Thank you. To all those who have served to protect our precious Freedoms. 
We Salute You on Veterans Day
Market Activity Oct 24-30, 2022
Once again, I feel that the market is balance. I say this when the number of new listings, pending sales, and closed sales are very close.
Last week in Lake Oswego there were 10 new listings, two of which sold quickly and moved to pending status. There were 13 pending sales and 9 closed sales.
See below for details of RMLS data.
New on the Market Oct 24-30, 2022
| Address | Type | Price | Bedrooms | Baths | Sq Feet |
| 86 Kingsgate Rd B101 | Condo | $340,000 | 2 | 2 | 938 |
| 236 Ridgeway Rd 16A | Condo | $360,000 | 2 | 1 | 914 |
| 5062 Foothills Dr H | Condo | $459,900 | 3 | 2 | 1252 |
| 1612 Lake Front Rd | Detached | $950,000 | 3 | 2 | 1831 |
| 2350 Southshore Blvd | Detached | $996,000 | 3 | 2.5 | 2236 |
| 141 Furnace St | Condo | $1,750,000 | 2 | 2.5 | 2249 |
| 1745 Mapleleaf Rd | Detached | $1,800,000 | 5 | 3.5 | 3661 |
| 1836 Highlands Loop | Detached | $2,695,000 | 4 | 4.5+.5 | 5494 |
Pending Sales Oct 24-30, 2022
| Address | Type | Price | Bedrooms | Baths | Sq Feet | DOM |
| 86 Cervantes Cir 10-B | Condo | $235,000 | 2 | 1.5+.5 | 912 | 30 |
| 15235 Boones Way | Attached | $624,900 | 3 | 2 | 1686 | 5 |
| 12 Walking Woods Dr | Detached | $749,950 | 3 | 3 | 2224 | 2 |
| 17608 Sydni Ct | Attached | $775,000 | 4 | 2.5 | 2466 | 126 |
| 18706 Bryant Rd | Detached | $789,900 | 3 | 2.5 | 2489 | 6 |
| 14400 Trillium Ct | Detached | $839,000 | 4 | 2.5 | 3193 | 4 |
| 17810 Kelok Rd | Detached | $845,000 | 3 | 2 | 1557 | 9 |
| 314 2nd St | Condo | $850,000 | 3 | 3.5 | 1814 | 9 |
| 4051 Virginia Way | Detached | $999,000 | 4 | 2 | 1903 | 7 |
| 5550 Jean Rd | Detached | $1,499,000 | 4 | 4.5 | 3001 | 107 |
| 853 E Ave | Detached | $1,850,000 | 3 | 3.5 | 2839 | 22 |
| 17312 Bergis Farm Dr | Detached | $1,920,000 | 4 | 4.5+.5 | 4804 | 0 |
| 1625 Cloverleaf Rd | Detached | $2,199,000 | 4 | 4 | 3853 | 67 |
Closed/Sold Oct 24-30, 2022
| Address | Type | List Price | Sold Price | Sq Feet | CDOM |
| 48 Eagle Crest Dr 2A | Condo | $169,000 | $215,000 | 1623 | 5 |
| 4724 Lamont Ct | Detached | $649,000 | $633,000 | 1698 | 6 |
| 27 Partridge Ln | Detached | $699,000 | $680,000 | 2317 | 15 |
| 17721 Overlook Cir | Detached | $890,000 | $815,000 | 3172 | 71 |
| 4704 Cambridge Ct | Attached | $985,000 | $1,008,000 | 2856 | 5 |
| 4360 West Bay Rd | Detached | $1,185,000 | $1,175,000 | 2636 | 32 |
| 3763 Tempest Dr | Detached | $1,395,000 | $1,300,000 | 2895 | 73 |
| 14383 Fosberg Rd | Detached | $2,250,000 | $1,799,000 | 4543 | 152 |
| 15784 Twin Fir Rd | Detached | $2,200,000 | $2,194,000 | 3471 | 20 |
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.
Vote in Lake Oswego!
Well, it’s that time again! In Oregon we enjoy a time-tested voting system including mailed ballots, email notifications/tracking and convenient dropboxes located in most neighborhoods. Lake Oswego’s Drop Box locations are:
– City Hall, 380 A Avenue – located on the upper parking lot near the main (A Avenue) entrance.
