. Month to Month Tenancy
• Rent Increases
• City of Portland

SENATE BILL 608

• Oregon is now the first state to enact state wide rent control
• What SB 608 doesn’t impact:
• Termination of month to month or fixed term tenancies in first year (except Portland and
Milwaukie ordinances which require 90 day notice)
• For cause eviction rules
• What SB 608 does impact
• Termination outside 1 year
• No cause evictions
• Rent caps

Oregon Landlord Tenant Act ORS Chapter 90

• Jurisdictions Requirements
• Landlord Rights
• Tenant Rights

OREGON LANDLORD TENANT ACT ORS CHAPTER 90

• Jurisdictional Requirements/Exclusions
• Applies to “dwelling units” including homes, apartments, ADU’s, floating homes, RV
• Does not apply to:
Medical, geriatric, educational, counseling, religious etc. (includes drug and alcohol)
• 90 day or less occupancy as part of a sale “rent back”
• Fraternal or social organization
• Hotels/Motels
• Squatters
• Vacation
• Occupancy by employee if conditional on employment
• Agricultural occupancy

LANDLORD RIGHTS

• Screening
• Crimes (drug related, person crime, sex offense, financial fraud, any other crime if is of nature that
would adversely affect property, health, safety, or right to peaceful enjoyment of landlord or
tenants.
• Cannot consider FED actions resulting in dismissal or more than 5 years old
• Receive prompt rent payments
• Charge security deposit
• Clean, sanitary and free from debris, rodents, vermin, garbage
• Tenant behave and require other persons in a manner that will not disturb use and
enjoyment by neighbors.
• Tenants keep all plumbing as clean as condition permits
• Use electrical, plumbing, HVAC, elevators, and other facilities in a reasonable manner

TENANT RIGHTS

• Written Lease clearly outlining terms which comply with Landlord Tenant
Act and SB 608
• Non discrimination/retaliatory eviction
• Within 31 days or termination, receive written accounting for security
deposit
• Companion animal without pet deposit
• Good faith
• Habitable (no leaks, no mold, working electrical, water, and heat.)

NO CAUSE EVICTIONS

• 5 exemptions from prohibition of evictions for no cause after year 1 of occupancy (90 day notice
and 1 month rent required)
• To demolish or convert to non residential use
• Repair or renovate dwelling unit that is unsafe or unfit for occupancy
• Move in landlord or immediate family member
• Landlord has accepted offer to purchase property from someone who will occupy as residence
• If landlord lives in same property with 2 or fewer units, 60 day notice
• Notice requirements (month to month tenancy)
• First year of occupancy- 30 days
• After first year for exemptions 1-4, 90 days and pay 1 month rent
• After first year for exemption 5, 60 days notice

FIXED TERM RULES AND NOTICE

• Fixed term tenancies no longer expire under their own terms require SB 608 notice,
automatically become month to month unless parties agree to new fixed term
• Within first year (statewide), 30 day notice before expiration
• Within first year (Portland), 90 day notice + relocation expense unless landlord
notified of intent to sell or convert to non dwelling unit prior to lease.
• After first year (statewide), automatically becomes month to month, must fit into
exemption 1-4 above, 90 day notice and one month rent.
• After first year (Portland), if exempt under state law, still have to pay relocation
expense.

THREE STRIKE RULE

• Fixed term tenancy does not automatically renew if tenant violates rental agreement 3 or more times
• Landlord must give written warning each time specifying the violation, stating landlord may terminate the agreement with 3 violations, and tenant cant cure 3rd violation.
• Landlord gives 90 day notice with 3rd violation letter
• No relocation payment required
• Portland: No such exemption

PENALTIES

If Landlord violates and terminates in violation of new rules, 3 months rent, actual damages, attorney fees, costs, disbursements.

RENT INCREASES

• Landlord may not increase rent by more than 7% plus CPI (3.3%) in 12 month period subject to 2
exemptions:
1. New buildings (first certificate of occupancy is less than 15 years from rental agreement
2. Government subsidy reduced rent cases.
• Portland: Landlord may not send a notice of rent increase of 10% or more without triggering relocation
assistance

NOTICE REQUIREMENTS

• 90 days notice
• Amount of increase
• Amount of new rent
• Effective date
• Landlord has exemption and will increase above cap, facts supporting exemption.

