A Guide to Lake Oswego Real Estate and Community
Dianne,  Linda & Whitney

Brought to you by Dianne Gregoire, Linda Rossi and Whitney Gregoire, brokers with Oregon First, a professional real estate company licensed with the Oregon Real Estate Agency.

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Home Energy Scores

There are a couple of reasons I feel prompted to talk about home energy scores. First, it’s the middle of January and heating bills are affecting our budgets. Second, the City of Portland’s new requirement for home energy scores went into affect January 1st, 2018. Here in LO we don’t have a requirement for home energy audits to sell a home, but I think what the City of Portland is doing will affect all of the suburbs in the metro area.

A home energy score is an audit done by a licensed and certified professional. It costs about $125 and results in a standardized score of 1 to 10 and also includes an estimation of the energy costs for a particular home. If you live within the city limits of Portland and intend to sell your house, you have got to provide this score to prospective buyers. This is going to make the home energy cost question easy to obtain and to use in comparing homes to buy. I think homes with high scores, meaning very energy efficient, will be in greater demand than homes with low scores. To overcome this, homes with low scores will simply be priced for less to overcome this deficiency. As buyers get used to the availability of this information, I think they will begin to demand similar information outside of the city limits.

With this in mind, I thought it would be helpful to offer you a few simple, and relatively inexpensive ways to save home energy costs. I obtained this list from the Alliance to Save Energy, a National non-profit that was founded in 1977 and brings together professionals from government, business, environmental, and consumer communities. I have limited this list to items you can physically do to your house prior to selling it.

1. Install a programmable thermostat
2. When buying appliances, look for the Energy Star label
3. Install low-flow faucets, shower heads, and toilets
4. Install new, clean air filters
5. Reduce the water heater temperature to 130 degrees
6. Seal off air leaks
7. Insulate attic, walls, and floors.

Alliance also provides some tips for living in the house that will save you money.
1. wash clothes in cold water
2. use window shades to keep the sun out in the summer to cool the house, and to let the sun inside in the winter to heat the house
3. Change light bulbs to be modern halogen incandescent, LED, or CFLs. Notice I don’t recommend these bulbs at the time you are marketing the house. These bulbs often take time to “warm up” and fully illuminate. Unless you leave your lights all on for every showing, these bulbs will not brighten up quickly enough to illuminate a room if it is being shown without the lights already on. You want lots of light when you are marketing your home.

To read the full Alliance recommendations, click here.

A word or two about windows
I am a big fan of architecturally significant and older homes. I think that there is a fine line between updating an older home and ruining an older home. For instance, the beveled glass edges in fine old homes that are often in the living room and dining room of these old homes. What to do? I believe these windows should be preserved. You could consider putting a storm window in front of them, or even just leaving them alone and allowing them to be single pane.

Insulated windows do not provide as much energy savings as is often claimed. The Federal Trade Commission was warned or filed charges against more than a dozen window manufacturers to force them to be truthful in their advertising. Having said that, there is no argument that a double pane window, whether it is via sealed-insulated window, or an old-fashioned storm window, is going to be more energy efficient than a single pane window. Not too mention that single pane windows get condensation on the inside during the winter that can cause water staining and mold. NPR wrote a good article on the subject that you can find by clicking here. The point is, new insulated windows are expensive. If you are on a budget you’ll get a lot more bang for your buck with other measures, like the ones I have listed above.

As always, thanks for reading the blotter.
Dianne

Market Activity Dec 25, 2017-Jan 7, 2018

Being the first posting of the new year, I am happy to say that things are starting off with a bang. The last 2 weeks have brought 21 new listings onto the market, 19 houses have gone into pending status, and 21 properties that are closed/sold. Most exciting is that 1900 Twin Points has gone pending. This is one of Lake Oswego’s most prestigious homes. It on the lake with it’s own small bay and is known for its Asian inspired blue tile roof. Priced at $6,999,000, it’s been on the market for 535 days. Now the curiosity will be watching to see what the final sales price is.