– Westlake Park, 14165 Bunick Drive – located south of the covered park area on the lane that connects to Melrose Street. These boxes are secure, available 24/7 & will remain open till 8PM on Election Day, Tues Nov 8th.
Happy voting everyone!
Market Activity Sept 12-18, 2022
Last week in Lake Oswego there were 14 new listings, 4 of which sold quickly and are represented in this report as pending sales. There were 24 properties that moved to pending status and 14 sold/closed homes.
See below for RMLS details.
New on the Market Sept 12-18, 2022
| Address | Type | Price | Bedrooms | Baths | Square Feet |
| 900 Cornell St | Detached | $495,000 | 3 | 1.5 | 1300 |
| 103 Kingsgate Rd | Detached | $625,000 | 3 | 2.5 | 1352 |
| 27 Partridge Ln | Detached | $699,000 | 3 | 2 | 2317 |
| 918 Lake Front Rd | Detached | $700,000 | 2 | 1 | 921 |
| 4793 Auburn Ln | Attached | $750,000 | 3 | 2.5 | 2083 |
| 17944 Tualata Ave | Detached | $995,000 | 4 | 3 | 2325 |
| 19125 Olson Ave | Detached | $1,125,000 | 4 | 2.5 | 3828 |
| 1 Juarez St | Detached | $1,245,000 | 3 | 2.5 | 3388 |
| 17228 Blue Heron Rd | Detached | $1,829,000 | 4 | 2.5+.5 | 4236 |
| 13800 Goodall Rd Lot 1 | Detached | $4,350,000 | 5 | 6.1 | 5642 |
| 13770 Goodall Rd Lot 2 | Detached | $4,395,000 | 5 | 4.1 | 5933 |
Pending Sept 12-18, 2022
| Address | Type | Price | Bedrooms | Baths | Square Feet | DOM |
| 4 Touchstone #95 | Condo | $219,900 | 2 | 2 | 984 | 8 |
| 4 Touchstone #77 | Condo | $240,000 | 3 | 2.5 | 1351 | 51 |
| 4463 Thunder Vista Ln | Condo | $438,000 | 2 | 2.5 | 1741 | 2 |
| 113 Touchstone Terr | Attached | $510,000 | 3 | 2.5 | 2104 | 3 |
| 1272 Hide A Way Ct | Detached | $549,000 | 4 | 2 | 1816 | 3 |
| 15450 Stephanie Ct | Attached | $565,000 | 3 | 2.5 | 1662 | 66 |
| 5850 Kenny St | Detached | $589,000 | 2 | 2 | 1172 | 6 |
| 66 Weatherstone #35 | Condo | $599,900 | 4 | 3.5 | 2465 | 20 |
| 8 Mountain Circle | Attached | $629,000 | 3 | 2 | 1316 | 5 |
| 1130 Hallinan Ct | Detached | $650,000 | 3 | 2 | 1463 | 4 |
| 18040 Belmore Ave | Detached | $674,900 | 3 | 2 | 2077 | 37 |
| 32 Independence Ave | Detached | $740,000 | 4 | 3.1 | 3420 | 5 |
| 18 Partridge Ln | Detached | $780,000 | 4 | 3 | 3145 | 17 |
| 2050 Southshore Blvd | Detached | $780,000 | 3 | 2.5 | 1629 | 10 |
| 67 Tanglewood Dr | Detached | $799,900 | 4 | 2.5 | 3149 | 56 |
| 490 Boca Ratan Dr | Detached | $824,900 | 3 | 2 | 2108 | 63 |
| 18591 Waxwing Way | Detached | $875,000 | 3 | 2.5 | 2145 | 32 |
| 2050 Wembley Park Rd | Detached | $1,099,500 | 4 | 2 | 1868 | 5 |
| 19125 Olson Ave | Detached | $1,125,000 | 4 | 2 | 3828 | 3 |
| 2777 Glen Haven Rd | Detached | $1,159,000 | 3 | 2.5 | 2560 | 102 |
| 13504 Streamside Dr | Detached | $1,279,000 | 4 | 2.5 | 3486 | 31 |
| 1625 Cloverleaf Rd | Detached | $2,375,000 | 4 | 4 | 3853 | 31 |
| 864 6th St | Detached | $2,998,000 | 5 | 4.5 | 5266 | 124 |
| 16561 Maple Circle | Detached | $3,800,000 | 4 | 3.5 | 3356 | 30 |
Sold/Closed Sept. 12-18, 2022
| Address | Type | List Price | Sold Price | Square Feet | DOM |
| 45 Oswego Summit | Condo | $240,000 | $245,000 | 764 | 4 |
| 168 Oswego Summit | Condo | $330,000 | $315,000 | 1383 | 29 |
