A Guide to Lake Oswego Real Estate and Community
Dianne and Linda

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

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Market Activity ~ Sept 17-23, 2018

Greetings Property Blotter Readers!

Well, fall is upon is. Activity continues & though it has slowed, it remains steady. There are 312 homes for sale in Lake Oswego. Last week 9 New properties entered the market, 17 moved to Pending status, and 19 were “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Sep 17-23, 2018)

Address List Price # Beds # Baths Total SF Prop Type
6880 SW MONTAUK CIR #6882 $220,000 2 1 924 CONDO
204 RIDGEWAY RD #204 $239,000 1 1 778 CONDO
668 MCVEY AVE #35 $280,000 1 1 636 CONDO
5711 MCEWAN RD $384,900 3 1 1467 DETACHD
6096 HARRINGTON AVE $469,500 3 2 2833 DETACHD
1196 OXFORD DR $489,000 4 3 2704 DETACHD
3306 EDGEMONT RD $585,000 4 2 1733 DETACHD
14580 UPLANDS DR $799,000 3 3 2120 DETACHD
14520 PFEIFER DR $909,000 4 3.1 4013 DETACHD

PENDING SALES (Sep 17-23, 2018)

Address List Price # Beds # Baths Total SF Prop Type CDOM
6925 SW MONTAUK CIR / Grnd $215,000 2 1 927 CONDO 8
196 RIDGEWAY RD / Grnd 320500 – 325900 3 2 1659 CONDO 6
1418 BOCA RATAN DR $375,000 4 2 1611 TOWNHSE 25
5305 KENNY ST $425,000 3 1 1170 DETACHD 16
5540 MCEWAN RD $458,000 3 3 1898 DETACHD 104
14311 SHERBROOK PL $498,000 3 2 1702 DETACHD 9
14 OTHELLO ST $614,900 4 2.1 2538 DETACHD 183
5156 GREENSBOROUGH CT $659,900 4 2.1 2462 DETACHD 4
12 DA VINCI ST $734,000 4 3 2959 DETACHD 56
5099 LAKEVIEW BLVD $824,900 3 3.1 2747 DETACHD 84
19463 LORNA LN $975,000 4 3.1 4055 DETACHD 88
13613 PROVINCIAL HILL WAY $999,500 5 3.1 4327 DETACHD 171
17600 UPPER CHERRY LN $1,075,000 4 3.1 3900 DETACHD 100
13589 ROGERS RD $1,084,900 4 4 3302 DETACHD 123
554 4TH ST $1,195,000 4 4.2 3376 TOWNHSE 243
13575 MEADOWCREEK LN $1,199,500 4 2.1 3370 DETACHD 116
3487 LAKE GROVE AVE $1,275,000 4 3.1 3473 DETACHD 27

SOLD (Sep 17-23, 2018)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #30 $166,500 $166,500 1 1 617 CONDO 6
4615 LAKEVIEW BLVD / Grnd $199,900 $189,000 1 1 753 CONDO 31
4000 CARMAN DR #E74 $204,900 $200,000 2 2 836 CONDO 56
4000 CARMAN DR #50 $244,900 $239,000 1 1 890 CONDO 140
12848 BOONES FERRY RD $389,900 $389,900 2 2.1 1182 CONDO 34
668 MCVEY AVE #58 $415,000 $415,000 3 1.1 992 CONDO 92
4837 REDWING WAY $429,900 $435,000 3 1.1 1180 DETACHD 3
4366 WOODSIDE CIR $437,500 $435,000 3 2.1 1963 ATTACHD 47
72 WHEATHERSTONE $439,900 $439,900 3 3.1 2465 CONDO 5
1115 OAK TER $498,000 $500,000 4 2.1 1880 DETACHD 12
17143 REBECCA LN $547,000 $515,000 3 2.1 1943 DETACHD 45
5475 WILLOW CT $575,000 $520,000 3 2.1 2438 ATTACHD 63
1565 MEADOWS DR $540,000 $537,000 3 2.1 2508 DETACHD 3
16942 CANAL CIR $675,000 $675,000 3 2 1551 DETACHD 6
2719 GREENTREE RD $689,000 $722,500 5 3.1 3886 DETACHD 3
18909 65TH AVE $1,050,000 $840,000 4 2 4858 DETACHD 16
14117 BARRINGTON CT $1,095,000 $1,060,000 4 3 3503 DETACHD 37
2212 GLENMORRIE LN $1,150,000 $1,110,000 5 2.1 3722 DETACHD 28
1056 BAYBERRY RD $1,549,000 $1,510,000 4 4 3805 DETACHD 124

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.

