Category: Buying Advice

What to do when buying real estate in Lake Oswego, Oregon

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Advice for Every Buyer

I originally found this list of advice at Realtor.com and it was directed at first-time home buyers. But I think it good advice for every buyer, first time, second, seasoned investor, this advice is great for any and all buyers.

Always always always get a house inspection. Always.

Even if the house looks perfect. It can be brand new and still have flaws. In fact, the longest repair addendum I had ever written was for a brand new home in Tigard. It was a gorgeous house, but this builder was building out an entire street. He had his crews on a production schedule that they had to be finished with a house by a specified date in order to progress to the next lot. There was just so much unfinished stuff. Insulation was missing in part the attic. Roof vents were missing screens. Caulking was missing at the back of the kitchen sink. Catching these items while the crews were still in the neighborhood made it easy to bring the workers back in and to get every last item finished correctly.

Don’t forget to also get inspections for radon, the sewer line, asbestos, in-ground tanks, or any other issue that comes along and reflects the age of the house.

Step away from the computer and get pre-approved.

With the Internet giving us easy access to information, it is super easy to do lots of house shopping on your own. It’s also easy to play with mortgage calculators and come up with what you think you can afford. But there comes a time when you need to start working with professionals. In particular, get pre-approved for any financing that you may need. Work with a real person who is local. The on-line lenders, who shall remain nameless in this post, do not have a good reputation for service. In a multiple offer situation, a buyer using a National, on-line lender may be at a disadvantage to a buyer using a local mortgage company with someone who is the point person through the process. Then find yourself a great Realtor. Experienced professionals will be able to guide you to make the process as painless and successful as possible. I also recommend starting with finding a Realtor and then they can give you contact information for great lenders that they know from experience will take good care of you. Both Linda and I have lenders we love to recommend.

Never miss a deadline.

Your Realtor will be keeping track of the deadlines that you need to meet as far as depositing earnest money and completing inspections. You need to be responsible for meeting deadlines with your lender. When they ask you for paperwork, provide it quickly. If you fail to meet the deadlines that your lender sets, you are compromising the chances of closing on time. You have an obligation to cooperate and be as timely as possible.

Choose a lender you like.

I recommend interviewing at least three. This doesn’t mean making applications with all three. It means having a conversation with them. You are going to be sharing very personal information with them about your finances. Your need to have a rapport with them. Find someone who makes it easy and who works for you. Do they return phone calls quickly? Do they answer your questions in a way that you understand?

Summon reserves of patience.

Finding the right house may take time. You may find that you are in situations with multiple offers and your offer may not be chosen. You may get an offer accepted and then have a bad inspection that forces you to end the deal. You may find that at the time of closing a situation comes up that creates a delay. Any number of issues can happen. Go into the home buying experience and pre-set your thinking with the idea that you will exercise patience and allow the process to happen. It will lower the stress and make the entire journey better.

I hope you have found this advice useful. As always, Linda and I are here to help.

Dianne

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The Buzz About Inventory

Real Estate is a complex beast, but some aspects of it are pretty simple- Supply and Demand, for instance.  When there are fewer homes on the market, Sellers are in a better position to bargain as it often means there will be multiple offers coming in. Markets like this wreak havoc with Buyers and Appraisers alike as folks start pushing prices up in order to win a given property in a bidding situation. I tell my clients who are worried about pushing value beyond the status quo with a higher offer that they are actually setting the standard for Appraised Value on homes in their new neighborhood as Appraisers really are just calculating what people are willing to pay/have paid, thus how much homes in any given area are worth. The sale only counts toward that calculation however after it is final. The immediate peril of course is the prospect of a Seller being unwilling to budge if the Appraisal comes in lower than the Sale Price and the Buyer is put in the position of having to decide whether to bring cash to the table.

Pluses & Minuses- As far as impact on the Buyer, the upside is that the above scenario spurred by low inventory positively affects future value/appreciation of their property as well as the aforementioned immediate effect of the Closing Sale Price impacting the neighborhood’s value. These things are almost always assured. On the less positive side, depending on what neighborhood this is occurring in, property values can rise to the degree that a large number of people are just priced out of the picture. This is called gentrification and usually relates to lower-priced areas becoming unrecognizable to those who live there and or would have normally wanted to live there. Obviously this is not the case in Lake Oswego which has historically been a generally higher-priced area on the outskirts of Portland, and/but there are areas of Lake Oswego that are wonderful, AND more affordable for many families that could be impacted as well.

So, that is what low inventory does  to the market. As far as how it is arrived at~ Essentially, the Inventory at any given time is calculated at how many months it will take to sell the existing homes on the market based on the current rate at which homes are selling. I used the formula espoused by Sapling to break out comparative Inventory for Lake Oswego.

If we compare just Lake Oswego and its inventory vs July 2019, it looks like this:

  • July 2019: 451 Active Listings divided by Sold & Pendings at 357 = 1.26 Months of Inventory.
  • July 2020: 311 Active Listings divided by Sold & Pendings at 384 = .809 Months of Inventory.

So, you can see how a large number of Buyers actively looking for houses and a limited number of properties for sale can affect the overall landscape of real estate in a given area. Looks like it might be time to sell if you’ve been on the fence?

 

 

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Market Activity ~ Aug 10-16, 2020

Spring activity has definitely pushed into summer. Last week in Lake Oswego there were 26 New listings, 26 properties that went into Pending status, and 21 Closed sales.  There are currently 214 Properties for sale in Lake Oswego!

