Property Blotter

I thought it would be interesting to do a couple of snap shots of various price points in the Lake Oswego real estate market. These each cover all listing/sold activity for the last six months and are divided into value ranges. These are for single-family, detached homes and are all located in the 97034 and 97035 zip codes.  Click on any of the graphs to see a larger, easier-to-read version:

Houses priced from $200,000 to $400,000

• 166 were offered for sale
• 88 sold
• There is currently a listing inventory of 6.3 month
• The average sales price was $324,773
• Among the sold homes, the CDOM (cumulative days on the market) averaged 129 days

Houses priced from $400,000 to $600,000

• 156 were offered for sale
• 71 sold
• There is currently a listing inventory of 10.7 months
• The average sales price was $480,964
• Average cumulative days on the market to sell was 165 days

Houses priced from $600,000 to $800,000

• 76 were offered for sale
• 36 sold
• There is currently an inventory of 10.7 months
• The average sales price was $701,924
• Cumulative days on the market to sell was 234

Houses priced from $800,000 to $1,200,000

• 76 were offered for sale
• 30 sold
• There is an inventory of 17.2 months
• Average sales price was $947,899
• Cumulative days on the market to sell was 373 days

Homes priced $1,200,000 to $2,200,000

• 52 were offered for sale
• 16 sold
• There is a 24.5 month inventory
• Average sales price was $1,552,281
• Cumulative days on the market was 323

I like these little snap shots.  It allows you to visually see the market.  It is very apparent that the first-time-home buyer tax credit that was originally supposed to expire in November had a big impact on the less expensive homes (we will probably see something similar this April with the extension).  It’s also very easy to see that less expensive homes sell more easily than more expensive homes.  Cumulative days on the market in the expensive homes is out and out ugly.

One reason for doing this post, this week, was so that I could play with the new statistics function being offered to Realtors by the RMLS.  Our local multiple listing service was the first in the entire United States to go completely web-based about 8 years ago.  Since then they have continued to push the functions of the website and the new statistics function is the latest enhancement.  It still has some limitations, but it is really cool.  Linda and I can now take snap shots of pretty much any part of the market, depending on what our clients needs are, and produce these spiffy graphs and statistics.  Besides being fun, I think it’s going to be extremely helpful.

I hope you found something useful in the information presented today.  If you have any other areas of the market you’d like studied or questions you’d like answered, just let us know.

Dianne

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1) Some Interesting Updates on the Portland Area Market:

-       (According to RMLS)

• Home sales in the Portland area showed marked improvement when compared with the same period (December) a year prior. “Closed” sales were up 52.6%, “Pending” sales rose 40.9%, and “New Listings” rose 11.9%.
• In addition, the average sale price was down 2.5% compared to Dec. 08.
• The average sales price for the 12-month period of 2009 was down 12.1% from the previous year.

2) Tax Credits: The “First Time Home Buyers” tax credit was extended to this Spring (yikes… getting close) and there has been an additional tax credit extended to those “Buying Up” who have lived in their current home for five years and are buying a property of less than $800,000.  Both of these tax credits expire in April: The contract must be inked by April 30^th, and the closing must be by June 30^th.  If you or someone you care about are considering taking advantage of this amazing opportunity, you really must start looking for a home now to make the timeline.

3) Interest Rates to Rise: According to Carrie Bay of DSNews.com (among many others), interest are projected to begin rising, and have risen .25% already within the past month.

4) F.H.A to Raise Standards for Mortgage Insurance: No date has been set yet, but the word is “summer”. (ANOTHER reason to put your home-buying plan in motion now…)

-      (excerpted From David Streitfeld of the NY Times)

• Borrowers who get an F.H.A.-insured loan will soon have to pay a higher initial insurance premium. The new premium will be 2.25 percent of the value of the loan, up from 1.75 percent. 
• Starting this summer, sellers will not be able to offer as much help to buyers to pay their closing costs. The maximum amount of assistance will drop to 3 percent of the value of the property, from the current 6 percent.
• Left largely untouched by the changes is the most controversial aspect of the agency’s program: a provision allowing buyers to make a down payment as low as 3.5 percent. Private lenders these days require at least 15 percent.
• Borrowers who want to put the minimum down will now be required to have credit scores of at least 580. Previously, there was no minimum score. (This is a relatively decent bar though, so this rule may have little effect.)