Get Competitive and Get It Sold

5700 Ridgetop, sale pending

There has been a shift in the real estate market over the last 6 months. The shift has been away from a sellers market where buyers were aggressively making full-price or better offers, writing emotional letters to convince sellers to pick them as the buyer, and doing whatever it takes to get into escrow on a house that they wanted. Today it is much different. The market has slowed down. Today houses are staying on the market longer and buyers are in a position to negotiate with sellers for prices and terms that are more to their liking.

I don’t want to imply that the market is diving. It is not. What it is, I would characterize, as being more balanced. Yes, prices have leveled off. Average market time is a bit longer, but a well-priced and properly staged home will still sell in days and at asking price or better.

$674,000, sold in 8 days

When there is a shift in the market it isn’t obvious until a couple of months into the change. This means that last spring, say in about April, Realtors were not yet aware of the change. At that point we were still thinking it was a seller’s market. It is highly normal for a person selling their home to want to get every dollar possible out of the sale. In a seller’s market this allows sellers to learn of the current value and then wishfully add on an extra $10,000 or so. It worked when the market was in their favor, but it doesn’t work when the shift is happening to favor buyers. This means that many homes listed last spring were over-priced and have languished on the market. If you are following the market with an app such as zillow or redfin, you are getting lots of push alerts about price reductions. Those are the houses that were priced too high and not reflective of what is actually happening.

So what if you want to sell your house in this climate? You’ve got to get competitive and you will win. What do you need to do to get competitive? You need to do the work of getting your house ready and then pricing it for what it is actually worth and not for what you wish you could get out of it.

Properly prepared, properly priced

Getting your house ready means cleaning and repairing it is much as possible. This past week I wrote an offer for a client on a house with broken and missing bedroom doors, as well as a back yard that a large dog has torn up and gotten the siding on the back of the house extremely muddy. It would take a weekend for the home owners to pressure wash the back of the house, put out some pots with flowers in them, and replace about 6 doors. I don’t know the exact cost but I’d put it at under $1000. The reward would be a much more desirable property and, I believe, would get them about $10,000 more in the selling of their home. This offer did not come together. The home owners simply are not being reasonable about the condition of their home as it relates to the list price.

That is a nice segway into proper pricing. Your home needs to be priced to reflect the recent sale of similar homes in your neighborhood. It is worth what the market is demonstrating that it is worth.

This is not rocket science. Properly prepare your home and then properly price it. You’ll realize a good sale, at the best value of the current market, and you won’t be sitting on it hoping for a buyer to come along 4 or 5 months from now.

Please let Linda or I know if you have any questions. In addition, don’t hesitate to reach out to either one of us if you are wondering what your home is currently worth. We are happy to help!
Dianne

Market Activity Sept 10-16, 2018

I think we are at an interesting juncture in the real estate market. We have all heard of a “buyer’s” market, where buyers are in control, and a “seller’s” market, where sellers get what they want. I think right now our market is very balanced. I look at the closed and pending sales from last week, combined they equal 41 properties, and 13 of them, about 25%, sold in less than 2 weeks. 11 took more than 3 months to sell. Bottom line is price your property right and you will sell quickly and likely have a very smooth transaction. Over pricing leads to extended market time. That is just how it works.

Last week in Lake Oswego we had 17 new listings, 21 properties go into pending status, and 20 closed/sold homes.