RELOCATION ASSISTANCE

• City of Portland
• No cause evictions
• 5 exemptions
• Rent increase of more than 9.99%
• Substantial change in lease terms
• Renter receives no option to renew

EXEMPTIONS TO RELOCATION ASSISTANCE

• Rental agreement for week-to-week tenancies
• Tenants that occupy the same dwelling unit as the landlord
• Tenants that occupy one dwelling unit in a Duplex where the Landlord’s principal residence is the second Dwelling Unit in the same Duplex
• Tenants that occupy an Accessory Dwelling Unit that is subject to the Act in the City of Portland so long as the owner of the Accessory Dwelling Unit lives on the site
• A Landlord who temporarily rents out their principal residence during an absence of not more than 3 years
• A Landlord who temporarily rents out their principal residence during the Landlord’s absence due to active duty military service
• A Dwelling Unit where the Landlord is terminating the Rental Agreement in order for an Immediate Family member to occupy the Dwelling Unit
• A Dwelling Unit regulated or certified as affordable housing by federal, state or local government is exempt from paying Relocation Assistance for a Rent increase of 10 percent or more within a rolling
12-month period:
a. so long as such increase does not increase a Tenant’s portion of the Rent payment by 10 percent or more within a rolling 12-month period; or
b. in Lease Agreements where the Rent or eligibility is periodically calculated based on the Tenant’s income or other program eligibility requirements and a Rent increase is necessary due to program
eligibility requirements or a change in the Tenant’s income.
This exemption by Subsection 30.01.085 I.8. does not apply to private market-rate Dwelling Units with a Tenant who is the recipient of a federal, state, or local government voucher;
This exemption by Subsection 30.01.085 I.8. applies to Rent increases and does not apply to Termination Notices;
• A Dwelling Unit subject to the federal Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970
• A Dwelling Unit rendered immediately uninhabitable not due to the action or inaction of a Landlord or Tenant
• A Dwelling Unit rented for less than 6 months with appropriate verification of the submission of a demolition permit prior to the Tenant renting the unit
• A Dwelling Unit where the Landlord has provided a Fixed Term Tenancy and notified the Tenant prior to occupancy, of the Landlords intent to sell or permanently convert the Dwelling Unit to a use other
than as a Dwelling Unit subject to the Act.

EXEMPTION REQUIREMENTS

• A Landlord is only exempt from paying mandatory Relocation Assistance if the Landlord meets the
following requirements:
• meets the criteria for an exemption listed in administrative rules;
• file the required Relocation Exemption Application (“REA”) form with the Portland Housing Bureau (“PHB”)
• receive an acknowledgment letter from PHB (the “Acknowledgement Letter”)
• Provides a copy of the exemption Acknowledgement Letter to the Tenant prior to:
• a. Issuing an Increase Notice;
b. Issuing a Termination Notice;
c. Declining to renew or replace an expiring Rental Agreement;
d. Issuing a Qualifying Landlord Reason for termination; or
e. Declining to renew or replace an expiring Rental Agreement on substantially the same terms except for the amount of Rent or Associated Housing Costs.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are low and there is still buyer demand. 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.  Or check out my 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! 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 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

HAPPY HOUR Q&A

Join me, Betty Jung-MORE Realty, Denise McMerrick-Castle & Creek Interior Design, and Jake Planton-Two Rivers Mortgage for Happy Hour at the Thirsty Lion at Washington Sq. for a Q&A about real estate, interior design and financing. July 25 from 4 to 6 pm.

Seating is limited. Please RSVP at betty@bettyjung.com

I hope to see you there.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are low and there is still buyer demand. 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.  Or check out my 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! 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 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Here are the latest stats we have – June 2019, from our RMLS™:

June Residential Highlights 

Pending Sales

Pending sales saw the sole gain this June in the Portland metro area.At 3,083, pending sales rose 0.8% compared with June 2018 (3,059) despite decreasing 6.3% from last month in May 2019 (3,292).

New Listings

New listings, at 4,281, fell 5.2% short of the 4,515 new listings offered last year in June 2018 and
12.7% from last month in May 2019 (4,902).

bettyjung.com

Closed Sales

Closed sales performed similarly, ending 6.4% under the 2,946 closings recorded in June 2018 and 7.2% below the 2,969 closings from May
2019.

Inventory

Inventory rose slightly to 2.4
months in June. Total market time
decreased to 42 days in the same
period. There were 6,735 active
residential listings in the Portland
metro area this June.bettyjung.com

Year to Date Summary

Activity is mixed so far in 2019 compared with 2018. New listings (22,599) are up 2.4%, while pending
sales (15,956) are down 2.1% and closed sales (13,842) are down 4.8%.

Average and Median Sale Prices

bettyjung.com

% of Price Change 2017 vs. 2018

Comparing 2019 to 2018 through June, the average sale price has increased 0.7% from $453,400 to $456,700. In the same comparison, the median sale price has increased 1.8% from $400,000 to $407,000.

% of Price

bettyjung.com

% of Price Change 2018 vs. 2019

Change & Yearly Comparisons

You can see by these two images that the % of price appreciation in 2018 increased by 7.1%.  There has been a lot of talk about a slow-down and again, see the % of price change in 2019 and it was only 2.6% for an average sale price.

