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

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

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

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

Closed Sales

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

New Listings

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

Pending Sales

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

Inventory

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

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

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

Average and Median Sale Prices

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

Lake Oswego Stats

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

Thinking of Selling Your Lake Oswego Home?

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

SEARCH FOR REAL ESTATE

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

Moving to Lake Oswego?

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

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

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

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

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

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

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

A Radon Problem Can Be Fixed

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

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

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

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

You Can Ask for a Seller Credit

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

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

A Single Radon Test Offers Only a Snapshot

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

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

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

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

Thinking of Selling Your Lake Oswego Home?

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

SEARCH FOR REAL ESTATE

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

Moving to Lake Oswego?

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

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

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

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

LAKE OSWEGO REAL ESTATE AND THE DREADED “R” WORD

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

Here are some other things I have seen:

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

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

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

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

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

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

  • Monetary policy
  • Trade policy
  • A stock market correction

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

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

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

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

Thinking of Selling Your Lake Oswego Home?

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

SEARCH FOR REAL ESTATE

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

Moving to Lake Oswego?

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

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

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

 

Lake Oswego Real Estate Updated Smoke Detector And Carbon Monoxide Law

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

Smoke alarms shall be installed in the following locations:

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

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

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

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

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

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

Thinking of Selling Your Lake Oswego Home?

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

SEARCH FOR REAL ESTATE

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

Moving to Lake Oswego?

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

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

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

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

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

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

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

2017 Lake Oswego Real Estate Luxury Home Sales

Summary:

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

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

Summary:

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

https://lakeoswegorealestateblog.wordpress.com/

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

Thinking of Selling Your Lake Oswego Home?

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

SEARCH FOR REAL ESTATE

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

Moving to Lake Oswego?

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

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

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

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

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

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

This Week Stats Zip 97035

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

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

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

Courtesy: Altos Research and First American Title Insurance Company

Short Sales & Foreclosures

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

Thinking of Selling Your Lake Oswego Home?

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

SEARCH FOR REAL ESTATE

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

Moving to Lake Oswego?

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

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

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

I was anxiously awaiting our latest RMLS™ Market Action report for May.  Many of the Facebook real estate groups I am in are indicating there has been a slow down. Please note these stats are for the month of May and are 30 days behind the market and does not show what is actually happening today in our Portland metro areal estate markets.

Further, many folks think from April to June is a busy real estate time, when in reality, people start going on vacations, there are graduations, weddings, and people filing their income tax returns and waiting for their tax refunds, if they are fortunate to get one lol.

The increase of listings for sale, will slow the market. There are more and more properties coming on the market for sale, especially in Lake Oswego.

However, I am still seeing multiple offer situations, especially those where I have written offers.

Where I am seeing multiple offers is in the multi family and fixer type of properties. Also houses under $400,000. I have been in two multi offer situations on multi family properties where there were 4 offers on each. In 2 fixer uppers where there were 11-15 offers (and one sold over $100,000 over asking just recently) and where I wrote that offer on a single family home under $400,000, it had 5 offers and another single family home that had 8 offers.

Investors are out there and Portland has a lot of cash. I also am seeing sellers asking ridiculous prices, way over what the neighborhoods will bear, and they are just sitting on the market. In recent open houses I have had at least 15-20 buyers through each time – buyers are out there. However, I think they are tired of seeing escalating home prices and not wanting to pay those higher prices.

RMLS™ Market Action Report May 2018

As inventory levels increase, prices will not escalate as dramatically as we have seen. If those levels continue to increase, and again we are 30 days behind in current market activity, prices will begin to level off.

May Residential Highlights

New Listings

New listings made some gains this May in the Portland metro area. At 4,665, new listings outpaced May 2017 (4,388) by 6.3% and rose 16.9% from last month in April 2018 (3,990). This was the strongest May for new listings since 2008, when 5,182 were offered in the month.https://lakeoswegorealestateblog.wordpress.com/

Closed Sales

Closed sales (2,803) fell 3.2% short of the 2,896 closings recorded last year in May 2017 but showed a11.1% increase from last month in April 2018 (2,523).