Following is the breakdown for you according to RMLS:

New on the Market (Sept 10-16, 2018)

Address Type Price BR Baths Sq Ft
100 Kerr Parkway #19 Condo $169,900 1 1 617
6925 Montauk Circle Condo $215,000 2 1 927
4 Touchstone #155 Condo $219,900 3 2.5 1351
5225 Jean Rd Condo $264,900 2 2 1098
4043 Jefferson Parkway Condo $289,900 2 2.5 1182
110 Kingsgate Rd Detached $494,900 3 2.5 1669
14311 Sherbrook Pl Detached $498,000 3 2 1702
63 Greenridge Ct Attached $549,000 3 2 1789
17 Laurel St Detached $575,000 3 1.5 3096
6474 Frost St Detached $649,900 4 2.5 2216
6123 Frost Ln Detached $650,000 4 2.5 2338
1010 Upper Devon Ln Detached $699,000 4 2.5 3066
6044 Clairmont Ct Detached $989,900 4 2.5 3430
1813 Palisades Lake Ct Detached $1,015,000 5 3.5 4119
19114 35th Pl Detached $1,200,000 4 4.5 5447
19025 Hilltop Detached $1,975,000 5 4 5015
4101 Southshore Blvd Detached $3,995,000 3 3.5 3707

Pending Sales (Sept 10-16, 2018)

Address Type Price BR Baths Sq Ft CDOM
39 Oswego Summit Condo $220,000 2 2 1212 88
4652 Lower Dr Condo $220,000 2 1.5 1170 64
1033 Hallinan St Detached $414,900 3 1 936 16
4301 Collins Way Detached $519,000 3 2 1617 21
17310 Canyon Dr Detached $550,000 5 3 2716 106
775 Boca Ratan Dr Detached $550,000 4 3.5 2710 113
553 6th St Detached $579,000 1 1 1876 38
36 Westridge Dr Detached $584,999 4 3 2803 59
145 Del Prado St Detached $600,000 3 2 2137 25
17036 Crestview Dr Detached $620,000 4 3 2768 91
13055 Princeton Ct Detached $625,000 4 2.5 3142 42
4515 Oakridge Rd Attached $630,000 3 2.5 1981 124
5700 Ridgetop Ct Detached $674,000 4 2.5 2737 8
17436 Wren Ct Detached $715,000 3 3 2311 32
2013 Ridgewood Rd Detached $734,300 4 2.5 3181 79
350 6th ST Detached $749,000 3 3 2329 70
4896 Hastings Dr Detached $799,900 4 2.5 2785 2
452 7th St Detached $1,050,000 4 2.5 2600 61
2277 Summit Dr Detached $1,150,000 4 3.5 4659 66
3817 Upper Dr Detached $1,629,000 4 3.5 4246 3
2090 Crest Dr Detached $1,695,000 3 2.5 3258 59

Sold/Closed (Sept 10-16, 2018)

Address Type List Price Sold Price Sq Ft CDOM
92 Oswego Summit Condo $175,000 $175,000 764 2
109 Oswego Summit Condo $234,900 $237,900 1212 4
236 Ridgeway Rd 16A Condo $250,000 $250,000 914 10
5225 Jean Rd #501 Condo $349,900 $349,900 1500 6
9 Oriole Ln Detached $429,000 $411,000 1928 159
16060 Bonaire Ave Detached $389,000 $450,000 960 3
1660 Woodland Terrace Detached $509,000 $497,090 2728 188
17141 Hofer Ct Detached $515,000 $530,750 2076 5
1459 Greentree Circle Detached $595,000 550000% 1716 29
2401 Hillside Dr Detached $649,900 $649,900 3342 15
1435 Greentree Circle Detached $650,000 $650,000 2269 2
55 Northshore Rd #1 Condo $759,000 $765,000 2750 54
17682 Stafford Rd Detached $975,000 $975,000 3313 74
1828 Egan Way Detached $1,195,000 $1,050,000 3779 340
1563 Bay View Ln Detached $1,740,000 $1,057,000 5615 396
790 Terrace Dr Detached $1,195,000 $1,112,500 3734 125
17210 Cedar Rd Detached $2,095,000 $1,875,000 2813 40
260 Iron Mountain Blvd Detached $2,798,000 $2,400,000 6048 802
13188 Twin Creek Ct Detached $859,000 $850,000 3480 20
418 Northshore Rd Detached $1,098,000 $935,000 2838 190

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.