5) Attention Investors: Yay! HUD has decided to waive the 90 day seasoning financing contingency for buyers!

-(From Pat Goodell of Academy Mortgage ~ 503 380 0953)

Effective February 1^st,  2010, there will no longer be a requirement for a seller of a property to be on title for 90 days or more in order for approval of an FHA backed loan. This is incredible news, since the majority of buyers in today’s market are FHA buyers! The 90 day seasoning issue has long been an issue for investors and agents when working with short sales. This is changing on Feb 1st. The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.”

-          ***Linda’s note: There are a few minor restrictions on this.  Let me know if you’re interested & I’ll send you the entire document with more detail.

6)Credit Card Companies Get Slapped w/Restrictions: We all know how hard the new mortgage guidelines have hit some potential home-buyers.  Sometimes it seems like every time you turn around the consumer is facing yet another hurdle from the banking industry.  Well, this time the consumer is being offered protections that should make it easier, less expensive, and less confusing to do business with, or work to pay off credit card companies.   Here’s an excerpt from the Federal Reserve’s Announcement:

The Federal Reserve Board on Tuesday approved a final rule amending Regulation Z (Truth in Lending) to protect consumers who use credit cards from a number of costly practices. Credit card issuers must comply with most aspects of the rule beginning on February 22.

“This rule marks an important milestone in the Federal Reserve’s efforts to ensure that consumers who rely on credit cards are treated fairly,” said Federal Reserve Governor Elizabeth A. Duke.  “The rule bans several harmful practices and requires greater transparency in the disclosure of the terms and conditions of credit card accounts.”

Among other things, the rule will:

• Protect consumers from unexpected increases in credit card interest rates by generally prohibiting increases in a rate during the first year after an account is opened and increases in a rate that applies to an existing credit card balance.
• Prohibit creditors from issuing a credit card to a consumer who is younger than the age of 21 unless the consumer has the ability to make the required payments or obtains the signature of a parent or other cosigner with the ability to do so.
• Require creditors to obtain a consumer’s consent before charging fees for transactions that exceed the credit limit.
• Limit the high fees associated with subprime credit cards.
• Ban creditors from using the “two-cycle” billing method to impose interest charges.
• Prohibit creditors from allocating payments in ways that maximize interest charges.

Consumers can learn more about changes to their credit card accounts by accessing a new online publication. “What You Need to Know: New Credit Card Rules.” It explains key changes consumers can expect from their credit card companies as a result of the new rules. The Board plans to release additional “What You Need to Know” publications in conjunction with other major rulemakings

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First impressions seems like the ideal subject for my first editorial post of 2010. It’s time to take that big step forward and I don’t know about you, but I want to make the most of it.

So, as a seller of a home, how can you maximize the first impression that your home gives? Of course you want to mow the lawn, clean the roof, trim the bushes and trees, but is that all? And, in fact, are those items even the most important? No, they aren’t. I believe that the single most important area of your home that you need to spiff up and get ready, is the front door.

When ever I take a new listing I give my little talk about getting the front door ready. Think about it. Typically a buyer is waiting at the front door while the Realtor is finding and opening the lock box. The buyer will pause there for a minute or two and have the opportunity to look at every little detail. Is the area clean? Is the paint fresh? Or is there a sofa and a big bag of Alpo on the front porch? And if there is a pile of rubbish to step around, what do you think that the buyer is anticipating finding inside? I really believe that buyers make their decision about the house at the front door. If they like what they see, they go into the house seeking to reinforce that opinion. They go inside looking for things to like. If they have been put off at the front door, they enter the house feeling critical. Will the bag of Alpo be accompanied by crates of rabbits and a barking dog chained in the back yard? This is just a very, very important place to spend a little time getting your home ready for marketing.

