14 Mistakes that can Hurt Your Home’s Value

ST359S_PICMSN Real Estate recently had an excellent article on things people do to homes that actually devalues them. I thought the list was pretty spot on, and so I want to share it with you here. I will also give you my take on each item.

Over Developing for your Area
Your home is directly affected by the surrounding homes in your area. That old adage location, location, location really does hold true. So don’t expect to get all of your money back if the surrounding properties are selling for significantly less.

Inconsistent Remodeling
My personal pet peeve is when a great old house gets gutted and made “up-to-date”. 1980’s kitchens in 1920’s bungalows and just horrible. When you remodel, try to respect the style of the home and work within it’s parameters. You must have liked it at least a little, otherwise you wouldn’t have bought the house, right?

Fully Enclosing a Front Porch
While it may be a good way to create an entry space, it really has a huge impact on the curb appeal of the house. Consider doing a partial enclosure, or perhaps screened porch.

Too Much “You” in Your Home
I once toured a house with about a 100 dolls displayed. They were having little tea parties and sitting on doilies. This creates a total distraction that most people don’t relate to. It certainly puts off potential buyers.

Messing Up the Floorplan
A floor plan should be easy to maneuver in. You shouldn’t have to go through rooms to get to other rooms such as adding a bedroom to the back of a bedroom. If it seems odd, it is.

Keeping an Above-Ground Pool
No one wants to have to remove and take away other people’s abandoned toys. They are also a bit of a monolith to look at. Get rid of it.

Tackling Big Projects Yourself
While the temptation to save money may be strong, you could actually loose money in the end. Get it done right. It needs to look like it was professionally done.

Over-stuffing a Remodel
Less can actually be more. Over-filling a space will make it feel small and cramped. Declutter to enlarge rooms. They should feel spacious and bright.

Too Trendy
This is a tough one. If you are buying a new home, building an addition, or remodeling an existing home, you are restricted by what you can find to purchase. So the show rooms and stores are going to have what is current and popular today. I see 2 solutions: stick with classic colors and styles, or consider shopping at stores that recycle and resell house parts. The author of the article that I obtained this list from specifically mentioned the little skinny tiles currently being used in counter back splashes. It is true that they just scream 2013. But if you like them, use them. Just know that in a few years they’ll we need to be replaced.

Converting the Garage
If you do a garage conversion, leave the door and door tracks in place so that it can be easily converted back. This will preserve the curb appeal of the house and allow a future owner to retain the garage.

Not Getting Permits
Don’t even think of doing remodeling without proper permits. Not only will it create an obstacle at the time of resale, but it could have serious consequences if you ever make a claim with your home owner’s insurance.

Keeping Brass
Brass that was so popular in the 1990’s is out, out, out. You can buy bathroom conversion kits for things like shower doors, and then go after changing out the hinges, knobs, and light fixtures. This sort of project is rather labor intensive. Consider doing it a bit at a time so that after a few months it’s complete. I think this is one of the single easiest items to do to improve value.

thOver-the-top Colors
No, purple is not a good idea. Over-powering decorating is a total distraction. Having said this, don’t be afraid of color. All white is not currently very popular either. My advice is to go and visit some new neighborhoods with model homes. Builders hire designers to tastefully select colors. You’ll get some good ideas that should be pretty safe.

Ignoring Flaws
This one is a bit like the frog in the pan of slowly heated water. We live in our homes and get used to them. When the house is listed for sale, all of those little things you have grown used to may be just the combination that keeps the house from selling. And the single biggest flaw that is easily fixed is cleaning the house. Clean it top to bottom, every window, every closet. Make it sparkle.

I hope you find this helpful.
Dianne

Market Activity~Jan 14-20, 2013

Activity is good with 17 New on the market, 8 Pending and 10 Sold during the last 7-day period in Lake Oswego.