Support Local Businesses!

A rare bit of personal whimsy from me on this page~ My Dad had a philosophy about “cheering for the underdog”. I am pretty supportive of great success, so have never really waved this flag high, and am enthusiastic about “big”…as long as it’s Good. 😉 I DO have a long-standing preference for supporting smaller, sometimes family-owned businesses. I married a man who Loves animals, and so founded and runs a natural pet supply store. I like these kinds of people. So, when you work with me, the list of contractors I recommend are people I’ve usually known for some time, are licensed, bonded and trustworthy, and have a history of doing great work for often less than “big” cost. Just musing about that and the origins. ***Support local business!***

Market Activity ~ Sept 3-9, 2018

Greetings Property Blotter readers1

There are 315 homes for sale in Lake Oswego. Last week 18 New properties entered the market, 12 moved to Pending status, and 18 were “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Sep 3-9, 2018)

Address List Price # Beds # Baths Total SF Prop Type
3668 SPRING LN/Upper $284,900 2 2 1117 CONDO
4433 THUNDER VISTA LN/Grnd $370,000 3 2.1 2002 CONDO
5305 KENNY ST $425,000 3 1 1170 DETACHD
391 LIVINGOOD LN $540,000 5 3 3872 DETACHD
13422 AUBURN CT $639,698 3 2.1 2612 ATTACHD
38 BRIARWOOD RD $800,000 7 2.2 2554 DETACHD
13459 PROVINCIAL HILL WAY $819,900 3 2.1 2896 DETACHD
1041 CHANDLER RD $899,000 3 2 1696 DETACHD
161 FURNACE ST/Main $950,000 2 2 2134 CONDO
4105 PFEIFER CT $989,000 5 2.1 4176 DETACHD
548 4TH ST $1,195,000 3 4.1 3186 TOWNHSE
13659 WESTLAKE DR $1,350,000 4 3.1 4274 DETACHD
2148 SUMMIT DR $1,495,000 5 2.1 3883 DETACHD
3123 DOUGLAS CIR $1,549,000 4 3.1 3664 DETACHD
3177 STONEBRIDGE WAY $1,598,000 4 4.2 5097 DETACHD
3817 UPPER DR $1,629,000 4 3.1 4246 DETACHD
1978 EGAN WAY $1,698,000 4 5.2 6761 DETACHD
1527 LAKE FRONT RD $5,295,000 5 6.1 7220 DETACHD

PENDING SALES (Sep 3-9, 2018)

Address List Price # Beds # Baths Total SF Prop Type CDOM
15938 QUARRY RD A1 $219,900 2 1 996 CONDO 3
210 S STATE ST #7 $299,400 3 2 1284 CONDO 125
40 WHEATHERSTONE $429,000 3 2.1 1692 CONDO 35
19071 LONGFELLOW AVE $465,000 3 1 1152 DETACHD 95
17797 OVERLOOK CIR $499,900 4 2.1 2908 DETACHD 71
18421 INDIAN CREEK DR $515,000 3 2 1836 DETACHD 4
17226 TUALATIN ST $629,000 4 2.1 1984 DETACHD 102
5668 VICTORIA CT $729,000 4 2.1 3024 DETACHD 5
13822 MELROSE PL $995,000 4 3.1 3529 DETACHD 51
624 ATWATER RD $1,250,000 5 3.1 4463 DETACHD 4
4287 HAVEN ST $1,299,950 4 3.1 4007 DETACHD 56
18284 MEADOWLARK LN $1,375,000 5 5.1 5425 DETACHD 3