| 4300 Botticelli St | Attached | $399,900 | $374,900 | 1721 | 42 |
| 200 Burnham Rd #103 | Condo | $419,500 | $419,000 | 765 | 16 |
| 4 Weatherstone | Detached | $535,000 | $480,000 | 1692 | 41 |
| 4266 Woodside Circle | Detached | $549,900 | $502,000 | 1944 | 8 |
| 18690 Wood Duck Way | Detached | $775,000 | $775,000 | 1895 | 0 |
| 5272 Tree St | Detached | $799,900 | $810,000 | 1948 | 4 |
| 5557 Langford Ln | Detached | $839,000 | $844,500 | 1539 | 15 |
| 1202 Spruce St | Detached | $850,000 | $850,000 | 1706 | 3 |
| 63 Touchstone | Detached | $925,000 | $885,000 | 3088 | 21 |
| 1571 HIghland Dr | Detached | $989,000 | $980,000 | 3000 | 3 |
| 2600 Dellwood Dr | Detached | $1,600,000 | $1,525,000 | 3690 | 314 |
| 17226 Chapin jWay | Detached | $2,600,000 | $2,750,000 | 4930 | 1 |
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.
Time to Celebrate!!!
You work hard. Enjoy this Labor Day weekend! You are appreciated.
The Realtor Code of Ethics
“Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of civilization.” These are the lofty words that open the Preamble of the Realtor Code of Ethics.
I have written about this topic before, but it was many years ago. It’s something I hold very dear and thought it would be a good time to revisit the information.
In 1908, when the National Association of Realtors was founded, real estate was very much the wild, wild West. Unregulated and without licensing requirements, there was a good deal of fraud and a ripe environment for con artists and Naredo wells. Edward Halsey, a chairperson in the NAR in 1908 said “We propose, if we can, to wipe out the riffraff that brings this business into disrepute.”
The Code of Ethics was first written in 1913. It is a living document that is changed and revised as times change. Along with the Preamble, it consists of 4 sections that also include Duties to Clients and Customers, Duties to the Public, and Duties to other Realtors. If I could sum it up simply, it requires that all Realtors be fair and honest in our dealings with all parties to a transaction.
I am really proud of the Code of Ethics. It truly does set a higher standard for my industry. All Realtors are required to take Code of Ethics training every two years. It is at the forefront of how I run by business and how I expect other Realtors to interact with myself and my clients.
Please know that when you are working with a Realtor, you are working with a professional bound to a higher standard.
Market Activity ~ July 25-31, 2022
Last week Lake Oswego saw 17 properties enter the market, 16 move to Pending status and 13 Sold/Closed. Right now there are 126 properties ranging from $188,000 to $11.5 Mil.
Here is the breakdown:
NEW July 25-31, 2022
| Address | List Price | Beds | Baths | SF | Prop Type |
| 5055 FOOTHILLS DR #79 | $429,900 | 3 | 2 | 1252 | CONDO |
| 5788 SW LANGFORD LN | $650,000 | 2 | 2 | 1598 | DETACHD |
| 13371 PETERS RD | $775,000 | 3 | 2.1 | 2295 | DETACHD |
| 18690 WOOD DUCK WAY | $775,000 | 3 | 2 | 1895 | DETACHD |
| 439 LIVINGOOD LN | $814,000 | 3 | 2.1 | 2540 | DETACHD |
| 17721 OVERLOOK CIR | $890,000 | 4 | 2.1 | 3172 | DETACHD |
| 39 TANGLEWOOD DR | $899,000 | 4 | 3 | 3167 | DETACHD |