Following is the breakdown for you according to RMLS:

New on the Market (Dec 25, 2017-Jan 7, 2018)

Address Type Price BR Baths Sq Ft
86 Kingsgate Rd #C202 Condo $175,000 2 2 924
668 McVey Ave #46 Condo $274,900 2 1 863
4462 Thunder Vista Ln Condo $314,000 2 2.5 2040
4340 Beasley Way Detached $409,900 3 1 1384
156 Kingsgate Rd Detached $434,900 2 2 2020
8 Sherwood Ct Detached $629,200 3 3.5 3212
33 Hillshire Dr Detached $699,950 4 2.5 2757
17423 Oak Meadow Ln Detached $749,000 3 2.5 3125
3413 Royce Way Detached $769,000 3 2.5 2753
3106 Rosemary Ln Detached $775,000 3 2.5 2717
5693 Victoria Ct Detached $790,000 4 2.5 3540
160 Iron Mountain Blvd Detached $825,000 4 3 3090
15620 Village Dr Detached $995,000 4 2.5 3324
3144 Glenmorrie Dr Detached $998,900 3 2.5 2582
3100 Westview Ct Detached $1,100,000 4 3.5 3725
4743 Upper Dr Detached $1,175,000 4 2.5 3079
4731 Upper Dr Detached $1,195,000 4 2.5 3208
4749 Upper Dr Detached $1,235,000 4 2.5 3285
4660 Wildwood St Detached $1,349,900 4 4 3709
13615 Westlake Dr Detached $1,350,000 4 4.5 4050
893 Cedar St Detached $1,375,000 4 3.5 3740

Pending Sales (Dec 25, 2017-Jan 7, 2018)

Address Type Price BR Baths Sq Ft CDOM
48 Cervantes Cir 3-C Attached $235,000 2 1.5 1368 4
200 Burnham Rd #304 Condo $239,000 2 2 1305 144
668 McVey Ave #84 Condo $239,900 2 1.5 976 117
1470 Boca Ratan Dr Townhse $360,000 3 2 1867 0
4236 Woodside Circle Attached $395,000 3 2 1524 16
918 Lake Front Rd Detached $455,000 2 1 921 3
4978 Galen St Attached $459,000 2 2.5 1552 78
520 2nd St Condo $499,000 2 1.5+.5 1520 24
17380 Marjorie Ave Detached $509,000 4 2 1816 5
5524 Langford Ln Detached $550,000 2 2 2038 96
21 Masaryk St Detached $585,000 4 2.5 2773 59
3220 Duncan Dr Detached $639,000 4 2.5 3042 188
643 Ash St Detached $674,900 4 2.5 2200 3
13265 Fox Run Detached $689,900 4 2.5 2614 34
5925 Sunbrook Dr Detached $699,000 3 2.5 3160 10
17429 Schalit Way Detached $699,900 4 3.5 2823 150
17184 Carlson Ct Detached $720,000 4 3.5 3318 36
830 Cabana Ln Detached $1,249,000 4 3.5 3029 202
1900 Twin Points Rd Detached $6,999,000 5 3.5+.5 6776 535

Sold/Closed (Dec 25, 2017-Jan 7, 2018)

Address Type List Price Sold Price Sq Ft CDOM
100 Kerr Pkwy #59 Condo $194,900 $189,900 823 24
4085 Jefferson Pkwy Condo $309,900 $303,400 1,302 60
1784 Bonniebrae Attached $339,000 $325,000 1,393 19
16724 Roosevelt Ave Detached $399,900 $401,200 1270 112
668 McVey Ave #61 Condo $475,000 $465,000 992 342
17736 Cardinal Ct Detached $535,000 $535,000 2280 29
14307 Camden Ln Detached $599,900 $545,000 1932 116
804 4th St Detached $575,000 $553,000 1396 6
3854 Tempest Dr Detached $575,000 $568,900 1953 43
1625 Fernwood Dr Detached $629,000 $592,500 2182 82
19180 Indian Creek Ave Detached $599,900 $599,900 2392 7
14377 Camden Ln Detached $679,900 $620,000 2530 141
999 Oxford Dr Detached $679,000 $630,000 3118 93
17040 Summer Pl Detached $639,000 $639,000 3186 71
4725 Firwood Rd Detached $675,000 $695,000 2557 3
555 Atwater Rd Detached $925,000 $775,000 4016 127
812 Country Commons Detached $950,000 $860,000 3740 140
910 A Ave Detached $999,000 $920,000 3324 21
14405 Pfeifer Dr Detached $969,900 $921,500 3853 134
5303 Amberwood Ct Detached $999,999 $985,000 3634 15
17656 Kelok Rd Detached $1,238,000 $1,163,000 3290 275

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

Happy Holidays!