Following is the breakdown for you according to RMLS:

New on the Market (Aug 10-16, 2020)

Address List Price # Beds # Baths Total SF Prop Type
126 OSWEGO SMT $195,000 1 1 764 CONDO
4 TOUCHSTONE #82 $260,000 3 2.1 1351 CONDO
25 AQUINAS ST $479,000 3 2 1477 DETACHD
26 Spinosa $495,500 3 2.1 2065 PLNCOMM
2735 GREENTREE RD $579,900 3 2.1 1616 DETACHD
69 CONDOLEA TER $585,000 2 2.1 2262 CONDO
1529 HEMLOCK ST $664,900 4 3 2348 DETACHD
639 2ND ST $665,000 2 2.1 1457 ATTACHD
5834 SEVILLE AVE $679,900 3 2 2056 DETACHD
300 4TH ST $724,900 2 2.1 1731 ATTACHD
16419 LEXINGTON CT $739,000 3 2.1 2409 DETACHD
875 BOCA RATAN DR $749,900 5 3 2502 DETACHD
39 TOUCHSTONE $749,900 4 3 3400 DETACHD
16570 Inverurie RD $829,000 5 4 3218 DETACHD
12730 ADRIAN CT $895,000 4 2.1 2952 DETACHD
19245 MEGLY CT $899,000 5 3 3490 DETACHD
49 HILLSHIRE DR $939,900 4 3.1 4268 DETACHD
15930 TWIN FIR RD $995,000 3 2.1 2620 DETACHD
17215 LOWENBERG TER $995,950 4 2.1 2819 DETACHD
5303 AMBERWOOD CT $999,000 3 2.1 3490 DETACHD
4146 CHAD DR $1,099,900 4 2.1 3637 DETACHD
3343 FIR RIDGE RD $1,100,000 4 3 3430 DETACHD
17522 BRYANT RD $1,399,000 4 4 3545 DETACHD
17677 WESTVIEW DR $1,699,000 5 4.1 5531 DETACHD
18320 RIVER EDGE LN $1,790,000 4 5 4608 DETACHD
2510 WEMBLEY PARK RD $1,895,000 4 3.1 4868 DETACHD

Pending Sales (Aug 10-16, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
44 EAGLE CREST DR #15 $160,000 1 1 798 CONDO 23
4 TOUCHSTONE #130 $200,000 2 2 984 CONDO 186
48 EAGLE CREST DR #5E $269,000 2 2 1443 CONDO 29
1224 HEMLOCK ST $400,000 2 1 784 DETACHD 3
1120 BOCA RATAN DR $400,000 3 2 1611 ATTACHD 5
1 PHEASANT RUN $475,000 3 2.1 1780 DETACHD 11
112 TOUCHSTONE TER $520,000 3 2.1 2002 ATTACHD 0
63 AQUINAS ST $539,500 6 3 2892 DETACHD 12
15601 TANAGER DR $619,900 3 2.1 2046 DETACHD 6
5095 OAKRIDGE RD $725,000 4 2 1743 DETACHD 2
4108 ORCHARD WAY $769,000 4 2.1 3010 DETACHD 25
1132 TROON RD $800,000 3 2.1 1585 DETACHD 2
550 MIDDLECREST RD $805,000 2 2.1 2226 DETACHD 4
1953 SUMMIT DR $819,000 4 3 3312 DETACHD 47
2340 OAKHURST LN $849,000 4 2.1 2860 DETACHD 18
17358 BROOKHURST DR $895,000 4 3 3592 DETACHD 2
3903 TEMPEST DR $899,000 4 2.1 2557 DETACHD 4
5224 LOWER DR $925,000 4 3 2571 DETACHD 5
17517 OAK MEADOW LN $949,900 4 2.1 2952 DETACHD 3
18400 DELENKA LN $998,800 5 3.1 5245 DETACHD 27
1471 WOODLAND TER $1,050,000 5 4.1 5733 DETACHD 69
18253 SIENA DR $1,225,000 5 4 4375 DETACHD 63
5337 WASHINGTON CT $1,225,000 4 3 3789 DETACHD 5
14530 UPLANDS DR $1,589,000 5 3.1 4080 DETACHD 174
14722 UPLANDS DR $1,599,000 4 4.1 3831 DETACHD 3
1890 TWIN POINTS RD $2,650,000 4 3.1 4274 DETACHD 335

Sold/Closed (Aug 10-16, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
4061 JEFFERSON PKWY $300,000 $281,000 2 2.1 1462 ATTACHD 105
44 AQUINAS ST $550,000 $562,000 4 2 1914 DETACHD 4
13 GROUSE TER $565,000 $574,000 4 2.1 2108 DETACHD 1
6221 NOKOMIS CT $565,000 $585,000 3 2 1870 DETACHD 1
1100 OAK TER $650,000 $610,000 4 2 1518 DETACHD 40
19101 REDWING CT $629,000 $620,000 3 2 1434 DETACHD 5
21 BECKET ST $629,900 $629,000 4 2.1 3070 DETACHD 93
4910 CENTERWOOD ST $650,000 $650,000 4 2.1 2481 DETACHD 0
28 WESTRIDGE DR $724,900 $712,500 4 2.1 2580 DETACHD 25
4004 MELISSA DR $756,000 $740,000 4 2.1 2865 DETACHD 3
1405 CEDAR ST $749,900 $748,930 3 2 2178 DETACHD 4
828 7TH ST $939,000 $785,000 3 4 2418 DETACHD 84
17610 WESTVIEW DR $839,900 $840,000 5 3 2924 DETACHD 2
5996 SUNCREEK DR $995,000 $1,020,000 4 3 3596 DETACHD 2
17690 BLUE HERON RD $1,199,900 $1,150,000 4 3 3869 DETACHD 21
3938 EDENS EDGE DR $1,215,000 $1,184,900 4 3.1 3882 DETACHD 18
714 EVERGREEN RD $1,349,000 $1,282,500 4 3 3464 DETACHD 135
1301 HORSESHOE CURV $1,299,000 $1,350,000 3 2 2260 DETACHD 3
2130 WEMBLEY PL $1,498,000 $1,395,000 4 3.1 3651 DETACHD 442
18218 MEADOWLARK LN $1,599,000 $1,435,000 5 6.1 8320 DETACHD 397
16206 REESE RD $1,625,000 $1,575,000 4 3.1 3631 DETACHD 69

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.