| 2711 Greentree RD | $969,900 | 4 | 3 | 3241 | DETACHD |
| 346 LAKE BAY CT | $1,075,000 | 4 | 2.1 | 1900 | DETACHD |
| 18010 GIMLEY CT | $1,200,000 | 5 | 3.1 | 3652 | DETACHD |
| 165 FURNACE ST, Grnd | $1,299,999 | 2 | 2.1 | 2023 | CONDO |
| 4360 WEST BAY RD | $1,300,000 | 4 | 3 | 2636 | DETACHD |
| 17291 CEDAR RD | $1,650,000 | 5 | 4.1 | 2872 | DETACHD |
| 15791 TWIN FIR RD | $2,095,000 | 4 | 3.1 | 4035 | DETACHD |
| 1131 NORTHSHORE RD | $2,100,000 | 4 | 3 | 3850 | DETACHD |
| 162 BERWICK RD | $3,295,000 | 4 | 4.1 | 4657 | DETACHD |
| 13151 THOMA RD | $4,500,000 | 5 | 5.1 | 5461 | DETACHD |
PENDING July 25-31, 2022
| Address | List Price | Beds | Baths | SF | Prop Type | Days |
| 61 CHURCH ST | $240,000 | 2 | 1.1 | 1040 | ATTACHD | 3 |
| 3822 BOTTICELLI ST | $344,900 | 3 | 2 | 1171 | CONDO | 5 |
| 289 CERVANTES | $563,000 | 3 | 2.1 | 1406 | ATTACHD | 4 |
| 4268 WOODSIDE CIR | $589,900 | 4 | 2 | 1944 | ATTACHD | 33 |
| 16532 SW Mellon AVE | $625,000 | 4 | 1.1 | 1760 | DETACHD | 5 |
| 18690 WOOD DUCK WAY | $775,000 | 3 | 2 | 1895 | DETACHD | 0 |
| 16875 FERNWOOD DR | $780,000 | 4 | 2 | 2460 | DETACHD | 28 |
| 12562 SW ORCHARD HILL RD | $937,000 | 4 | 2.1 | 2574 | DETACHD | 5 |
| 2777 GLEN HAVEN RD | $1,200,000 | 3 | 2.1 | 2560 | DETACHD | 52 |
| 11 DA VINCI ST | $1,295,000 | 5 | 3.1 | 3770 | DETACHD | 46 |
| 14383 FOSBERG RD | $1,995,000 | 4 | 3.1 | 4543 | DETACHD | 79 |
| 15868 PARKER RD | $2,100,000 | 5 | 3.1 | 3679 | DETACHD | 33 |
| 1131 NORTHSHORE RD | $2,100,000 | 4 | 3 | 3850 | DETACHD | 2 |
| 1250 SW Englewood DR | $2,499,000 | 3 | 3.1 | 5097 | DETACHD | 11 |
| 4929 Park Bluff PL | $2,600,000 | 4 | 3.1 | 4067 | DETACHD | |
| 2493 SOUTHSHORE BLVD | $3,200,000 | 6 | 5.1 | 7561 | DETACHD | 292 |
SOLD July 25-31, 2022
| Address | Opening | Closed | Beds | Baths | SF | Prop Type | Days |
| 12868 BOONES FERRY RD | $495,000 | $500,000 | 2 | 2.1 | 1136 | CONDO | 18 |
| 885 MCVEY AVE | $569,000 | $570,000 | 3 | 1 | 1341 | DETACHD | 19 |
| 1561 WOODLAND TER | $825,000 | $790,000 | 3 | 2.1 | 2184 | DETACHD | 16 |
| 13160 PRINCETON CT | $949,000 | $825,000 | 4 | 2.1 | 3252 | DETACHD | 42 |
| 4965 MULHOLLAND DR | $775,000 | $827,500 | 2 | 2.1 | 2468 | ATTACHD | 2 |
| 1841 CLOVERLEAF RD | $825,000 | $832,000 | 5 | 3 | 2190 | DETACHD | 5 |
| 29 DEL PRADO ST | $1,050,000 | $1,044,000 | 4 | 2 | 3037 | DETACHD | 12 |
| 2964 OVERLOOK DR | $1,200,000 | $1,060,000 | 5 | 2.1 | 3731 | DETACHD | 30 |
| 7 SCARBOROUGH DR | $1,150,000 | $1,250,000 | 4 | 2.1 | 3314 | DETACHD | 1 |
| 1025 SCHUKART LN | $2,050,000 | $1,795,000 | 4 | 3 | 4233 | DETACHD | 44 |
| 3001 WESTVIEW CT | $1,850,000 | $1,805,000 | 4 | 3.1 | 4317 | DETACHD | 26 |
| 697 LAKE BAY CT | $2,595,000 | $2,150,000 | 4 | 4.1 | 3715 | DETACHD | 37 |
| 720 6TH ST | $2,300,000 | $2,200,000 | 4 | 3.1 | 4601 | DETACHD | 11 |
Market Activity July 4-10, 2022
Doing the market activity report for last week makes me feel like the market is very balanced. The volume of sales is very much like it was the last time that I did this report with nearly identical volumes of new listings, pending sales, and closed sales. This is a good environment for both buying and selling.