Here are further details on last week’s Market Activity:

NEWLY LISTED (Jan 14-20, 2013)

Address List Price # Beds # Baths Total SF Prop Type
26 CRESTFIELD CT $84,900 2 2 989 CONDO
1547 BOCA RATAN DR $188,950 2 1.1 1008 ATTACHD
885 MCVEY AVE $219,900 3 1 1292 DETACHD
14598 WILMOT WAY $369,000 4 2.1 1960 DETACHD
16901 LAKERIDGE DR $375,000 4 3 2080 DETACHD
13901 SUNDELEAF DR $379,900 4 3 1900 DETACHD
686 SUNNY HILL DR $499,900 4 2.1 2392 DETACHD
4673 Lakeview BLVD $500,000 3 2 2061 DETACHD
1021 YATES ST $500,000 3 2.1 1985 DETACHD
559 2ND ST #206 $570,000 2 2 1420 CONDO
19342 RIVERWOOD LN Lot 6W $579,900 4 2.1 2806 DETACHD
13059 AMBER PL $589,800 5 3 3240 DETACHD
18020 JENIFERS WAY $589,800 4 2.1 2966 DETACHD
1255 BAYBERRY RD $674,900 3 2 2140 DETACHD
96 GARIBALDI ST $769,900 3 3.1 4819 DETACHD
567 6TH ST $825,000 4 3.1 2568 DETACHD
18132 SIENA DR $1,089,000 4 3.1 3565 DETACHD

PENDING SALES (Jan 14-20, 2013)

Address List Price # Beds # Baths Total SF Prop Type CDOM
86 KINGSGATE RD E201 $96,300 2 2 938 CONDO 13
4071 JEFFERSON PKWY 102 $169,900 3 2.1 1228 CONDO 3
1041 HEMLOCK ST $299,900 4 3 2623 DETACHD 170
980 C AVE $415,000 3 2 1312 DETACHD 110
621 COUNTRY CLUB RD $449,900 4 2.1 3303 DETACHD 185
1172 TROON RD $559,000 4 3.1 2504 DETACHD 220
18096 Pilkington RD $599,900 3 2.1 3182 DETACHD 272
568 9TH ST $799,900 3 3.1 2825 DETACHD 759

SOLD (Jan 14-20 2013)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
36 AQUINAS ST $339,999 $305,000 3 2 1606 DETACHD 94
16747 BONAIRE AVE $349,900 $330,000 3 2 1610 DETACHD 86
1610 ASH ST $375,000 $365,400 3 2 2181 DETACHD 48
39 TANGLEWOOD DR $435,000 $417,000 4 3 3124 DETACHD 91
3838 RIVERS EDGE DR $525,000 $498,900 4 2.1 2806 DETACHD 57
444 10TH ST $549,000 $520,000 4 2 1876 DETACHD 88
2420 PALISADES CREST DR $699,500 $545,000 4 2.1 3471 DETACHD 188
5193 DENTON DR $635,000 $604,000 4 2.1 3076 DETACHD 114
543 2nd ST $699,000 $675,000 2 2 1816 CONDO 111
18137 MEADOWLARK LN $1,350,000 $1,150,000 4 4.1 5935 DETACHD 38

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

Open Houses ~ Jan 20, 2013

There is a whole lot of Buying activity in real estate this weekend, and there are 22 Open Houses in Lake Oswego Sunday! Perhaps one is “the one” for you:

Address L/Price # Beds # Baths Total SF Style Time
14598 WILMOT WAY $369,000 4 2.1 1960 DETACHD 1-4PM
1288 ROCKINGHORSE LN $382,500 3 2 1742 DETACHD 2-4PM
979 DEVON LN $385,000 3 3.1 2162 DETACHD 1-4PM
13005 PRINCETON CT $413,000 3 2.1 2294 DETACHD 1-4PM
15495 TANAGER DR $429,000 4 2.1 2255 DETACHD 1-3PM
136 D AVE $439,000 2 2.1 1754 DETACHD 12-1:30PM
600 MAPLE ST $445,500 3 2.1 2416 DETACHD 1-3PM
1429 GREENTREE CIR $459,500 4 2.1 2599 DETACHD 2-4PM
13080 PRINCETON CT $463,900 5 3 3661 DETACHD 12-3PM
4890 SAGE HEN CIR $499,900 4 2.1 2832 DETACHD 1-3PM
17802 TREETOP LN $529,000 4 3.1 3655 DETACHD 1-3PM
15655 FIELDSTONE DR $589,500 4 2.1 2750 DETACHD 12-2PM
2302 OVERLOOK DR $589,900 4 2.1 3125 DETACHD 1-3PM
5533 FIELDSTONE CT $599,500 4 2.1 3115 DETACHD 12-2PM
12424 ORCHARD HILL RD $599,950 3 3 2889 DETACHD 1-4PM
1131 DEVON LN $599,990 3 3.1 3179 DETACHD 1-3PM
1921 GLENMORRIE LN $624,000 3 3 2375 DETACHD 1-3PM
1015 SOUTHSHORE BLVD $638,500 4 3 3882 DETACHD 2-4PM
831 NORTHSHORE RD $800,000 3 2.1 2200 DETACHD 1-4PM
329 10TH ST $949,980 4 2.1 3647 DETACHD 1-3PM
17469 KELOK RD $975,000 3 2.1 2675 DETACHD 1-3PM
112 NORTHSHORE CIR $1,650,000 3 3.1 3632 DETACHD 11AM-4PM

News & Notes

A few tips from Linda:

* Be cautious when looking into a “Lease Option” opportunity if one presents itself. For the Seller, it most always means that the bank can, at any time, call for all monies owing from you on the property per your mortgage’s “Due On Sale” clause, as you are technically transferring a form of ownership in an Option. I.e., you could be called upon to pay in full. Contrary to popular belief, setting up a Trust does not get you around the Due On Sale clause either. Best to consult with your Realtor, and/or attorney before embarking on an adventure like this : )
* Remember that all repairs agreed to in a transaction in the State of Oregon must be performed by a licensed, bonded contractor.
* Make sure to give your Lender plenty of time to “close” your transaction when writing your offer. Talk to your Realtor, and make sure to consult with your Lender to see about how long they need. Lately it is typically around 45 days, but each situation is different. Should you not meet your “on or before” closing date as per your Offer contract, the Seller could possibly accept another offer and keep your earnest money… just sayin’ : ) Now, most people will compromise and agree to an addendum extending the closing date, but you cannot guarantee that the Seller will agree to that… If they have, let’s say, received a better verbal offer than yours during the time it has taken to get from agreement to “not meeting” the closing date, they may just decide to opt to take that larger offer. Just a note of caution.

Let’s take a look at the recently released data on real estate for 2012.
Below is some information for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) activity:

According to the RMLS Market Action Report for the Portland Metro Area December, 2012. At 1,760, closed sales were 9.2% higher than December 2011 sales of 1,612. pending sales (or “Accepted Offers”) were down, however, with 1443 in December of 2011, and 1384 in December 2012… putting the market down by 4.1%.

  • 2012 racked up 32,300 new listings, 24,010 accepted offers, and 23,438 closed sales.
  • Compared to 2011, new listings are down 5.2%, pending sales are up by 16.2% overall, and closed sales are up 19.1%.
  • The average sale price in 2012 was $275,000, which is 4.4% higher than 2011’s $263,300.
  • ***AND… Total time on the market has dropped by 21.5% from 143 to 112 days.
  • The overall economic improvement and increase in volume has positively affected the numbers for total dollar volume which rose to $6.45 billion in 2012 from 2011’s $5.2 billion.
  • For our Property Blotter readers, the combined area of Lake Oswego and West Linn reported the following totals for 2012:
    • 2085 New Listings (68 in Dec’12)
    • 1389 Pending Sales (81 in Dec’12)
    • 1364 Closed Sales (108 in Dec’12)
    • An Average Sale Price of $434,800. ($512,100 in Dec’12!!)
    • Prices rose 1.5% in 2012 over 2011’s totals

Market Activity Jan 7-13, 2013

As much as I love the holidays, I also love getting back at it with the new year. Yep, my phone is ringing!