We here at the blotter want to wish you all the best of the season. Merry Christmas, Happy chanukah, Happy Kwanza, and just all good wishes to you and your family, no matter the holiday you are celebrating.

We also want to let you know that we are going to take this week and next to be with our family and so the next post will be the week of January 8th. The market activity report will combine two weeks. Please enjoy the respite, as I know that we will.

We may be taking a break from the blotter, but we are also still busy with real estate. Don’t hesitate to get in touch if you need help or have a real estate related question.

Thank you for reading the blotter. Here’s to a happy, healthy, and prosperous 2018!
Dianne, Linda, and Whitney

News & Notes ~ Nov 2017 Data

Here is your look at the most recent data for the entire Portland area and how Lake Oswego fits in to this picture below:

  • According to the RMLS Market Action Report for the Portland Metro Area, November, 2017:
    • There were 2,416 New Listings in Nov 2017 which was up 16.8% from Nov of 2016’s 2,080, and down 19% from Oct of 2017’s total of 2,981.
    • At 2,387, Nov Closed Sales were down 1.9% from Nov 2016’s 2,434, and 6.9% from the previous month/Oct 2017’s total of  2,565.
    • November’s Pending Sales (accepted offers), at 2,371 increased 4.6% from Nov of 2016’s 2,266, and decreased 12.3% from the previous month/Oct 2017’s total of 2,705.
    • The Average Sale Price in November of $425,000 was up $28,000 from November 2016’s $397,000, and down from October 2017’s $438,500 by $13,500.   

November Average Sale Price + Appreciation (last 12 months):

  • North Portland:  $401,600              5.8%
  • NE Portland:  $439,100                   8.3%
  • SE Portland:  $403,500                   8.3%
  • Gresham/Troutdale:   $349,900   11.1%
  • Milwaukie/Clackamas:  $406,000  9.0%
  • Oregon City/Canby:   $377,800      7.7%
  • Lake Oswego/West Linn:$708,000 9.4%
  • West Portland:    $576,100             4.3%
  • NW Washington County:$501,200  8.4%
  • Beaverton/Aloha:     $349,300        9.6%
  • Tigard/Wilsonville:   $453,000        6.9%
  • Hillsboro/Forest Grove: $364,600 11.4%

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for the month of November 2017 reported:

    •  376 Active Listings   
    •  124 New Listings     
    •  111  Pending Sales   
    •  108 Closed Sales  
    • Average Sale Price for Nov: $708,000  
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    • 85  Average Days on the Market

Market Activity ~ Dec 11-17, 2017

Last week saw 7 New properties enter the market in Lake Oswego, 11 move to Pending status, and 14 “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Dec 11-17, 2017)

Address List Price # Beds # Baths Total SF Prop Type
4236 WOODSIDE CIR $395,000 3 2 1524 ATTACHD
16855 GASSNER LN $449,900 4 2 2258 DETACHD
4711 REMBRANDT LN $529,900 3 2.1 2050 DETACHD
14260 UPLANDS DR $600,000 4 3 2984 DETACHD
4729 LAKEVIEW BLVD $679,000 3 2.1 2551 DETACHD
12 DA VINCI ST $684,000 4 3 2959 DETACHD
17537 CARDINAL DR $2,298,000 5 4 5383 DETACHD

PENDING SALES (Dec 11-17, 2017)