Last week in Lake Oswego there were 18 new listing that includes four that went into pending status that same week. There were 16 pending sales and 16 closed sales. As I said, very balanced.
See below for RMLS data.
New on the Market July 4-10, 2022
| Address | Type | Price | BR | Bath | Sq Feet |
| 47 Eagle Crest Dr #53 | Condo | $299,000 | 3 | 1 | 1024 |
| 3652 Spring Ln | Condo | $369,000 | 2 | 2 | 1117 |
| 4 Wheatherstone | Condo | $535,000 | 3 | 2.5 | 1692 |
| 15450 Stephanie Ct | Attached | $580,000 | 3 | 2.5 | 1662 |
| 15 Masaryk St | Detached | $675,000 | 4 | 3 | 3864 |
| 5757 Washington Ct | Detached | $695,000 | 4 | 1.5 | 1508 |
| 5 Partridge Ln | Detached | $799,000 | 3 | 2.5 | 2794 |
| 1765 Conifer Dr | Detached | $785,000 | 4 | 2 | 2335 |
| 18100 Bryant Rd | Detached | $990,000 | 3 | 1.5 | 1425 |
| 16 El Greco St | Detached | $1,035,000 | 4 | 2.5 | 2696 |
| 1775 Overlook Ln | Detached | $1,100,000 | 4 | 2.5 | 3198 |
| 1455 Nelson Ct | Detached | $1,149,000 | 4 | 2.5 | 2210 |
| 12943 SW Elk Rock Rd | Detached | $2,095,000 | 5 | 3.5 | 3537 |
| 15800 Oswego Shore Ct | Detached | $2,495,000 | 4 | 3.5 | 3995 |
Pending Sales July 4-10, 2022
| Address | Type | Price | BR | Baths | Sq Ft | CDOM |
| 4 Touchstone Dr #150 | Condo | $237,000 | 2 | 2 | 984 | 152 |
| 44 Eagle Crest Dr | Condo | $299,000 | 3 | 2 | 1085 | 1 |
| 4000 Carman Dr #35 | Condo | $300,000 | 2 | 2 | 869 | 5 |
| 1444 Laurel St | Detached | $515,000 | 2 | 1 | 900 | 1 |
| 4363 Woodside Circle | Attached | $581,950 | 3 | 2 | 1532 | 63 |
| 4268 Woodside Circle | Attached | $589,900 | 4 | 2 | 1944 | 17 |
| 16300 Reese Rd | Detached | $675,000 | 2 | 2 | 2100 | 8 |
| 2736 SW Orchard Hill Pl | Detached | $749,000 | 3 | 2.5 | 2556 | 4 |
| 700 Livingood Ln | Detached | $799,950 | 4 | 2.5 | 2692 | 9 |
| 23 Da Vinci St | Detached | $839,900 | 3 | 2.5 | 2063 | 3 |
| 4973 Sierra Vista Dr | Detached | $998,900 | 4 | 2.5 | 2810 | 2 |
| 17865 Sarah Hill Ln | Detached | $1,099,950 | 4 | 2.5 | 2871 | 72 |
| 1839 Palisades Lake Ct | Detached | $1,500,000 | 4 | 3.5 | 4570 | 21 |
| 688 6th St | Detached | $1,995,500 | 4 | 2.5 | 2939 | 27 |
| 5455 Childs Rd | Detached | $2,195,000 | 4 | 3.5 | 3870 | 28 |
| 4973 Parkhill St | Detached | $925,000 | 4 | 3 | 2230 | 23 |
Sold/Closed July 4-10, 2022
| Address | Type | List Price | Sold Price | Sq Feet | DOM |
| 668 McVey Ave #77 | Condo | $275,000 | $281,000 | 485 | 4 |
| 4 Touchstone #124 | Condo | $245,000 | $320,000 | 1351 | 45 |
| 1700 Yarmouth Circle | Detached | $725,000 | $712,250 | 1477 | 7 |
| 1797 Fern Pl | Detached | $714,900 | $730,000 | 1727 | 23 |
| 639 1st St | Attached | $749,900 | $749,900 | 1,391 | 9 |
| 5339 Amberwood Ct | Detached | $613,645 | $913,645 | 2943 | 0 |
| 5499 Royal Oaks Dr | Detached | $786,000 | $950,000 | 1817 | 3 |
| 659 Livingood Ln | Detached | $899,000 | $952,507 | 2692 | 9 |
| 10 Morningview Ln | Detached | $1,049,900 | $1,049,900 | 3848 | 11 |
| 17953 Saint Clair Dr | Detached | $1,299,900 | $1,225,000 | 5438 | 21 |
| 927 Oak St | Detached | $1,330,000 | $1,400,000 | 2864 | 2 |
| 4015 Canal Woods Ct | Detached | $1,295,000 | $1,450,000 | 3721 | 5 |
| 1281 Tyndall Ct | Detached | $1,674,000 | $1,717,000 | 4049 | 3 |
| 642 8th St | Detached | $1,995,000 | $1,995,000 | 3293 | 3 |
| 3015 Wembley Park Rd | Detached | $3,500,000 | $3,000,000 | 5211 | 50 |
| 1475 Chandler Rd | Detached | $3,495,000 | $3,450,000 | 4863 | 3 |
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.