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News & Notes – July 2020 Numbers

Here is your look at the most recent data for the entire Portland area (July 2020) and how Lake Oswego fits in to this picture just below.

The Inventory says it all. Well, not maybe all… Just look at the increases over both last month and last year. Pending Sales are up 21.9% over last year/July, and Closed Sales are up 15% over July 2019 as well. Activity was put off in the Spring and is pushing into Summer.

It is currently understood to be a Seller’s Market. There are a large number of multiple-offer transactions for properties that are priced well. That will change as we head into Fall, where Buyers typically have more leverage. It is often a toss-up as to when you make your move as a Seller or a Buyer. Obviously, its good to be a Seller right now, and/but we don’t know where rates are headed, so I wouldn’t wait if I were a Buyer.  At the moment, my trusted Mortgage Advisors tell me: Rates are inching up now, hovering around 3.125%.

According to the RMLS Market Action Report for the Portland Metro Area, July 2020:

  • There were 4,236  New Listings in July 2020 which increased 6.8%  from July of 2019’s 3,966, and increased 15.8% over the previous month/June’s 3,658.
  • At 3,391, July 2020’s Closed Sales are up at 15.2% from July 2019’s 2,944, and also up by 25.2% from the previous month/June 2020’s total of 2,709
  • At 3,656, July 2020’s Pending Sales are up 21.9% from July 2019’s 2,998, and increased 0.1% (virtually the same) from the previous month/June 2020’s total of 3,654.
  • The Average Sale Price in July 2020 of $502,300 is up $36,300 from last year/July 2019’s $466,000, and is also up $22,600 from the previous month/June 2020’s $479,700.   YTD increase is 3.7%.
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in July 2020 of $445,000 rose from last year/July 2019’s $411,600 by $33,400, and is up by $10,000 from the previous month/June 2020’s $435,000.   YTD increase is 4.5%.

Neighborhoods: July’s Average Sale Price + 12-month Appreciation:

  • North Portland:  $453,900              4.1%   (June $447,500)
    •                                                     YTD Median: $425,000
  • NE Portland:  $515,100                   2.6%   (June $486,200)
    •                                                     YTD Median: $440,000
  • SE Portland:  $459,500                   3.1%   (June $462,800)
    •                                                     YTD Median: $395,000
  • Gresham/Troutdale:   $393,100     2.0%   (June $383,000)
    •                                                     YTD Median: $364,900
  • Milwaukie/Clackamas:  $487,000  4.0%   (June $479,600 )
    •                                                     YTD Median: $439,900
  • Oregon City/Canby:   $447,300      3.4%   (June $447,300)
    •                                                     YTD Median: $437,000
  • Lake Oswego/West Linn:$830,600  7.1%  (June $721,800)
    •                                                      YTD Median: $620,000
  • West Portland:    $629,500             -0.2%  (June $609,400)
    •                                                     YTD Median: $542,000
  • NW Wash County:  $575,600          2.5%   (June $585,000)
    •                                                      YTD Median: $513,000
  • Beaverton/Aloha:     $416,300       2.6%   (June $417,500)
    •                                                     YTD Median: $410,000
  • Tigard/Wilsonville:   $537,300        4.1%   (June $504,400)
    •                                                      YTD Median: $470,000
  • Hillsboro/Forest Grove: $437,100  5.4%   (June $433,100)
    •                                                      YTD Median: $400,000

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of July 2020 reported:

    •  311 Active Listings (June 315)
    •  242 New Listings     (June 216)
    •  191 Pending Sales   (June 196)
    •  193 Closed Sales       (June 135)
    • Average Sale Price for July: $830,600  (June $721,800)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    •  62 Average Days on the Market   (June 54)

 

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Market Activity ~ Aug 3-9, 2020

Last week in Lake Oswego there were 16 New listings, 35 properties that went into Pending status, and 15 Closed sales.  There are currently 206 Properties for sale in Lake Oswego!

Following is the breakdown for you according to RMLS:

New on the Market (Aug 3-9, 2020)

Address List Price # Beds # Baths Total SF Prop Type
47 EAGLE CREST DR $174,999 2 1 932 CONDO
4000 CARMAN DR #E74 $229,900 2 2 836 CONDO
750 1ST STb #E34 $319,900 2 2 1350 CONDO
1120 BOCA RATAN DR $400,000 3 2 1611 ATTACHD
63 AQUINAS ST $539,500 6 3 2892 DETACHD
71 GREENRIDGE CT $549,000 3 2.1 2004 ATTACHD
17950 MEADOWLARK LN $649,000 5 3 2710 DETACHD
320 4TH ST $649,000 2 2.1 1731 ATTACHD
17088 REBECCA LN $650,000 5 3 2558 DETACHD
19457 35TH CT $959,000 4 2.1 3538 DETACHD
5337 WASHINGTON CT $1,225,000 4 3 3789 DETACHD
18002 PILKINGTON RD $1,225,000 4 3 3634 DETACHD
3931 Bass LN $1,385,000 5 4.1 4248 DETACHD
18147 PILKINGTON RD $1,796,000 4 3.1 4636 DETACHD
1099 TERRACE DR $2,495,000 5 4.1 4965 PLNCOMM
910 NORTHSHORE RD $4,595,000 4 6.1 5455 DETACHD

