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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.

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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.

The concerts in our Lake Oswego Parks will soon be upon as.  Here is the schedule for this year.

Summer Concerts In The Park

Concerts are free – rain or shine. There will be food and beverages to purchase. Bring a sand chair along with some friends!

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still 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.

Southwood Park Neighborhood Annexation Proposal

Update: Southwood Park Annexation = 240 No/145 Yes. Looks like no annexation to Lake Oswego with preliminary vote count.There were 579 registered to vote. Way too many did not vote. Election results won’t be certified until Oct. 2. Interesting. Now what will they do about their water system?

**********

Some of you perhaps know that I have sold 54 houses plus 1 flag lot in the Southwood Park

bettyjung.com

neighborhood. I obviously have a keen interest in this area.

Currently Southwood Park, as it is known {also includes the legal description for Woodland Park and Pats Flats) sits in an unincorporated area of Clackamas County, has a Portland 97219 mailing address, and enjoys Lake Oswego schools.

Southwood Park has 301 parcels and sits on approximately 7.52 acres of land.

The City of Lake Oswego has for years maintained and owned the neighborhood park at the end of 63rd Avenue/63rd Place aka Southwood Park. There is also a pathway in the park that leads down to Westlake/Kruse Way neighborhoods, restaurants and retail areas. It is an easy walk over to Westlake Park and Oak Creek Elementary School as well. Further, prime access to I-5 and 217 make it an extremely popular neighborhood.

For many years both the cities of Portland and Lake Oswego have wanted to incorporate this neighborhood into their respective city. During the recession, both gave up the hope of that happening as neither had enough money to make it become a reality.

bettyjung.com

However, now, the City of Lake Oswego is taking a stance to bring that unincorporated neighborhood under the umbrella of Lake Oswego. The owners of these properties will have a vote to decide that outcome.

City Of Lake Oswego Annexation Proposal

If you are curious about this proposed annexation, you can read about it more here: https://www.ci.oswego.or.us/planning/18-0020-southwood-park-area-voter-annexation

Upcoming Community Meeting

There will be a City Council meeting on June 4 to discuss this and a proposed vote. I will be at that meeting especially since I work in that neighborhood extensively.

Any questions, please give me a shout. Want to know more about this neighborhood? I can help.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still 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.

Once again in our Portland metro real estate market, we are finding ourselves in yet another sellers’ market.  If you are still on the fence about selling your home, now is still a good time.  Prices are still increasing and in fact have increased by 3.6%.

Granted the appreciation level has slowed down.  Lake Oswego saw only 2.8% price appreciation within the last 12 months and pending sales in Lake Oswego/West Linn are down by -15.6% ytd. All in all, still a good time to buy and still a good time to sell. If you are waiting to do either, don’t wait too long!bettyjung.com

However, some agents are sweating low appraisals on listings and are receiving them, but there are still multiple offers in some areas and in certain price ranges.  Right now houses under $500,000 seem to be “hot”.  Investors buying multi-family properties are also facing multiple offers and well over list price offers are being accepted.

While listings are increasing, we still are not at a normal real estate market.  5-6 months of inventory is needed to be at what is considered “normal”.  Lake Oswego/West Linn currently has 2.9 months of inventory, a higher level than the Portland metro area at 2.2 months, but well below a normal market too. Again, if inventory of houses for sale does not increase, prices will continue to increase too as we have seen; albeit, not at a high level of appreciation as in the past however.  But summer is coming, and while most think that is a busy time, it is not.  There are weddings, graduations, vacations, etc etc which does slow down the market specifically in June. So if you are a buyer, June might reward you with making a good purchase.

bettyjung.com

April Residential Highlights

The Portland metro area saw mostly gains this April, with new listings leading the way.

There were 4,210 new listings, a 5.5% increase over April 2018 (3,990) and a 20.1% increase over the 3,504 offered last month in March 2019. This was the strongest April for new listings in the area since 2010, when 4,713 were offered.

Pending Sales

Pending sales, at 3,102 in April, increased 3.1% over April 2018 (3,008) and 13.3% over March 201 (2,738).

Closed Sales

There were 2,409 closings in the region in April, a 10.4% increase over March 2019 (2,183) but a decrease of 4.5% from the 2,523 closings recorded last year in April 2018.

Days On The Market

Total market time decreased in April to 53 days, with inventory holding steady at 2.2 months. There were 5,400 active residential listings in the Portland metro area in April.

Average And Median Sale Prices

Comparing 2019 to 2018 through April, the average sale price has increased 0.3% from $444,600 to
$445,900. In the same comparison, the median sale price has increased 1.2% from $395,000 to $399,600.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still 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.

It has been some time since I have posted “This Week Stats”.  For previous posts, you can view them here.

Here are the stats for Lake Oswego Zip Code 97035.  If you are interested in another zip code, neighborhood or area, please let me know and I would be happy to provide you that information.

Lake Oswego This Week Stats Zip Code 97035

bettyjung.com bettyjung.com bettyjung.com

Summary:

It is still a sellers’ market throughout Lake Oswego but days on the market have increased.  The higher the price, the longer the market time.