Address List Price # Beds # Baths Total SF Prop Type CDOM
1798 KILKENNY RD $559,900 3 2 2323 DETACHD 224
1661 WOODLAND TER $625,000 3 2.1 3178 DETACHD 32
5418 WASHINGTON CT $679,900 3 2.1 2074 DETACHD 64
17585 TREETOP WAY $689,000 4 3 2422 DETACHD 74
1755 KILKENNY RD $799,900 4 3 3164 DETACHD 131
1627 VILLAGE PARK LN $825,000 4 3.1 3203 DETACHD 168
13845 AMBERWOOD CIR $885,000 4 2.1 3277 DETACHD 120
2715 GLEN EAGLES RD $900,000 4 2 2500 DETACHD 130
910 A AVE $999,000 3 2 3324 DETACHD 21
18246 BELLA TERRA DR $1,269,000 4 3.1 4200 DETACHD 311
1972 CHERYL CT $1,999,999 4 4.1 6952 DETACHD 89

SOLD (Dec 11-17, 2017)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
45 EAGLE CREST DR #415 $203,500 $195,000 2 1.1 1056 CONDO 119
200 BURNHAM RD #300 $215,000 $205,000 1 1 973 CONDO 17
6451 MCEWAN RD $379,900 $380,000 3 1.1 1080 DETACHD 9
16215 LAKE FOREST BLVD $424,900 $380,250 3 1 1001 DETACHD 46
19244 BENFIELD AVE $449,000 $455,000 3 2 1182 DETACHD 3
106 GREENRIDGE CT $469,950 $470,700 3 3 3198 ATTACHD 4
5866 RIDGETOP CT $539,000 $509,000 3 2 1866 DETACHD 15
4954 BILFORD LN $575,000 $560,000 2 2 1890 DETACHD 46
13422 VERMEER DR $659,000 $615,000 4 3 2682 DETACHD 29
29 DEL PRADO ST $735,000 $747,000 4 2 3037 DETACHD 7
1350 RIDGECREST DR $1,249,900 $1,100,000 5 3 3534 DETACHD 159
937 Cedar ST $1,350,000 $1,350,000 4 3.1 3938 DETACHD 125
916 LAKE SHORE RD $2,195,000 $1,780,000 4 3.1 3780 DETACHD 141
1000 ATWATER RD $2,695,000 $2,550,000 5 4.2 6531 DETACHD 41

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

Holiday Lights

I think my favorite part of the holiday season are the lights in the evening. It get’s dark by 5pm. The lights coming on actually gets me excited for the dark evenings. So today I thought I share some photos I took yesterday evening at Millennium Plaza Park.

I also highly recommend driving about to view the neighborhoods at this time of year. Probably the most well-known for light displays is Westlake. Edenberry Dr has been named by Redfin as one of the top 5 streets to view the Christmas lights in the Portland area. Then there is First Addition. The City of Lake Oswego is holding a light contest this year. Homes will be judged this evening starting at 5pm. They are giving a special medallion and a $75 gift certificate to the winning home.

I’m also enamored with the variety of lights that are now available. From the old-fashioned bulbs, to multi-striped icicles that flicker in a digital pattern. It’s lovely.

My thanks to the home owners who make the effort. You make the short days and long nights a pleasure.
Happy Holidays!
Dianne

Market Activity Dec 4-10, 2017

Amidst the shopping, trips to the post office, parties, and general hubbub of the holidays, people are still putting their homes up for sale, looking at houses, and making offers. Last week in Lake Oswego there were 8 new listings, 18 homes that went into pending status, and 16 sold/closed sales.

Following is the breakdown for you according to RMLS:

New on the Market (Dec 4-10, 2017)

Address Type Price BR Baths Sq Ft
4 Touchstone #93 Condo $224,900 3 3 1351
5059 Foothills Dr G Condo $319,000 2 2 991
4 Adams Ct Detached $487,000 4 2.5 2287
520 2nd St Condo $499,000 2 1.5+.5 1520
4654 Auburn Ln Attached $624,900 3 3.5 2732
3665 Olson Ct Detached $695,000 4 3 2517
802 Clara Ct Detached $769,000 4 3 2857
18048 Eastridge Ln Detached $1,375,000 4 3.5 4336

Pending Sales (Dec 4-10, 2017)