While prices continued to increase, due to low inventory, there has been a slow down in appreciation.  Yet, some prices (mostly under $600,000, and houses in certain neighborhoods) we are still seeing multiple offers. Those multiple offers that had been for only the eastside and close-in areas, still exist on the westside as well.

We are still facing low inventory levels throughout the Portland metro area.  However, we are close to what the inventory level was in 2018.  In other words, houses for sale have not increased significantly and because of that, prices will continue to rise.

Everything Is Local

The national news media would have you believe the real estate market is shifting towards buyers.  Here in our Portland metro real estate market, we are NOT seeing that.  Everything is local!  Before you make an offer, make sure you know what the area and neighborhood sales have been.  A balanced market is 5-6 months or under 7 months of inventory.  At 2.4 months’ current inventory, we are not even close to a balanced market, let alone a buyer’s market.

I have had several buyers lately thinking they could make low-ball offers to obtain the house of their dreams.  Guess what – that’s not going to work in our current market. If you want that house, or property, you need to “step up to the plate” and offer at least full price or above.  Otherwise, I will guarantee, you will lose out!

Lake Oswego Inventory of Houses For Sale 

Currently, the Lake Oswgeo/West Linn area has 2.8 months’ inventory.  Still low but higher than the over-all Portland metro area.  I have several clients looking in the Lake Oswego and West Linn areas and cannot find them what they are looking for.  Want to sell?  I have buyers.

Interest Rates

Rates are super low and there are rumors of a cut in the interest rate soon.  Don’t put off buying any longer and stop paying your landlord’s mortgage payment!

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are low and there is still buyer demand. 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.  Or check out my 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! 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 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Looking over my transactions from the past several years, I have found that 90% of all my listings and/or sales have had issues with sewers. Many of those sales have had at least 1, 2 or even up to 3 sewer bellies.

WHAT IS A BELLY?

A sewer line belly, sag, or low area, can be identified by a pipe holding water after flow has stopped AND after other causes of pooling water such as debris build up and channeling have been ruled out.

Sewer line bellies or low areas become problems when debris collects and causes a blockage or backup.

Photo Credit: Pipelining Technologies, Inc.

Many homeowners give little thought to the intricately installed sewer lines extending from their home to the main municipal sewer collection lines.

The homeowner’s sewer lines move waste, such as dishwater and toilet refuse, down pipes for eventual treatment and disposal. However, anomalies along the sewer line, such as bellies, can cause sewage problems for the homeowner.

Tree roots can cause a couple of problems for your sewer lines – they can grow into the pipes and cause holes and blockages or they may wrap around your sewer line and crush the line. All the sludge and debris could flow back into the house should there be blockage and/or a belly.

Also, grease is a pipe’s worst enemy.  Many homeowners casually pour their old, used grease from cooking down the drain.  This is the worst thing you could do.  That grease will eventually turn solid which creates a blockage in your pipes.

SEWER SCOPE WHEN BUYING

I recommend to all my buyers when purchasing they have a sewer scope inspection. It costs around $100 for a sewer scope (costs may vary with different companies) but it is an insurance against future costly repairs.  A camera is used to detect any damage from inside the house and the outside of the property.

WHO PAYS FOR SEWER WORK?

This depends where the bellies are located.  If the bellies are located on the property, the homeowner is responsible.  When purchasing a home, after a sewer scope is performed and shows bellies, those type of repairs should be negotiated with a seller.  If the belly is on City, County or another municipalitie’s property, they should be contacted for repair.

SEWER REPAIRS

The best case scenario is to have the sewer pipes lines replaced.  However, some homeowners are opting to have their sewer lines hydro jetted instead at a much lower cost. Sewer line replacement can be quite costly running into the thousands of dollars.

The principle of hydro-jetting sewer lines involves the use of extremely high-pressure water to obliterate blockages. Threaded deep into the sewer pipe at the end of a thin, flexible water line, the head contains tiny jets that dispense hot water at knife-like pressure up to 4000 p.s.i.

Hydro jetting is similar to power washing to clean dirty and clogged pipes. It uses streams that are as strong as 60,000 PSI to dislodge and carry away the debris.  Hydro jetting has proven to be significantly effective in residential housing by removing silt within home plumbing pipes.

HOW OFTEN SHOULD SEWER LINES BE CLEANED?

Plumbing experts say as a good preventive measure, you should have your sewer lines cleaned every 18-22 months.  If you are experiencing problems more often than that, you may need to call a plumber and schedule a sewer scope of your pipes.

A sewer repair may be something that you as a homeowner or homebuyer will be facing.  However, one of the only ways to determine if there is an issue in your sewer line is to pay for a sewer scope.

With our aging housing supply, it will not be unusual to see more sewer bellies.  In fact, the house doesn’t even have to be very old to find blockages.  There have been several sales that I have had where the homes were not that old.