First I recommend a good cleaning and fresh paint. Get out a scrub brush, some soap, and take the time to really clean. Wash not only the door but the threshold, the weather-stripping, the light fixtures and everything around the door. Sweep the porch. Wipe away the moths and spider webs around the light fixture. Make certain the paint on the door is fresh with no scuffs or scratches.

Make sure the door knob and the key work easily. You may want to consider updating the hardware for the knob and the lock.

The National Association of Realtors publishes an annual report that is specific to every region of the country telling what sort of re-sale return can be expected from remodeling. The only item on the entire list, including kitchens and bathrooms, that returned of 100% of the investment was the purchase and installation of a new front door. Seriously. It will make you money to do this right. The estimated cost in the Pacific region is $1353 to install a new door and a return on the sale of your home of $1732. That’s a return of 128% on the original investment.

Once you get the door clean, painted and ready, do a little staging of the exterior entry area. Be careful not to crowd the area with too much. People should not have to avoid or step around anything you display. I recommend a pot or two of seasonal flowers (at this time of year you can display primroses and pansies) or perhaps a wreath on the door. Be careful with holiday decorations not to leave them on too long, but they are certainly appropriate during each holiday of the year.

Take a little time as you get ready to sell your home, and be sure to take time at the front door. Your efforts will help you to realize a better sale and probably even make you some money.

Looking forward to a great 2010, Dianne

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I think the best thing I can say about the Lake Oswego real estate market of 2009 was that it wasn’t 2008. Remember a year ago? We’d seen the collapse of some of the Nation’s largest banks, the first bailout/stimulus package had been put into play, and the entire Nation was in a wait and see mode as the country transitioned to a new Presidency. It was a very difficult time. And it makes today’s market feel, well, pretty darn good.

Let’s start by looking at the Portland Metro area.

• At this time last year the RMLS was reporting 19.2 months of inventory.  In other words, to sell all of the active listings at the pace that properties were then selling, it would take 19.2 months.  Today that same inventory is just 7.1 months.  Whew!
• Closed sales from November of 2009 (the most recent report available at the RMLS) are 72.4% greater than they were in November of 2008.  Don’t get too excited about that one.  It’s a reflection of just how horrible sales were in November of 2008 and how great they were comparatively in 2009.  Putting better perspective on it requires doing a 11 month average of January-November for 2008 and then 2009.  When this is done the closed sales are greater in 2009 by 2.6%.  Still, an improvement.
• November of 2009 compared to November of 2008 has pending sales up by 19.9%
• November of 2009 compared to November of 2008 has new listings down by 7%
• We have continued to see a decline in home values of 11.4%, year over year.

Looking at the specifics of Lake Oswego:

• There are currently 396 single-family homes for sale and 130 condos.  Of the single-family homes, 96 are priced at over $1,000,000 and 54 are priced at $350,000 or less.
• There are currently 49 single-family homes and 12 condos with pending sales.
• In the last 12 months 393 single-family homes and 95 condos have sold and closed.  Of those 42 cost $1,000,000 or greater and 93 were priced at $350,000 or less.  In those high-end homes, 7 were priced over $2,000,000.
• At the pace that $1,000,000 and greater homes are selling, based upon the performance of the last 12 months, there is still 2.2 years of high-end inventory.  And that also means that the less expensive homes ($350,000 or less) has just 7 months of inventory.
• The average sales price is $419,300.
• Property values saw a decline of 12.9% in the last 12 months.
• Average days on the market (length of time between listing a home for sale and accepting an offer) is 163 days.

I just can not leave this subject entirely without doing my compulsive comparison of affordable homes in Lake Oswego versus Sellwood, a neighborhood in SE Porltand.  I like to do this because I used to live in Sellwood, so I think I have a good idea of the area, and because I remain convinced that Lake Oswego is misunderstood by buyers.  Many people assume that Lake Oswego is just too expensive for their budget.  This is, in fact, not true at all.  At this time there are currently 54 houses for sale in Lake Oswego priced at $350,000 or less, whereas in Sellwood there are currently just 27.  Lake Oswego is a good place to find an affordable home.