SOLD (Sep 3-9, 2018)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
4 TOUCHSTONE #122 $186,000 $169,200 2 2 984 CONDO 44
47 EAGLE CREST DRbb#15 $185,000 $182,000 2 1 1009 CONDO 8
209 OSWEGO SMT / Upper $250,000 $245,000 2 2 1383 CONDO 27
12868 BOONES FERRY RD $399,900 $385,500 2 2.1 1136 CONDO 63
4862 INDIAN CREEK CT $499,990 $499,990 3 2 1390 DETACHD 45
3585 LAKE GROVE AVE $550,000 $545,000 4 2 1575 DETACHD 46
26 PARTRIDGE LN $550,000 $550,000 4 3 2464 DETACHD 4
31 WESTRIDGE DR $619,000 $641,500 5 2.1 3492 DETACHD 5
18028 WESTMINSTER DR $805,000 $670,000 4 3.1 4501 DETACHD 116
1445 GREENTREE CIR $675,000 $675,000 4 3 2842 DETACHD 37
13984 CHELSEA DR $849,000 $807,500 4 2.1 3216 DETACHD 86
17851 WESTVIEW DR $869,000 $840,000 4 3.1 3433 DETACHD 146
927 OAK ST $895,000 $875,000 5 3.1 2864 DETACHD 50
17637 WOODHURST PL $949,500 $925,000 5 3.2 4833 DETACHD 104
18955 BRYANT RD $998,900 $975,000 4 2.1 3647 DETACHD 73
13857 AMBERWOOD CIR $995,000 $980,000 4 2.1 3916 DETACHD 7
2107 GOODALL CT $1,079,000 $1,000,000 4 3 3029 DETACHD 82
13910 STAMPHER RD $1,950,000 $1,750,000 4 3.1 4488 DETACHD 35

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.

Get your new Passport right here in LO

Did you know that you can get a passport here in LO at City Hall? Talk about convenient! The city has put out this announcement:

Planning a vacation abroad? The City, a designated official Passport Acceptance Facility, has expanded its passport hours – making it easier to get a passport! Passport services are now available Monday, Tuesday, Thursday and Friday from 8 a.m. to 3:30 p.m. (closed Wednesdays), at City Hall, 380 A Avenue – 1st floor. Forms and other important information can be found online at www.lakeoswego.city/finance/passport-service-city-hall.

It can take up to six weeks to process a passport application, so it is important to start the process early.

Contact the Finance Department at 503-635-0260, for more information.

One more great thing about this town!

Market Activity Aug 27-Sept 2, 2018

I think I detected the nip of fall in the air this morning. This is such a beautiful time of year in Oregon. September is hard to beat! The market was slightly slower last week but still lots going on. There were 14 new listings, 16 houses that went into pending status, and 10 sold/closed sales.

Following is the breakdown for you according to RMLS:

New on the Market (Aug 27-Sept 2, 2018)

Address Type Price BR Baths Sq Ft
4041 Jefferson Pkwy Condo $279,900 1 1.5 1060
5225 Jean Rd #513 Condo $315,000 3 2 1400
1418 Boca Ratan Dr Townhouse $375,000 4 2 1611
3942 Carman Dr #3942 Condo $399,000 3 2.5 1354
1033 Hallinan St Detached $419,900 3 1 936
18421 Indian Creek Dr Detached $515,000 3 2 1836
1565 Meadows Dr Detached $540,000 3 2.5 2508
18 Grouse Terr Detached $565,000 4 2.5 2631
6122 Carman Dr Detached $575,000 4 2 1508
1550 Bedford Ct Detached $649,000 2 2.5 2359
4188 Cobb Way Detached $649,900 6 3 2586
2981 Vale Ct Detached $748,900 4 2.5 3516
5959 Suncreek Dr Detached $819,900 4 2.5 3315
19666 Canal Rd Detached $1,195,000 6 3.5 3900

Pending Sales (Aug 27-Sept 2, 2018)