Pending Sales (Aug 3-9, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
4 Touchstone #146 $224,900 2 2 979 CONDO 88
47 EAGLE CREST DR $249,500 3 2 1026 ATTACHD 64
3864 BOTTICELLI ST $257,500 2 1.1 1132 CONDO 3
1276 HIDE A WAY CT $510,000 3 2 1603 DETACHD 3
12 WALKING WOODS DR $568,000 3 3 2177 DETACHD 3
17175 REBECCA LN $575,000 4 2.1 1833 DETACHD 2
19235 REDWING CT $599,900 4 2 2084 DETACHD 6
19 MORNINGVIEW CIR $629,000 3 2.1 2337 DETACHD 48
38 NORTHVIEW CT $638,900 4 4 3125 ATTACHD 21
4962 HARVARD CT $649,900 4 2.1 2522 DETACHD 52
14825 RAINBOW DR $650,000 4 3.1 2582 DETACHD 12
2811 PARK RD $659,000 4 2.1 2248 DETACHD 4
1953 INDIAN TRL $675,000 3 2 2110 DETACHD 12
5675 VICTORIA CT $699,000 3 2.1 2546 DETACHD 92
7 BECKET ST $749,000 4 3.1 4329 DETACHD 57
1500 EASTVIEW CT $784,999 4 3.1 3872 DETACHD 116
4405 SUNDEW CT $840,000 5 3.1 4535 DETACHD 107
2146 SUMMIT DR $850,000 3 2 2592 DETACHD 3
19263 MEGLY CT $874,000 5 3 3242 DETACHD 66
1511 Pine $879,450 3 2.1 2390 DETACHD 163
885 8TH ST $885,000 3 2 1730 DETACHD 195
6016 CLAIRMONT CT $950,000 3 2.1 3210 DETACHD 9
5677 CHARLES CIR $995,000 4 2.1 2976 DETACHD 5
100 LEONARD ST / Upper $1,079,000 3 2.1 3137 CONDO 21
5156 SW DAWN ST $1,150,000 3 3 2413 DETACHD 16
14414 PFEIFER DR $1,199,000 4 3.1 3744 DETACHD 61
18260 RIVER EDGE CT $1,249,000 4 3.1 4711 DETACHD 63
14190 SUNDELEAF DR $1,424,900 5 4 3688 DETACHD 28
17684 STAFFORD RD $1,499,950 6 4.1 4407 DETACHD 563
12812 ALTO PARK RD $1,500,000 4 3.1 4040 DETACHD 26
883 8th ST $1,699,000 5 4.1 4546 DETACHD 29
768 BERWICK CT $2,098,000 4 3.1 4127 DETACHD 19
1575 COUNTRY CMNS $2,179,000 4 3.1 3951 DETACHD 817
931 ATWATER RD $2,695,000 4 4.1 5059 DETACHD 132
4175 SOUTHSHORE BLVD $3,900,000 4 4.1 6332 DETACHD 1133

Sold/Closed (Aug 3-9, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
16250 PACIFIC HWY #68 $210,000 $214,000 1 1 900 CONDO 12
5064 FOOTHILLS DR #19 $317,000 $317,000 2 2 1252 CONDO 12
16200 PACIFIC HWY #7 $495,000 $487,000 2 2 1190 CONDO 29
1023 HALLINAN ST $495,000 $515,000 3 1.1 1092 DETACHD 4
17721 OVERLOOK CIR $688,000 $637,000 3 2.1 3172 DETACHD 231
14799 UPLANDS DR $724,900 $649,900 4 2 2150 DETACHD 110
17270 CANYON DR $674,900 $668,000 4 3 2754 DETACHD 5
17520 REDFERN AVE $692,000 $675,000 2 2 1776 DETACHD 22
17502 ERIN CT $799,900 $785,000 4 3 3014 DETACHD 13
5267 LAKEVIEW BLVD $979,000 $885,000 4 3.1 3454 DETACHD 118
814 LAKE SHORE RD $1,249,000 $1,241,500 3 2.1 2385 DETACHD 79
18965 Pilkington RD $1,439,000 $1,400,000 4 3 3926 DETACHD 19
4660 UPPER DR $1,895,000 $1,550,000 5 3.1 3898 DETACHD 209
17253 KELOK RD $2,659,000 $2,550,000 5 4.1 4429 DETACHD 7

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.

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Inspections- The Basics

I always have a conversation with my clients before we begin their home-buying or -selling adventure regarding the basic markers, or hurdles we will clear as we move through the process. One of the most crucial is the Inspection Period.

After mutual acceptance, Buyer and Seller enter the Inspection Period. The Residential Sale Agreement specifies 10 business days unless the Buyer’s Agent shortens or lengthens that when writing, but 10 days is pretty typical. During this time Buyers may hire professionals to perform inspections on the home and will specify any “invasive inspections” which can include sewer scopes, mold, underground tank locates, and believe it or not, the collection of radon gasses to gauge safety of the air in the home.

I find this is one of the most misunderstood portions of the process, and/but it is pretty straightforward. I’m including an excerpt from the Residential Sale Agreement language below as, with most things, an actual reading of the language in the contract clears things up pretty quickly when clarity is needed.

Your time clock starts ticking on the first day following mutual acceptance.  Sometimes when submitting an Offer as a Buyer, you might want to take into consideration that if your Offer is accepted on a weekend, your first business day will be a Monday, which will give you one weekend as part of your timeline.  If your Offer is accepted on a Monday or a Tuesday, your timeline will include two weekends, which can be beneficial if you need time to get additional contractors out to look at various things that come up in the inspection, such as roof issues, electrical issues, foundation issues and the like. The timeline is very important to both the Seller and the Buyer as, in the state of Oregon, a Seller is selling a home “as-is”. This means that though there is a provision in the contract for inspection (and the contingency that a Buyer may decide to withdraw during the timeline based on dissatisfaction with the inspection(s), the Seller is not “obligated” to perform any repairs for the Buyer. Because of this, if a Buyer lets their allotted time lapse and you pass that 5PM deadline on the 10th business day without any written agreement on repairs, the home is then construed to be sold “as is”.  Most Sellers and Buyers are reasonable during the allotted period and when issues of safety or impacted functionality of the home arise, accommodations of some sort are usually reached- not always to the extent a Buyer (or Seller) might like, but my experience is that there is usually goodwill and a real effort to deliver a home in good working order to the Buyer. Considerations that also come into play are Lender requirements, potential Appraiser concerns and the desire of both parties to Close the transaction and move on.