• The least expensive home in Lake Oswego is a short-sale property that needs work.  It’s priced at $169,000 and has 1382 square feet with 3 bedrooms and 2 full baths.  It’s on a quiet street near Waluga Junior High School.  Offers have been submitted to the lender for 3rd party approval.
• The least expensive home in Sellwood is a short-sale property that is being sold “as is”.  It looks to me like it needs some work but is in better condition than the LO property.  It is priced at $209,000 and has 850 square feet (120 of that in the basement) with 2 bedrooms and 1 bath.  It too has received an offer and is waiting for lender 3rd party approval.
• The most expensive home in Lake Oswego remains the 5.5 acre private island in Oswego Lake that is priced at $19,500,000.  Built in 1929, it has 13,500 square feet with 5 bedrooms and 6 1/2 baths.  There are waterfalls and a lake side pool.  To arrange a showing, buyers must provide verification of funds. Yep, LO has those kinds of houses too.

We will never be able to foresee the future.  We can only look at the present and the recent past to get an idea of what to expect ahead.  My prediction is that the tax incentives for 1st time buyers, and now for repeat buyers as well, will continue to boost sales.  I think people intending to sell who are serious will continue to price their homes at reasonable levels that will attract an offer.  I also think that people have been beat up in the last couple of years and realize that many mistakes were made.  Even if the economy improves, I predict caution from home buyers for many years.  People will shop carefully and make home choices carefully.  I will also tell you that from my perspective, having survived the housing market of 2008, and now the market of 2009, I am really looking forward to 2010.

Linda and I want to wish you a safe, healthy, and happy New Year.

Yours in real estate, Dianne

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Tax Credit ~ The First-Time Home-Buyers’ $8,000.  Tax Credit is, of course, the talk of the town (the nation, actually). It is acknowledged that it is and has been helpful in spurring the real estate market (activity in related price ranges is steady if not occasionally feverish… especially lately!)   There is much talk about extending the deadline from the current November 30th date to an as-yet-undetermined date in 2010.  While it is generally agreed that the housing market is turning the corner, and a large part of this growth is related to the tax credit, there is also concern being expressed about dispersing more government money in light of recent history.  So… nothing is decided as of now. There are talks about plans to:

• Extend it to all home-buyers,
• Not extend it at all,
• Increase it to $15,000.,
• Extend it and keep the terms the same,
• Offer it only to service members who have been out of the country,
• Etc.

The important thing to remember if you are a first-time home-buyer, or care about one, is that right now there is an opportunity to get an $8,000. tax credit. That means real money coming to you when you file for 2009.  We do NOT know how the debate will play out regarding extending or not extending it… AND right now there is still time to take advantage of it, but you must act now.

Oil Tanks (Reminder & Update) ~ The standards for levels of contaminants are under review. In particular, ethyl benzene and naphthalene have been changed to a “carcinogenic” classification, and therefore cleanup requirements are also changing. There is now concern over the possibility of  fumes potentially penetrating a home from underground & causing harm. Remember, if you have an oil tank underground on your property that has not been decommissioned, or if you are a Buyer considering a property with one: Underground oil tanks have a life of approximately 40 years.  After that, they leak… and what they leak is toxic.  Homeowners can be held liable for damage to soil from leaking tanks, and therefore, proper soil testing and decommissioning through a DEQ-certified environmental service is the wise choice.  If you are a Seller in this situation, I would highly recommend just doing this now and getting it out of the way.  It makes your home more attractive to potential Buyers, removes an objection, and protects you and the environment at the same time.

Loans ~ There are truly all kinds of loans out there right now for all kinds of Buyers.  FHA loans are a  current favorite, and the FHA 203 (b) is a little easier to qualify for than most conventional loans these days. There are also “Flex”  loans for teachers (administrators & school nurses can also apply!), police, and firefighters. Other than the FHA loan I mentioned, you usually want a credit score of 640 or higher, and for all of them you’ll need 3 to 3.5% down. Talk to your favorite mortgage broker for more information, or give me a call and I can refer you to some great resources.