Address Type Price BR Baths Sq Ft CDOM
100 Kerr Parkway #59 Condo $189,900 2 1.5 823 24
4 Touchstone #148 Condo $224,900 3 2.5 1351 27
204 Cervantes Condo $225,000 3 1.5 1138 27
1784 Bonniebrae Dr Attached $339,000 2 1.5 1393 19
5092 Galen St Detached $424,900 2 2 1178 3
52115 Bonita Rd Detached $495,000 3 2.5 1761 16
3290 Wembley Park Rd Detached $539,500 5 3 2656 62
5059 West Sunset Dr Attached $549,000 2 2.5 1734 73
14307 Camden Ln Detached $560,000 3 2.5 1932 116
804 4th St Detached $575,000 3 1.5 1396 6
8 Westminster Dr Detached $623,000 3 3.5 2258 169
339 6th St Attached $769,000 3 3.5 2258 81
2155 Ridgewood Rd Detached $775,000 4 3 3454 39
1976 Palisades Terrace Dr Detached $865,000 4 2.5 3898 260
14405 Pfeifer Dr Detached $925,000 5 3 3853 134
15800 Oswego Shore Ct Detached $1,155,000 4 3.5 4047 269
1350 Ridgecrest Dr Detached $1,175,000 5 3 3534 159
18137 Meadowlark Ln Detached $1,429,000 4 4.5 5306 90

Sold/Closed (Dec 4-10, 2017)

Address Type List Price Sold Price Sq Ft CDOM
47 Eagle Crest Dr #8 Condo $175,000 $170,000 932 101
5225 Jean Rd #511 Condo $275,000 $275,000 1,400 9
100 Leonard St 2-1 Condo $429,000 $420,000 1,364 24
5907 Kenny St Detached $450,000 $456,000 1300 34
18971 Indian Springs Cir Detached $529,000 $495,000 1312 43
13606 Blazer Trail Detached $525,000 $515,000 1676 19
100 Leonard St 2-2 Condo $525,000 $562,500 2585 79
272 Greenwood Rd Detached $565,000 $562,500 1676 2
1682 Highland Rd Detached $649,000 $587,500 2234 111
624 Livingood Ln Detached $695,000 $685,000 2596 24
4006 Canal Woods Ct Detached $775,000 $768,675 3514 152
2983 Lakeview Blvd Detached $799,000 $786,000 2583 22
16610 Woodsman Ct Detached $799,000 $799,000 3462 8
4296 Sunset Dr Detached $800,000 $800,000 2600 0
17519 Brookhurst Dr Detached $859,000 $820,000 3758 46
12834 Alto Park Rd Detached $1,475,000 $1,365,000 3973 66

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

Energy Effiency

Happy December, Property Blotter Readers!

One of the things we love about living here is the change of the seasons. The seasonal variations are not as marked as in other parts of the country with our snowfall being very periodic and usually short-lived, but we DO get some of that, and of course we get to enjoy our fireplaces and the cozy feeling of getting in out of the cold during winter months. Then in spring we watch the leaves come back, followed by the splendor & blue skies of summer, and fall when the leaves turn brilliant red & gold again.

The summer and the winter present challenges to all of us in terms of energy efficiency. The City of Portland has recently instituted a mandate set to begin in January 2018 that will require all homeowners who put their homes on the market to complete and provide to all potential Buyers a Home Energy Score & report. The score will be displayed on each listing, and the reports must be provided in the home right there with the flyer and other home info. The idea is to increase awareness & reduce the overall carbon footprint in this area, and the program is being instituted in conjunction with other major cities in the United States toward the same end. The comparison is being made to Buyers being able to see MPG rating on a car for instance, to let them know how much it is going to cost them in gas as they compare one vehicle to another. ***Lake Oswego is located in Clackamas County, is not part of the City of Portland, and is therefore exempt from this regulation, but I am bringing it to your attention as this is something Buyers, who are also looking in Portland right next door, will become used to seeing and will likely ask Lake Oswego homeowners about.