Here is the excerpt from the Sale Agreement that explains the basics:

177 LICENSED PROFESSIONAL INSPECTIONS: At Buyer’s expense, Buyer may have the Property and all elements and systems thereof
178 inspected by one or more licensed professionals of Buyer’s choice. Provided, however, Buyer must specifically identify in this Agreement any
179 desired invasive inspections that may include testing or removal of any portion of the Property including, for example, radon and mold. Identify
180 Invasive Inspections: .
181 Buyer understands Buyer is responsible for the restoration of the Property following any inspection(s)/test(s) performed by Buyer or on Buyer’s
182 behalf. Buyer shall have business days (ten [10] if not filled in), after the date Buyer and Seller have signed and accepted this Agreement
183 (hereinafter “the Inspection Period”), in which to complete all inspections and negotiations with Seller regarding any matters disclosed in any
184 inspection report. Buyer shall not provide all or any portion of the inspection reports to Seller unless requested by Seller. However, at any time
185 during this transaction, or promptly following termination, upon request by Seller, Buyer shall promptly provide a copy of such reports or portions of
186 reports, as requested. During the Inspection Period, Seller shall not be required to modify any terms of this Agreement already reached with Buyer.
187 Unless a written agreement has already been reached with Seller regarding Buyer’s requested repairs, at any time during the Inspection Period,
188 Buyer may notify Seller, in writing, of Buyer’s unconditional disapproval of the Property based on any inspection report(s), in which case, all earnest
189 money deposits shall be promptly refunded, and this transaction shall be terminated. If Buyer fails to provide Seller with written unconditional
190 disapproval of any inspection report(s) by 5:00 P.M. of the final day of the Inspection Period, Buyer shall be deemed to have accepted the
191 condition of the Property. Note if, prior to expiration of the Inspection Period, written agreement is reached with Seller regarding Buyer’s
192 requested repairs, the Inspection Period shall automatically terminate, unless the parties agree otherwise in writing.

 

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Market Activity ~ July 20-26, 2020

Last week in Lake Oswego there were 25 New listings, 36 properties that went into Pending status, and 25 Closed sales.  There are currently 217 Properties for sale in Lake Oswego!

Following is the breakdown for you according to RMLS:

New on the Market (July 20-26, 2020)

Address List Price # Beds # Baths Total SF Prop Type
44 EAGLE CREST DR #15 $170,000 1 1 798 CONDO
368 CERVANTES CIR / Upper $200,000 2 1 854 CONDO
750 1ST ST #D25 $325,000 2 2 1350 CONDO
16200 PACIFIC HWY #21 $362,000 2 2 1190 CONDO
4401 THUNDER VISTA LANE LN $395,000 2 2.1 1980 CONDO
41 Greenridge CT $415,000 3 2.1 1652 ATTACHD
78 GREENRIDGE CT $535,000 3 3 2000 ATTACHD
1101 HEMLOCK ST $629,975 3 2.1 2213 DETACHD
14863 TWIN FIR CT $630,000 3 2 1648 DETACHD
4636 AUBURN LN $650,000 3 3.1 2732 ATTACHD
14825 RAINBOW DR $650,000 4 3.1 2582 DETACHD
17973 SAINT CLAIR DR $738,000 4 3 3323 DETACHD
12788 SIERRA VISTA DR $770,000 4 3.1 2880 DETACHD
15 BECKET ST $849,000 4 3.1 3750 DETACHD
2340 OAKHURST LN $869,000 4 2.1 2860 DETACHD
2585 DELLWOOD DR $949,900 4 3.1 3749 DETACHD
5156 SW DAWN ST $1,150,000 3 3 2413 DETACHD
17196 KELOK RD $1,199,000 5 3.1 4384 DETACHD
717 8TH ST $1,235,000 4 2.1 2584 DETACHD
4311 HAVEN ST $1,365,000 4 4 3915 DETACHD
929 COUNTRY CMNS $1,420,000 4 3 3962 DETACHD
768 BERWICK CT $2,098,000 4 3.1 4127 DETACHD
2950 WEMBLEY PARK RD $2,375,000 4 5.1 6417 DETACHD
1622 LESLIE LN $2,450,000 4 3.2 5827 DETACHD
305 CHANDLER PL $2,850,000 5 3.3 5334 DETACHD