Address Type Price BR Baths Sq Ft CDOM
17566 Blue Heron Ct Detached Auction 4 3 3412 21
100 Kerr Pkwy #44 Condo $190,000 2 1.5 823 9
16250 Pacific Hwy #47 Condo $225,000 2 1 1305 9
9 Oriole Ln Detached $411,000 3 3 1928 159
4366 Woodside Circle Attached $437,500 3 2.5 1963 47
18807 Kristi Way Detached $499,000 3 2 1256 6
17141 Hofer Ct Detached $515,000 2 2.5 2076 5
540 6th St Detached $575,000 3 1 748 0
13220 Thoma Rd Detached $599,000 3 2 2208 3
6150 Kenny St Detached $625,000 3 2.5 2070 8
3413 Royce Way Detached $628,000 3 2.5 2753 236
17790 Overlook Circle Detached $629,900 3 3 3480 97
14495 Pfeifer Dr Detached $739,500 4 2.5 3732 7
630 9th St Detached $799,000 4 3 2576 99
13391 Steamside Ct Detached $985,000 4 3.5 3601 18
2896 Lakeview Blvd Detached $2,890,000 5 4.5 4244 74

Sold/Closed (Aug 27-Sept 2, 2018)

Address Type List Price Sold Price Sq Ft CDOM
520 State St 5B Condo $243,000 $235,000 914 106
18609 Kristi Way Detached $439,999 $435,000 1154 15
1714 Greentree Rd Detached $575,000 $539,000 3110 167
1699 Parrish St Detached $550,000 $550,000 1820 4
3615 Upper Dr Detached $585,000 $595,000 1529 3
605 Country Club Rd Detached $689,000 $635,000 3422 60
4693 Lakeview Blvd Detached $624,990 $678,500 2021 2
6072 Clairmont Ct Detached $725,000 $695,000 2653 45
13348 Leslie Ct Detached $1,200,000 $1,150,000 3863 40
140 Berwick Rd Detached $1,295,000 $1,269,500 3114 43

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.

Tips & Tidbits ~ Contract Timelines

* Make sure to pay attention to timelines in the contract.

 

I’ve talked about these things herein before, but I think it was a few years back, so here’s a refresher~

Buyers: For instance: The typical scenario is 10 business-days for Inspections. In this situation I try to schedule any Inspections sooner rather than later so as to give time for thought on the Buyers’part, and/or additional Inspections or estimates for any repairs. You need to keep in mind that any repairs need to be negotiated *prior* to 5PM on that last business day of your Inspection Period. If you are the Buyer, don’t wait till the last second to approach these issues with the Seller (i.e with your Realtor). Once you pass the 5PM deadline, if you’ve done so without negotiating repairs, you’re moving forward without repairs ; )

Another example is the Closing Date– The Closing Date in the contract is an “On or Before” date. If you are the Buyer in a transaction, and the Lender tells you at the last minute that they’re not going to make that date and says “Oh, just extend the Closing Date”, you can indeed to that with an Addendum… IF THE SELLER ALSO AGREES IN WRITING. Keep in mind that its always possible that the Seller has received a verbal or other Offer higher than yours during the process that might be tempting, or that their timeline may be “do or die” because of how the dominoes fall on their end (moving van schedules, Closing on another transaction, etc). So…Usually people will agree to this, but as the Buyer, your Earnest Money is on the line if you do not meet your agree-upon timelines.

The same goes for Sellers– You must deliver Possession on the date and time agreed, for instance.

If a Buyer sends you a Repair Addendum and you do not respond by close to 5PM on the 10th business day (well before that would be recommended : ) your Buyer could misinterpret your lack of response as a signal that you are pushing them beyond where they’re comfortable and leaving them with repairs they do not want to take on. They may pull their Offer so as to protect themselves. That would not be good.

As in all things, just proceed with Good Faith! And in a home-selling/buying situation,  abide by the timelines and you’ll be fine!