Lake Oswego is exempt, as I mentioned, and/but it is always a good idea to check your home’s energy efficiency. Also, this program signals & ushers a new era of expectations on the part of Buyers. The new program is creating a set of “Energy Assessors” in this area available to come to your home and check its systems such as furnace, air conditioning, windows, and insulation. They can, if you like, provide you with a report and an Energy Score that you can use for your own information regarding how you might lower your energy costs. The reports will cost approx $250 depending on the size of the home etc.

Its always best to be “in the know”! Here is a link to information on the Portland program, just FYI: CLICK HERE

Market Activity ~ Nov 27 - Dec 3, 2017

Last week saw 7 New properties enter the market in Lake Oswego, 13 move to Pending status, and 21 “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Nov 27-Dec 3, 2017)

Address List Price # Beds # Baths Total SF Prop Type
100 Kerr PKWY #58 $195,000 2 1.1 822 CONDO
16150 LAKE FOREST BLVD $524,900 2 2 2302 DETACHD
14595 SHERBROOK PL $569,500 3 2.1 2028 DETACHD
12 MORNINGVIEW CIR $635,000 3 2.1 2732 DETACHD
13265 FOX RUN $699,900 4 2.1 2614 DETACHD
17184 CARLSON CT $720,000 4 3.1 3318 DETACHD
STAFFORD RD/Lot 2 $995,000 5 3.1 3258 DETACHD

PENDING SALES (Nov 27-Dec 3, 2017)

Address List Price # Beds # Baths Total SF Prop Type CDOM
90 OSWEGO SMT / Upper $239,500 2 2 1140 CONDO 114
16724 ROOSEVELT AVE $389,900 3 1.1 1270 DETACHD 112
3 MOUNTAIN CIR $429,000 3 2 1464 ATTACHD 39
3845 TEMPEST DR $569,900 4 2.1 1953 DETACHD 43
13758 REGENCY CT $599,900 3 2.1 1986 DETACHD 40
1885 CREST DR $625,000 4 2 2120 DETACHD 132
8 MORNINGVIEW LN $635,000 3 2.1 3277 DETACHD 98
5330 CARMAN GROVE LN $725,500 3 2.1 2442 DETACHD 165
17645 OAK MEADOW LN $749,000 4 2.1 3723 DETACHD 159
103 GARIBALDI ST $775,000 4 3.1 3940 DETACHD 240
15543 VILLAGE DR $878,000 4 2.1 3036 DETACHD 118
5320 SOUTHWOOD DR $915,000 5 3 3646 DETACHD 106
937 Cedar ST $1,350,000 4 3.1 3938 DETACHD 125

SOLD (Nov 27-Dec 3, 2017)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
200 BURNHAM RD#303 $230,000 $214,000 2 1 1199 CONDO 53
54 GALEN ST #54 $239,900 $232,000 2 2 995 CONDO 4
88 GREENRIDGE CT #88 $270,000 $279,000 2 2 1314 ATTACHD 24
30 GREENRIDGE CT $335,000 $330,000 2 1.1 1928 ATTACHD 100
1625 CLOVERLEAF RD $489,900 $440,000 3 2 1996 DETACHD 57
5871 BONITA RD $549,950 $483,000 4 3 2406 DETACHD 421
19240 MAREE CT $525,000 $525,000 3 2.1 1964 DETACHD 2
1575 IVY CT $599,000 $563,500 4 3 2420 DETACHD 75
16 BERNINI CT $620,900 $615,823 4 3.2 4642 DETACHD 22
12 SCARBOROUGH DR $650,000 $620,000 4 2.1 2966 DETACHD 187
17524 ERIN CT $749,900 $675,000 5 3 3008 DETACHD 68
4608 CHELSEA LN $825,000 $825,000 4 2.1 3092 DETACHD 2
5406 LANGFORD LN $845,000 $840,000 3 2.1 3415 DETACHD 5
16039 BONAIRE AVE $860,000 $876,587 3 3 3305 DETACHD 0
1420 MORNING SKY CT $1,049,000 $979,000 4 3.1 3613 DETACHD 73
1011 LAKE SHORE RD $1,195,000 $1,050,000 3 3 2820 DETACHD 69
3519 Lake Grove AVE $1,185,000 $1,125,000 4 2.1 3176 DETACHD 30
3133 DOUGLAS CIR $1,499,000 $1,325,000 4 3.1 3981 DETACHD 150
610 4TH ST $1,565,000 $1,555,000 4 2.1 3470 DETACHD 49
13912 Goodall RD $1,735,000 $1,700,000 4 3.2 4658 DETACHD 84
2430 SUMMIT CT $2,300,000 $1,850,000 3 3 2911 DETACHD 154