The median list price is at $799,950 and 39% of those properties currently on the market have had a price reduction.  In addition, 18% of those that were on the market relisted their homes when it did not sell.

By the way, the most expensive home currently on the market in zip code 97035 is $5,495,000.  If you want to view it, give me a call.

Source: First American Title Company and Altos Research

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still 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.

Lake Oswego Real Estate RMLS™ Market Action Report March 2019

“Yes Virginia” there is a sellers’ market in the Portland metro area.  And, we have had a sellers’ market going back several years now. Here is what happened in our Portland metro real estate market from our RMLS™ ending the first quarter of 2019!

March Residential Highlights

March brought some gains to the Portland metro area, but all measures were cooler than last year in March 2018.

Listings

There were 3,504 new listings, a 43.4% increase over February 2019 (2,444) but new listings fell 3.9% short of the 3,648 new listings offered last year in March 2018.

Pending Sales

Pending sales (2,738) ended 5.4% below the 2,894 offers accepted last year in March 2018 but rose 24.0% over the 2,208 offers accepted last month in February 2019.

Closed Sales

Closed sales, at 2,183 in March, fared similarly, ending 7.9% below the 2,371 closings recorded in March
2018 but rising 26.5% from last month in February 2019 when 1,726 closings were recorded.

Inventory of Houses for Salebettyjung.com

Inventory decreased to 2.2 months in March, with total market time decreasing to 68 days. There were 4,808 active residential listings on the market in the Portland metro area this March.

Average and Median Sale Prices

Comparing the average price of homes sold in the twelve months ending March 31st of this year ($452,700) with the average price of homes in the twelve months ending March 2018 ($434,800) shows an increase of 4.1%. In the same comparison, the median has increased 3.9% from $385,000 to
$400,000.

Lake Oswego Real Estate Market

Our Lake Oswego Real Estate market had low appreciation this quarter and only increased slightly. The average price % change for Lake Oswego/West Linn was only 2.2%. There were other areas in our local Portland real estate market that saw similar appreciation rates and even lower, and one area in particular, had no appreciation during this First Quarter 2019.

I will write a different blog post just about the appreciation rates for our Portland metro area, first quarter 2019, at another time soon.

However, things are certainly not negative as we are STILL seeing multiple offers, prices are still increasing, and we still have low interest rates. The multiple offers are not as wide-spread as in year’s past, but please buyers, get pre approved.  Know that you will be in competition with other offers and you really, really need to come up in price considerably if you want that property.

Get Pre-Approved

After all this time, I have written about it constantly, and you see it in the media, get pre approved!!  If you saw the property of your dreams today, you could not purchase it without being pre approved and having a pre approval letter in your hand BEFORE you make an offer.  As agents, we are not presenting offers if you do not have a pre approval letter.  Sellers don’t even want us to show their homes unless you are pre approved, and rightfully so.  We are very serious when we request you go through the pre approval process.

Lake Oswego Highlights

It took 94 days to sell a home during the First Quarter 2019 in West Linn/Lake Oswego.  Much higher than for the over-all Portland metro real estate market, which was 68 days.  The West Linn/Lake Oswego had more houses on the market for sale too and the inventory level was 3 months for the end of the first quarter.  Portland as noted above has 2.2 months’ inventory.

However, even at that level of inventory, the West Linn/Lake Oswego market is still also a sellers’ real estate market. When you look at the number of homes currently for sale in West Linn/Lake Oswego, there are only 326 active listings for sale, a relatively low number for both areas.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still 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.

Lake Oswego Real Estate Refinancing Woes When Selling

There has been a trend in our Portland real estate market that as Real Estate Agents we have been seeing lately, but there has been little to no press covering this.  Will this trend continue?

Using All Your Equity When Refinancing

Lately we are seeing Sellers who have refinanced their homes in the past several years when the appreciation rate was at high percentages.  However, the market has slowed down.  Now many of those same homeowners are wanting to sell and they have little to no equity left in their homes due to refinancing.

Homeowners perhaps thought since the real estate market had been going up and up, it would continue to increase. They now have cashed out their equity and in many cases cannot afford to sell.

Some homeowners perhaps thought they would pull equity from their homes with the expectation that we would continue seeing increases at 9% a year forever.  They used their equity to pay off bills or buy things that had little to no value and definitely no return on their investment.

Interest Rates

Interest rates are still low.  If you are considering refinancing, consider your family’s long-range goals.  If you plan on staying in your home for a short time – under 3-5 years – it may not be the smartest choice to refinance. Courtesy Mike Popnoe, Sierra Pacific Mortgage

Many homeowners have gained considerable equity due to those higher appreciation rates but if you are wanting to move and purchase another home, you will need all that unearned equity you have gained.

Granted there are times you might really need to refinance – if you have a high interest rate loan and you want to reduce your payments.  Perhaps you want to buy investment properties or a vacation home where you want to retire.

Too many people are living paycheck to paycheck and may need to cash in some of their equity.  But if you plan to sell and move within the next few years, rethink tapping into your equity as it could hurt you when time to sell.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still 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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