Pending Sales

Pending sales (3,201) fared similarly, decreasing 6.8% from May 2017 (3,435) but rising 6.4% from April 2018 (3,008).

Inventory of Houses For Sale

Inventory in the Portland metro area remained unchanged in May.

Days on The Market For Sale

During the same time, total market time decreased by five days to end at 37 days.

Year to Date Summary

Activity so far in 2018 is a little mixed compared to 2017. New listings (17,506) are up 4.9%. Closed sales (11,492) are down 0.2%, and pending sales (13,360) are down 0.8%.

Average and Median Sale Prices

https://lakeoswegorealestateblog.wordpress.com/Comparing 2018 to 2017 through May of each year, the average sale price rose 5.9% from $423,800 to $448,600. In the same comparison, the median sale price rose 8.0 from $370,000 to $399,500.

SUMMARY
We are still in a sellers’ market and will remain in one until our inventory of houses reaches at least 5-6 months. In spite of a lull right now, as soon as we get closer to the start of school, there will once again be a frenzy to purchase. However, the number of active listings have increased, and the number of pending sales (current market activity) has decreased.

There are some that are saying we will have a recession in 2020. I don’t rely heavily on that type of information, as no one has a crystal ball and many predictions have been wrong in the past. My concern however, is that Portland is no longer a “top destination” for move-ins.  We were at #1 for a long time and I have seen some reports that we are in the top 3 and others saying we are now #18. I do know that people moving into our state has also slowed down.

Lake Oswego Real Estate Market

For the month of May 2018, there were 522 active property listings for sale, compared to 2017 at this time when we had only 382.There were also 175 sales in this May vs. 161 in May 2017. In addition, prices have escalated YTD in May 2018 by 7.5% in the Lake Oswego/West Linn real estate markets, compared to 9.1% in 2017. There currently is 2.9 months of houses for sale in Lake Oswego/West Linn. In 2017 in May, there was 2.3 months of inventory available.  I am noticing the number of houses coming on the market in Lake Oswego/West Linn increase since last month.

I have stated many times here that our market has not been as “hot” as it was last year or 2 years ago.There has been a gradual slow-down all along. Our RMLS™, combines stats for Lake Oswego/West Linn.

Thinking of Selling Your Lake Oswego Home?

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

SEARCH FOR REAL ESTATE

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

Moving to Lake Oswego?

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

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

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

As we head into the busiest time of year to purchase a home, perhaps you thought you wouldn’t be able to qualify for a loan, therefore you put your search on hold? Here are some programs you probably can qualify for.  If you need additional help, give me a call or email, and let’s get started with your search. Or if there is additional financing you would like to know about, I can give you that information too.

Lake Oswego Real Estate Clackamas County Low Income Buyer Purchase Programs

Clackamas Home Buyer Assistance Program

Detail Verified 6/1/2018 – Last Updated 4/10/2018

Clackamas Homebuyer Assistance Program is a zero-percent interest deferred-payment loan for up to $14,000 to help qualified first-time homebuyers pay for down payment and reasonable closing costs.

FHA 203(b) Loan

Detail Verified 6/1/2018 – Last Updated 3/21/2014

A standard fixed rate loan for 1-4 family owner occupied houses with 3.5% down payment.

Good Neighbor Next Door

Detail Verified 6/1/2018 – Last Updated 8/11/14

A program for law enforcement officers, pre-kindergarten through 12th grade teachers and firefighters/emergency medical technicians. They can contribute to community revitalization while becoming homeowners through the Housing and Urban Development (HUD) Good Neighbor Next Door Sales Program. Single family properties owned by Housing and Urban Development (HUD) as a result of foreclosure of Federal Housing Administration (FHA)-insured mortgages and located in a Revitalization Area are eligible for sale through special programs at discounts. These Housing and Urban Development (HUD) programs include the Good Neighbor Next Door. Housing and Urban Development (HUD) offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence. Housing and Urban Development (HUD) requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this “silent second” provided that you fulfill the three-year occupancy requirement.