Homes on Slopes ~ Some precautions, in light of current information gained from recent slides in Portland, Lake Oswego and surrounding areas are worth noting:

• At no point should drain water be discharged onto slopes in an uncontrolled manner. Investigate energy dissipation devices to prevent erosion at discharge points.
• Make sure that any fill used on the slope is “engineer-fill”.  Not all fill is able to handle the specialized drainage requirements of sloped properties.
• Make sure gutters remain clear in order to prevent over-saturation in areas not able to handle runoff.
• Keep drainage ditches or berms clear during the rainy season so that they do not direct water into areas where erosion & damage may occur.
• Keep drain inlets, outlets and weep holes at foundation, retaining walls, driveways etc clean at all times.  Remove debris to prevent clogging.
• Notice any wet spots on the property.  This may indicate either natural seepage, or leaking water or sewer line problems. Seek professional advice immediately.
• Regularly check irrigation systems. Drip systems are preferred on hillsides.
• Make sure roof drainage is not connected to a subsurface disposal system unless it has been approved by a geotechnical engineer.
• Keep water from accumulating next to foundations, retaining walls or basements.
• Guard against over-saturation on the hillside, as once this has occurred, damage can result very quickly and without warning.
• Seek the advice of a good Engineering firm. One source is:  GeoPacific Engineering, Inc.

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The open house, a long standing tradition for marketing and selling a home, or a total waste of time?  It’s actually a pretty controversial subject among Realtors.  Some believe in them and others refuse to do them.  I fall into the first category.  I hold open a house pretty much every Sunday and some Sundays I will do a couple of open houses.  I make a commitment to people who list their homes with me that I will promise one advertised open per month, at a minimum.  I will do more if my time allows.  This commitment keeps me pretty busy.  It means that I do LOTS of open houses.  And that is probably why I think that they work.

I would estimate that I sell one house per year that is directly a result of my open house efforts.  In June I had an offer written by another Realtor after her clients found my listing at an open house.  That open house was how I sold my listing.  Last Sunday I had an open house and I am now in very strong verbal discussions with another Realtor, again because his buyer came through my open.

Please note that I said that I do “Advertised” opens.  Sure, I like meeting the neighbors, but I want people coming through who already know the price, how many bedrooms there are, and are actually buyers who are wanting a new home.  I think advertising is one reason that my opens are successful.  While I used to do a newspaper ad with each open, I have shifted my marketing to the Internet.  I advertise my open houses on Craigslist, on the RMLS, and when the house is in Lake Oswego, on the propertyblotter.

Let’ s put it this way.  If I didn’t believe in open houses, I’d never do them, right? And then it is a no brainer that I could honestly say that they don’t work.  How can something work that is never tried?

I also feel that in this economy, Realtors have to go back to basics.  In a hot market, where homes are selling quickly, homes will sell with just some simple Internet exposure in the RMLS.  In a slow market that is not enough.  There are so many houses for sale, and so few buyers, that just being a part of the inventory is not enough.  A Realtor has to use every possible tool to get exposure for a proprety.  I owe it to my clients to work on their behalf and use all of the tools in my arsenal.  And, as I have stated above, I know from experience that open houses work.

Watch for my signs.  I’ll see you on Sunday!

Dianne

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Disclose, Disclose, Disclose!

Once upon a time there was a transaction wherein the Realtor representing the Buyer noticed some abnormalities in the Seller’s answers to questions on the Disclosures.  FYI, when you are selling a home, the best and only rule is “Disclose, disclose, disclose!”.  In this situation, the Seller, who had lived in the house for some time, seemed to have excellent knowledge of some things and no knowledge at all of things such as whether the roof had leaked while he/she lived there, whether there were any drainage problems on the property, and whether the main systems of the house were in good working order.  A quick call to the Seller’s agent resulted in answers forthcoming that the Seller had not experienced any leaking from the roof, nor noticed any drainage problems, and that the systems were all working just fine.  I think Seller’s get nervous when filling out these disclosures as they can seem like being asked to air your dirty laundry.  Disclosures, however, are really important to the Seller and the Buyer alike.  Basically, you just want to look at each question and answer to the best of your ability and knowledge.  Sometimes an “N/A” is in order.  Sometimes a “Yes” or a “No” is really called for, and sometimes an “Unknown” is absolutely fine.  If you are a  Seller and fail to disclose something about the property, and it becomes apparent after closing, you could possibly be liable for misrepresenting on your Disclosures… even if it was just a slip of the pen or a spat of bad memory.  It’s much better to just let it all hang out, and your Buyers will appreciate your obvious candor.  A Buyer feels much more comfortable seeing a few dings on the disclosures than they do wondering at odd answers or obvious misstatements… such as that all work was done with permits when the naked eye can tell that some was not.  Again, sometimes you have to take a moment to remember… especially if you’ve lived in a home for a long time.   So anyhoo, better just to lay it all out there.  Calms everyone right down, protects you as the Seller & sets the tone for a good transaction.