Market Activity ~ Aug 20-26, 2018

Summer is indeed winding down. There are, however, plenty of great homes out there and lots of activity. Right at this moment there are 299 homes for sale in Lake Oswego. Last week 13 New properties entered the market, 21 moved to Pending status, and 16 were “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Aug 20-26, 2018)

Address List Price # Beds # Baths Total SF Prop Type
86 KINGSGATE RD G202 $179,500 2 2 849 CONDO
100 KERR PKWY #44 $190,000 2 1.1 823 CONDO
45 EAGLE CREST DR #413 $204,900 2 1.1 1056 CONDO
4417 THUNDER VISTA LN $325,000 2 2.1 2002 CONDO
1710 ASPEN CT $439,900 3 2 1437 DETACHD
4301 COLLINS WAY $519,000 3 2 1617 DETACHD
6187 FROST LN $564,900 4 2.1 2149 DETACHD
6150 KENNY ST $625,000 3 2.1 2070 DETACHD
5311 CHILDS RD $719,000 4 3 1929 DETACHD
14495 PFEIFER DR $739,500 4 2.1 3732 DETACHD
5 JUAREZ ST $749,000 5 3.1 4393 DETACHD
3487 LAKE GROVE AVE $1,275,000 4 3.1 3473 DETACHD
862 CEDAR ST $1,365,000 4 3.1 3914 DETACHD

PENDING SALES (Aug 20-26, 2018)

Address List Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #31 $159,000 1 1 618 CONDO 12
4000 CARMAN DR E74 $204,888 2 2 836 CONDO 56
4000 CARMAN DR A10 $209,900 2 2 836 CONDO 51
39 OSWEGO SMT / Grnd $220,000 2 2 1212 CONDO 71
44 EAGLE CREST DR #22 $222,900 3 2 1085 CONDO 39
4000 CARMAN DR #50 $239,000 1 1 890 CONDO 140
213 OSWEGO SMT $245,000 2 2 1383 CONDO 15
12848 BOONES FERRY RD $389,900 2 2.1 1182 CONDO 34
6291 HARRINGTON AVE $425,000 3 2 1472 DETACHD 6
1651 WOODLAND TER $445,000 5 3 2737 DETACHD 35
507 ASH ST $449,500 4 3 4666 DETACHD 206
5228 BONITA RD $485,000 3 2 1310 DETACHD 6
17590 BLUE HERON RD $499,900 4 2.1 2160 DETACHD 3
17143 REBECCA LN $529,000 3 2.1 1943 DETACHD 45
5475 WILLOW CT $549,000 3 2.1 2438 ATTACHD 63
17310 CANYON DR $550,000 5 3 2716 DETACHD 82
1400 LEE ST $579,900 5 3 2840 DETACHD 62
3075 ROYCE WAY $775,000 4 3.1 3724 DETACHD 125
650 1ST ST $1,150,000 3 2.1 2767 CONDO 24
1828 EGAN WAY $1,195,000 3 2.1 3779 DETACHD 340
1175 WESTWARD HO RD $1,599,900 3 3.1 3547 DETACHD 38

SOLD (Aug 20-26, 2018)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #5 $159,000 $149,000 1 1 617 CONDO 59
4 TOUCHSTONE #99 $210,000 $205,000 2 2 984 CONDO 25
4000 CARMAN DR C 49 $327,995 $300,000 2 1.1 1004 CONDO 61
45 GREENRIDGE CT $394,900 $394,900 3 2.1 1645 TOWNHSE 36
6137 Childs RD $399,900 $421,000 3 1 946 DETACHD 6
15451 Tanager DR $577,000 $569,000 2 2 1970 DETACHD 7
5564 BONITA RD $649,000 $603,500 3 2.1 2435 DETACHD 71
1911 WOODLAND TER $650,000 $655,000 3 2.1 2060 DETACHD 3
12777 SIERRA VISTA DR $699,000 $670,000 4 2.1 3144 DETACHD 108
220 4TH ST $649,000 $687,250 3 2 1840 DETACHD 6
1159 BAYBERRY RD $949,000 $887,500 4 2.1 2508 DETACHD 26
2949 WESTVIEW CIR $989,900 $980,000 4 3 3326 DETACHD 35
820 FAIRWAY RD $1,224,000 $1,195,000 4 3.1 3758 DETACHD 36
18262 MEADOWLARK LN $1,398,800 $1,312,888 5 3.1 4757 DETACHD 67
629 Middlecrest RD $1,449,000 $1,325,000 4 4 3575 DETACHD 85
893 CEDAR ST $1,375,000 $1,335,000 4 3.1 3740 DETACHD 182

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.