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

Value Other Than Money

Owning real estate is a tremendous way to build wealth. Not only are you providing yourself or others a place to live, but you are very likely going to experience the growth of the value of the property over time. So when most of us think about real estate value, we are thinking about what the monetary worth of the property is. This value is extremely important. It will have a major role to play in decisions to buy and to sell. It is really the top priority when value is considered. But there are two other significant factors that also have great value.

Time
Timing is really important as well. Timing plays into things like the termination of a lease, the birth of a baby, relocation for a job. Your life will create circumstances that motivate you to make decisions about buying and selling and these circumstances will move you forward.

Timing is also a super big consideration if you own a home and want to move just for simple circumstances of change. You want a bigger/smaller/one level/bigger garage/different house. How do you coordinate selling one and buying another? Everyone prefers to just move once, and everyone wants to buy the perfect next house. How do you put this together? I counsel people that you have to choose which is of greater importance, the money or the time? If you want to maximize the highest sales price and the lowest purchase price then you need to make the money the priority. You need to put your house on the market and get it under contract before you make an offer on the new house. Then you make the offer on the new house with some negotiating power because you have got your prior house in escrow. This also means that you may not find the perfect next house right away, and you may have to find interum housing while you take time to house hunt. If the idea of selling before you find your perfect house scares you, then you are prioritizing time. You can go shopping, but you have to find a way to buy without having sold. You may end up floating two mortgages if you close on one house without having sold the other. Or you may have to make a contingent offer based upon the sale of your current home. To get the person selling the house you want to buy to give you a chance to do this, you are essentially going to have to make it worth their while. You present a risk to them because your current home may not sell right away. To entice them to take this risk you will likely have to pay full price (or even more than full price) for the next house. In addition, when you finally do list your current home, you are going to need to price it to get it sold quickly. This may be a list price below what you otherwise may have wanted to try.

Good Will
Good will is the reason that I wanted to write this post today. Good will goes a long way and is very beneficial to everyone involved.

Here is the scenario. This is based upon an experience I had about a week ago. I am going to mix up the details a bit to retain people’s privacy, but you’ll get the idea.

I represented buyers who made an offer on a house that has been on the market for 2 months. We offered $9000 below the asking price and asked for the washer, dryer, and refrigerator. The seller countered agreeing to just $4000 below the list price and not including any appliances. My buyers felt that this was in fact something similar to a full price counter offer because the appliances are easily worth $4000. They countered back agreeing that no appliances would be included, but wanting a price $6000 under the list price. We were now just $2000 apart. Then we waited for 2 full days. When we finally got a response, the seller had countered again at $4000 under the list price with no appliances. She had not budged. My clients agreed to these terms and we also realized that this home owner was pretty much tough as nails. Then we had the home inspection. It did not go well. The 9-year-old roof is leaking in multiple places, the furnace needs to be replaced, and the house has aluminum wiring. Each one of these items is expensive. My guess is $25,000 or so in needed repairs. We just didn’t want to negotiate these items with this seller. She agonized over her refrigerator and a couple thousand dollars. We just knew she’d want to nit pic the needed repairs. My buyers walked away. I honestly believe that if they felt like they had gotten more of a win in the negotiation of the offer they would have been motivated to at least attempt to negotiate the repairs.

I want to also say that nobody is out to “get” the other party. Everyone in the sale is wanting the best for themselves, but it goes so much more smoothly when everyone approaches the sale with compassion. So I want to put it out there that good will is important and should be taken into consideration. Be good to one another and set a tone of cooperation. Everyone will win when this happens.

Thanks for reading,
Dianne