Lake Oswego there were 7 new listings, 15 pending sales, and 8 closed sales.

Here are further details on last week’s Market Activity:

NEWLY LISTED (Jan 7-13, 2013)

Address Type Price BR Bths SF
66 Oswego Summit Condo $74,900 1 1 764
668 McVey Ave #35 Condo $156,500 1 1 656
980 C Ave Detached $415,000 3 2 1312
607 Ash St Detached $550,000 3 2.5 2200
4033 Westbay Rd Detached $1,195,000 4 3.5 3691
13400 Fielding Detached $1,600,000 3 1.5 3189
448 Country Club Rd Detached $1,795,000 4 3.5 4873

PENDING SALES (Jan 7-13, 2013 2012)

Address Type Price BR Baths SF DOM
55 Oswego Summit Condo $64,000 1 1 721 246
620 Middlecrest Rd Detached $249,000 2 1 884 20
5099 Galen St Detached $249,000 4 2.5 2246 109
232 Greenridge Dr Attached $257,000 3 2 1492 125
16909 Tracy Ave Detached $279,950 4 2 1499 88
6438 Frost St Detached $319,900 3 2.5 2205 3
3545 Upper Dr Detached $334,000 3 2 1350 101
1572 Highland Dr Detached $334,500 3 2 1950 6
18275 Pilkington Rd Detached $349,423 3 2 2088 9
5675 Childs Rd Detached $369,900 2 2.5 1644 87
2390 Greentree Rd Detached $429,000 3 2.5 2380 6
1231 Bayberry Rd Detached $439,000 3 2 1980 17
17702 Overlook Circle Detached $465,900 5 2.5 3490 32
539 2nd St #108 Condo $469,000 2 2 1339 27
18175 Pilkington Rd Detached $574,900 4 3.5 3164 13

SOLD (Jan 7-13, 2013)

Address Type List Price Closed Price Sq Ft CDOM
34 Cervantes Cir 4-F Condo $119,500 $110,000 912 21
5225 Jean Rd #314 Attached $159,900 $155,000 1500 139
44 Greenridge Ct Attached $209,900 $194,000 1996 407
668 McVey #72 Condo $279,500 $250,000 1184 76
18892 Indian Springs Cir Detached $329,000 $278,250 1611 129
17970 Saint Clair Dr Detached $467,950 $460,000 2,549 157
1 Dover Way Detached $799,000 $775,000 3559 32
8 Dover Way Detached $975,000 $950,000 6244 89

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

Open Houses for 1/13/13

Tomorrow will be cold, but clear. A great day to see some houses. There are 18 scheduled on the RMLS Open House Tour. Have a great weekend!

Address Type Price BR Baths Open
47 Eagle Crest Dr #42 Condo $104,500 2 1 1 to 3
4263 Harvey Way Detached $349,000 3 2 1 to 4
1670 Fircrest Dr Detached $425,000 4 3 1 to 3
1429 Greentree Circle Detached $459,500 4 2.5 2 to 4
17802 Treetop Ln Detached $529,000 4 3.5 1 to 3
15655 Fieldstone Dr Detached $589,500 4 2.5 1 to 3
5533 Fieldstone Ct Detached $599,500 4 2.5 1 to 3
18096 Pilkington Rd Detached $599,900 3 2.5 1 to 3:30
12424 Orchard Hill Rd Detached $599,950 3 3 1 to 4
1015 Southshore Blvd Detached $638,500 4 3 2 to 4
4102 Chad Dr Detached $672,000 4 2.5 1 to 4
831 Northshore Rd Detached $800,000 3 2.5 1 to 4
16805 Scott Ct Detached $892,000 4 3.5 2 to 4
329 10th St Detached $949,980 4 2.5 1 to 3
2070 Wembly Park Rd Detached $998,000 5 4.5 1 to 3
1217 Lake Front Rd Detached $1,195,000 3 2.5 2 to 4
112 Northshore Cir Detached $1,650,000 3 3.5 11 to 4
5501 Rachel Ln Detached $749,800 4 2.5+.5 1 to 3