Home Warranties

It is extremely common for home warranties to become part of a purchase agreement in the sale of a house. There is a section of the OREF (Oregon Real Estate Forms) that asks if a warranty will be included in the sale, at what price, and who will pay for it. I like to council my clients that the time to think about a warranty is before you are signing paperwork. Do a little leg work now so that you can know if you want a warranty and which warranty your prefer.

There are numerous companies that offer warranties. By far the big dog in the field is American Home Shield. I don’t know whether they are the oldest company, but they are certainly the largest. Having said that, their warranty may not be your top choice. You won’t know without doing some research.

Different companies offer different coverage. I’m going to start by saying that warranties generally cover the “mechanical” aspects of a house. Think things that involve a power source. This would be things like the hot water heater and the dishwasher. They generally don’t cover “structural” aspects of a house. This would be things like the roof and the foundation.

The coverage is paid for at closing, in a lump sum. It lasts for 365 days from the date of closing. When you go to use the warranty you call an 800 number to place a work order. The warranty company then sends out a local contractor that they have in their network (you don’t get to choose the contractor). To get them to show up at your door you pay a service call fee (usually about $60-$80). That’s it. They do the repair and your cost is mostly limited to the cost of the service call fee.

I have heard that warranties are used on average a little over two times per warranty. If you have one, you are very, very likely to use it.

I think all companies have a basic package that you can then add options to. Most start at a price around $350, although there is a good warranty out there for $295 that I recently saw. I think the big differences in the pricing has to do with how appliances are covered and limitations to coverage. For instance, many don’t cover the washer, dryer, and refrigerator. Those have to be added on as options. Some will cover the furnace but only up to $1500. This is why you want to do your research now.

Now is the part where I get to tell you my story. I bought my home and the seller bought me a home warranty. It was from a National company that was well known. I had two occasions to use it and my conclusion from my experience was that the warranty company was very motivated to fix problems, but not to buy me new stuff. I bought an older home with older elements. I knew from my home inspection that the dishwasher was pretty much shot. The seals around the door were all cracked from wear and age. The darn thing couldn’t be run without water leaking all over the floor. I called the warranty company and they sent out a contractor who did a proposal to spend about $300 on installing new seals. This was on an ancient dishwasher that hadn’t run a full cycle in quite some time. I suggested it was a waste of money to put a band aid on that old thing. That lead to a proposal from the warranty company that I could apply the $300 towards a new dishwasher, which I did. I paid the difference and I got a new dishwasher. I was happy with this solution. My second use of the warranty was for my furnace, which was also extremely old. It quit working, I called the warranty company, the furnace was repaired. It took perhaps 5-6 weeks for it to quit working again. I called the warranty company, it was repaired, winter came to an end and my warranty expired. The next winter the furnace went out again. This time I called an HVAC company of my choice and when they came out they red tagged the furnace and told me it wasn’t safe to operate. I bought a new furnace. In hindsight, I should have called the warranty company for that second repair, but I should have also paid my own HVAC company for their opinion. I think if I had done that I would have been able to use my warranty towards my new furnace. Live and learn, right?

I do think warranties are an excellent option when you buy a house. The purchase of a house is expensive and a warranty will give you some peace of mind that you’ll be financially able to manage the house a little more easily during that first year of ownership.

At the end of the first year you will be given the option to renew the warranty. I have had clients who do this every year for years and years. They love their warranties!

Here is a link to ConsumersAdvocate.org and their list of the 10 best warranties for 2018. Within their website they have links to the various warranties along with phone numbers to call and ask questions. Do your research now. Get the best warranty for your circumstance. To go to ConsumersAdvocate.org click here.

As always, thanks for reading!
Dianne