Don’t wait until costly repairs are needed.  If you think there may be an issue with a sewer line, get it taken care of sooner rather than later.  I recently had an inspection of my own sewer line and had no damage.

Photo Credit: Pipelining Technologies, Inc.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are low and there is still buyer demand. 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.  Or check out my 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! 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 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Published today, here are the latest real estate stats for our Portland metro areas.

RMLS™ Market Action Report May 2019

May Residential Highlights

May brought sunny numbers to real estate activity in the Portland metro area. There were 2,969 closed sales, a 5.9% increase over May 2018 (2,803) and a 23.2% increase over April 2019 (2,409). This was the strongest May for closings in the area since 2006, when 3,054 were recorded.bettyjung.com

PENDING SALES

Pending sales (3,292) rose 2.8% from May 2018 (3,201) and 6.1% from April 2019 (3,102).

LISTINGS

There were 4,902 new listings offered, a 5.1% increase from May 2018 (4,665) and a 16.4% increase from April 2019 (4,210). This was the strongest May for new listings since 2008, when 5,182 were offered.

INVENTORY

Inventory decreased slightly to 2.1 months in May, with total market time decreasing to 48 days in the same period.

YEAR TO DATE SUMMARY

Activity is mixed so far in 2019 compared with 2018. New listings(18,257) are up 4.3%, while pending sales (13,011) are down 2.6% and closed sales (10,986) are down 4.4%.

AVERAGE AND MEDIAN SALE PRICES

Comparing 2019 to 2018 through May, the average sale price has increased 0.9% from $448,600 to $452,700. In the same comparison, the median sale price has increased 0.7% from $399,500 to $402,400.

NATIONAL REAL ESTATE MARKET

There has been considerable national news stating that the Portland real estate market is favoring buyers.  This information is NOT true.  Our listing inventory has dropped again this month and we are at 2.1 months of houses for sale.  This is indicating it is still a sellers’ real estate market here in Portland.

As I have stated many times, a normal (average) real estate market is 5-6 months of inventory, or under 7 months.  We are NOT even in a normal market or even close to a buyers’ real estate market.  Everything is local, your neighborhood might be different and even your street might be different as to available houses for sale.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are low and there is still buyer demand. 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.  Or check out my 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! 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 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

SALE PENDING!!

NEW LISTING – West Linn

Hot New Listing. View Here https://lnkd.in/gtN8UKQ

2 bedroom 1 bath fixer 1064 sq. ft. with unfinished 606 sq. ft. basement on .75 acre. Large over-sized 2 car garage with shop area. Territorial views. Private. In area of more expensive homes. Rehab, Add On or Possible Building site. Off the beaten path yet close to Lusher Farm, Lake Oswego, West Linn, I-5 and I 205.

Call for more info 503-804-9685.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are low and there is still buyer demand. 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.  Or check out my 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! 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 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

While we are still seeing low housing inventory in our Portland metro real estate markets, the number of properties coming on the market for sale has increased.

Since I haven’t posted inventory levels for our metro areas in what seems forever, I thought now would be a good time during this busy Summer buying season. Our most recent stats are as of April 2019. Interest rates are super low and it is a good time to purchase.  Sellers are still experiencing higher prices and seeing equity when selling.

Real Estate Inventory By Portland Metro Area

Here are the latest inventory levels from our RMLS™:

  • North Portland = 2.3 months of inventory
  • NE Portland = 1..9 months of inventory
  • SE Portland = 1.8 months of inventory
  • Gresham/Troutdale = 2.2 months of inventory
  • Milwaukie/Clackamas = 2.1 months of inventory
  • Oregon City/Canby = 1.9 months of inventory
  • Lake Oswego/West Linn = 2.9 months of inventory
  • West Portland = 4.0 months of inventory
  • NW Washington County = 2.4 months of inventory
  • Beaverton/Aloha – 1.1 months of inventory
  • Tigard/Wilsonville = 2.1 months of inventory
  • Hillsboro/Forest Grove = 1.9 months of inventory
  • Yamhill County = 2.1 months of inventory

Multiple Offers

I can almost guarantee you, if you are selling or wanting to purchase a home in one of the above areas that have less than 2 months of inventory, you most likely will be looking at multiple offers.  Obviously if the home is priced correctly, or in some cases, below market value, that is what you will be faced with and it will be necessary for you to make the highest and best offer you can.

SW Portland Housing Inventory

SW Portland currently is looking at the highest inventory of houses for sale.  I don’t know if the new rental laws and other tax liabilities is the basis for this or not.  If I see any stats on this I will write a blog post here.

Past Inventory Levels vs Today

And, in case anyone has forgotten, look at the inventory levels from 2008, 2009, and 2010 compared to our current inventory levels:

bettyjung.combettyjung.com

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are low and there is still buyer demand. 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.  Or check out my 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! 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 2008-2019. 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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