HUD 203(K) Rehabilitation Loan

Detail Verified 6/1/2018- Last Updated 6/12/12

A government sponsored program designed to allow owner-occupants to obtain one loan for the purchase of residential property (1-4 units) in need of rehabilitation, repair, or and/or modernization. Loans include funds for rehabilitation work.

HUD Streamlined 203(K) Limited Repair

Detail Verified 6/1/2018 – Last Updated 6/12/12

A program that permits homebuyers to finance up to $35,000 into their mortgage for home improvements or upgrades before move-in. Property repairs to be identified by a home inspector or Federal Housing Administration (FHA) appraiser.

Oregon State Bond Cash Adv. Home Loan

Detail Verified 6/1/2018 – Last Updated 11/3/14

A program that helps eligible families increase their home purchasing power and lower their monthly house payments to be affordable. Eligible borrowers receive cash assistance to assist with closing costs.

Oregon State Bond Rate Advantage Home Loan

Detail Verified 6/1/2018 – Last Updated 11/3/14

A program that provides eligible borrowers with the lowest fixed rate possible to maximize their home purchasing power.

Section 184 Indian Home Loan Guarantee Program

Detail Verified 6/1/2018 – Last Updated 1/22/2018

A program that provides home ownership opportunities to Native Americans, Tribes, Tribally Designated Housing Entities (TDHEs), through a guaranteed mortgage loan program available through private financial institutions.

USDA Single Family Housing Guaranteed Loan Program

Detail Verified 5/8/2018 – Last Updated 3/4/15

A loan program that provides up to 100% financing for households with an income up to 115% of the median income for the area. The Guarantee eliminates the need for a down payment. Customers receive 30-year loans with fixed interest rates. Guaranteed Single Family Housing Loans are originated by approved mortgage lenders to assist qualified low to moderate income households in eligible rural areas.

USDA Single Family Housing Direct Home Loans

Detail Verified 5/8/2018 – Last Updated 1/22/2018

Also known as the Section 502 Direct Loan Program, this program provides Single Family Housing loans in rural areas to eligible moderate, low, and very low-income applicants who are unable to obtain credit elsewhere. Under this program, low and very low income applicants may obtain 100% United States Department of Agriculture (USDA) direct financing to purchase and/or repair a home. Payment assistance is available. The amount of United States Department of Agriculture (USDA) subsidy varies based on an annual review of household income. The loan may be to purchase and/or repair existing housing, purchase a building site and construct a dwelling, purchase a newly constructed dwelling, or new manufactured housing. These homes must be owned and occupied by the borrower and be in a rural area.

USDA Single Family Housing Repair Loans and Grants

Detail Verified 5/8/2018 – Last Updated 3/4/15

Also known as the Section 504 Home Repair program, this program offering grants and 1% fixed interest rate home repair loans to very low-income homeowners in rural areas and communities with a population of 35,000 or less. Program funds may be used to improve or modernize a home or to remove health and safety hazards for owner-occupied single-family residences.

Thinking of Selling Your Lake Oswego Home?

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

SEARCH FOR REAL ESTATE

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

Moving to Lake Oswego?

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

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

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

It has been a really busy Spring real estate market and forgot to post that I have now been writing my blog for 10 years (originally on a different site that got lost over 7 times in cyberspace!). Who would have guessed I had that much to write about – and I’m not done yet!

Real estate is ever-changing – people are all different, houses are different, situations are different and laws and rules are always changing.

It has always been my belief that the more you know, the better decisions you can make.  Since 1978 I have been writing a newsletter – Jung’s Journal – that I send to my past clients, people I know and to certain neighborhoods in Lake Oswego.  My newsletter contains information that you won’t find here and this blog has information you won’t see in my newsletter or on my Facebook blog either.  I try to make my writings interesting and informative and change things around.