Oil Tanks & the DEQ

Speaking of instructional situations…  Make sure that when you are purchasing or selling a home whose heating system has been updated at some point, you check to find out if there was ever an underground oil tank on the property.  Dianne and I have written posts on this in the past and you can find them in the archives here, but it is very important to find out 1) If one was/is on the property, 2) If so, was it decommissioned?, and 3) If it was decommissioned, was a DEQ Certificate obtained?  (You can call DEQ, give them your address, and find out pretty quickly.) This last question is the kicker, and I find that people are confused about it.  If you are a Seller and bought your home with the understanding that it had an oil tank that was decommissioned, but you did not find out if there was a DEQ Certificate and there is NOT one… You will most certainly be required to provide one before closing (Your Buyer does not want to inherit this situation for themselves for when they sell in the future).  This involves calling a DEQ-licensed Environmental Services provider.  The process includes locating the underground tank, taking soil samples, checking the decommission job if one was done, and verifying that it was done to DEQ standards.  If all this checks out, you can get yourself a DEQ Certificate to pass on to your Buyer.  So… better to check this out before putting your property on the market rather than getting surprised during a transaction.  And Buyers… remember to ask your Realtor about this for more clarification.

Feel free to call Dianne or myself any time for more information on any of the tidbits we provide.  We love to help our Property Blotter readers and clients!  Hope this was helpful to you today.

Very Best,

Linda

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So…. you’re moving, or getting ready to sell, or in the middle of a home inspection on either end of the transaction.  One of the myriad things that may cross your path is the issue of insulation.  Some homes have it, some don’t.  Some have it in the walls but nowhere else, some have it in the floors and ceilings.  A lot depends on the era of the home and whether and how much updating has been done.   If you are selling your home and your home has insulation, say underneath, that has been damaged (squirrels, etc), you may be asked to repair or replace it.  If you have an older home with blown-in insulation in the attic, you may want to know what the material consists of.  If you are buying a home without insulation in the walls, you may be wanting to add some after the purchase is complete.   Here are some hopefully helpful tidbits on insulation:

• Insulation is one of the lowest-cost options for improving energy efficiency (saving money : )  You can reduce your heating and cooling needs by up to 30% just by investing a few hundred dollars in insulation and weatherization products.
• Should you insulate your home? Well, only 20% of homes built before 1980 are said to be well insulated, so you may want to investigate whether yours fits into this category.
• How does insulation work?  Heat moves naturally from a warmer to a cooler space. So, in winter, it is trying to move to the outdoors through walls, ceilings, floors etc.  In the summer, the hot air outside is trying to make it indoors.
• Insulation comes in a variety of forms:  in blankets, in batts, bagged & pour-ready, and “blown-in” material.
• An important consideration when choosing a form of insulation is flammability. Keep insulation at least 3 inches from light fixture wiring and other heat-producing equipment unless it is marked “IC” allowing for direct insulation contact.
• Insulation is made of either:

1. “Mineral Wool” (which includes rock & fibrous glass).  These can be blown-in or purchased in blankets or batts with foil or paper vapor barrier.  Rock Wool can also be purchased in bagged form.  *This material is inherently non-flammable, but the products that have paper vapor barrier attached may be flammable.
2. “Plastic Foam Resin” (made of polystyrene, polyurethane, or urea formaldehyde).  It can be purchased in sheets or bolts, or a contractor may spray the foam in place. *These products are generally not ‘Fire-Proof”, but check to find out whether the product you are using is “Flame Retardant”, “Flame Resistant” or neither.  Also ask about the ignition temperature… depending on the area in which you live, and other factors, some products, when approaching high ignition temperatures, can emit toxic gases.  Additionally, polystyrene and polyurethane cannot be used safely unless enclosed in a flame and heat-resistant material such as gypsum board.
3. “Cellulose Insulation” (made of finely ground cellulose such as recycled newspaper).  This can be blown in place. *Flame-retardant chemicals are usually added to reduce flammability. One thing to ask about is the type of chemical that may be part of this product as the use, for instance, of too much sulfate can cause potential corrosion of pipes and other metal material.

(NOTE: Bottom line, talk to your contractor or supplier to discuss which type of insulation is right for your home in whatever location and for whatever use you are employing it.  This is ONLY meant as a primer to give you a better understanding of your options.)

• The US Dept of Energy (DOE) measures insulation in R-Values, which are different for different areas of the country, and dependent on weather & temperature variations etc.  Here is a link that will take you to a map allowing you to find your particular area & check the recommended R-Values:        http://www.naima.org/pages/resources/library/pdf/BI487.PDF
• When using fiberglass insulation remember that “looser is better”. Tightly packed fiberglass reduces the R-Value.
• Do not block vents with insulation.
• Use high density insulation such as rigid foam boards on areas such as cathedral ceilings and exterior walls.
• Contrary to popular belief, when installing fiberglass insulation under the flooring in a crawlspace, you attach the paper or foil vapor barrier toward the heated area, not YOU.  Secure with rope or wire. Also, remember to insulate piping and ducting if you are opting for insulating under the floor. (NOTE: Consult your contractor or supplier as there are different ways of insulating a crawlspace depending on whether it is vented or un-vented.)
• When installing this fiberglass insulation w/backing in walls under construction you will again face the backing material toward the heated space… so this time it will be facing YOU.
• When insulating walls in already-built homes lacking it, you will again want to consult with a contractor as there are varying opinions about whether to blow in insulation or not.  Should you decide to do this, it is generally done through holes punched in the walls from the exterior of the home, and obviously is the material is blowin-in insulation of the kind you and your contractor have agreed-upon.
• It is amazing how much energy can be saved by insulating around doors and windows (Having energy-efficient doors and windows also obviously helps too).  Usually you are using a foam insulation here that can be applied directly into any cracks & openings.
• There is a lot of talk about the environmental pluses and minuses of insulating.  Obviously saving energy use is good for the planet, AND it can be argued that insulating too much creates an environment where a house cannot breathe, and the potential for toxic buildup inside the home of various substances can exist. Here are several links to more information on this issue so that you can decide for yourself : http://www.utilitybillbusters.com/articles/do-it-yourself-projects/hidden-dangers-of-home-repairs-over-insulating-and-weatherproofing/ ,   http://www.greenhomebuilding.com/QandA/natural/insulation.htm ,  http://www.greenfootsteps.com/best-insulation-for-homes.html , http://www.ehow.com/how_5197129_install-fiber-insulation-attic-walls.html
• Here is a link to the DOE’s fact sheet and other helpful information regarding insulation and energy-efficiency: http://www.ornl.gov/sci/roofs+walls/insulation/ins_01.html

I hope this information has proven helpful to you in your individual situation.  Obviously this is a large subject, and so maybe we’ll cover some specific issues in the future.  Feel free to comment and add your own information, and/or request information directly relating to your needs.

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The last 12 months have been a pretty rough time to be selling a home.  Your home may have even been on the market for a period of time longer than you ever thought possible.  But now you’ve gotten a good offer that you have accepted.  This is a key time in any home sale.  You must now get your home to pass the home inspection.   I want to give you a list of 10 simple repairs you can do to prepare your home as well as a few things to do on the day of the inspection.