Pending Sales (July 20-26, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
3930 LAKE GROVE AVE #3A $209,900 2 1 956 CONDO 183
4 TOUCHSTONE #81 $224,950 3 2.1 1350 CONDO 29
4000 CARMAN DR #C39 $229,000 2 2 866 CONDO 14
90 OSWEGO SMT / Upper $239,000 2 2 1140 CONDO 2
48 EAGLE CREST DR #5E $269,000 2 2 1443 CONDO 10
4621 LAKEVIEW BLVD / Upper $279,999 2 2 1178 CONDO 8
4372 WOODSIDE CIR $339,900 2 2 1178 ATTACHD 4
13 MOUNTAIN CIR $375,000 2 1.1 1374 ATTACHD 4
5168 LAKEVIEW BLVD $395,000 2 2 960 DETACHD 4
16215 LAKE FOREST BLVD $425,000 3 1 1001 DETACHD 5
16518 INVERURIE RD $425,000 3 2 1255 DETACHD 3
21 BRITTEN CT $429,000 3 2.1 1972 ATTACHD 4
18545 KRISTI WAY $434,900 3 1.1 1307 DETACHD 4
7 SUMMIT RIDGE CT $449,000 2 2.1 1704 ATTACHD 14
17207 REBECCA LN $599,000 3 2.1 1944 DETACHD 6
1601 ASH ST $614,947 3 2 2045 DETACHD 57
13758 REGENCY CT $649,900 3 2.1 1986 DETACHD 2
720 BRIERCLIFF LN $650,000 4 3 2152 DETACHD 3
4087 TROUT WAY $659,000 4 2.1 2330 DETACHD 4
14074 SUNDELEAF DR $685,000 3 2.1 1760 DETACHD 5
4890 INDIAN CREEK CT $699,000 3 2 2064 DETACHD 15
18709 MIRKWOOD DR $729,000 4 3 3086 DETACHD 3
4004 MELISSA DR $749,900 4 2.1 2865 DETACHD 3
5820 STEWART GLENN CT $750,000 5 2.1 3262 DETACHD 72
5734 CHARLES CIR $785,000 5 2.1 2663 DETACHD 2
802 CLARA CT $849,000 4 3 2886 DETACHD 7
12641 ADRIAN CT $896,448 4 4 3602 DETACHD 9
19242 INDIAN SPRINGS RD $950,000 4 2.1 3365 DETACHD 54
2655 DELLWOOD DR $950,000 4 2.1 3164 DETACHD 28
19345 RIVERWOOD LN $969,000 4 3.1 3383 DETACHD 7
1029 LAUREL ST $974,000 5 3.1 3195 DETACHD 7
14380 TRILLIUM CT $995,000 5 3 3962 DETACHD 128
18220 RIVER EDGE CT $998,800 4 3 3432 DETACHD 60
1300 GLENMORRIE DR $1,050,000 5 3.1 4613 DETACHD 3
3244 UPPER DR $1,575,000 5 4.1 3730 DETACHD 11
16206 REESE RD $1,625,000 4 3.1 3631 DETACHD 69

Sold/Closed (July 20-26, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
4 TOUCHSTONE #71 $199,000 $180,000 2 2 984 CONDO 49
82 OSWEGO SMT / Upper $239,000 $234,500 2 2 1212 CONDO 14
48 EAGLE CREST DR #5C $279,000 $264,800 2 2 1443 CONDO 201
3868 BOTTICELLI ST / Grnd $265,000 $265,000 3 2 1260 CONDO 12
12806 SW BOONES FERRY RD $425,000 $400,000 3 2.1 1174 CONDO 26
2164 GOODALL CT $300,000 $443,765 3 2 2016 DETACHD 17
1400 LABURNUM WAY $475,000 $508,000 4 3 2106 DETACHD 2
6151 CARMAN DR $589,750 $545,000 3 2 1641 DETACHD 81
16111 LINDSAY CT $565,000 $565,000 3 2.1 1840 DETACHD 34
4851 MADRONA ST $600,000 $580,085 4 2 1500 DETACHD 22
19211 INDIAN SPRINGS RD $585,000 $585,000 4 3 2132 DETACHD 1
6280 SUMMER WOODS $640,000 $600,000 4 2.1 2191 DETACHD 112
461 COUNTRY CLUB RD $750,000 $730,000 2 1.1 1500 DETACHD 57
9 BECKET ST $719,000 $740,000 4 2.1 3537 DETACHD 4
4089 MELISSA DR $815,000 $777,500 4 2.1 2762 DETACHD 22
15119 QUARRY RD $795,000 $795,000 3 2 2086 DETACHD 16
830 4TH ST $799,900 $822,000 3 2 1890 DETACHD 0
2201 OVERLOOK DR $825,000 $855,000 4 2.1 3360 DETACHD 3
13751 CAMEO CT $1,100,000 $865,000 5 4 3350 DETACHD 97
16 BERNINI CT $1,250,000 $1,095,000 6 5 4786 DETACHD 92
18026 SKYLAND CIR $1,399,000 $1,330,000 5 3.1 4117 DETACHD 102
157 6TH ST $1,595,000 $1,464,000 4 3.1 3614 DETACHD 953
2880 UPPER DR $1,995,000 $1,920,000 5 4.1 5853 DETACHD 141
17227 CANAL CIR $2,795,000 $2,600,000 5 4.1 4720 DETACHD 79
1633 LESLIE LN $2,725,000 $2,650,000 5 4.2 5921 DETACHD 15

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.

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The Magic that is Escrow

I want to take a moment to explain not only what escrow is, but also to give a shout out to the amazing title companies that we have in the Portland area.

Escrow is the time that happens between an offer being accepted and the title being recorded for the new owner of the property. The Realtors involved submit a copy of the agreed upon paperwork to the title company that has been chosen. The buyer or the seller can select the title company, if they have a preference. By practice though, I’d say 90% of the time the seller’s agent will choose the title company. This is because prior to and during the course of the listing being marketed, it’s pretty common for the listing side Realtor to ask for information and favors from a title company. This can be things like obtaining a plat map, getting a copy of the deed, all sorts of favors. The title company will do these services at no charge. They do them, because they are hoping to be selected to handle a transaction. Just like Realtors, they don’t get paid until the transaction closes.

Upon receiving the new sale agreement, the “escrow officer”, which is what the person at the title company is usually called, will order a preliminary title report. It takes about a week to receive it and it is sent out to all parties involved: the buyer and their Realtor, the seller and their Realtor, and the lender if there is a lender involved. The title report shows what legal liens and encumbrances, such as easements, Home Owner Association documents, and mortgages are attached to the property. Once received, the buyer needs to review the prelim and they have 2 days to notify the seller if there is an issue that needs to be cleared up. The seller then has 5 days to fix the issue. If the seller can’t fix it, then the buyer can terminate and get their earnest money back. The sort of issue that might create this situation would be something like a judgement for alimony that must be proven to be current. That sort of thing.