Celebrate
As we celebrate Independence Day, and give thanks for all of the things we love about living in a free society and our beloved community, Dianne and I wish each of you a very happy day with friends and family. Thank you for being here at the Property Blotter with us. May your real estate dreams (and the rest of them!) come true~
Negotiating in this Market
Hello Property Blotter Readers! I thought I’d take the easy way out and cut & paste a section out of my own First Time Homebuyer’s Class for my post this week as I’m kind of busy with…real estate! When I looked at the section on Tips for Offering, I realized I think my own class document needs an update given the current state of the market! Here are a few things I realized I might like to address:
Love Letters- I’ve been writing these on behalf of my clients for many, many years, and have indeed won homes for my clients (been told) on the strength of the letters I wrote. I have never encouraged my clients to write their own letters as I believe it is a stronger position for me to advocate on their behalf. That said, my focus is always their strength as Buyers and whatever they bring to the table in terms of job stability, their actual love of the particular home/property (read: commitment), and other such things. I definitely do not use photos of the Buyers. There is a big debate going on around the issue of these letters (mainly the ones Buyers write about themselves), and it revolves around Fair Housing concerns. This has gotten to the point where they were outlawed for a time, and now that has been overturned and they are again allowed (as of this writing). NOTE: It is never OK to try to appeal to a perception of a Seller’s preference for race, gender, familial status or other protected class positions. Never. So, if you’re ever in the position of deciding whether to deliver such a letter, please keep this in mind, and consult with me! Or your Realtor ; )
Lower Offers (and how best to make them)- Well… this one is just nearly N/A in the current market. I say “nearly” as it does happen, but usually not at the outset unless a property has been sitting on the market for what is considered a longer period of time or if it was priced too high to begin with (which is usually why a property is still on the market). It *can* happen that the price goes down after certain things are revealed in the inspection process to compensate, but most properties are selling above their asking price, & often well above.
How to Win- It has been the case for awhile that multiple offers have driven prices up significantly over asking, and/but we think we are seeing a teensy bit of pullback in at least the amount of overage. This is more due to Buyers backing off than to more properties entering the market as we still see record-low Inventory. The way this has been playing out in a “multiple” bidding situation to date, is that the Offers guaranteeing they’ll bring a certain amount of cash to the Closing table in the event of a lower Appraisal are the Offers that get chosen as it’s less risk/more reliable for a Seller. (*Little understood fact, fyi: The “Closed” sale price effectively sets a new value standard in the neighborhood regardless of what it appraised at during the transaction. ; ) This tactic is obviously limited to those who *have * the cash to do that, and the whole scenario is part of what’s driving the angst /frustration around this supply and demand phenomenon and how it affects, say, first-time home-buyers. Considering the fierce competition driving prices higher, Appraisers and Realtors alike have been wishing for a calmer, more “readable/predictable” market, and several factors *may* be causing this to be the case very soon. In the meantime, there are ways to win even if you don’t have the cash…or don’t think you do. One is to look in a lower price range than you want to buy in. This way you are able/have the means to at least push your Offer price over the heads of much of the competition. There are a few other things you can do to get an edge, but we can talk about those one-on -one ; )