Lake Oswego Real Estate Blog Anniversary

My blog’s formal name is ALL ABOUT…..Lake Oswego Real Estate.  You may be wondering why I called my blog that and why I type the title in a certain way.

You’re probably thinking that since this blog is all about real estate and Lake Oswego thus the name. DO NOT COPY! Well, that isn’t the reason at all. There was a series of children books in the 1950s (now https://lakeoswegorealestateblog.wordpress.com/collectibles) entitled “ALL ABOUT….” Each book was written about a specific and different subject; i.e. “ALL ABOUT…..Park Rangers”, “ALL ABOUT…..the Sea”, etc. Therefore, since real estate is such a vast subject with so many topics, I thought that would be a great name.

My hope over all this time was and still is to keep you informed on the latest real estate happenings in Lake Oswego, its surrounding areas and neighborhoods, writing about Oregon and national real estate trends as well. With my experience and education, I have lots to share and, hopefully, you will personally benefit from all that I have learned. In addition, Lake Oswego, Oregon is a wonderful place to live and I’d like to continue to introduce it to you through my eyes, photographs and words.

Thanks for your continued support and readership.

Thinking of Selling Your Lake Oswego Home?

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

SEARCH FOR REAL ESTATE

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

Moving to Lake Oswego?

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

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

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

This is a topic I have been wanting to write about for some time, and in fact, was asked about this on a listing appointment with a seller just this past weekend.

Lake Oswego Real Estate Love Letters

On my listings, buyers have submitted love letters.  When I have presented an offer, and on occasion when a listing agent asks for one, I too have submitted a love letter.  However, there are many buyers that are reluctant to submit a love letter.Copyright bettyjung.com

Here is a blog post from another real estate agent I know from Facebook who wrote about this topic today.  She is a Principal Broker of her own company and writes on her St. Paul Real Estate Blog. I would like to share her post rather than me trying to reinvent the wheel.

I will share some of my further thoughts at the end of this post:

Real Estate Love Letters

an offer on your home will be accompanied by a “love letter”.  There isn’t anything wrong with a love letter as long as the letter is mainly about the house and how much the buyers like the property.

Buyers could make an offer and include a letter about how much they like the house and admire the gardens and love the neighborhood. I once had a seller who accepted an offer mainly because of a love letter.

Usually, those love letters never make it to my home seller clients. I ask them if they want to see the letter and encourage them to say no. Why would I do that? Because I am concerned about fair housing violations. If a seller chooses one offer over another based on the family status of the offerer or how the buyer looks that might be a fair housing violation.

As a real estate broker and agent, I can not help any of my clients discriminate against anyone who wants to buy a house.

Usually, when I explain fair housing to my clients they decide not to view the buyer’s love letter.

Buyers who choose to write these letters should omit pictures of themselves and their families and focus on the house they are making an offer on. They may want to include personal information about where they work or what they do for a living.

When the buyers do not know the sellers they can put information in the love letter that has a negative impact.  Maybe the house is on the market because of a death or divorce or financial problems.

I meet homeowners who tell me their home should be sold to someone who will fill it with children. Choosing a buyer based on family status is a fair housing violation.

What Should Be In A Love Letter?

As Teresa Boardman explains above and correctly so, it is more important the letter you submit to a seller talks about the house, gardens etc. and why you love the seller’s home, rather than writing about yourself or your family.  I can think of several scenarios where Fair Housing might come into play with love letters being written and presented.

I am not against love letters, but in all the companies I have worked in, our attorneys have said not to write love letters.  Buyers want that extra edge, but they may not get those extra brownie points when writing a love letter.  A love letter should be written carefully, if at all.

Learn more about the Fair Housing Act here.

Thinking of Selling Your Lake Oswego Home?

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

SEARCH FOR REAL ESTATE

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

Moving to Lake Oswego?

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

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

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

Contact Betty Jung

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

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

503-804-9685 Cell

or email:betty@bettyjung.com

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

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