Escrow lasts 30 to 45 days, typically. During this time the escrow officer will collect the needed information to close on the sale. They are the people who receive the lenders wire of funds from the new mortgage, and who contact the buyer to let them know how much money to bring to closing. They make appointments with the buyer and the seller and are in charge of everyone signing all of the documents correctly. They use the money that they have received to pay off any current liens and then they are the ones who take the new deed to the county and have it recorded, along with the new mortgage. Today this is done electronically.

On the day of closing they do the final title report to confirm that no knew encumbrances have been recorded on the property. With this in hand they issue a title insurance policy. This insurances benefits the buyer and is the title companies evidence that all of the seller encumbrances have been removed and the buyer is receiving the property with clear title and only the encumbrances that they place upon it, such as their new mortgage.

To a person, every single escrow officer I have ever met or worked with has been the utmost professional, competent and friendly person. In addition, the title companies perform these services for a very reasonable charge. Combining title and escrow charges, the average transaction earns the title company, perhaps, $3500. The charge for the title insurance is regulated by the state of Oregon. Escrow charges are pretty uniform between companies. The charges are split approximately 60/40, with the seller paying the larger amount because seller paid title insurance to benefit the buyer is more expensive than buyer paid title insurance to benefit the buyer’s lender.

If you ask any Realtor who their favorite title company is, every single one of them will have an immediate answer. For me, it’s Roni Winters at Fidelity National Title in Lake Oswego. But I would trust any of the companies and escrow officers in the metro area. They are all that good.

Stay cool in this heat, and as always, thank you for reading the blotter.
Dianne

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News & Notes ~ June 2020 Numbers

Here is your look at the most recent data for the entire Portland area (June 2020) and how Lake Oswego fits in to this picture just below.

Inventory has dropped in June.  They all got snatched up in May!  ; )  Seriously, look at the 38% rise in June Closed sales over May. We are seeing a housing shortage in the overall Portland area and it is reflected in Buyers experiencing lots of multiple-offer situations and overall competition over properties that are in good shape and priced well. Sellers are noticing this trend and continuing to list properties for sale. I’m anticipating an extended busy period this summer after some pent-up COVID-inspired “waiting” from earlier in the spring that is spilling into the post-4th of July time period which is usually a bit slower.

My trusted Mortgage Advisors tell me: Rates are at historic lows hovering around 3% and lower in some circumstances.

According to the RMLS Market Action Report for the Portland Metro Area, June 2020:

  • There were 3,658  New Listings in June 2020 which decreased 14.6%  from June of 2019’s 4,281, and/but increased 7% over the previous month/May’s 3,419.
  • At 2,709, June 2020’s Closed Sales are down slightly at 1.7% from June 2019’s 2,756, and are up a whopping 38% from the previous month/May 2020’s total of 1,963
  • At 3,654, June 2020’s Pending Sales are up 18.5% from June 2019’s 3,083, and also up 17.4% from the previous month/May 2020’s total of 3,112.
  • The Average Sale Price in June 2020 of $479,700 is up $7,000 from last year/June 2019’s $472,700, and is also up $12,200 from the previous month/May 2020’s $467,500.   YTD increase is 2.6%.
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in June 2020 of $435,000 rose from last year/June 2019’s $420,000 by $15,000, and is up by $10,000 from the previous month/May 2020’s $425,000.   YTD increase is 3.9%.

Neighborhoods: June’s Average Sale Price + 12-month Appreciation:

  • North Portland:  $447,500              3.0%   (May $442,900 )
    •                                                     YTD Median: $421,800
  • NE Portland:  $486,200                   3.0%   (May $479,900)
    •                                                     YTD Median: $431,700
  • SE Portland:  $462,800                   2.1%   (May $448,300  )
    •                                                     YTD Median: $390,000
  • Gresham/Troutdale:   $383,000     1.8%   (May $358,800)
    •                                                     YTD Median: $361,000
  • Milwaukie/Clackamas:  $479,600  3.7%   (May $435,200)
    •                                                     YTD Median: $433,000
  • Oregon City/Canby:   $447,300      2.9%   (May $454,500)
    •                                                     YTD Median: $435,000
  • Lake Oswego/West Linn:$721,800  3.9%  (May $698,500)
    •                                                      YTD Median: $605,400
  • West Portland:    $609,400             -0.9%  (May $616,200)
    •                                                     YTD Median: $540,000
  • NW Wash County:  $585,000          2.2%   (May $520,400)
    •                                                      YTD Median: $506,800
  • Beaverton/Aloha:     $417,500       3.2%   (May $407,800)
    •                                                     YTD Median: $410,000
  • Tigard/Wilsonville:   $504,400        3.7%   (May $502,400)
    •                                                      YTD Median: $465,000
  • Hillsboro/Forest Grove: $433,100  5.7%   (May $422,100)
    •                                                      YTD Median: $400,000

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of June 2020 reported:

    •  315 Active Listings (May 324)
    •  216 New Listings     (May 209)
    •  196 Pending Sales   (May 169)
    •  135 Closed Sales       (May  92)
    • Average Sale Price for May: $721,800  (May $698,500)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    •  54 Average Days on the Market   (May 59)

 

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Market Activity ~ July 6-12, 2020

Last week in Lake Oswego there were 19 New listings, 26 properties that went into Pending status, and 20 Closed sales.  There are currently 233 Properties for sale in Lake Oswego!