10 simple repairs to do before the home inspection:

1.  Prune vegetation away from the house.

2.  Clean the gutters.

3.  Replace or clean any dirty furnace filters.

4.  Install missing covers on electrical switches, outlets, and junction boxes.

5.  Replace all smoke alarms installed before January 1, 2002 to comply with current standards.

6.  Replace burned out light bulbs.

7.  Pull soil 6″ away from the siding, basement windows, foundation vents, and decks.

8.  Install 6mil. black, plastic vapor barrier in the crawlspace over exposed soil.

9.  Install earthquake straps on the water heater.

10. Repair leaking faucets.

On the day of the inspection:

1.  Remove any belongings that block access to the furnace, water heater, electrical panel, attic and crawl spaces so the inspector may get to these areas.

2.  Verify the gas, water, and electricity are on, even in vacant homes.

3.  Make sure all gas pilot lights are lit.

4.  Make sure that all appliances normally operated by you can be tested as needed.

It is normal to feel a bit stressed when your home is inspected, but you can greatly increase a positive outcome on the inspection if you do a little prior planning.  And a good home inspection directly affects your ability to maximize the proceeds that you will receive from the sale of your home.  It is worth the time, effort, and a few dollars that it takes to get your home ready.

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While today I am posting our regular list of the Lake Oswego Open Houses as advertised in the RMLS, I want to take a moment to discuss open houses in general.  Open houses are probably one area in which Realtors really differ on their opinions.  I have known agents who absolutely refuse to do them.  One man in particular had a sign he took to listing appointments that had the words “Open House” with a big red circle and a diagonal line across the words.  He was making it very clear that there was no way he would ever do an open house.   I happen to have the exact opposite opinion.  I happen to think that they work.  Sure, you get the neighbors and the “Lookie Lou’s”, but you also get lots of great exposure to a property that needs to be sold.  I think the key is to advertise the open house so that a good percentage of the people who show up are real buyers who know the price and size of the property before they get there.  I hold homes open pretty much every Sunday.  I believe that on average I sell at least one listing a year off of my open houses.  In fact, I sold a house in Lake Oswego about 3 weeks ago as a result of my open house.  So I think that open houses do have value.

With that in mind, here are the homes that you will find open this Sunday in Lake Oswego.  Please make special note of 4447 Golden Lane, my listing, which I will be holding open from 2 to 5pm.

89 Galen St, $102,500.  1 BR, 1 BTH, 550 square feet, open noon-4

1597 Bonniebrae Dr, $230,000.  2 BR, 1 BTH, 998 square feet, open 1-3

4447 Golden Ln, $239,000.  2 BR, 2.5 BTHS, 1980 square feet, open 2-5

4 Weatherstone, $334,950. 3 BR, 2.5 BTHS, 1692 square feet, open 1-3

13448 61st, $335,000. 3 BR, 3 BTHS, 1911 square feet, open 1-4

17088 Rebecca Ln, $479,000. 4 BR, 3 BTHS, 2554 square feet, open 1:30-3:30

624 Livingood Ln, $534,000. 4 BR, 3 BTHS, 2596 square feet, open 1:30-3:30

11 Morningview Cir, $547,000. 3 BR, 2.5 BTHS, 2921 square feet, open 1-3

535 B Ave, $649,000. 2 BR, 2.5 BTHS, 1691 square feet, open 2-4

580 Weidman Ct, $659,000. 5 BR, 3.5 BTHS, 3952 square feet, open 2-4

220 Greenwood Rd, $749,900. 3 BR, 4 BTHS, 2639 square feet, open 1-3

3270 Lakeview Blvd. $1,275,000. 3 BR, 3 BTHS, 3295 square feet, open 3-5

624 Atwater Rd, $1,338,000. 5 BR, 3.5 BTHS, 4465 square feet, open 12:30-2:30

17642 Upper Cherry Ln, $1,375,000. 3 BR, 3.5 BTHS, 3936 square feet, open 3-5

2811 Arrowhead Ct, $1,399,000. 4 BR, 3.5 BTHS, 3740 square feet, open noon-2

18024 Skyland Cir, $1,699,000. 4 BR, 3 full+2 half BTHS, 4131 sq. feet. open 2-5

I’ll hope to see you on Sunday!

Dianne

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