Tag: bank-owned

There were 16 New, 10 Pending, and 4 Sold properties during last week’s Monday – Sunday period according to RMLS.  (Note: RMLS data is based on data input by Listing Agents up to the date/time of our writing this post.  This means that there is the -possibility- that something might have sold or gone pending and not been entered into RMLS yet, but these things are generally entered right away, so the RMLS data we compile & share is pretty accurate.)

We have been seeing an increase in Buyer activity according to RMLS lockbox stats as well.  This is to be expected as rates are still low (though starting to increase a bit), FHA is still only requiring a low of  3.5% down (though this is supposed to increase significantly in the summertime) and the tax credits are in full force, coming with an April deadline. All this means that “looking” is starting now for those serious about finding that special property either as a First-Time Buyer, or one who is “Moving Up” (meaning: having been in their home for at least 5 years and buying under $800,000.).  Tax credits are $8,000 & $6,500. respectively.

Here’ your data for last week  (see below the tables for additional notes):
NEWLY LISTED (Jan. 18—Jan. 24, 2010)

The pace is picking up a bit. According to RMLS, there are 17 truly NEW properties in Lake Oswego this last week, 9 that went to PENDING status, and 8 that SOLD. Interesting to note that of the 17 NEW properties on the market, there are no shortsales in the bunch according to RMLS, and of the 9 PENDING sales, there were 2 short-sales, with another 2 short-sales out of the 8 SOLDS’s. There are a lot of good deals out there that do not fall into the short-sale or bank-owned categories, and Buyers seem to be looking for that “right” house instead of lasering in on short-sales in general. That said, it is hard to tell how many of the “NEW” properties could be teetering that direction. There is a whole different closing timeline to be considered if you get into that situation, so just be aware and consult with your Realtor.

One thing to be aware of is that we are not able to tell in an RMLS listing exactly how far above the “short-sale line” a property’s asking price may be.  There is always the possibility that a property could turn into a short-sale if the negotiated price with the Seller ends up lower than what they owe.  Just sayin’.  Talk with your Realtor about what that could mean for you if you think you may be offering an amount that could bring up this possibility in your transaction.

Anyway, here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (Jan. 4—Jan. 10, 2010)