Following is the breakdown for you according to RMLS:

New on the Market (July 6-12, 2020)

Address List Price # Beds # Baths Prop Type Total SF
4000 CARMAN DR, C39 $229,000 2 2 CONDO 866
207 OSWEGO SMT #207 $289,000 2 1.1 CONDO 1506
12844 BOONES FERRY RD / Grnd $409,900 2 2.1 CONDO 1177
7 SUMMIT RIDGE CT $449,000 2 2.1 ATTACHD 1704
200 BURNHAM RD #311 $599,000 3 2 CONDO 1894
4890 INDIAN CREEK CT $699,000 3 2 DETACHD 2064
16969 ALDER CIR $729,000 3 2 DETACHD 1676
3102 DUNCAN DR $785,000 4 3.1 DETACHD 3910
15677 FIELDSTONE DR $798,950 3 2.1 DETACHD 2527
2782 TOLKIEN LN $799,000 4 3.1 DETACHD 3207
12986 KNAUS RD $1,249,000 5 4 DETACHD 3242
2126 WEMBLEY PL $1,425,000 4 3.1 DETACHD 3531
14190 SUNDELEAF DR $1,459,900 5 4 DETACHD 3688
12812 ALTO PARK RD $1,500,000 4 3.1 DETACHD 4040
3244 UPPER DR $1,575,000 5 4.1 DETACHD 3730
1225 OAK TER $1,600,000 5 4 DETACHD 3771
883 8th ST $1,699,000 5 4.1 DETACHD 4546
16865 GREENBRIER RD $2,595,000 5 5 DETACHD 6404
16649 MAPLE CIR $3,095,000 4 3 DETACHD 2714

Pending Sales (July 6-12, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
104 OSWEGO SMT / Grnd $195,000 1 1 943 CONDO 12
59 OSWEGO SMT / Upper $237,900 2 2 1140 CONDO 59
4626 LOWER DR / Main $239,000 2 1.1 1260 CONDO 57
82 OSWEGO SMT / Upper $239,000 2 2 1212 CONDO 14
4000 CARMAN DR #31 $245,000 3 2 993 CONDO 184
6301 ALYSSA TER $400,000 3 2.1 1546 ATTACHD 4
5881 FERNBROOK CIR $419,000 4 1 1416 DETACHD 2
76 KINGSGATE RD $434,900 2 2 1201 ATTACHD 6
121 WILBUR ST $537,500 3 2 1631 CONDO 117
6221 NOKOMIS CT $565,000 3 2 1870 DETACHD 1
19101 REDWING CT $629,000 3 2 1434 DETACHD 5
4260 CHAPMAN WAY $630,000 4 3 2301 DETACHD 16
4962 HARVARD CT $649,900 4 2.1 2522 DETACHD 24
28 WESTRIDGE DR $724,900 4 2.1 2580 DETACHD 4
1069 TIMBERLINE DR $725,000 4 3 2173 DETACHD 7
5 WESTMINSTER DR $729,900 5 3 3104 DETACHD 97
14321 CAMDEN LN $759,900 4 2.1 2553 DETACHD 3
17610 WESTVIEW DR $839,900 5 3 2924 DETACHD 2
4991 HARTFORD PL $859,950 3 3.1 3098 DETACHD 5
24 DEL PRADO ST $969,000 5 3.1 3357 DETACHD 22
5996 SUNCREEK DR $995,000 4 3 3596 DETACHD 2
3938 EDENS EDGE DR $1,199,990 4 3.1 3882 DETACHD 18
749 SOUTHVIEW RD $1,325,000 4 3.1 3123 DETACHD 36
2130 WEMBLEY PL $1,395,000 4 3.1 3651 DETACHD 442
18218 MEADOWLARK LN $1,499,000 5 6.1 8320 DETACHD 397
4660 UPPER DR $1,695,000 5 3.1 3898 DETACHD 209

Sold/Closed (July 6-12, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
9 OSWEGO SMT $180,000 $165,000 1 1 764 CONDO 181
209 OSWEGO SMT / Upper $250,000 $250,000 2 2 1383 CONDO 2
120 KINGSGATE RD $519,800 $512,000 3 2.1 1699 DETACHD 15
1032 LAUREL ST $609,900 $595,000 4 2 2426 DETACHD 109
6438 Frost ST $625,000 $610,000 4 2.1 2269 DETACHD 39
17410 WREN CT $749,900 $750,000 3 2.1 2550 DETACHD 4
173 FURNACE ST / Upper $819,900 $775,000 2 2.1 2090 CONDO 18
1338 TIMBERLINE DR $874,900 $810,000 3 3 3754 DETACHD 6
19681 PERCH CT $923,000 $820,000 4 3 3307 DETACHD 82
4360 UPPER DR $915,000 $895,000 3 2.1 2613 DETACHD 13
18483 RAY RIDGE DR $925,000 $900,000 3 2.1 3245 DETACHD 9
2575 PALISADES CREST DR $1,250,000 $975,000 4 4.1 5251 DETACHD 82
1267 MAPLE ST $1,098,000 $1,050,000 4 2.1 3388 DETACHD 56
1225 LAKE GARDEN CT $1,295,000 $1,162,500 4 3.2 3558 DETACHD 38
749 7TH ST $1,385,000 $1,350,000 4 3.1 4651 DETACHD 28
839 F AVE $1,450,000 $1,358,725 4 3.1 3780 DETACHD 109
475 IRON MOUNTAIN BLVD $1,379,000 $1,390,000 4 2.2 3254 DETACHD 2
3040 STONEBRIDGE WAY $1,590,000 $1,450,000 4 4.1 5829 DETACHD 100
17435 WREN CT $1,750,000 $1,668,000 4 3 2960 DETACHD 443
4245 WEST BAY RD $2,350,000 $2,250,000 4 3.1 2958 DETACHD 8

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.